Entrepreneurship 30
Vanier Collegiate – Ms. Lapointe
Just Do Right
Act Justly, Love Tenderly, and walk
humbly
Lord Teach Us To Pray
How are we going to learn?
LATER
Ice Breaker:
-
Knots
Ball
Tent
Laughing
Entrepreneurs/Case
Studies/Characteristics
and
Skills
Levi Strauss
Brian Adams


Henry Ford

George Westinghouse

Timothy Eaton

George Stafford Parker

Dorothy Gerber

Elizabeth Arden

Indian Bands
• TELEMIRICALE
• BILL GATES
• ESTE LAUDER
• WALD DISNEY
• TERRY FOX
• RICK HANSEN


Lulu Lemon

Tim Hortons

Bombardier

Canadian Tire

Hallmark

McCain

Blackberry
Introduction to Entrepreneurship

Introduction

What is Business and what does it involve? – concept map

Entrepreneur (characteristics, meaning)– concept map

Why Become an Entrepreneur?

Important info for Entrepreneurship (components, types of ventures, forms of
organization, factors, benefits

Take a look at what it takes to be an Entrepreneur within our society

Dragon’s Den – Assignment #1 and #2

Road to Riches - http://www.youtube.com/watch?v=TnRITR8VWeE

Student Edition - http://www.youtube.com/watch?v=tFL9LdAIQaA
“Whether you think you
can or you can’t you’re
right.” – Henry Ford

Entrepreneur
 Are
people who take hold of opportunities when they see them;
willing to assume calculated risks as they look for ways to satisfy
the needs and wants of others through innovation.

Four Important Components:
1.
2.
3.
4.
Organization – Arrange or facilitate the development of a
working enterprise or operation. See something from the first
idea to the final implementation.
Management – To handle or direct the operations of business or
venture.
Responsibility – Means that an individual is liable to be called
to account for the actions, operations or results of an enterprise.
Ownership – Inherent to the entrepreneur is that of ownership.
Means that you are not only responsible for the actions of the
enterprise, but that you reap the benefits of success or suffer the
disappointments and penalties of failure.

Business owners, employees, community
organizations, volunteers = can all be
considered entrepreneurs and/or enterprising
people.

Need – essential for human survival

Want – human desires that go beyond basic
needs and are not essential for survival.

Both can be met through and provide a market
for goods and services.

Market Niche – a specific segment of the
market (ex: television, ESPN, TSN target a
niche of sport lovers; water proof hiking boots
for me; toothpaste for kids, gluten, organic)
Characteristics of Entrepreneurial
Ventures

Local – National - International

Service - Goods

Profit or Not-For-Profit

Large Scale/Small Scale

Physical/Virtual

Note: GNP (gross national product) and Trade Agreements
(NAFTA, GATT)

See Handout
Local/National/Multinational

Operate on three geographic scales – becomes more
complex as the area expands

Local

Exist in your school, local community, larger urban centres
nearby – gives the town or city it’s personality and strength

Most basic venture, restricted to a well-defined market area
(rural grocery store, family farms – total income for family),
urban centre has an increased population base, more
possibilities to expand, start operating a chain of video outlets
or pizza stores in the city

National
 Typically
the national retail chains, or nationally based professional firms.
(The Bay, Zellers, Saan, Eaton’s, Safeway, Superstore, Deliotte Touche,
Price Waterhouse – accounting firms)
 They all usually start with one store, or idea
 Ex: Timothy Eaton

Multinational
 Very
powerful, represent money, capital, and even political power.
 Large and have the ability to influence
 Becoming more of an option than before with globalization and technology
 Ex:
Exxon Corporation: oil and gas
 Ex: manufacturing pulp and paper, tobacco, etc.
Profit/Non-Profit

Profit Ventures

A commercial venture is created b/c of a desire to provide a
product or service to the public in exchange for a monetary
benefit (profit).

Profit – is the value that remains after all of the expenses
(cost of purchasing goods, salaries, rent, utilities, supplies) of
running the business have been paid.

Revenue – expense = net profit or loss

Most entrepreneurs make their living off of their venture.

Have to pay ee’s, however, owner’s take home pay depends
on the success of the venture that month.

Non-Profit

In the business to raising money for other people or causes

Any surplus in funds after expenses will be used for the benefit of
others, and not to increase the asset value of the owners, there are
no owners in the sense of profit takers

Typically run by community groups, religious organizations,
governments, and other civic-minded people.

Supported by volunteers (cuts down on costs) – food bank

Ex: international non-profit – International Red Cross
Examples

Local/Provincial/Canada Non-profit


International Non-profit


YMCA, girl guides, Red Cross, United Way, Amnesty International,
Local / Goods


Big Brothers, Children’s Wish Foundation (SK), Canadian Cancer Society
(MJ office), girl guides, 4-H, multicultural centre, human society
Hoopla, New Board Shop, Yvette Moore
International / Service

McDonalds, Shereton, Law companies, Markeing companies
Indian policy and early reserve period

Does everyone have a right to run their own business?

Should they be restricted based on their ethic origin?

Dark Spot on Saskatchewan History:
-
Indian Policy and Early Reserve Period
-
Two articles
-
http://www.ammsa.com/publications/windspeaker/indian-act-permitcontrol-culture
-
http://esask.uregina.ca/entry/indian_policy_and_the_early_reserve_
period.html
What does the venture offer?
Service/Good Provision

Service Provision
 No
good or things just a service, typically for a
fee
 Specialized
areas – service then fee
 Include:
 Transportation
(STC), house cleaning, dry cleaning,
real estate, custom combining, autobody work,
interior design, lawyers, and accountants are just a
few.
Examples:

Mobile pet grooming

Mystery shopping

Diaper delivery

Professional organizer

Mobile locksmith

Tutoring

Golf club cleaning

Packing and unpacking service

Adventure tours
Bookkeeping

Self defence instructor


Pet sitting

Language translator

Personal chef

Limousine service

Resume and cover letter service

Catering

Tax consultant

Welcoming service

Good Provision
 Ventures
that operate in the retail/wholesale sector
are in the business of supplying goods to the public,
or to other retailers.
 Retailers sell directly to the public.
Ex: gas stations, corner store, department stores,
specialty stores
 Wholesalers sell to retailers
Take out contracts with producers to purchase their
produce, wholesalers then sell the produce to the
retailers for a profit.
“middleman”
In many situations the company owns the
wholesaler and the retail enterprise.

Manufacturing:

The process of converting raw materials, components,
or parts into finished goods that meet
a customer's expectations or specifications. Manufacturing
commonly employs a man-machine setup with division of
labor in a large scale production.
Forms of Business Organizations
Types of
Business
Ownership
Sole
Proprietorship
Partnership
Corporation
(private,
public, crown)
Cooperative
Franchise
Which type of business is most common?
Sole Proprietorships
Partnerships
Corporations
Which type of business has the largest sales volume?
Sole Proprietorships
Partnerships
Corporations
What are some factors that influence
entrepreneurs and ventures?
 T/P/S
 Brainstorm
Factors that influence entrepreneurs
The Economy:

Economy: activities related
to the production and
distribution of goods and
services in a particular
geographic region

Economic Cycle: Boom,
Slow Down, Recession and
Recovery
Markets
 Exists
wherever
buyers and sellers
come together,
exchange
share –
advertising can
expand or move
market preference
 Market
Supply and Demand

Activity Later on
Supply – the quantity for goods and services that producers
and sellers are willing or able to sell consumers
 Demand – the desire for goods and services. It represents
the consumer side of the market







Demand is greater than supply?
Demand is less than the supply?
Supply decreases – demand is still present (California oranges freeze before they get
picked)
Supply increases – demand stays the same or decreases extra inventory but no
increase in demand
Competitors – what are they willing to sell?
Consumers – what are they will to buy at?
The Law of Supply and Demand: The price of an item will go down
if the supply increases or if the demand for the item decreases. The
price of an item will go up if the supply decreases or if the demand
for the item increases. In general, the price of an item is usually
pushed toward the level at which the quantity supplied will equal the
quantity demanded.
Technology

Is technology available to produce or support your idea/venture? New
technology? Finance research and development? Production?
Communication? Ex: ebay/paypal
Agricultural Diversification

SK – very important factor; diversifying operations; manufacturing;
processing plants; Prairie Berry; McDougal Pulse partnership with
overseas company;
Environmental Concerns

Dragon’s Den Season 3 Episode 7 Time 17:48

Industrial revolution up to 1960s did not worry about the environment

Keystone Pipeline – US; Farming – chemicals

Plastic bags

Ten Tree Apparel - http://www.cbc.ca/dragonsden/2012/09/ten-treeapparel-2.html
Availability of Financing

Can you afford to get your project up and running? Can you do it by
yourself or will you have to raise capital from outside sources?
(owner investment and/or borrowing)

Economic Cycle – relation to financing – interest rates!
Trends and fads

Both trends and fads influence consumer needs and
wants

Trends: a general direction in society that may last for a
long time. Major impact on consumer buying habits and
on business (trend – women in the workforce,
convenience foods, extended shopping and banking
hours, flexible hours, technology, self help)
20 Weird Inventions that made millions
of dollars

https://www.youtube.com/watch?v=b8K_J9kPmp4
Inventions

https://www.youtube.com/watch?v=mJ05s4W8jPk
Current Trends

Economy (urban vs rural)

Word of mouth trumps advertising (social media)

What’s App

Online shopping vs bricks and mortar

Regional hubs – Industrial corridor

Google data reveals that small businesses with websites grow 40 percent faster than those
without.

Get Mobile (aps, coupons, etc.)

Influence marketing focuses on what consumers are saying about certain products and
brands. People buy what their friends and family say good things about, underlining the
importance of getting people to say good things about you.

Educated customers

Home based businesses
Fashion

Personal tastes of the consumer, are you offering a product or service which will be
popular, or even wanted? Distinct? Fashion influences the music, clothing, housing,
textile, automobile food and recreation industries, just to name a few. A shift in the
tastes of consumers will result in a corresponding shift in their shopping habits.
Globalization/Technology/Environmental

Job loss – Job creation (outsourcing/automation)

Larger market – micro economics and macro economics

Advantages: production, simplification, energy, security, cost,
safety …

Disadvantages: crime, unemployment, misuse, privacy
Demographics

The study of the characteristics of people in a population

As demographics change(data about groups of people including
age, ethnic origin, religion, family size, income, etc.)

- consumer buying habits change

How quickly can smaller businesses vs larger ones chang?

Trend watchers – better predict what people will want to buy (ex:
baby boomers – increase in births in early 1960s –
products/services?)

Ex: Sobey’s organic/natural/raw/traditionally different foods
Impact on community


Job Creation

Those employed by the business have money to buy goods and services.

Provided locally – people will spend their money there and more jobs will be created.

People move to the area.
New Ideas



Generate even more ideas and new ways of doing things. Innovation! (cell phones,
smartphones, microwaves, fridges, etc.)
Economic Benefits

Competition – lowers prices; improve society’s standard of living; more wealth to
distribute.

Discussion about wireless service – North America
Political Benefits

Recession – governments try to stimulate growth! Capital growth projects – Gardner
Dam

Entrepreneurship needs a supportive environment (SK vs NDP)
Canada Ranked among the top 5 best
places to start a business

As a result, Canada is near the top among G20 nations in
numbers of entrepreneurs starting new businesses.

“Entrepreneurs are the backbone of economies around the
world – economies grow when entrepreneurs grow,” says
CBC business commentator Nisha Patel.

“They grow their personal wealth and grow the wealth of
the economy. It also sparks innovation if you have new
ideas at the table,” she said.

http://www.cbc.ca/news/business/story/2013/08/27/busines
s-entrepreneurship.html
Start Up Canada - Handout
Role Demands of a Business Venture

Inventors

Play an extremely important role in developing new products and
services

Self-motivated, strong commitment to success, cope with
setbacks, work alone, reject the conventional way of doing things,
desire to try things completely new

Must be prepared to face criticism, frustration, and
disappointment

Poutine/snowmobile 1937 ?

Canadian Inventors http://www.dealathons.com/blog/2011/05/09/10-canadianinventors-who-changed-the-world

Fox 40 whistle http://www.foxnews.com/sports/2012/04/04/fox-40-pea-lesswhistle-story/

Concussions - https://www.triaxtec.com/sim-p/
Roles

Innovator

Do not necessarily develop something entirely new or different,
but may simply create an improved way of doing business

Ex: grocery shopping by phone/orders – innovators

Ex: Henry Ford did not invent the automobile but his innovative
methods of _________________________________ revolutionalized
the industry (lean approach).

Youth is on your side – new ways of thinking of things or how to do
things.

http://www.entrepreneur.com/article/236621 (cars, keyboards,
ads, clothing)
Roles


Manager

4 components

Planning, assigning,
implementation, evaluate
Administrators

Have none of the
characteristics of an
entrepreneur – their task is to
ensure that the business
continues to function
smoothly

Day-to-day execution of
repetitive tasks and
assignments

Entrepreneur

Undertake initial risk,
creativity, organizations,
business plan, …

Need, want, opportunity
ETHICS –
WHO DO YOU WANT TO BE?
HOW DO YOU WANT YOUR BUSINESS TO BE
PRECEIVED AND REMEMBERED?

What guides your decision making in your life?

What will guide you in business?

Are there lines you will not cross?

Questions: … Where do they come from? Historical

Handouts (Business Ethics: The Foundations of Effective
Leadership, Ten Questions, Case Study, Student Exercise
Questions)
Vocabulary



Ethics

Study of values (right vs wrong), of how we ought to live, reflection upon a
particular behaviour, philosophical

Actions and decisions/professional standards
Values

Standards or ideals which serve as guidelines/standards by which we live and make
decisions

Typical values include honesty, integrity, compassion, courage, honor,
responsibility, patriotism, respect and fairness.
Morals


Practical applications of ethical principles, modes of conduct, social system,
personal character, bigger belief system (societal, religious)
Business Ethics

business actions in light of some aspect of human value.

it requires the evaluation of business practices/professional standards
Business Ethics

Image/Reputation/Values/Integrity/Character –
has become very IMPORTANT in the marketplace
(competitive/commercial dealings) (Paul Hill)

Entrepreneurs are responsible for generating
economic growth, but they must also consider
right and wrong business conduct.

Many businesses establish codes of ethics, which
outline appropriate behaviour in operating a
business. Much like our legal systems, beliefs and
expectations can change.
Examples:

Conscientious marketers face
many moral/ethical dilemmas.
However if the company has a
code of ethics and policies that
guide everyone it helps!

Two philosophies:

Diet Pills

Bug Zapper

Diarrhea

Nike/Apple

Smoking

Pesticides

Environment issues (working
conditions of employees,
oil/gas, carbon footprint)

Foreign country, standards,
regulation, child labour, fair
trade
Work out a philosophy of socially
responsible and ethical
behaviour.

International Business (gift giving
vs bribes – GM)


Free market/legal system (do
what you want)

Social Conscience – responsibility
in the hands of individual
companies/managers
Business Ethics/Integrity/Law

Building trust with customers, suppliers, employees, investors, and
potential partners are important and a code of ethics can help!

Code of Ethics – written, displayed, trained – DO/Live

Entrepreneur – in a position of leadership (power, control)

Cheat/shoddy goods – what happens? People are much more unwilling
to deal with unethical businesses

Legal – even if something is allowable by law, it may not necessarily
be right

Law defines the minimum acceptable standard of behaviour, the rest
depends on the entrepreneur’s personal values and on what he/she
wants the new venture to stand for

The ethics of the free market, with an emphasis on profit making, will
always drive private enterprise. However, integrity and honesty have
a strong and valuable role to play in venture creation.
Where do you buy your chocolate?

http://www.cbc.ca/news/politics/canadian-chocolate-companies-pressedto-ethically-source-cocoa-1.2534144
Live your life with
integrity!
“a steadfast adherence to a strict ethical code”
Decisions are easier to make and more than likely right when you base
your venture on what you value most.
CASE STUDY (THINK PAIR SHARE)
EXIT QUESTION:
Outline a code of ethics you are now living by or plan to live by as an
entrepreneur.
Is profit good or bad? Explain fully.
Case Study

Hand outs

Case
Intrapreneurship

Definition: entrepreneurship operating within a
corporation

Entrepreneurs are those individuals who exhibit the ability
to organize, manage, take responsibility and who have a
direct stake in the success of the venture (4 components).

Stake/Level of ownership – emotional or financial

Therefore, that definition does not work for employees of
a firm because they do not have any ownership rights.

More and more companies are encouraging
intrapreneurship activity in order to become more
competitive, improve their productivity, or keep pace with
changing markets, technology and new opportunities.

Methods: smaller teams (new products, service or process),
inviting customers to give them ideas, reward opportunities

Goal: maintain and gain more market share

Examples: Java, post-it notes, E.D. Smith (jams rewards with
employees with bonus), Google

Companies who do not stimulate intrapreneurship are at a
disadvantage – business today requires you to respond to and
anticipate market demands or you could lose market share

Anyone can be an intrapreneur:


How?


Anyone willing to take a risk, innovate, provide leadership and provide
opportunities for others.
Smaller teams, customer feedback, innovation,
Very important human resource
Best Examples:

3M

Henry Ford

E.D. Smith

Google - earth
http://www.vocoli.com/blog/may-2014/10-inspiring-examples-ofsuccessful-intrapreneurship/

3. Massachusetts Department of Correction

Idea: A guard suggested a change in the way Massachusetts Department of
Correction stored their inmate photos. Instead of taking pictures with film
and storing them the old fashioned way, why not use digital cameras and use
a database for image storing.

Benefit: The department has sixteen correctional facilities and in the first
year of implementation alone it saved $56,000 dollars on film and most likely
a lot of clerical headache. Side note—if you haven’t read Ideas are Free there
are many examples like this one, small ideas can be just as beneficial as
sweeping innovation efforts.

- See more at: http://www.vocoli.com/blog/may-2014/10-inspiringexamples-of-successful-intrapreneurship/#sthash.1pvwwqID.dpuf
http://www.vocoli.com/blog/may-2014/10-inspiring-examples-ofsuccessful-intrapreneurship/

6. Google

Idea: Just like W.L .Gore, Google allows time for personal projects. Some of
Google’s best projects come out of their 20 percent time policy. One of these
is something you probably use multiple times a day, Gmail.

Benefit: Paul Buchheit, the creator of Gmail, started on the project in 2001
and worked up to its launch on April 1, 2004 (April Fools but not really.) Gmail
became the first email with a successful search feature and the option to
keep all of your email (hello 1GB of storage) instead of frantically deleting to
stay under your limit. The initial launch was by invite only, quite the hot
commodity. Now, it’s considered a faux pas not to have an email address
ending in @gmail.com.

- See more at: http://www.vocoli.com/blog/may-2014/10-inspiringexamples-of-successful-intrapreneurship/#sthash.1pvwwqID.dpuf
Modifying an Entrepreneurial Concept

Take a concept that someone else has used and
modify it in a way that will improve it.

McDonald’s – 1954, salesman named Ray Kroc
visited a hamburger stand in California owned by
Dick and Mac McDonald. Impresses by the quality
of the food and speed of service – he knew that
this type of restaurant could be successful all over
the country. 1955 – Ray obtained franchising rights
from the brothers. Agreement allowed him to open
other, similar restaurants under one central
management. Eventually, he bought out the
brothers and in 1965, McDonald’s went public.

1400 restaurants in Canada, 77 000 ee’s, 31 000
world wide employing 1.5 million, over 119
countries
Entrepreneurs – AGENTS OF CHANGE
Terry Fox
•
•
Continually challenging the status
quo.
Respond to a perceived need or
want?
David Opie
•
•
When entrepreneurs see an
opportunity, they have the courage
to act.
Entrepreneurs carefully weigh
opportunities against risks before
acting.
You’re hacked
•
Make things happen!
•
Have a vision. They work towards
clearly defined goals.
Debate:
Are entrepreneurs made or born?

Other PowerPoint Presentation
Characteristics – Self Assessment
 Handout
Assignment
 HAND – IN
Review

Agencies

Innovation – Ideas – videos

Chapter 2/3 Handout


Goals Setting
Chapter 4 – Challenges and Changes in the Labour Market

Agricultural Age, Merchant, Industrial Age, Labourer, Command and control, trade
union, strike

New economy, Information Age, Trends, labour market, attrition, war for talent

Life work balance, what motivates talent (page 75), home-based employment (pg.
78), Intellectual Capital – knowledge and skills learned, what the employee has to
offer,
Invention, Innovation and the Creative Edge
Every venture starts with an idea – but where does the idea
come from? Examples
 Good ideas come from many forms:

are innovative – offering something new, nothing ever done or
made before
 Suggest a way to satisfy a need
 They

What is invention? Creation of something new
 What is innovation? Is a change to something that already
exists
Observe? Patters? Develop Ideas?

To become aware of the business ideas that surround you
every day, you need to be a good observer.
 Once you become more aware of your surroundings, you will
likely begin to notice what the people in your community are
doing. Where do they like to shop? Eat? Have fun?
 WATCH FOR CHANGE – CHANGE CAN SPUR A NEW IDEA
FOR A NEW VENTURE
 Develop your ideas – Agency Reviews Assignment
 Page 92 – Your Turn

Take this test with a partner and discuss the results. What kinds of
things are you good at observing? Not so good? With your partner,
discuss techniques people can use to improve their observation
1. skills.
If you were looking for an odd6. Name 10 things you can see from
numbered address, would you
look on the north or the south side
of the street?
2. What colour are the walls in the
hallway outside your classroom?
3. How many cupboard doors are
there in your kitchen at home?
4. How many places are there to buy
coffee within 1 km of your school?
5. Describe what your teacher wore
to class yesterday?
your locker.
7. About how many steps is it from
one end of the school ym to he
other?
8. Name one new business that
recently opened in your
community.
9. When you enter the mail office at
school, does the door swing in or
out?
10. Look carefully around your
classroom. Name one feature of
the room that you never notices
before.
Invention
 By
accident (Silly Putty)
 Solution
to a problem (Jacques Plante, NHL)
Innovation
 By
accident or by design – what if?
Wakefield – creator of the chocolate
chip cookie
 Ruth
How do you Protect your ideas?

Once you’ve come up with an idea, or invention, or
an innovation, there are a number of ways to
protect it so potential competitors can’t take
advantage of it.

In Canada there are several ways to protect your
intellectual propery.
definitions

Patents


Is a grant made by the government that gives
the creator of an invention the sole right to
make, use and sell the invention for a set
period of time.
Copyrights

Trademarks

Industrial Design Act

Protects literacy works, musical works, artistic
 Integrated Circuit Topography Act
works, and software. Copyright to any original
work they have created unless they were
hired or employed to create it.

Copyright act – can’t use without the persons
permission
Problem Solving
Lateral thinking
Tje
Push or pull market
Opportutnies/ideas/creative
thinking/hat thinking/videos

Module 4 seeking opportunities/six hats/Guest Speakers
Problem Solving – hats –
inventions/innovation
Test

Big One

Made/Born

Pushed or Pulle
What does an entrepreneur Do?

Ideas and
opportunities/aware/outside the box

Identify needs for products or
services

Generate ideas on how to provide
the needed products or services

Evaluate whether an of the ideas
present a venture opportunity

Evaluate ideas and opportunities for
development of a venture

Develop a plan

Implement the plan
Product Development – Individual
Assignment

Individual Protocols

Dragons’ den presentation

Groupd decision

JA hear we go

Guest speakers
Business model
Mini Simulation – crash course
Junior Achievement and Guest Speakers
Sample JA companies

http://www.jacompanyprogram.com/apps/links/
21st Century learning

http://www.youtube.com/watch?v=2XIQkDldpmI – The Changing Workforce
and skills

http://www.youtube.com/watch?v=c0xa98cy-Rw – guy speaking

http://www.youtube.com/watch?v=yuKu6PZXCIY – like did you know
Tom Byers – idea/opportunity

https://www.youtube.com/watch?v=gzPprVoacr8
Trends

http://www.trendwatching.com/briefing/