What is
Entrepreneurship
ENTP 3002
What is Entrepreneurship
• Entrepreneurship is the ability and readiness to develop,
organize and run a business enterprise, along with any of its
uncertainties in order to make a profit.
• Entrepreneurship involves being able to recognize a societal
problem, then launching a product or service to help solve the
issue
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Examples of Entrepreneurs
Hairdresser: https://people.com/style/should-you-cancel-hair-nail-appointment-amid-coronavirus/
Food truck: https://www.albertaventure.com/images/uploads/food-truck-drift.jpg
Elon Musk: https://assets.entrepreneur.com/slideshow/20181011174457-ent18-nov-50-elon.jpeg?width=600
Mark Zuckerberg: https://www.incomediary.com/wp-content/uploads/2010/10/mark-zuckerberg8701.jpg
Question
• What are some characteristics of
successful entrepreneurs?
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Characteristic of Entrepreneurs
• Risk tolerance- Starting a new business venture
involves a considerable amount of failure risk.
Entrepreneur must be willing to take risk, in the
context of making a profit
• Desire to Innovate - Innovation can mean either
inventing a new product/service, but also launching a
new process that mimics an existing process, but does
it in a more efficient and cost-effective way.
• Product/Market Knowledge – An entrepreneur must
understand how their product/service means the
needs of their target market, as well as any current
industry trends
Characteristics of Entrepreneurs
• Open-Minded & Flexible - An entrepreneur should be
flexible and open to change according to the situation.
• Articulate vision & lead - Successful entrepreneurs
don’t have the best ideas, but they do have the ability
to successfully put ideas into practice. They must also
motivate their teams to implement their ideas
successfully.
• Manage Time – Being able to set and adhere to a
schedule is a critical component of becoming a
successful entrepreneur
Question
• What are some of the major challenges facing
entrepreneurs?
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Challenges
• Money – Securing financing is one of the major
challenges facing entrepreneurs. Businesses can be
self-financed, supported by loans/bursaries or through
investors
– Budgeting/managing cash-flow is another significant skill
required of successful entrepreneurs. No cash… no
business.
• Delegating – Outside of being a solopreneur, the
ability (and confidence) to delegate work to employees
is one of the necessary skills to develop as an
entrepreneur
– Often, it not sufficient to simply delegate work. You must
also ensure your employees are adequately trained and
understand your expectations.
Challenges
• Managing Employees – It isn’t sufficient
to simply be good at delegating, you must
also be prepared to hire/fire employees
– An old rule of thumb “hire slow, fire fast”
• Manage Stress – Running your own
business isn’t for the faint of heart. You
must be able to handle periods of
uncertainty
SWOT Analysis
Small Group SWOT Practice
• Working in small groups (~5 ppl), you are
going to run a SWOT analysis on the FHP
program at Fanshawe College…
• Decide on 1 note taker for each group, you
will report back in ~10 minutes time as to
what your group found