Chapter 3
Assessing Your Entrepreneurial
Potential
Young Entrepreneurs
• Atlantic Cirque's president Anais
Guimond wins BDC Young Entrepreneur
of the Year 2011
– http://www.youtube.com/watch?v=vR9CpqUQSUU
1.38 min
• Young entrepreneur
– http://www.youtube.com/watch?v=3nSsMqOSn-s
4.10 min
Young Entrepreneurs
• Young Entrepreneur: fashion boutique
owner
– http://www.youtube.com/watch?v=FbzUKgxzd
TU 4.26 min
• Young Entrepreneur: Jewellery Maker
– http://www.youtube.com/watch?v=Z6m_xdrBC
as&feature=relmfu 4.54 min
• Over 100,000 businesses are started in
Ontario each year with youth entering the
marketplace at three times the rate of
entrepreneurs over 45.
• Almost a third of Canada’s youth-owned
enterprises are located in Ontario.
Challenges Facing Young
Entrepreneurs
• Experience
• Knowledge
• Funds
– No credit history
– No collateral
CHALLENGES FACING YOUNG
ENTREPRENEURS
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Lack of money
Lack of experience and knowledge
Confidence
Credit history
Collateral
No track record
Red tape
Energy
Adults’ attitude (not taking you seriously)
Skills
Peer pressure
Accurate self-assessment
Establishing goals
How can an entrepreneur get
experience?
•
•
•
•
Part-time
Summer work
Volunteer
School leadership positions
HOW TO GAIN
EXPERIENCE
- part-time job
- summer job
- volunteer work
- school leadership
positions
BENEFITS FOR YOUR
FUTURE BUSINESS
- learn about infrastructures
- develop contacts
- networking
- savings
- firsthand knowledge
What skills have your learned in
your past?
• Create a team of four people
• Find a spot at the black board
• Write down all the skills you have learned in your
past experiences (combined list)
• The team with the longest, creative list wins…..
GOALS
Define….
• Wish vs Goal ?
• Stepping Stone vs Milestone ?
Wish vs Goal
Stepping Stone vs Milestone
Goals
• What are SMART goals????
–
–
–
–
–
Specific
Measurable
Attainable
Relevant
Time-Bound
– Worthwhile
Intention Specific Measurable Attainable Relevant
What is it
that you
want to
achieve?
Who?
What?
Why?
Where?
When?
Lose weight Eat a
healthy
diet at
5 pounds
home and
at school
How much?
How often?
How many?
Achievable?
Eat three
Yes
healthy meals
a day. No
snacks
between meals.
Time
Bound
Is it
By when?
important
to what
you want
to achieve
ultimately?
Yes
2 months
Goal Activity
• Prepare a wish list of as many things as you
can think of that you would like to have or
do.
• Rank your wishes in order of priority and
set a target date for the achievement of each
• Cross out all those impossible to attain
• Write a SMART goal for two of those left
• Hand in your two SMART goals.
Smart Goals:
YouTube: How to set SMART goals
– http://www.youtube.com/watch?v=uThBb3kGf4k
YouTube: How to Write a SMART Goal
– http://www.youtube.com/watch?v=YmOS3dj9h0s
Why set goals ???
The future eventually
arrives in the present,
whether you plan for it or
not.
GETTING TO
KNOW YOURSELF
Can you change a Fault
Finder to a Good Finder ?
• YouTube.com
• Zig Ziglar - Attitude Makes All The Difference
– http://www.youtube.com/watch?v=cRMogDrHnMQ
9.28 min
Attitude
"The longer I live, the more I realize the
impact of attitude on life. Attitude, to me,
is more important than facts. It is more
important than the past, than education,
than money, than circumstances, than
failures, than successes, than what other
people think or say or do. It is more
important than appearance, giftedness or
skill. It will make or break a company... a
church... a home.
The remarkable thing is we have a choice
every day regarding the attitude we will
embrace for that day, We cannot change our
past. We cannot change the fact that people
will act in a certain way. We cannot change
the inevitable. The only thing we can do is
play on the one string we have, and that is
our attitude. I am convinced that life is
10% what happens to me and 90% how I
react to it. And so it is with you. We are in
charge of our Attitude."
...Anonymous
ATTITUDE SURVEY
The following survey will help you to assess your attitude
toward others and toward situations in which you might
find yourself.
5 = yes
4 = Usually yes
3 = sometimes yes / sometime no
2 = usually no
1 = no
1.
Are you friendly and outgoing?
•
2.
Do you avoid being a complainer?
•
3.
Can you be optimistic when others
are depressed?
•
4.
Do you refrain from boasting or
bragging?
• 5.Do you have a sense of duty and
responsibility?
• 6. Do you control your temper?
• 7. Do you speak well of your employer?
or your parents?
• 8.
Do you feel well most of the time?
• 9. Do you follow directions willingly,
asking questions when necessary?
• 10. Do you keep promises?
• 11. Do you organize your work and
stay on schedule?
12. Do you readily admit your mistakes?
13. Can you be a leader without being
bossy?
14. Is it easy for you to like most
people?
15. Can you stick to a tiresome task
without being prodded?
• 16. Do you know your weaknesses and
attempt to correct them?
• 17. Can you stand being teased?
• 18. Do you avoid feeling sorry for
yourself?
• 19. Are you courteous to others?
• 20. Are you neat in your personal
• appearance and work habits?
• 21. Do you respect the opinions of
others?
• 22. Are you a good loser?
23. Can you adapt to new and
unexpected situations readily?
• 24. Are you tolerant of other people’s
beliefs?
• 25. Do you refrain from sulking when
things go differently than you’d like?
• 26. Are you a good listener?
• 27. Are you the type of friend that you
expect others to be?
• 28. Can you disagree without being
disagreeable?
• 29. Are you punctual?
• 30. Do you plan on driving carefully?
• 31. Do you generally speak well of others?
• 32.Can you take criticism without being
resentful or feeling hurt?
• 33.Are you careful to pay back all
money, however small?
• 34.Do you generally look at the bright
side of things?
• 35.Does your voice sound cheerful?
• 36. Can you work with people you dislike?
• 37. Are you pleasant to others even when
you feel displeased about something?
• 38. Do you show enthusiasm for the interests
of others?
• 39. Do you tend to be enthusiastic about
whatever you do?
• 40. Are you honest and sincere with others?
Attitude Scoring
Total your score and rate your yourself according
to the following scale.
175 - 200
You’re terrific
150 - 174
admirable
Your attitude toward others is
110 - 149
Your attitude needs polishing in
certain areas
Below 110
Take a close look at your attitude.
You might need to pay particular attention to those
QUESTION
• How can negative attitudes be changed
to positive attitudes?
• Give some examples.
Taken from Success in the Workplace: A student guide
SWOT Analysis
Youtube.com
• SWOT Analysis: How to perform one for
your organization
• http://www.youtube.com/watch?v=GNXYI10Po6A
• 5.22 min
• How to Do a SWOT Analysis [Hafihz.com]
• http://www.youtube.com/watch?v=_LIlOxEMlxs
• 6.59 min
SWOT Analysis
• Read page 53 of textbook
• Complete SWOT analysis
– Page 54, 55 and top of 56
– Complete all questions
PERSONALITY STYLE
Assignment
•Go into the following website and complete the Myers-Briggs Typology
test for yourself.
•Online test based on Jung - Myers-Briggs typology
Online test based on Jung-Myers-Briggs personality approach provides
your type formula, type description, and career choices.
As you answer the questions, read carefully and watch the wording. If
you do not know what a word means, ask.
www.humanmetrics.com/cgi-win/JTypes2.asp
When finished, PRINT:
- your type description
- your career indicator (Famous Personalities like you are on the
bottom of this sheet)
Discuss
What kind of personality type are you?
Look at the careers your personality type would well in.
If you have a boyfriend/girlfriend, have them do the test
also, to see if your personalities are compatible.
Discussion
• Move into groups with other people of your
personality type
• Discuss what you learned about yourself
• Are you amazed that people are so different
but yet so much alike?
THINKING STYLES
What is your personal thinking style?
• Go to the following website and do the test
to determine your thinking style
• http://www.ldrc.ca/projects/tscale/
• Print your results
What is your personal thinking
style?
• Go to the following website and do the test
to determine your thinking style
• http://www.thelearningweb.net/personalthin
k.html#Top
Discussion
• Move into groups with other people of your
personality type
• Discuss what you learned about yourself
• Are you amazed that people are so different
but yet so much alike?
Look at the careers your personality type
would work well in.
Discuss with others in your personality type
whether you agree with the findings. If not,
do you think you answered all questions
honestly and correctly. If not, your end
result will be wrong.
Discussion
• Move into groups with other people of your
thinking style
• Discuss what you learned about yourself
• Are you similar? Why or why not?
• What did you learn from this assignment?
Examples to two different
thinking styles
Thomas Edison
• developed light bulb
• incremental problem
solving
• logical step-by-step
process
– used existing knowledge and
improving it
– Like a person who buys a
business and improves it
Albert Einstein
E=mc²
Though Einstein did not
invent the atomic bomb, this
equation laid the theoretical
background for it.
• theory of relativity
• “out-of-the-box” thinking
• often not proven by
experiments immediately
• has great ideas but may
not follow through
• very creative
• doesn’t like detail
Assignment:
• p 57
•
work with a partner
#1, #3
Individual work
#4
Are you an Einstein or an Edison?
How? Why?
Assessing your Skills
Assessing Your Skills
My Activities
Think about everything
you did today.
Decided what to wear
My Skills
Now determine what skill
you used to complete that
activity.
Problem solving skill
Asked for help when I did
Learn continuously
not understand what the
teacher was wanting us to do
Examples on page 58, text
Complete ten .…..
Complete ten ……
Classifying your skills
from textbook p 58
• Interpersonal Skills
– willingness and ability to talk to others
– (all races)
– listen and understand what others say
– motivate and encourage others
– negotiate and resolve conflicts
– caring for self and others
• Critical-Thinking and Creative-Thinking Skills
–
–
–
–
–
–
–
solve problems with various solutions
make decisions, then act
set goals, work to achieve them
record-keeping
being accountable for all actions undertaken
generate ideas
identify opportunities
• Practical Skills
– use tools to perform task
Assignment:
• Classify the skills in Table 3.1 (2nd
column) on p 58
– as interpersonal skills
– critical or creative-thinking skills
– or practical skills ??
Assignment
• Identify one interpersonal skill, one
thinking skill and one practical skill that
you would like to improve. Briefly list
strategies you could use to improve
each one.
STRATEGIES FOR
ENTREPRENEURIAL
SUCCESS
1. Think first
PLAN
• Think before you act!
• Consider the problem from all perspectives
• This allows you to anticipate and overcome
obstacles before they arise
• Impulse decisions can be bad decisions
• Show the Power Point Slide Show entitled:
– Memory Test for the Aging
2. Believe in Yourself
• Resist pressure to conform.
• Be confident in your own abilities
• Entrepreneurial insight is a unique way
to see opportunities.
3. Know Yourself
•
•
•
•
consider your abilities
character traits
skills
goals
4. Enjoy the Challenge
• A venture should be:
– Challenging
– allow you to be creative
– suit your personality
– be compatible with your goals
Assignment
Do You Mean Me?
#1
• List 10 things that you think you’re good
at.
• Include items such as personal qualities
(helping others, cheering people up, being
reliable, working hard, etc.), abilities at
school, work, or extra-curricular activities,
talents, etc.
• Don’t show this list to any of your
classmates.
#2 -- need paper & paperclip
• On a sheet of lined paper, print your name
neatly across the bottom.
• Hand the page to the student behind you.
• Each classmate is write down one positive
comment about what they think you’re good
at. No negative comments are allowed.
• After each comment has been written, the
paper must be folded over so that the next
writer cannot read the previous comment.
Hold it down with the paperclip
#3 -- return sheet to owner
• Read silently through the list of
comments about you.
• How do you feel about the comments
that have been made?
• What have you learned about how others
see you?
#4 -- compare #1 with #2
• Compare the list you made in question 1
with the list of your classmates’ comments.
• How many items on your list are similar to
their list of comments?
• Keep this sheet and read it on a day you
feel down.
YouTube
• Ephren Taylor City Capital CEO on CNBC's Big Idea
• Best Millionaire Secrets Real Youngest Millionaires
• Teen Entrepreneur Advice From Perry Belcher
• AMERICAN INVENTOR LA Winner Ricky
Derennaux HT Racers RC
End of Chapter Review
• Lessons Learned
p63
• #1,2,4,9,10
• Venturing Out
p64
#4 to be handed in for marking
Unit Test for
Chapters 1 & 2 & 3
(if you are going to be away,
make sure you arrange to write
the test after school)
• Movie: “Annick Press Ltd.”
• (Frontrunners Series: Ontario Communications
Authority)
• Identify the entrepreneurial characteristics
and skills demonstrated by the partners in
this video.
• Discuss personal motivations these
individuals had to wanting to start an
enterprise.
Unit 1 -- Culminating Activity
Self Reflection
• See handout