What is the difference between an
entrepreneurial skill and an
entrepreneurial characteristic?
Characteristics of Successful
Entrepreneurs
Self-Confident
Entrepreneurs are realistic in what they can accomplish
Believe in themselves and in their ability to succeed
Set attainable goals and approach them with confidence
Perceptive
• Entrepreneurs are intuitive.
• They know what is going on.
• Able to identify problems and find solutions
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Hard-working
• Long hours
• Need mental and physical stamina
• Balance work/life balance
Motivated
• Driven by an internal need to accomplish
• Seek opportunities for success
Resourceful
• Ask questions
• Develop a broad
network of
associates who can
help them overcome
obstacles
Able to Manage Risk
• Challenge or Problem?
• Take only calculated
risks
Creative
• Look at things
in a new way
• Take charge in
shaping our world
Goal-oriented
• Work towards goals
• 1, 5, 10 year goals
Optimistic
• Positive mental attitude
Flexible
• Adjust to changes
• Make own decisions, make own mistakes
• Be person in charge
Visionary
• Have a vision of how things should be in
the future
Able to Get Along with Others
• Build an
effective team
Entrepreneurial Skills
Communicate
•
•
•
•
Listen
Speak
Write
Non-verbal
Generate Ideas
Identify Opportunities
Organize
Make Decisions
Solve Problems
Negotiate
•
Network
Market Your Ideas
Keep Records
• Financials
• Orders / Sales
Lead others
• Create a vision and then communicate that
vision to others
Technology
• Use a:
–
–
–
–
–
Computer
Fax Machine
Photocopier
Telephone System
Security System
Administrative Duties
Assignment:
Review the entrepreneurial characteristics and
skills we covered. Pick four characteristics
and four skills you have demonstrated in
your life. Create a chart. Write a paragraph
or points for each explaining how you
accomplished this skill or characteristic.
You will have 20 minutes to complete this
assignment. It must be handed in and marks
will be allotted.
Assignment:
Group Work: (create 6 groups)
You have 15 minutes to brainstorm the TEN
names of entrepreneurs in your community.
Choose one entrepreneur from your list and
record all of his/her entrepreneurial
characteristics and skills. Use actual
examples if possible.
One person from your group will then share
your findings with the rest of the class.
• Assignment:
• Entrepreneurial Profile:
– Chris Wood, SupperWorks.com
What Makes an
Entrepreneur Tick?
What Makes an Entrepreneur Tick?
Most Important
•
•
•
•
•
•
achieve a sense of personal accomplishment
be own boss
have an element of variety and adventure
use training and skills
freedom to adopt my own approach to work
troubleshoot and grow the business
What Makes an Entrepreneur Tick?
Least Important
• continue family tradition
• do the only thing I can
• contribute to the welfare of my ethnic group
Assignment
• Traits for an Entrepreneur
– Rank the following as
• M = Most Desirable
• D = Desirable
• U = Undesirable
• Deborah Meaden, Dragons' Den (Part
two) | Smarta video interview
• Member of the British Dragon’s Den Team
• http://www.youtube.com/watch?v=Iw-iDSs9rCQ
• 9.24 min
The Enterprising Person
Define: Enterprising Employee?
Enterprising Employees Defined
• Enterprising Employees:
–
–
–
–
show initiative,
have ideas and
do something about them, or
take advantage of opportunities to bring about
change.
Enterprising Employees Defined
• Being enterprising is:
– not just concerned with starting your own
business (entrepreneur);
• It is:
– about developing the skills that you need to
make you innovative and commercially aware.
Where you make things happen. (intrapreneur).
How Does an Entrepreneur
Differ from an
Enterprising Person?
• Enterprising people have most of the
characteristics and skills of an
entrepreneur but work for a company,
not themselves.
• Reason: They often do not want to take
the financial risk to own their own
business.
How do Employers Support
Enterprising Employees
This is a review of Chpt 1
• Create a workplace culture where
employees feel their input is valued and
where the employee can learn from his or
her mistakes
• Provide tools needed to achieve desired
results
• Provide them with meaningful work
opportunities
• Provide alternative work arrangements:
flex-time; telecommuting
• Support employees with benefit
packages that are tailored to the needs
of the employee
What could an enterprising
person do around our school?
• Create a group
• Get a large piece of flip chart paper
• Brainstorm all the different opportunities within
the school community a person could do to
demonstrate their enterprising spirit.
An enterprising person @ Eden
• Car wash to raise money fundraising
• Volleyball to Cuba: buy outs, tournaments,
concessions, head bands,
• Business @ Eden: co-op in business, set up
a business selling flavoured water, litre of
milk, ipods,
What could an enterprising
person do around our school?
• Each group is given a large piece of flip chart paper and
asked to brainstorm all the different opportunities within
the school community a person could use to demonstrate
their enterprising spirit.
• Some possible responses for volunteer activities could be
representing your school on a sports or academic team,
being part of a club, acting in a play, and being a member
of student council.
• Paying jobs at the school could be answering phones in the
office and scoring sports games.
What Motivates You to Excel?
Why are some people so
motivated while others are not?
WHY?
MOTIVATION:
the forces within the individual that
accounts for the level, direction, &
persistence of effort expended at
anything you do
Some People believe all it takes is a
reward
• REWARDS:
– Extrinsic Reward:
• is given to someone by another person
– Intrinsic Reward:
• naturally occurs as a person works on a task
Extrinsic Rewards
.Pay
.Bonuses
.Promotions
.Time Off
.Special Assignments
.Office Fixtures
.Awards
.Verbal Praise
Intrinsic Rewards
.Feelings of Competency
.Personal Development
.Self-Control
Extrinsic Rewards
Performance bonuses
Overtime & holiday premiums
Profit sharing
Stock options
Impressive titles
Preferred work assignments
Praise and recognition
Intrinsic Rewards
Participation in decision making
Increased responsibility
Opportunities for personal growth
Greater job freedom & discretion
More interesting work
Diversity of activities
Training opportunities
• SO……
– Does bribery work??????
– Why is it used so often?????
So…. What do you think?
Would you work harder for a
long period of time if you were
promised a reward??
What Motivates You to Excel?
Expectancy theory
by Victor Vroom
• Asks the question:
• “What determines the willingness of an
individual to work hard at tasks important to the
organization?”
• Theory suggests:
• “people will do what they can do when they
want to do it”
• your motivation to work depends on the
relationship between three expectancy factors
Expectancy
(Expectation)
Instrumentality
(Reward)
Valence
(Value given
to reward)
a person’s belief
that working hard
will result in a
desired level of
performance being
achieved and that
they are capable of
completing the task
a person’s belief
that successful
performance will be
followed by
rewards or other
potential outcomes
the value a
person assigns
to possible
rewards or other
work-related
outcomes
So…. In order to be motivated, you MUST value each:
Expectation
You must know that
if you try, you are
capable of results
Reward
You must perceive
that working hard
will be followed by
certain outcomes
I am “smart” enough If I work I will pass
to do the work in this
course
ExRxV=M
4 x 4 x 2 = 16
2x0x4=0
Value Given to
Reward
You must value the
outcomes
Passing is important
so I can graduate
What Motivates You to Excel?
• Article and Video Clip
– What Motivates You to Exceed Expectations
• http://www.youtube.com/watch?v=rrkrvAUbU9Y
– 18 mins
Read pages 35 - 38
Answer questions 1, 3, 4, 6, 7.
Review:
Lessons Learned – Question #3
Venturing Out – Question #4, #5, #8
Test Wednesday, Sept 28 on Chpt 1 & 2