Mrs. Chandler





to undertake, to pursue opportunity, or fulfill
needs/wants through innovation or the
establishment of a business or venture.
Needs – essentials
Wants – desires
What are needs? Examples
What are wants? Examples

Business is based on supply and demand.

Demand – What the consumer needs and wants
◦ Ex. August – school supplies advertised for the entire
month.
◦ What happens when the supply is greater than the
demand?
◦ What happens when the demand is greater than the
supply?
 Snow blowers.


May apply to a business but other undertakings
as well.
Ex. Charities
Characteristics of ventures/businesses
For – Profit/Not for Profit
-Profit-Revenue - costs
Large Scale/Small scale
Service production/goods production
Physical/Virtual
Local/Provincial/National/International



Self-employment business  personal service
ex. Lawyers, engineers, plumbers
Owner/Operator business provide a
product/service (or mixture) to a limited
geographical area. Ex. Dry cleaner, corner
store
National Organizations
manufactures/distributes more than one
product not limited to geography. Ex. WalMart, Kraft Foods.



Technology and change
Demographics (age, family size, income and
religion) and consumer buying habits. Ex. Baby
boom
Economy- the wealth and resources of a country
or region, especially in terms of the production
and consumption of goods and services.

Environment

How has the above influenced ventures over the
last 10 years?



A group of customers towards which a
business had decided to aim its marketing
efforts and ultimately its merchandise.
A well-defined Target Market is the first
element to a market strategy.
You have to make some educated guesses
about the age group your product or service
will appeal to.

What is the impact of
Entrepreneurship on communities?
1.
1.
1.
Create new product and/or service
businesses.
Bring creative and innovative methods to
developing or producing new products or
services.
Provide employment opportunities and
create new jobs as a result of growing their
businesses consistently and rapidly.
4. Help contribute to regional and national economic
growth.
5. Encourage greater industrial efficiency/productivity
to enhance our international competitiveness.

On a piece of paper, write down your
definition of an ENTREPRENEUR.
Someone who perceives an
opportunity and creates an
organization to pursue it.
An
is
someone who creates and runs
his/her own business





Control
Excitement/Enthusiasm
Flexibility
Freedom
Decision making





Administrative challenges
Staying ahead of your competition
Loneliness
No regular salary
Work Schedule

Why do Canadians start businesses?
1.
2.
3.
4.
5.
6.
To seize an
opportunity
To achieve a sense of
personal
accomplishment
Dreamed of running
their own business
A chance to use their
experience/skills
To be their own boss
Economic necessity;
to make a living
7.
8.
9.
10.
11.
Had previous
experience they
wished to use
To supplement
their income from
other employment
To create a job for
themselves
Frustrated in their
previous job
To make lots of
money
 Why
fail?
do you think businesses
1.
2.
3.
4.
5.
6.
Poor cash flow
management
Lack of understanding
of how to hire, retain,
and motivate the right
people
Absence of
performance
monitoring
Poor debt management
Over borrowing
Excessive reliance on a
few key customers
7.
8.
9.
10.
11.
12.
13.
Poor market research =
incorrect understanding
of the market’s wants
and needs
Lack of financial and
insufficient planning
Failure to innovate
Poor inventory
management
Poor communications
throughout the business
Failure to recognize
strengths and
weaknesses
Trying to go it alone
Opportunity
Resources
Entrepreneur
Organization
Strategy
Business
Plan
1.
The Entrepreneur
◦
◦
2.
It all begins with the entrepreneur, the driving force behind
the business and the coordinator of all the activities,
resources and people that are needed to get it off the
ground.
This individual will have conducted an assessment of his or
her own resources and capabilities and made a conscious
decision to launch the business.
Opportunity
◦
◦
◦
The entrepreneur must then find a concept or idea with the
potential to develop into a successful enterprise.
The concept is carefully evaluated to determine if it
represents a viable opportunity.
The object is to determine the magnitude of the returns
expected with a successful implementation.
3.
Organization
◦
4.
Resources
◦
5.
To capitalize on any business opportunity, an organizational
structure must be established, with a manger or
management team and a form of ownership.
Some essential financial and other resources must be
obtained. The key usually is money. It is the “enabler” that
makes everything else happen. Other key resources
typically include physical plant and equipment, technical
capability, and human resources.
Strategy
◦
◦
◦
Once a start-up appears likely, a specific strategy must be
developed and a feasibility study conducted.
The feasibility study is a way to test your business concept
to see whether it actually does have market potential.
Throughout this process you probably will modify your
concept and business strategy several times until you feel
that you have it right.


The trait test PowerPoint
Characteristics of an entrepreneur
PowerPoint.






Examine needs, wants, and
problems for which he/she
feels something can be
done
Narrows possible
opportunities down to one
specific opportunity
Thinks of an innovative
idea
Researches the opportunity
and idea thoroughly
Enlists the best sources of
advice and assistance that
can be found
Plans the venture and looks
for possible problems that
might arise






Ranks the risks and possible
rewards
Evaluates the risk and possible
rewards and makes a decision
Never hangs on to an idea, as
much as it is loved, if research
shows it won’t work
Employs the resources
necessary for the venture if the
decision is made to go ahead
Understands that any
entrepreneurial venture will take
a great deal of long, hard work
Realizes a sense of
accomplishment from
successful ventures and learns
from failed ones
 Handouts
◦ Needs and wants
◦ Supply and demand
◦ Pop challenge lesson
1) Choose an entrepreneur. This person can be familiar or
unfamiliar, living or dead.
2) Using the handout provided, find the information requested
about this entrepreneur.
3) Your assignment must be presented through a PowerPoint
presentation. In keeping with the entrepreneurial spirit, use that
creativity, innovation and imagination you all possess!
4) This assignment is to be done in pairs.
5) This assignment will be due ___. On this date, presentations
will be made and you are expected to be ready to present.
6) Consult the rubric on the handout to be aware of what is being
evaluated.
7) You will be presenting your assignment, but a write-up is
required as well. See handout for further details.