Chapter 3 Pg 43-64 Your Entrepreneurial Potential

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Chapter 3 Pg 43-64 Your Entrepreneurial Potential. Your Entrepreneurial Potential. Review…Enterprising People. "Big Wins Require Big Risks" - Bill Gates . Your Entrepreneurial Potential. Review…Enterprising People. - PowerPoint PPT Presentation

Transcript of Chapter 3 Pg 43-64 Your Entrepreneurial Potential

Chapter 3 Pg 43-64 Your Entrepreneurial Potential

Chapter 3Pg 43-64

Your Entrepreneurial PotentialReviewEnterprising People"Big Wins Require Big Risks" - Bill Gates

Your Entrepreneurial Potential

ReviewEnterprising PeopleEnterprising People are people who demonstrate many of the characteristics of entrepreneurs. They can make things happen. They may pursue their visions as intrapreneurs, or they may try to accomplish their goals in their spare time. Many enterprising people are agents of social change. They respond to needs and wants in order to improve the lives of others or to contribute to the community.

Your Entrepreneurial PotentialIntrapreneurs Intrapreneurs people who are entrepreneurial or enterprising within a corporation or organization.

Your Entrepreneurial PotentialEnterprising PeopleTerry Fox Run for CancerJune Callwood Home for Abused WomenHerb Carnegie Future AcesRick Hansen World Motion Tour for HandicappedLee Iacocca Chrysler mini vanSarah McLachlan Lilith Fair TourPeter Dalglish Street Kids International

Your Entrepreneurial PotentialEnterprising PeopleTerry Fox Run for Cancer

Your Entrepreneurial Potential

Terry Fox set out to raise money for cancer research by running across Canada. He single handedly raised close to $24 million with his Marathon of Hope. What characteristics did Terry exhibit? (600 Million to date)Enterprising PeopleJune Callwood

Your Entrepreneurial PotentialJune Callwood was a Canadian journalist, author, and social activist. She has founded many youth hostels and womens shelters in Toronto and the GTA. What characteristics did June exhibit?

The Man in MotionRick Hansen

Your Entrepreneurial PotentialRick Hansen was born on August 26, 1957. At age 15 he was in a fatal car crash and suffered a spinal cord injury. He began the Man in Motion tour on March 21, 1985. The purpose of the tour was to raise funds for spinal cord research. He logged over 40,000km through 34 countries (4 continents) and raised $26 million dollars.

Some CharacteristicsStrong-WilledStatus-ConsciousAmbitiousCompetitive

Your Entrepreneurial PotentialSociableTalkativeWittyArgumentativeAdventurous

About YouLets Talk name some of your own enterprising skillsFor skills, think of school, sports teams, extra-curricular hobbies, part-time jobs, etc.

Your Entrepreneurial PotentialMotivators of Entrepreneurs Money - Some wish to work in large corporations with lots of chances for advancementSecurity - Some choose to work in a sector where there is little chance for job loss if you perform wellMeaningful Work - Some really want to help others, or make a differenceLearning New Skills - Some wish to better themselves within an organization

Your Entrepreneurial PotentialWhat Motivates You???Get Involved!Get involved in your schoolclubs- teams -student council -yearbookschool newspaper - spirit days -helping othersstart a club -start a band - fund raisingGet involved in your communityvolunteer - contribute - help a seniorlisten for problems there may be an opportunitylook for ways to do things bettercreate your own summer jobtalk to local entrepreneurs

Your Entrepreneurial PotentialSummaryRead pages 35-38 in your text about enterprising people in the workplace

Summarize this talk by answering the question Why are enterprising employees critical to companies, small business and corporations?

Your Entrepreneurial PotentialAre You Creative?

Do you have potential?

Your Entrepreneurial PotentialCredit History Collateral Infrastructure Goals Steppingstones Milestones Targets SWOT Analysis - Problem solving Interpersonal skills Critical/Creative/Practical thinking skills

Your Entrepreneurial PotentialArthur L. FryIt all starts with an idea and a strong desire to develop that idea into a successful venture

Arthur L. Fry was a tinkerer and a problem solver as a child: his earliest engineering efforts were devoted to creating custom-designed toboggans from scrap lumber.

Fry invented what is probably the most significant office supply product since the paperclip: the Post-it NoteYour Entrepreneurial Potential

Challenges Facing Young EntrepreneursNo Credit History

No Collateral

No Experience

Your Entrepreneurial PotentialSetting GoalsSMART Principle

Simple, Measurable, Achievable, Realistic and Timely Your Entrepreneurial PotentialS.W.O.T AnalysisStrengthsWeaknessesOpportunitiesThreats

DISCUSSPractice Project; Regent Mall Car Wash Venture Idea. (Handout)

Your Entrepreneurial PotentialSWOT Analysis Mercedes Benz

SWOT analysis helps to determine Mercedes-Benz's position in the market.

StrengthsAs a leading automobile company, Mercedes-Benz is in the prime position to lead other manufacturers around the world. It is well established, provides high quality vehicles, and enjoys very good branding, earning itself plenty of respect and prestige. It is a well known provider of luxury, offering solid design and expertly tuned ride comfort, making them one the most comfortable cars to ride. The company is also market savvy, with good access to global distribution with an array of agreements and alliances.

Your Entrepreneurial PotentialWeaknesses

The quality of the vehicles means that they are fairly or very expensive, with much of the cost due do fashion and prestige. The strong branding which promotes this has positives and negatives - consumers like a good brand, but high prices can be an issue. Promotion is one clear source of weakness. The company's promotional campaigns are rare, and the cars take a long time to make, which can lead to impatient customers.

Your Entrepreneurial PotentialWeaknesses

Recently, UAW contracts have cast the company under a negative light. Mercedes Benz should not lose sight of the ever changing market base. And keep a keen eye on the needs of the consumer, and the competitors.

Your Entrepreneurial PotentialOpportunities

There will always be plenty of opportunities for Mercedes-Benz, which can lead to higher profits and future expansion. The new clean energy cars will be the future, and will be a major new opportunity for the company if they can secure the right technology. Booming car markets in China offer new places to sell, and the honing of already established features will ensure that new customers will want to purchase from Mercedes-Benz.

Your Entrepreneurial PotentialThreats

Competition is increasing, as new and dominating Asian car markets move towards the global stage. Japan and America have increased car tax for large luxury cars, which makes them less desirable. There are also more subtle social and cultural factors which could have consequences for profitability in the future.

Your Entrepreneurial PotentialRegent Mall Car WashFor the summer months of June July and August, think about setting up a car wash detailing spot on the corner parking lot at the Regent Mall. Shoppers could drop off their cars for washing while they shop. Customers choose from a variety of car detailing specials. Basic wash, wash and wax, wash, wax and a carpet cleaning with vinyl cleaning.Complete a SMART goals analysis of this Venture idea. What are the obstacle to overcome? What would be the goals to set for March, April and May?Do a SWOT analysis for this venture. Refer to the handout for more detailYour Entrepreneurial PotentialWHY SET GOALS?Day-to Day activities often prevent us from taking time to set goals.Goal setting ultimately results in change.Change comes hand in hand with risk.

Goal setting is a way to manage changeHelps recognize that the present is a steppingstone to the future.Allows people to choose the path that fits/looks the best.

Your Entrepreneurial Potential

Edison or Einstein?Incremental Problem SolverList the traits:--Out of the Box ThinkerList the traits:--

Your Entrepreneurial PotentialProcesses Associated with the Two Brain HemispheresLeft HemisphereVerbalAnalyticalAbstractRationalLogicalLinearRight HemisphereNonverbalSynthesizingSeeing AnalogiesNonrationalSpatialIntuitiveImaginative

Your Entrepreneurial PotentialKNOW YOUR THINKING STYLERead Pg 56-57Small group studyAre you an Edison or an Einstein?Q#1- Adv and Dis adv

Q#3-Different approaches to change

Q#4-Your style and how it will work for you.

Your Entrepreneurial PotentialThink About Your SkillsInterpersonal Skills

Critical Thinking vs. Creative thinking

Practical Skills

Your Entrepreneurial Potential