TO SHS STUDENTS: 1. Classify individual entrepreneurial interests. 2. Apply basic marketing acumen. 3. Determine legitimate sources of resources. a BENEFITS OF ENTREPRENEURSHIP \ BENEFITS OF ENTREPRENEURSHIP TO'SHs STUDENTS: 4. Evaluate feasibility of ideas 5. Write a micro business plan. 4 USEFULNESS REGENT EOURS + Beygion skills in starting up = ” SBSRN Sas Sad expansion. eee - Demonstrate business management IMPORTANCE OF ENTREPRENEURSHIP EDUCATION + Sewepreneurs: of our cconmomy + Entrepreneurship wilt transform lonrnors to be innovators. a CHARACTER TRAITS COMMON TO SUCCESSFUL ENTREPRENEURS CHARACTER TRAIT XN pis a key driver Refers to the mark or attribute that distinguishes an entrepreneur from the owner of an ordinary small business <@ffff 1. ACHIEVEMENT CLUSTER 2. PLANNING CLUSTER 3. POWER CLUSTER ACHIEVEMENT CLUSTER Is related to the entrepreneur's desire to be an achiever in the field of entrepreneurship. He/she does not settle for mediocrity but instead aspires for quality. | ACHIEVEMENT CLUSTER * Opportunity-seeker eCommitted Persistent *Risk-taker SEM elant aid cei Soe | compel Need Entrepreneurs??? a Entrepreneurship According to George Glider fo From "The Spirit of the Enterprise” 9 the World forever NEW. AGGRESSIVE 4 (According to Joseph Schumpeter ‘ It is destroying the old orde and creating new ones. DR ers ieee Bees este eee eee nee eee tee eee eae) Brera ee ain develops, improves, and expands; the Ce ao Be eet eee eee Eker’ + Theconcept ofentrepreneushin has a wide range of meanings. nthe ‘oneextreme anentrepreneu is person of very high aptitude who pioneers change, possessing characteristics found inonly a very smal fraction ofthe population, * On theother extreme of definitions, anyone who wants to work for himself or heselfis considered to be anentrepreneur, “Entrepreneurship is the act of being an entrepreneur, which can be cefined as “one who undertakes innovations, finance and ‘business acumen in an effort to transform innovations into ‘economic goods". “This may resuit in new organizations or may be part of revitalizing mature organizations in response to a perceived ‘opportunity. +The most obvicus form of entrepreneurship is that of stating a new cutfit referred as new Business.Startup however, inrecent Years, the term has been extended to include social and political forms of entrepreneurial activity = when entrepreneurship is describing activities within a firm or large organization itis referred to asingra-preneurship and may include corporate venturing, when large entities spin-off organizations, 1g Reasons Why Do wi IWs the Entrepreneurs-not the Central SankTHREE COMPETENCIES OF THE COMPLETE ENTREPRENEUR 4 Intrapreneur + Leeming erganizations encourage intrapreneustp, 4 Organizations want to form: | Fraduet Carin pepe wha tke cana of 3 pdt nce to ase + Starks: 2 rom of ntareners tt separate om the et ofthe xgonaton «Ne Ytze Dison: slows a son to act ass com sal congy. + Revarsfor iret: Irkionoatn by weraste aie ears. Operator Entrepreneurship: Corporate INTRA-preneurs ; Sinn that redeem tog nse awe French Word Origine the following ehoracteises ENTEPENDRE “AN UNDERTAKER A Definition of Entrepreneu + Commitment from senior management Flexible organization design + Autonomy of the venture team + Competent/Talented people with entrepreneurial stutuaes + Incentives and rewards for tsk talking + Approprictely designed control system + The word entrepreneur oviginatesfrom the French wor, entreprene, which means "to undertake." in abusinss context means tostat a business. ‘+ The Merriam-Webster Dictionary presents the definition of an entrepreneur as one who organizes, manages, and assumes the risks of abusinessor enterprise. Who are entrepreneurs? + Common traits * Orginal thinkers 1 Risk tatere 1 Take response ron = Fest competent and pate 1 Set high goats ae oy ‘working toward en “An entrepreneur is someone Pee ee Ne Teng and creates an organization to Pactra VHE ENTREPRENEUR + The Business Owner A person whe organizes and ie eee fei er ee ue eu eee oe! business, usually with considerable = One Whe starts A New Business + The Resourceful Guy : Traits of An Entrepreneur: D’s ‘The entrepreneur should be able to take actions that Poe tee nse + Dream DOR er rere Ree ren nud » Determined business or industry 2 pet Exam + Decision Boe aU ume ay DOR: Pioecerras eee + Destiny Oe oo a Cn + Devotion Reese + Dedication Traits of An Entrepreneur: + Entrepreneurs V. Intrapreneurs + Entrepreneurs are peonle that notice anporturities and take Founder the intative to mobiize resources to make new goods and Faith services. Focused + Intrapreneurs also notice opportunities and take hitiative to Frugal ‘mobilize resources, however they work in large companies and contribute to the innovation of the firm. + Intrapreneurs often become entrepreneurs. Fost Fun Flexible =e Flat a Forever ImprovingSuccessful and Unsuccessful Entrepreneurs = Successful : = Creative and Innovative 1 Postion themselves in sifting + Create new products 1 Greate new processes 2 Greate new delwery = Unsuccessful = Por Managers = Low work eth netficient ailure to plan and prepare Poor money managers Characteristics of Entrepreneurs Key Personal Attributes « Entrepreneurs are Made, Not Born! + Nany ofthese key tirbucs are developed eary iif, vth the family envirorment playing an impartat role + Erreareneurs tnd to have had sel enpoyed parent eno ‘Spoor and erage independence, acvevenen, a ‘espnstty «Fistor ted to have rare enrepeteuralarbutes because they resis moe nto, hav forge the cunts rating ngherseeovidence -_— + Entrepreneurial Careers 1 Th ideo that enbepreneril succes bast mre enreprencwil vy may explain why many entrepreneurs sat tile compares ove the course of the career + Caridor Pence Using on business tart or oezure others and shen repeating De poses + Sal Entvepmreure & peson wo fends and operates mate ssoares ding one eet, « Need for Achievement + Rperson's dese ether fe excelence ot succeed in compeive uations «gh achievers take responsi fr ating ther coal, set moderately difficult goals, and want immediate feecback on ther performance + Success is messed in tems of what thse effoshave accomplished + NcCllland’s research + Desire for Independence «Errore fan sack néependens rom oes + Rearezut, ey generby arent exhated wo perm wellin ge, sureacrati ganizations + Enrepeneurs hae inter dive, are ander in th cum abies, snd poses grat del ef caliespet ™ , SelfConfdence + Because ofthe high risks involved in running an entrepreneur ‘organisation, having an “upbeat” and ea confidantatttde estental «A successul track record leads o improved self-confidence and sa steers + Sel-cenfidence enzles that person to be optimistic in representing the fem to employees and customers alike + Sel-Sacrifice » Essental + Nothing worth having is free +» Success has a high price, and entrepreneurs have to be willing to sacttce certain things 4 Planning «= Business Plan ~ A step-by-step outline of how an entrepreneur or the owner of an enterprise expects to tum ideas into reality. t+ Technical Proficiency + Many entepreneurs demanstrate strong technical skis, typically bringing some rated experience to ther busress ventures + For example, succesil car deals usaly hav lots of technical kowldge about seling and serving automates before cpering thelr dealerships + Espacalyimportant inthe computer industry + HOT ALWAYS NECESSARY 4 Questions To Keep In Mind + Witenes oig a ies? + shout start or buy 2 business? + What ane where isthe market for what Iwano sel? + How much wi a this cost me? ‘Should my company be domestic er global? A Motivations Deciding what your motivations are will direct you toward what type of business fits you best. = Types: + Lifestyle Venture > Smaller Profit Venture High Growth Venture