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=FbzUKgxzdTU 4.26 min

Young Entrepreneur: Jewellery Maker

http://www.youtube.com/watch?
v=Z6m_xdrBCas&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 Canadas youth-owned

enterprises are located in Ontario.
 Challenges Facing Young
Entrepreneurs

Experience
Knowledge
Funds
No credit history
No collateral
 CHALLENGES FACING YOUNG
ENTREPRENEURS
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 BENEFITS FOR YOUR
EXPERIENCE FUTURE BUSINESS

-part-timejob -learnaboutinfrastructures
-summerjob -developcontacts
-volunteerwork -networking
-schoolleadership -savings
positions -firsthandknowledge
 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 Time
Bound
What is it Who? How much? Achievable? Is it By when?
that you What? How often? important
want to Why? to what
How many?
achieve? Where? you want
to achieve
When?
ultimately?
Lose weight Eat a Eat three Yes Yes 2 months
healthy healthy meals
diet at a day. No
5 pounds
home and snacks
at school between meals.
 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.
 SmartGoals:
YouTube:HowtosetSMARTgoals
http://www.youtube.com/watch?v=uThBb3kGf4k

YouTube: HowtoWriteaSMARTGoal
http://www.youtube.com/watch?v=YmOS3dj9h0s
 Whysetgoals???

The future eventually
arrives in the present,
whether you plan for it or
not.
 GETTING TO

KNOW YOURSELF
 CanyouchangeaFault
Finder toaGood 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
Thefollowingsurveywillhelpyoutoassessyourattitude
towardothersandtowardsituationsinwhichyoumight
findyourself.

5=yes
4=Usuallyyes
3=sometimesyes/sometimeno
2=usuallyno
1=no

 1. Areyoufriendlyandoutgoing?

2. Doyouavoidbeingacomplainer?

3. Canyoubeoptimisticwhenothers
aredepressed?

4. Doyourefrainfromboastingor
bragging?
 5.Doyouhaveasenseofdutyand
responsibility?

6. Doyoucontrolyourtemper?

7. Doyouspeakwellofyour
employer?oryourparents?
 8. Doyoufeelwellmostofthetime?

9. Doyoufollowdirectionswillingly,
askingquestionswhennecessary?

10.Doyoukeeppromises?

11.Doyouorganizeyourworkand
stayonschedule?
12. Doyoureadilyadmityourmistakes?

13. Canyoubealeaderwithoutbeing
bossy?

14. Isiteasyforyoutolikemost
people?

15. Canyousticktoatiresometask
withoutbeingprodded?
 16.Doyouknowyourweaknessesand
attempttocorrectthem?

17.Canyoustandbeingteased?

18.Doyouavoidfeelingsorryfor
yourself?

19. Areyoucourteoustoothers?
 20.Areyouneatinyourpersonal
appearanceandworkhabits?

21.Doyourespecttheopinionsof
others?

22.Areyouagoodloser?

23.Canyouadapttonewand
unexpectedsituationsreadily?
 24.Areyoutolerantofotherpeoples
beliefs?

25.Doyourefrainfromsulkingwhen
thingsgodifferentlythanyoudlike?

26.Areyouagoodlistener?

27.Areyouthetypeoffriendthatyou
expectotherstobe?
 28.Canyoudisagreewithoutbeing
disagreeable?

29.Areyoupunctual?

30.Doyouplanondrivingcarefully?

31.Doyougenerallyspeakwellof
others?
 32.Canyoutakecriticismwithoutbeing
resentfulorfeelinghurt?

33.Areyoucarefultopaybackall
money,howeversmall?

34.Doyougenerallylookatthebright
sideofthings?

35.Doesyourvoicesoundcheerful?
 36.Canyouworkwithpeopleyoudislike?

37.Areyoupleasanttoothersevenwhen
youfeeldispleasedaboutsomething?

38.Doyoushowenthusiasmfortheinterests
ofothers?

39.Doyoutendtobeenthusiasticabout
whateveryoudo?

40.Areyouhonestandsincerewithothers?
Attitude Scoring
Totalyourscoreandrateyouryourselfaccording
tothefollowingscale.

175-200 Youreterrific

150-174 Yourattitudetowardothersis
admirable

110-149Yourattitudeneedspolishingincertain
areas

Below110 Takeacloselookatyourattitude.
Youmightneedtopayparticularattentiontothose
QUESTION

Howcannegativeattitudesbechanged
topositiveattitudes?
Givesomeexamples.

TakenfromSuccessintheWorkplace:Astudentguide
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
developedlightbulb
incrementalproblem
solving
logicalstep-by-step
process
usedexistingknowledgeand
improvingit
Likeapersonwhobuysa
businessandimprovesit

E=mc
Though Einstein did not
invent the atomic bomb, this
equation laid the theoretical
background for it.
Albert Einstein
theoryofrelativity
out-of-the-boxthinking
oftennotprovenby
experiments
immediately
hasgreatideasbutmay
notfollowthrough
verycreative
doesntlikedetail
 Assignment:

p57 workwithapartner #1,#3

Individualwork #4
AreyouanEinsteinoranEdison?
How?Why?
Assessing your Skills
 Assessing Your Skills
My Activities My Skills
Think about everything you Now determine what skill
did today. you used to complete that
activity.
Decided what to wear 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

InterpersonalSkills
willingnessandabilitytotalktoothers
(allraces)
listenandunderstandwhatotherssay
motivateandencourageothers
negotiateandresolveconflicts
caringforselfandothers
 Critical-ThinkingandCreative-ThinkingSkills
solveproblemswithvarioussolutions
makedecisions,thenact
setgoals,worktoachievethem
record-keeping
beingaccountableforallactionsundertaken
generateideas
identifyopportunities
 PracticalSkills
usetoolstoperformtask
 Assignment:

ClassifytheskillsinTable3.1(2nd
column)onp58
asinterpersonalskills
criticalorcreative-thinkingskills
orpracticalskills??
 Assignment
Identifyoneinterpersonalskill,one
thinkingskillandonepracticalskillthat
youwouldliketoimprove.Brieflylist
strategiesyoucouldusetoimprove
eachone.
 STRATEGIES FOR
ENTREPRENEURIAL
SUCCESS
 1. Thinkfirst
PLAN

Thinkbeforeyouact!
Considertheproblemfromallperspectives
Thisallowsyoutoanticipateand
overcomeobstaclesbeforetheyarise
Impulse decisions can be bad decisions
 Show the Power Point Slide Show entitled:
Memory Test for the Aging
 2. BelieveinYourself

Resistpressuretoconform.
Beconfidentinyourownabilities

Entrepreneurial insight is a unique way

to see opportunities.
3. KnowYourself

consideryourabilities
charactertraits
skills
goals
 4. EnjoytheChallenge

Aventureshouldbe:
Challenging
allowyoutobecreative
suityourpersonality
becompatiblewithyourgoals
 Assignment

Do You Mean Me?

 #1
List10thingsthatyouthinkyouregood
at.
Includeitemssuchaspersonalqualities
(helpingothers,cheeringpeopleup,being
reliable,workinghard,etc.),abilitiesat
school,work,orextra-curricularactivities,
talents,etc.
Dontshowthislisttoanyofyour
classmates.
 #2 -- need paper & paperclip
Onasheetoflinedpaper,printyourname
neatlyacrossthebottom.
Handthepagetothestudentbehindyou.
Eachclassmateiswritedownonepositive
commentaboutwhattheythinkyouregood
at.Nonegativecommentsareallowed.
Aftereachcommenthasbeenwritten,the
papermustbefoldedoversothatthenext
writercannotreadthepreviouscomment.
Holditdownwiththepaperclip
 #3 -- return sheet to owner
Readsilentlythroughthelistof
commentsaboutyou.

Howdoyoufeelaboutthecomments
thathavebeenmade?

Whathaveyoulearnedabouthowothers
seeyou?
 #4 -- compare #1 with #2

Comparethelistyoumadeinquestion1
withthelistofyourclassmatescomments.

Howmanyitemsonyourlistaresimilarto
theirlistofcomments?

Keepthissheetandreaditonadayyou
feeldown.
 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
LessonsLearned p63
#1,2,4,9,10

VenturingOut p64
#4tobehandedinformarking
 Unit Test for
Chapters 1 & 2 & 3

(ifyouaregoingtobeaway,
makesureyouarrangetowrite
thetestafterschool)
 Movie:AnnickPressLtd.
(FrontrunnersSeries:OntarioCommunications
Authority)

Identifytheentrepreneurialcharacteristics
andskillsdemonstratedbythepartnersin
thisvideo.

Discusspersonalmotivationsthese
individualshadtowantingtostartan
enterprise.
 Unit 1 -- Culminating Activity
Self Reflection

See handout