CRAFT PERSONAL

ENTREPRENEURIAL STRATEGY
Presenter: Francine McDonald Vassell
FIND A WORD
 WHAT IS ENTREPRENEURIAL
SKILLS
• Entrepreneurial skills can encompass a broad range of various skill sets like technical skills,
leadership and business management skills and creative thinking. Because entrepreneurial
skills can be applied to many different job roles and industries, developing your
entrepreneurial skills can mean developing several types of skill sets. For instance, to be a
successful business owner, you may need to develop your business management skills. To
build and maintain successful project teams you might need to improve your leadership and
communication skills.
 SKILLS GAINED THROUGH
ENTREPRENEURIAL SKILLS
• Business management skills
• Teamwork and leadership skills
• Communication and listening
• Customer service skills
• Financial skills
• Analytical and problem-solving skills
• Critical thinking skills
• Strategic thinking and planning skills
• Technical skills
• Time management and organizational skills
• Branding, marketing and networking skills
 WHY IS ENTREPRENEURIAL
SKILLS IMPORTANT
• Entrepreneurship is important as it has the ability to improve standards of living and create
wealth, not only for the entrepreneurs, but also for related businesses. Entrepreneurs also
help drive change with innovation, where new and improved products enable new markets to
be developed
 WHO IS AN ENTREPRENEUR?
• An entrepreneur is someone who sees an opportunity to make a profit, is willing to risk his
or her money to gain that profit.
• An entrepreneur is an individual who creates a new business, bearing most of the risks and
enjoying most of the rewards. The entrepreneur is commonly seen as an innovator, a source
of new ideas, goods, services, and business/or procedures.
 WHY ARE ENTREPRENEURS
IMPORTANT TO SOCIETY?
•  The role of entrepreneurs in any economy is critical, as it contributes to the socio-economic
development of societies in various ways, including
• Create New Businesses
• Add to National Income
• Also Create Social Change
• Community Development
• Creating employment opportunities
• Infrastructural Development 
JAMAICAN ENTREPRENEUR
 WHAT IS ENTREPRENEURSHIP?

• This is the motivating spirit that causes someone to establish goals and do everything to
accomplish the goals against all odds. It is the driving spirit that causes a person to get
involved in a variety of activities that lead to the establishment of a business venture.
 CONCEPTS RELATED TO
ENTREPRENEURSHIP
• Business
• Market
• Market mix
• Risk taking
• Macro screening
• Micro screening
• Supply
• Demands
• Goods
• Services
• Target market
• Business environment
• Environmental scanning
 BUSINESS

• A business is defined as an organization or enterprising entity engaged in commercial,

industrial, or professional activities.

• The term "business" also refers to the organized efforts and activities of individuals to
produce and sell goods and services for profit.
 MARKET
• Traditionally a physical space in which people conduct business on a face to face.
• A building or place where people meet to buy and sell their products.
• The process of exchange that enables buyers and sellers to meet.
• Potential customers sharing a particular need or want
 MARKET MIX
• The operation of a market as directed by by the interaction of the following four
components.
• Product
• Price
• Promotion
• Place
• The Entrepreneur has to decide which to emphasize in his business, but must ensure that all
are at work.
 RISK TAKING
• The act or fact of doing something that involves danger or risk in order to achieve a goal
Starting a business always involves some risk-taking.
• The act of venturing into a business to make a profit but not without an awareness of the
consequences of gaining or failing.
 MACRO SCREENING/ ANALYSIS
• Macro analysis is the first step. It is the putting down of large number of business ideas on
paper .
 MICRO SCREENING
• The narrowing of the idea that are found in the Macro Screening process, into smaller
manageable goals.
 SUPPLY
• Supply is a fundamental economic concept that describes the total amount of a specific good
or service that is available to consumers. Supply can relate to the amount available at a
specific price or the amount available across a range of prices if displayed on a graph.
 DEMAND
• Demand is an economic principle referring to a consumer's desire to purchase goods and
services and willingness to pay a price for a specific good or service. Holding all other
factors constant, an increase in the price of a good or service will decrease the quantity
demanded, and vice versa
 CLASS WORK
• Identify 10 qualities that you believe an entrepreneur should have and explain each od them.
• You are given $350,000 what type of business would you start and why
• List the items that you would sell
• Create a price list and tell how you would advertise this business
 GOODS
• Goods are tangible things that are produced, bought or sold, then finally consumed.
TARGET MARKET
BUSINESS ENVIRONMENT
ENVIRONMENTAL SCANNING
 CLASS WORK 2
• “Spice Steve Pastries” reads the sign in a bright red colour, in the front of the
building where Steve Brown’s newly opened shop in Papine Square is located.
• As Steve stood in front of the shop looking at the sign he tried to figure out just how
he had reached to this point, or even whether he had intended to come this far in the
first place.
• Steve had never seen himself as a businessman and he had never recognized anything
really special about himself. He only knew that he very well liked to be in control of
his life, as much as possible.
• He thought about his days at high school. He had always asked his mother to give
him his money for the week on Monday, rather than each morning as she would have
preferred. He thought that he could plan better that way, save some of his money, so
that he could get to buy some of the things that he so badly wanted for himself
• At school he got the name “Spice Mike” because he was always taking some kind of pastry to
school with him. Steve thought it must have been really good stuff that his mother baked,
because he always had to share his sugar buns, gizzadas, and other pastries with a number of
students at break time each day. Steve knew that his mother worked very hard to ensure that he
had pastries to take to school and she constantly complained that the flour and other ingredients
she had to buy were very expensive.
• Steve made a decision one day to sell the pastry that his mother had made to his classmates. He
discussed his plans with a close friend who said that she would support him. Steve took some
money from the money that his mother gave him for school and bought ingredients to make
pastry. He then told his mother of his plans and asked her to help him to prepare the pastry. His
mother laughed as she knew that he could not bake the products by himself. She asked, “and
what is in it for me?”. Steve offered her 50% of the profits. To this she agreed. That night they
both made a dozen sugar buns, packaged them and Steve took them to school.
• It was break time and as usual the students gathered to see what pastry Steve had.
Steve announced that he had some sugar buns that he will be selling for 50¢ each.
Before Steve could catch a breath they were all gone. They went so fast that neither Steve nor the
friend who promised to buy got any.
Steve continued this through the school year and made a tidy sum of money. When he left school
he set up a cart at the entrance of the school and continued to sell pastry. He painted “SPICE
STEVE PASTRY” on the side of his cart.
He was supported through college by the money that his business at the school gate was
generating. He also did a number of courses in food preparation and catering.
Today he is proud owner of “Spice Steve Pastries” a newly opened pastry shop in
Papine Square St. Andrew.
 QUESTIONS

• From your understanding of entrepreneurship, identify any activity (ies) from the case that would
consider to be in support of this concept.
• To what extent would you support the idea that Steve seized an apparent business opportunity, as
against creating one where it hardly seemed to have existed in the first place.
• Did Steve actually make any kind of personal sacrifice or take any important risk as budding
entrepreneur?
• Would you have done what Steve did?
• How might Steve have done it differently and become a more effective entrepreneur?
• What strategies could Steve have implemented to improve performance of his business?
• Do you think Steve’s plan to study Business Management will help his business?
• Suggest ways in which this will help his business.