CHAPTER 2

Entrepreneurs & Enterprising People

Characteristics of a Successful Entrepreneur

1. Self-confident2. Perceptive3. Hard-working4. Motivated5. Resourceful6. Able to Manage

Risk

7. Creative8. Goal-Oriented9. Optimistic10. Flexible11. Independent12. Visionary13. Able to get

Along with Others

Entrepreneurial Skills

Communicate – listen, speak and write Generate Ideas Indentify Opportunities Plan Organize Make Decisions Solve Problems Negotiate Network Market their Ideas Keep records (financial and others) Lead Others

Non-Entrepreneurial Skills

Invulnerability This thought pattern leads people to feel that

nothing can happen to them is disastrous. They are likely to take unnecessary changes

and unwise risks.Being Macho

This describes people who try to prove themselves by taking large risks and exposing themselves to danger.

When combined with overconfidence, it is sure to be a recipe for disaster.

Non-Entrepreneurial Skills

Being Anti-Authoritarian These people resent their actions being

controlled by outside authorities. This mind patter will never succeed when

teamwork and feedback is necessary.

Impulsivity When faced with a decision, these people

feel that they must do something, do anything, and do it quickly.

Do not review alternatives before acting.

Non-Entrepreneurial Skills

Out of Control These people feel that there is little if

anything they can do to control the situation.

Perfectionist Time and cost implications of perfection are

very high, with opportunities being passed-by because another project is not yet “perfected”.

Important not to confuse perfectionism with having high standards.

Non-Entrepreneurial Skills

Know-it-all These people actually have very few

answers, and fail to recognize, that they do not know the answer.

Portrait of an Enterprising Person1. Pick ten items that are characteristics or skills of an

entrepreneur that you feel you are the strongest.

2. Create a collage of those ten items using the Internet that incorporates all ten qualities, skills or characteristics.

3. Title the page “Portrait of an Enterprising Person” Be Creative! Use a variety of Pictures. Be Professional! Organize your page in an easy to

see format. Be Responsible! Hand in your assignment by

tomorrow.

Wisdom comes from good judgment.Good judgment comes from experience.Experience come from mistakes.Mistakes come from bad judgment.

Chinese Proverb

Quote of the Day:

Roles of Entrepreneurs

1. Inventor – Develop new ideas for products, processes, or services.

2. Innovator – Improve existing products, processes or services.

3. Manager – Set goals and develop a plan to achieve them.

4. Administrator – Implement the plan to achieve the goals.

5. Leader – Create the vision and communicate it to others.

What Motivates You to Excel? An abundance of research tells us that

employee recognition is a key factor in motivating employees.

Receiving recognition helps you feel good about yourself, increases your confidence, and encourages you to do a good job.

Self-esteem is an internal motivator. Something within a person that spurs the person on toward the achievement of a goal.

What motivates you to excel? Money is an external motivator.

Something outside the individual that causes the individual to act, such as a salary increase.

Trade-off – a compromise people make when they choose between two or more options.

Success

Employers that wish to contribute to the success of their enterprising employees need to:

1. Create a workplace culture where employees feel their input is valued and where it is safe to make and learn from mistakes.

2. Provide the tools needed to achieve desired results.

3. Offer meaningful work that adds value to society.

Success

4. Provide alternate work arrangements so employees can balance their work with other aspects of their lives.

5. Support employees with benefit packages that meet the needs at various life stages.

Are you a Born Entrepreneur? Go to the following link:

http://www.forbes.com/2005/11/15/entrepreneur-personality-quiz_cx_bn_1116quiz.html

Read the Forbes article “Are you a Born

Entrepreneur? After you have read the article take the

Entrepreneurial Personality Quiz that is at the end of the article.

Copy the quiz answer to WordPerfect. Do you agree with it? Explain you answer in the form of a short paragraph, then place it in the hand-in folder.

What do you think the difference is between an enterprising person & an entrepreneurial person?

Enterprising vs. Entrepreneurial

Enterprising vs. Entrepreneurial

Self confident Perceptive Goal-oriented Creative Hard-working Optimistic motivated

Do not want to take financial risk

Agents of social change

Similarities Differences

A person whose presence or thought processes cause a change from the traditional way of handling or thinking about a problem.

What is an agency of social change?

Kids Caring 4 Kids

http://www.youtube.com/watch?v=7uCjE0EDq9A

How can you engage in enterprising activities in your school and community? How can you be an agent of change?

What about you?

Terry Fox

Read the case entitled “The Marathon of Hope” on page 33 of textbook.

Think about the following questions and be prepared to discuss with the class: What characteristics did Terry display? What was his vision? How did he

communicate it to others? How can we engage in enterprising

activities? Can we be agents of change?

Niagara Volunteer Connection Go to the following website:http://niagara.cioc.ca/volunteer/ Click on “Search: Step 1” Select “Grimsby/Lincoln/West Lincoln” Select “General Areas of Interest” Select “Specific Areas of Interest” Review opportunities

(Strengths, Weaknesses, Opportunities, Threats)

SWOT Analysis

SWOT Analysis

Strengths, weaknesses, opportunities, and threats

Strengths and weaknesses are internal factors

Opportunities and threats are external factors

Analysis is first stage of planning and helps marketers to focus on key issues

Should I try out for cheerleading?

Really energetic Good at

gymnastics

Not a strong dancer

Strengths Weaknesses

Should I try out for cheerleading?

Would be able to meet lots of new people

Already really busy with Glee Club, school and soccer

Possible scheduling conflicts?

Opportunities Threats

Work period(pages 4 – 7)

Venture Plan