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Lesson 1 Entrepreneurship: is the process of starting a business, typically a startup company offering an innovative or inventive product, process or service. What is an “Entrepreneur”? • The word "entrepreneur" is derived from the French word "entreprendre“, meaning “to begin or start.” • Entrepreneur: A person who organizes, operates, and assumes the risk for a business venture. (Often satisfy a need and/or want in society) • To be entrepreneurial means exhibiting the qualities of an entrepreneur. • “These aren’t crazy genius people, they just hustle.” –Philip Sweezey Why is Entrepreneurship Important? Economic scale: • 48% of Canadians work for small businesses. • In 2005 small businesses accounted for 42% of Canada's Gross Domestic Product (GDP). • GDP - The countries total value of goods and services produced in one year. • Small business are defined as less than 100 employes • Venture – A business startup or undertaking with an uncertain outcome • Venture Capital: The money required for early stage and emerging companies. • Bottom line: Profit, money, earnings. • Triple bottom line: People Planet Profit • Need – Something that is essential to life. • Physical - food, water, sleep • Physiological – love, companionship • Want – Human desires that are not essential for human survival Entrepreneurial Characteristics • Confidence • Hard-Working • Motivated • Resourceful • Able to Manage Risk • Positive Attitude • Reliability • Determination • Respond positively to failure • Creative • Goal-Oriented • Optimistic • Flexible • Independent • Visionary • Team builder • Adaptable • Comfortable with uncertainty Lesson 2 Characteristics of Entrepreneurial Ventures Business Ventures fit into one or more of the following categories: For Profit, Non-Profit, or Not-For-Profit For Profit - Ventures are usually undertaken for profit (to make money). Ex: East Side Board Supply, Booster Juice, Clay Cafe. Not-For-Profit - ventures that are created for social or community service purposes. Ex: YMCA, The Salvation Army, Greenpeace, etc. Non-Profit – a venture that raises funds for a specific cause (Terry Fox Foundation) The goal with not-for-profit and non-profit is to raise the money needed to deliver a special service or satisfy a specific need in society. Can Produce Goods and or Services Good/Product Providing Venture – the venture provides members of society with a tangible object Examples– shoes, bottled water, cars, popcorn, etc. Service Venture – the venture does something for a member of society, intangible. Examples– hair salon, mechanic, lawn mowing, etc. Ventures can provide both goods and services. A salon might provide the service of cutting a customer’s hair, but also sell products such as shampoo. Can be Physical or Virtual In the past, most ventures were “brick-and-mortar” stores that you physically visited for goods/services. With the advent of the computer and Internet, you never physically have to “visit” a store to receive goods and/or services...you can now virtually shop for what you need and want. This is often referred to as “e-commerce.” More and more businesses today have a store front and a website. Local/Provincial/National/International Local entrepreneurship happens when the venture provides a good or service to the area in which it originated, usually a city or town. (The Radical Edge) Provincial occurs when a venture offers its goods/services to all areas of a province. (Fuzzy Duck Fredericton) National occurs when an entire nation (i.e. Canada) is able to use the good/service (Trail Blazer Products/Dartmouth) International entrepreneurship occurs when more than one country in the world is making use of a good/service provided by a venture. (Major Drilling Group/Moncton) Lesson 3 Lesson 3 – The Economy The “Economy” can be defined as: The use of resources to produce and distribute goods and services. The three “Ages” of the Economy are: The Agricultural Age (non-specific – 1750) The Industrial Age (1750 – 1975) The Information Age (1975 – present) The Agricultural Age (non-specific – 1750) The majority of people lived in rural areas and worked as farmers, blacksmiths, crafts people and merchants. Customers knew who was producing the goods and services that they consumed. Hard work and physical labour were valued. Entrepreneurs first emerged during this age. The Industrial Age (1750 – 1975) Equipment and machinery was invented to mass produce goods. Majority of people are not self-employed, use of equipment & machinery, assembly lines. The focus was on quantity, not quality. Entrepreneurship was discouraged during this age. Employers wanted workers to follow routines, not have original ideas. Working conditions were dangerous and wages were low. As a result, some of the first ever unions were formed. The Information Age (1975 – present) We are in it! For the first time, information and knowledge are valued more than anything else. Computers are so important during this age because they have changed how we share information of all kinds. People can work anywhere, because of computers, tech, and advances in communication This has had two main effects on workers: Fewer are needed, as they are replaced with computers/robots. Those who remain employed work longer hours, as they can work “anywhere.” Alvin Toffler, a Sociologist said the following about the Information Age: “The illiterate of the 21st Century will not be those who cannot read and write, but those who cannot learn, unlearn and relearn.” What does this quote mean? What Alvin Toffler is saying in the previous quote is: How we receive and transmit information is changing by the day. We must be able to learn how to transmit information (operating a Discman), unlearn (leave that information behind) and relearn (operating an MP3 player, or an Ipod). If you are unable to do this, or refuse to, you will be considered “illiterate.” Entrepreneurs can have a positive impact on the local economy in several ways, including: Job Creation – employees, producers, etc. New Ideas – new ways of doing things (new & improved products & services) Provide employment opportunities and create new jobs as a result of growing their businesses consistently and rapidly. Help contribute to regional and national economic growth. Compete with one another, which improves production, quality & keeps prices down Provide a spirit of energy, initiative & potential for progress to a community Intrapreneurship: Entrepreneurship that occurs within a company Encourages competitiveness, productivity, etc. May take the form of: teams within a company; inviting customers to be part of the creative process; offering rewards for innovation. Technology & Change Positive Affects of Technology: The growth of e-commerce (online business) has made it possible for small businesses to compete with large ones; the playing field has been evened out. Entrepreneurs now have access to large data banks and search engines; small businesses can gather more kinds of information faster than they ever could before. Inexpensive software is on the market to help small businesses. Can work/shop at home. Easier to communicate Negative Affects of Technology: A negative effect of technological change is job loss due to downsizing. Much of the technology created has eliminated the need for human employees. Downsizing – to reduce operating costs in an organization by reducing the number of employees; often takes the form of layoffs. Lack of Privacy- people can reach you anytime and any where. Hard to escape work. More expectations to work longer hours. Cyber bullying. The oldest entrepreneurial company in Canada – The Hudson’s Bay Company, now referred to as simply HBC and owner of The Bay and Zellers. Terms to know Labour - is the economic that includes all forms of human effort that result in the production of a good or service in exchange for a wage or salary. Natural Resources – bestowed by nature and comes from the land, ex. fish, trees, etc. Capital Resources – man made, used in the production of goods. (saws, drills, pizza ovens) Wage – paid by the hour for labour Salary – paid a lump sum, usually a yearly salary Globalization – the expansion of businesses and markets based on worldwide independence. Supply is the quantity of goods that a supplier has available to sell Demand is the amount of goods that consumers are willing/w