| Entrepreneurship | Accepting the challenge of starting and running a business |
| Famous Canadian Entrepreneurs | •Wallace and Harrison McCain (McCain Foods Limited)
•Billes brothers (Canadian Tire)
•Ablan Leon (Leon’s Furniture)
•J. W. Sobey (Sobey's)
•Christine Magee (Sleep Country Canada) |
| Reasons to become Entrepreneur | 1.New idea, process, or product
2.Independence
3.Challenge
4.Family pattern
5.Profit
6.Lack of opportunities in other areas |
| What does it take to become an entrepreneur | 1.Self-directed
2.Action-oriented
3.Self-confident
4.Highly energetic
5.Tolerant of uncertainty
6.Able to learn quickly |
| Turning Your Passions and Problems into Opportunities | •A business idea is a good business opportunity if:
1.It fills customers’ needs.
2.You have the skills and resources to start a business.
3.You can sell the product or service at a price customers are willing and able to pay-and still make a profit.
4.You can get your product or service to customers before your window of opportunity closes or before competitors with similar solutions beat you to the marketplace.
5.You can keep the business going. |
| Entrepreneurial Teams | •An entrepreneurial team is: a group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop, make and market a new product.
•Combines creative skills with production and marketing skills right from the start.
•Can ensure more co-operation and coordination among functions. |
| Micro-enterprise: | a small business defined as having one to four employees. |
| Micropreneurs: | Small-business owners with fewer than five employees, who are willing to accept the risk of starting and managing the type of business that remains small, lets them do the kind of work they want to do, and offers them a balanced lifestyle.
•Many micropreneurs are owners of home-based businesses. |
| Reasons for Growth in Home-Based Businesses | •Computer technology•Corporate downsizing•Change in social attitudes
•Challenges include:
getting new customers, managing time, keeping work and family tasks separate, abiding by city ordinances |
| Potential Home-Based Businesses | 1.Home Renovation Services
2.Pet Products and Services
3.Catering Services
4.Cleaning Services
5.Fall Prevention Products - Sales and Service
6.Wedding Planner Services
7.Ecommerce
8.In-Home Beauty Services 9.Sewing and Alteration Services10.Business/Life Coach Services |
| Intrapreneurs are: | creative people who work as entrepreneurs within corporations.
•The idea is to use the company’s existing resources-human, financial, and physical–to launch new products and generate new profits. |
| Business incubators: | centres that provide space, services, advice, and support to assist new and growing businesses to become established and successful. |
| Goals of incubators are: | - Produce successful companies
- Create jobs
- Retain businesses in a community
- Building or accelerating growth in a local industry
- Diversifying local economies |
| small business is: | a business that is independently owned and operated, is not dominant in its field, and meets certain standards of size in terms of employees or annual revenues.
•Small businesses are often able to provide better customer service and respond to customer needs faster than larger organizations. |
| Getting Started in Small Business | A business establishment must meet the following criteria: it must have one paid employee, it must have annual sales revenue of $30,000, and it must be incorporated and have filed a federal corporate income tax return at least once in the previous three years. |
| Learning About Small-Business Operations | There are several ways to get into your first business venture:
1.Learn from others.
2.Get some experience.
3.Buy an existing business.
4.Buy a franchise.
5.Inherit/ take over a family business |
| Managing a Small Business | To be successful as a small business owner, the following functions are important to explore:
1.Planning your business (business plan).
2.Financing your business (finance) = Venture Capitalists or Crowd funding
3.Knowing your customers (marketing).
4.Managing your employees (human resource development).
5.Keeping records (accounting). |
| Sample of Outline of Business Plan | •Cover Letter
•Executive Summary
•Company Background
•Management Team
•Financial Plan
•Capital Required
•Marketing Plan
•Location Analysis•Manufacturing Plan•Appendix |
| Going Global: Disadvantages | •Major challenges:
- difficulty obtaining financing.
- may not know how to get started.
- may not understand cultural differences in prospective markets.
- may be too much bureaucratic paperwork for a small business to manage. |
| Going Global: Advantages | •Overseas buyers enjoy dealing with individuals rather than large corporations.
•SME’s can usually begin shipping faster.
•They can often provide more personal service and personal attention, because overseas accounts may be their major source of business. |
