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Entrepreneurship…what is it?

The act of identifying opportunities and taking calculated risk to satisfy the needs and wants of others

Entrepreneur:Someone who has an idea and makes it happen

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Entrepreneurship (Con’t)

Enterprising People:

Much like entrepreneurs; have similar characteristics

Only those who are willing to take financial risks will become Entrepreneurs

Intrapreneurs:

People who are entrepreneurial or enterprising within a corporation or organization

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Venture:

A business undertaking or startup that has an impact on people’s lives

Success:

Favourable or desirable outcome – to meet a goal

Entrepreneurship (Con’t)

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Entrepreneurship (Con’t)

Venture Categories:

1. For-Profit / Not-For-Profit

Profit: to make money

Not-For-Profit: created for social or community purposes, i.e. Big Sisters, Heart & Stroke, United Way, etc.

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Venture Categories:

2. Large Scale / Small Scale

Size of business doesn’t matter

Businesses seek to satisfy needs or wants based on the scale size of their business

i.e. Small Business / Smaller Scale Satisfy needs or wants at Local Level

i.e. Large Business / Large Scale Satisfy needs or wants at either a national or international Level

Entrepreneurship (Con’t)

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Venture Categories:

3. Service Production / Goods Production

Service: performing an action that is useful to others

Good: a product produced or distributed for sale

Entrepreneurship (Con’t)

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Venture Categories:

4. Physical and Virtual

Physical (a.k.a. Bricks & Mortar):

- locations to shop

Virtual Business: business conducted electronically through E-Commerce over the Internet

Entrepreneurship (Con’t)

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Venture Categories:

5. Local/Provincial/National/International:

a) Local: confined to one community (Keswick)

b) Provincial: located in several towns & cities in one province (Ontario)

c) National: located in more than one province

d) International: located in more than one country

Entrepreneurship (Con’t)

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Impact on the Community Entrepreneurs can hugely impact a

local economy in terms of …

Job creation (multiplier effect)

1. Employees make

2. They buy goods & services- if G&S are provided locally, good chance they will spend their within the community- in turn, creates more jobs

3. Growing communities attract people

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Impact on the Community (Con’t)

New Ideas (generate a new way of doing things)

Economic and political benefits- Competition lowers prices

- Leads to improved standard of living

- One successful new business can produce additional opportunities

- Government support encourages entrepreneurship