Entrepreneurs Entrepreneurs

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Entrepreneurs Entrepreneurs Powered By Docstoc
What is an Entrepreneur?
 An entrepreneur is someone
 who creates an innovative
 economic organization for the
 purpose of gain or growth under
 conditions of risk and
What is Entrepreneurship?

 By default, entrepreneurship is
 the creation of a business for the
 purpose of gain or growth under
 conditions of risk and uncertainty.
 Entrepreneurship requires a
 vision, and the passion and
 commitment to lead others in the
 pursuit of that vision, and a
 willingness to take calculated risks.
   Entrepreneurs and
    Small Business
Since entrepreneurs typically
“create something out of nothing,” it
stands to reason that the
companies they create usually start
Most people therefore tend to
associate “entrepreneurs” with
“small businesses,” however, this is
not always true.
   Entrepreneurs and
    Small Business
Would someone who starts up a
small dry-cleaning store and has no
intention of making it grow and
expand be considered an
entrepreneur? Why? Why not?
Importance of Entrepreneurs
    and Small Business
  Small businesses are very
  important to the Canadian economy
  Although these businesses are
  “small” in size, their aggregate
  affect on the Canadian economy is
Importance of Entrepreneurs
    and Small Business
  In terms of numbers … of the
  approximately 2.2 million
  businesses in Canada:
    58%   are self-employed individuals
    41% employ fewer than 50 people.
    Less than 1% of all businesses in
     Canada employ more than 50 people,
    Less than 0.1% employ more than
     500 people.
Importance of Entrepreneurs
    and Small Business
  History has shown that major
  innovations are as likely to come from
  small businesses as they are from big
  For example, small businesses
  invented the: PC; transistor radio;
  photocopier; jet engine; air
  conditioning; and the ballpoint pen.
  Much of today’s most innovative
  software is being written at new start-
  up companies.
What does it take to be an
 Ross Perot once said that to become an
 entrepreneur you must “never give up,
 never give up, never give up.”
 Psychologists have studied this question
 with mixed results.
 Some research suggests that the
 entrepreneur’s personality characteristics
      self-confidence, a high level of motivation, a
      high energy level, persistence, initiative,
      resourcefulness, the desire and ability to be
      self-directed, and a relatively high need for
What does it take to be an
 More recent research has focused on
 the “proactive personality.”
 Proactive behaviour reflects the
 extent to which people take action to
 influence their environments.
 Complete the Proactive Personality
 Test … “Is Entrepreneurship for Me?”
Is Entrepreneurship for Me?
  Scoring Key
   To  calculate your proactive personality
    score, add up your responses to all
    statements, except item 3.
   For item 3, reverse your score … I.e. a
    7 on the test is scored as a 1, a 6 as a
    2, etc.
Is Entrepreneurship for Me?
 Analysis and Interpretation
  This instrument assesses proactive personality. It
   identifies differences among people in the extent
   to which they take action to influence their
  Proactive personalities identify opportunities
   and act on them; they show initiative, take
   action, and persevere until they bring about
  Research finds that the proactive personality is
   positively associated with entrepreneurial
  The higher your score, the stronger your proactive
   personality. For instance, >85 = high proactivity.
    Should you be an
Answer these questions:
 Are   you a self-starter?    No one will be there
 prompting you to develop projects and follow through
 on details.
 How well do you get along with different
 personalities? Business owners need to develop
 working relationships with a variety of people including
 customers, vendors, staff, bankers, and professionals
 such as lawyers, accountants, and consultants. Will
 you be able to deal with a demanding client, an
 unreliable vendor, or a cranky employee, in the best
 interests of your business?
    Should you be an
 How   good are you at making decisions?
 Small-business owners make decisions constantly,
 often quickly, under pressure, and independently..
 Doyou have the physical and emotional
 stamina to run a business? Can you handle
 12-hour workdays, six or seven days a week?
 How   well do you plan and organize?
 Research indicates that good plans could have
 prevented many business failures. Furthermore, good
 organization (not just of employees, but also of
 financials, inventory, schedules, production, and all
 the other details of running a business) can help
 prevent problems.
       Should you be an
   your drive strong enough to maintain
 Is
 your motivation? Running a business can wear
 you down. Some business owners feel burned out by
 having to carry all the responsibility on their shoulders.
 You’ll need strong motivation to make the business
 succeed and to help you survive slowdowns,
 reversals, and burnout.
 How   will the business affect your family?
 The first few years of business start up can be hard on
 family life. The strain of an unsupportive spouse may
 be hard to balance against the demands of starting a
 business. There also may be financial difficulties until
 the business becomes profitable, which could take
 months or years.
Intrapreneurship is the development,
within a large corporation, of internal
markets and relatively small autonomous
or semi-autonomous business units,
producing products, services, or
technologies that employ the firm’s
resources in a unique way.
Intrapreneurship usually does not just
mean creating products that are similar to
what the company already sells.
It leads to something new for the
corporation a represents a break from the
Intrapreneurial activities have helped
corporations like Cisco Systems, Sun
Microsystems, and Intel create and
spin off several successful
Without intrapreneurship companies
would exist until they become
Intrapreneurship is key to
companies re-inventing themselves.