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Entrepreneurship …what is it?

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. Entrepreneurship (Con’t). Enterprising People :

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Entrepreneurship …what is it?

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  1. 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

  2. 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

  3. Entrepreneurship(Con’t) • Venture: A business undertaking or startup that has an impact on people’s lives • Success: Favourable or desirable outcome – to meet a goal

  4. Entrepreneurship (Con’t) • Venture Categories: • For-Profit / Not-For-Profit • Profit: to make moneyNot-For-Profit: created for social or community purposes, i.e. Big Sisters, Heart & Stroke, United Way, etc.

  5. Entrepreneurship (Con’t) Venture Categories: • Large Scale / Small Scale • Size of business doesn’t matter • Businesses seek to satisfy needs or wants based on the scale size of their businessi.e. Small Business / Smaller Scale Satisfy needs or wants at Local Leveli.e. Large Business / Large Scale Satisfy needs or wants at either a national or international Level

  6. Entrepreneurship (Con’t) Venture Categories: • Service Production / Goods Production Service: performing an action that is useful to others Good: a product produced or distributed for sale

  7. Entrepreneurship (Con’t) Venture Categories: • Physical and Virtual Physical (a.k.a.Bricks & Mortar):- locations to shop Virtual Business: business conducted electronically through E-Commerce over the Internet

  8. Entrepreneurship (Con’t) Venture Categories: • 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 provinced) International: located in more than one country

  9. 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

  10. 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

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