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Chapter 3 Assessing Your Entrepreneurial Potential

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Title: Chapter 3 Assessing Your Entrepreneurial Potential Author: Lackenbauer Last modified by: Mike Tarantino Created Date: 8/19/2011 3:59:33 PM – PowerPoint PPT presentation

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Title: Chapter 3 Assessing Your Entrepreneurial Potential


1
Chapter 3Assessing Your Entrepreneurial
Potential
2
Young Entrepreneurs
  • Atlantic Cirque's president Anais Guimond wins
    BDC Young Entrepreneur of the Year 2011
  • http//www.youtube.com/watch?vvR9CpqUQSUU 1.38
    min
  • Young entrepreneur
  • http//www.youtube.com/watch?v3nSsMqOSn-s 4.10
    min

3
Young Entrepreneurs
  • Young Entrepreneur fashion boutique owner
  • http//www.youtube.com/watch?vFbzUKgxzdTU 4.26
    min
  • Young Entrepreneur Jewellery Maker
  • http//www.youtube.com/watch?vZ6m_xdrBCasfeature
    relmfu 4.54 min

4
  • Over 100,000 businesses are started in Ontario
    each year with youth entering the marketplace at
    three times the rate of entrepreneurs over 45. 
  • Almost a third of Canadas youth-owned
    enterprises are located in Ontario.

5
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6
Challenges Facing Young Entrepreneurs
  • Experience
  • Knowledge
  • Funds
  • No credit history
  • No collateral

7
CHALLENGES FACING YOUNG ENTREPRENEURS
  • Lack of money
  • Lack of experience and knowledge
  • Confidence
  • Credit history
  • Collateral
  • No track record
  • Red tape
  • Energy
  • Adults attitude (not taking you seriously)
  • Skills
  • Peer pressure
  • Accurate self-assessment
  • Establishing goals

8
How can an entrepreneur get experience?
  • Part-time
  • Summer work
  • Volunteer
  • School leadership positions

9
 
10
What skills have your learned in your past?
  • Create a team of four people
  • Find a spot at the black board
  • Write down all the skills you have learned in
    your past experiences (combined list)
  • The team with the longest, creative list wins..

11
GOALS
12
Define.
  • Wish vs Goal ?
  • Stepping Stone vs Milestone ?

13
Wish vs Goal
14
Stepping Stone vs Milestone
15
Goals
  • What are SMART goals????
  • Specific
  • Measurable
  • Attainable
  • Relevant
  • Time-Bound
  • Worthwhile

16
Intention Specific Measurable Attainable Relevant Time Bound
What is it that you want to achieve? Who? What? Why? Where? When? How much? How often? How many? Achievable? Is it important to what you want to achieve ultimately? By when?
Lose weight 5 pounds Eat a healthy diet at home and at school Eat three healthy meals a day. No snacks between meals. Yes Yes 2 months
17
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18
Goal Activity
  • Prepare a wish list of as many things as you can
    think of that you would like to have or do.
  • Rank your wishes in order of priority and set a
    target date for the achievement of each
  • Cross out all those impossible to attain
  • Write a SMART goal for two of those left
  • Hand in your two SMART goals.

19
Smart Goals
  • YouTube How to set SMART goals
  • http//www.youtube.com/watch?vuThBb3kGf4k
  •  
  • YouTube How to Write a SMART Goal
  • http//www.youtube.com/watch?vYmOS3dj9h0s

20
Why set goals ???  The future eventually
arrives in the present, whether you plan for it
or not.
21
GETTING TOKNOW YOURSELF
22
Can you change a Fault Finder to a Good Finder ?
  • YouTube.com
  •  
  • Zig Ziglar - Attitude Makes All The Difference
  • http//www.youtube.com/watch?vcRMogDrHnMQ
    9.28 min

23
Attitude
  • "The longer I live, the more I realize the
    impact of attitude on life. Attitude, to me, is
    more important than facts. It is more important
    than the past, than education, than money, than
    circumstances, than failures, than successes,
    than what other people think or say or do. It is
    more important than appearance, giftedness or
    skill. It will make or break a company... a
    church... a home.

24
  • The remarkable thing is we have a choice every
    day regarding the attitude we will embrace for
    that day, We cannot change our past. We cannot
    change the fact that people will act in a certain
    way. We cannot change the inevitable. The only
    thing we can do is play on the one string we
    have, and that is our attitude. I am convinced
    that life is 10 what happens to me and 90 how I
    react to it. And so it is with you. We are in
    charge of our Attitude."

  • ...Anonymous

25
ATTITUDE SURVEYThe following survey will help
you to assess your attitude toward others and
toward situations in which you might find
yourself.  5 yes 4 Usually yes 3
sometimes yes / sometime no 2 usually no 1
no 
26
  • 1. Are you friendly and outgoing?
  • 2. Do you avoid being a complainer?
  • 3. Can you be optimistic when others are
    depressed?
  • 4. Do you refrain from boasting or bragging?

27
  • 5.Do you have a sense of duty and responsibility?
  • 6. Do you control your temper?
  • 7. Do you speak well of your employer? or your
    parents?

28
  • 8. Do you feel well most of the time?
  • 9. Do you follow directions willingly, asking
    questions when necessary?
  • 10. Do you keep promises?
  • 11. Do you organize your work and stay on
    schedule?

29
  • Do you readily admit your mistakes?
  • Can you be a leader without being bossy?
  • Is it easy for you to like most people?
  • Can you stick to a tiresome task without being
    prodded?

30
  • 16. Do you know your weaknesses and attempt to
    correct them?
  • 17. Can you stand being teased?
  • 18. Do you avoid feeling sorry for yourself?
  • 19. Are you courteous to others?

31
  • 20. Are you neat in your personal
  • appearance and work habits?
  • 21. Do you respect the opinions of others?
  • 22. Are you a good loser?
  • 23. Can you adapt to new and unexpected
    situations readily?

32
  • 24. Are you tolerant of other peoples beliefs?
  • 25. Do you refrain from sulking when things go
    differently than youd like?
  • 26. Are you a good listener?
  • 27. Are you the type of friend that you expect
    others to be?

33
  • 28. Can you disagree without being disagreeable?
  • 29. Are you punctual?
  • 30. Do you plan on driving carefully?
  • 31. Do you generally speak well of others?

34
  • 32.Can you take criticism without being resentful
    or feeling hurt?
  • 33. Are you careful to pay back all money,
    however small?
  • 34. Do you generally look at the bright side of
    things?
  • 35. Does your voice sound cheerful?

35
  • 36. Can you work with people you dislike?
  • 37. Are you pleasant to others even when you
    feel displeased about something?
  • 38. Do you show enthusiasm for the interests of
    others?
  • 39. Do you tend to be enthusiastic about
    whatever you do?
  • 40. Are you honest and sincere with others?

36
  • Attitude Scoring
  •   Total your score and rate your yourself
    according to the following scale.
  •   
  • 175 - 200 Youre terrific
  •  
  • 150 - 174 Your attitude toward others is
    admirable
  •  
  • 110 - 149 Your attitude needs polishing in
    certain areas
  •  
  • Below 110 Take a close look at your attitude.
    You might need to pay particular attention to
    those

37
  • QUESTION
  • How can negative attitudes be changed to positive
    attitudes?
  • Give some examples.
  •  
  • Taken from Success in the Workplace A student
    guide

38
SWOT Analysis
39
Youtube.com
  • SWOT Analysis How to perform one for your
    organization
  • http//www.youtube.com/watch?vGNXYI10Po6A
  • 5.22 min
  • How to Do a SWOT Analysis Hafihz.com
  • http//www.youtube.com/watch?v_LIlOxEMlxs
  • 6.59 min

40
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41
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42
SWOT Analysis
  • Read page 53 of textbook
  • Complete SWOT analysis
  • Page 54, 55 and top of 56
  • Complete all questions

43
PERSONALITY STYLE
44
Assignment
  • Go into the following website and complete the
    Myers-Briggs Typology test for yourself.
  • Online test based on Jung - Myers-Briggs
    typologyOnline test based on Jung-Myers-Briggs
    personality approach provides your type formula,
    type description, and career choices.
  • As you answer the questions, read carefully and
    watch the wording. If you do not know what a
    word means, ask. www.humanmetrics.com/cgi-win/JT
    ypes2.asp

When finished, PRINT - your type description
- your career indicator (Famous Personalities
like you are on the bottom of this sheet)

45
Discuss
What kind of personality type are you? Look at
the careers your personality type would well
in. If you have a boyfriend/girlfriend, have them
do the test also, to see if your personalities
are compatible.
46
Discussion
  • Move into groups with other people of your
    personality type
  • Discuss what you learned about yourself
  • Are you amazed that people are so different but
    yet so much alike?

47
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48
THINKING STYLES
49
What is your personal thinking style?
  • Go to the following website and do the test to
    determine your thinking style
  • http//www.ldrc.ca/projects/tscale/
  • Print your results

50
What is your personal thinking style?
  • Go to the following website and do the test to
    determine your thinking style
  • http//www.thelearningweb.net/personalthink.htmlT
    op

51
Discussion
  • Move into groups with other people of your
    personality type
  • Discuss what you learned about yourself
  • Are you amazed that people are so different but
    yet so much alike?

52
  • Look at the careers your personality type would
    work well in.
  • Discuss with others in your personality type
    whether you agree with the findings. If not, do
    you think you answered all questions honestly and
    correctly. If not, your end result will be
    wrong.

53
Discussion
  • Move into groups with other people of your
    thinking style
  • Discuss what you learned about yourself
  • Are you similar? Why or why not?
  • What did you learn from this assignment?

54
Examples to two different thinking styles
55
Thomas Edison
  •  developed light bulb
  •  incremental problem solving
  •  logical step-by-step process
  •  used existing knowledge and improving it
  • Like a person who buys a business and improves it

56
Albert Einstein
  • theory of relativity
  • out-of-the-box thinking
  • often not proven by experiments immediately
  • has great ideas but may not follow through
  • very creative
  • doesnt like detail

Emc² Though Einstein did not invent the atomic
bomb, this equation laid the theoretical
background for it.
57
Assignment
  •  
  • p 57 work with a partner 1, 3 
  • Individual work 4
  • Are you an Einstein or an Edison?
  • How? Why?

58
Assessing your Skills
59
Assessing Your Skills
My Activities My Skills
Think about everything you did today. Now determine what skill you used to complete that activity.
Decided what to wear Problem solving skill
Asked for help when I did not understand what the teacher was wanting us to do Learn continuously
Examples on page 58, text
Complete ten ... Complete ten
60
Classifying your skillsfrom textbook p 58
  • Interpersonal Skills
  • willingness and ability to talk to others
  • (all races)
  • listen and understand what others say
  • motivate and encourage others
  • negotiate and resolve conflicts
  • caring for self and others

61
  • Critical-Thinking and Creative-Thinking Skills
  • solve problems with various solutions
  • make decisions, then act
  • set goals, work to achieve them
  • record-keeping
  • being accountable for all actions undertaken
  • generate ideas
  • identify opportunities

62
  • Practical Skills
  • use tools to perform task

63
Assignment
  •  Classify the skills in Table 3.1 (2nd column) on
    p 58
  • as interpersonal skills
  • critical or creative-thinking skills
  • or practical skills ??

64
Assignment
  • Identify one interpersonal skill, one thinking
    skill and one practical skill that you would like
    to improve. Briefly list strategies you could
    use to improve each one.

65
STRATEGIES FOR ENTREPRENEURIAL SUCCESS
66
1. Think first
  • PLAN
  •  
  • Think before you act!
  • Consider the problem from all perspectives
  • This allows you to anticipate and overcome
    obstacles before they arise
  • Impulse decisions can be bad decisions

67
  • Show the Power Point Slide Show entitled
  • Memory Test for the Aging

68
2. Believe in Yourself
  • Resist pressure to conform.
  • Be confident in your own abilities
  •  
  • Entrepreneurial insight is a unique way to see
    opportunities.

69
3. Know Yourself
  • consider your abilities
  • character traits
  • skills
  • goals

70
4. Enjoy the Challenge
  • A venture should be
  • Challenging
  • allow you to be creative
  • suit your personality
  • be compatible with your goals

71
AssignmentDo You Mean Me?
72
1
  • List 10 things that you think youre good at.
  • Include items such as personal qualities (helping
    others, cheering people up, being reliable,
    working hard, etc.), abilities at school, work,
    or extra-curricular activities, talents, etc.
  • Dont show this list to any of your classmates.

73
2 -- need paper paperclip
  • On a sheet of lined paper, print your name neatly
    across the bottom.
  • Hand the page to the student behind you.
  • Each classmate is write down one positive comment
    about what they think youre good at. No
    negative comments are allowed.
  • After each comment has been written, the paper
    must be folded over so that the next writer
    cannot read the previous comment. Hold it down
    with the paperclip

74
3 -- return sheet to owner
  • Read silently through the list of comments about
    you.
  • How do you feel about the comments that have been
    made?
  • What have you learned about how others see you?

75
4 -- compare 1 with 2
  • Compare the list you made in question 1 with the
    list of your classmates comments.
  • How many items on your list are similar to their
    list of comments?
  • Keep this sheet and read it on a day you feel
    down.

76
YouTube
  • Ephren Taylor City Capital CEO on CNBC's Big Idea
  •  
  • Best Millionaire Secrets Real Youngest
    Millionaires
  • Teen Entrepreneur Advice From Perry Belcher
  • AMERICAN INVENTOR LA Winner Ricky Derennaux HT
    Racers RC
  •  

77
End of Chapter Review
  • Lessons Learned p63
  • 1,2,4,9,10
  • Venturing Out p64
  • 4 to be handed in for marking

78
Unit Test for Chapters 1 2 3(if you are
going to be away, make sure you arrange to write
the test after school)
79
  • Movie Annick Press Ltd.
  • (Frontrunners Series Ontario Communications
    Authority)
  • Identify the entrepreneurial characteristics and
    skills demonstrated by the partners in this
    video.
  •  
  • Discuss personal motivations these individuals
    had to wanting to start an enterprise.

80
Unit 1 -- Culminating Activity Self Reflection
  • See handout

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