Chapter 3

Assessing Your Entrepreneurial Potential

Young Entrepreneurs

• Atlantic Cirque's president Anais Guimond wins BDC Young Entrepreneur of the Year 2011– http://www.youtube.com/watch?v=vR9CpqUQSUU

1.38 min

• Young entrepreneur – http://www.youtube.com/watch?v=3nSsMqOSn-s

4.10 min

Young Entrepreneurs

• Young Entrepreneur: fashion boutique owner– http://www.youtube.com/watch?

v=FbzUKgxzdTU 4.26 min

• Young Entrepreneur: Jewellery Maker– http://www.youtube.com/watch?

v=Z6m_xdrBCas&feature=relmfu 4.54 min

• 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 Canada’s youth-owned enterprises are located in Ontario.

Challenges Facing Young Entrepreneurs

• Experience

• Knowledge

• Funds– No credit history– No collateral

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

How can an entrepreneur get experience?

• Part-time

• Summer work

• Volunteer

• School leadership positions

 HOW TO GAIN EXPERIENCE

BENEFITS FOR YOUR FUTURE BUSINESS

- part-time job- summer job- volunteer work- school leadership positions

- learn about infrastructures- develop contacts- networking- savings- firsthand knowledge

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…..

GOALS

Define….

• Wish vs Goal ?

• Stepping Stone vs Milestone ?

Wish vs Goal

Stepping Stone vs Milestone

Goals

• What are SMART goals????

– Specific– Measurable– Attainable– Relevant– Time-Bound

– Worthwhile

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

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.

Smart Goals:

YouTube: How to set SMART goals– http://www.youtube.com/watch?v=uThBb3kGf4k

 

YouTube: How to Write a SMART Goal– http://www.youtube.com/watch?v=YmOS3dj9h0s

Why set goals ???

 The future eventually

arrives in the present,whether you plan for it or

not.

GETTING TO

KNOW YOURSELF

Can you change a Fault Finder to a Good Finder ?

• YouTube.com

 • Zig Ziglar - Attitude Makes All The Difference

– http://www.youtube.com/watch?v=cRMogDrHnMQ 9.28 min

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.

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

ATTITUDE SURVEY

The following survey will help you to assess your attitude toward others and toward situations in which you might find yourself. 

5 = yes4 = Usually yes3 = sometimes yes / sometime no2 = usually no1 = no

 

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?

• 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?

• 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?

12. Do you readily admit your mistakes?

13. Can you be a leader without being bossy?

14. Is it easy for you to like most people?

15. Can you stick to a tiresome task without being prodded?

• 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?

• 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?

• 24. Are you tolerant of other people’s beliefs?

• 25. Do you refrain from sulking when things go differently than you’d like?

• 26. Are you a good listener?

• 27. Are you the type of friend that you expect others to be?

• 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?

• 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?

• 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?

Attitude Scoring  Total your score and rate your yourself according

to the following scale.  

175 - 200 You’re 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

QUESTION

• How can negative attitudes be changed to positive attitudes?

• Give some examples.

 Taken from Success in the Workplace: A student guide

SWOT Analysis

• SWOT Analysis: How to perform one for your organization

• http://www.youtube.com/watch?v=GNXYI10Po6A

• 5.22 min

• How to Do a SWOT Analysis [Hafihz.com]

• http://www.youtube.com/watch?v=_LIlOxEMlxs

• 6.59 min

Youtube.com

SWOT Analysis

• Read page 53 of textbook

• Complete SWOT analysis – Page 54, 55 and top of 56– Complete all questions

PERSONALITY STYLE

•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/JTypes2.asp

Assignment

When finished, PRINT:

- your type description

- your career indicator (Famous Personalities like you are on the bottom of this sheet)

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.

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?

THINKING STYLES

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

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.html#Top

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?

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.

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?

Examples to two different thinking styles

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

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

• doesn’t like detail

E=mc²Though Einstein did not invent the atomic bomb, this equation laid the theoretical background for it.

Assignment:

 • p 57 work with a partner #1, #3 • Individual work #4

Are you an Einstein or an Edison? How? Why?

Assessing your Skills

Assessing Your SkillsMy 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 ……

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

• 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

• Practical Skills– use tools to perform task

Assignment:

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

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.

STRATEGIES FOR ENTREPRENEURIAL

SUCCESS

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

• Show the Power Point Slide Show entitled:– Memory Test for the Aging

2. Believe in Yourself

• Resist pressure to conform.

• Be confident in your own abilities

 

• Entrepreneurial insight is a unique way to see opportunities.

3. Know Yourself

• consider your abilities

• character traits

• skills

• goals

4. Enjoy the Challenge

• A venture should be:– Challenging– allow you to be creative– suit your personality– be compatible with your goals

Assignment

Do You Mean Me?

#1

• List 10 things that you think you’re 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.

• Don’t show this list to any of your classmates.

#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 you’re 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

#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?

#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.

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

 

End of Chapter Review

• Lessons Learned p63• #1,2,4,9,10

• Venturing Out p64 #4 to be handed in for marking

Unit Test for Chapters 1 & 2 & 3

(if you are going to be away, make sure you arrange to write

the test after school)

• 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.

Unit 1 -- Culminating ActivitySelf Reflection

• See handout