Lack of funds Time consuming Risk Uncertainty/ insecurity Lack of capital, initiative, knowledge, skills
What are three advantages of business ownership?
Own boss Use skills and interest with job they enjoy Very rewarding
What are three disadvantages of business ownership?
Risky Time consuming Lots of stress
How do entrepreneurs contribute to economic growth?
Creates jobs Economic development New products/ services
Approximately how many businesses survive 5 years?
Why do businesses fail?
Poor cashflow management
Poor market research
Lack of financial planning
Failure to innovate
Poor inventory management
Poor debt management
No adequate performance monitoring
What are the components of a successful venture?
Entrepreneur Organization Strategy Opportunities Resources Business plan
Approximately how many businesses are there in Canada?
Approximately what % of businesses are “Small”?
Approximately how many businesses start each year?
What is the most critical element of success in any business?
What are some of the desirable attributes, characteristics or skills an entrepreneur should possess to be successful?
need to achievereliable
What are the 3 elements of Entrepreneurial DNA?
problem solving, creativity,
management, decision making
Attitudes and Behaviours Knowledge: the market, the business, the business process
What does Social Entrepreneurship mean?
Someone who recognizes aa social problem and uses entrepreneurial principles to organize and manage a venture the make a social change.must be socially responsible, being sustainable, giving back to the community supporting events, giving donations
Why is being ethical so important for a business owner?
Don’t want to hurt your business.
Whatever owner of business says they’re going to do, they should follow up on
1. Is it lega l2. Is it gairdoes it make you feel good about yourself
Why is being social responsible so important for a business?
Benefits society and the business
Where Do Entrepreneurs Get the Ideas for their Businesses?
Their brain/ inspiration
Something they have seen before
Improvementsmarket gapsprior business experiencebusiness associates