EntrepreneursEntrepreneurs

Characteristics and Characteristics and Contributions 1Contributions 1

Characteristics of Characteristics of EntrepreneursEntrepreneurs

After learning about the After learning about the Canadian and American Canadian and American entrepreneurs what are some of entrepreneurs what are some of the characteristics that they the characteristics that they exhibit?exhibit?

Work with a partner and using Work with a partner and using your handout brainstorm some your handout brainstorm some characteristics of entrepreneurs characteristics of entrepreneurs

Characteristics of Characteristics of EntrepreneursEntrepreneurs

Self-confident Perceptive Hard working Motivated Resourceful Able to manage

risk Creative Achievement

oriented

Optimistic Flexible Independent Visionary Able to get along

with others Goal-oriented Enjoys helping

others Determined

Difference between an Difference between an Entrepreneur and an Entrepreneur and an Enterprising PersonEnterprising Person

EntrepreneurEntrepreneur - identify - identify opportunities and take calculated opportunities and take calculated risk to satisfy the needs and wants risk to satisfy the needs and wants of others by starting up a business of others by starting up a business to make a profit.to make a profit.

Enterprising PersonEnterprising Person - - respond to respond to needs and wants in order to help the needs and wants in order to help the company they work for or to improve company they work for or to improve the lives of others or to contribute the lives of others or to contribute to the community.to the community.

Entrepreneurial FailuresEntrepreneurial Failures

The Ford The Ford EdselEdsel Introduced September 4, 1974Introduced September 4, 1974

The EdselThe Edsel Months before the release date the Months before the release date the

car was kept “under cover” to the car was kept “under cover” to the publicpublic

The public believed something radical The public believed something radical was coming out, but it resembled was coming out, but it resembled many other cars of the timemany other cars of the time

Market timing was off, large cars Market timing was off, large cars were no longer popularwere no longer popular

Economy was slowing downEconomy was slowing down Every Day Something Else LeaksEvery Day Something Else Leaks

Entrepreneurial Entrepreneurial FailuresFailures

ThirstyDog & ThirstyCatThirstyDog & ThirstyCat Introduced in 1994Introduced in 1994 Developed by Developed by

veterinarian professorveterinarian professor

ThirstyDog & ThirstyCatThirstyDog & ThirstyCat

Target market was too small – looking Target market was too small – looking to sell to very wealthy pet ownersto sell to very wealthy pet owners

Price was too highPrice was too high General public not interested in General public not interested in

productproduct Thousands of dollars wasted on Thousands of dollars wasted on

advertising campaignadvertising campaign No market opportunity for productNo market opportunity for product Product was carbonatedProduct was carbonated

McPizzaMcPizza

The McDonald’s McPizzaThe McDonald’s McPizza Introduced in 1990Introduced in 1990

McPizzaMcPizza

People did not associate People did not associate McDonald’s with PizzaMcDonald’s with Pizza

The pizza was considered bland by The pizza was considered bland by moneymoney

The Pizza took too long to be readyThe Pizza took too long to be ready The company took major losses with The company took major losses with

all of the expensive equipment all of the expensive equipment developed and purchaseddeveloped and purchased

New CokeNew Coke

The The NewNew Formula Formula

for Cokefor Coke

Introduced in 1985Introduced in 1985

New CokeNew Coke Initially Sales of New Coke were quite Initially Sales of New Coke were quite

level with the previous productlevel with the previous product However, a small group of consumers However, a small group of consumers

were extremely upset with the change were extremely upset with the change and were not afraid to share their and were not afraid to share their opinionsopinions

Executive were fighting over whether Executive were fighting over whether to reintroduce the old coketo reintroduce the old coke

The old formula was introduced and The old formula was introduced and the new formula was taken off the the new formula was taken off the marketmarket

In short: “If it ain’t broke, don’t fix it”In short: “If it ain’t broke, don’t fix it”

What Makes a Venture What Makes a Venture SuccessfulSuccessful

Think for a moment about what Think for a moment about what makes a business successful:makes a business successful:

Financial planningFinancial planning Providing a product or service that is Providing a product or service that is

in demandin demand Excellent customer serviceExcellent customer service Business planningBusiness planning Having good employeesHaving good employees Positive business relationshipsPositive business relationships Managing expenses appropriatelyManaging expenses appropriately

Business Venture EffectsBusiness Venture Effects

WorkersWorkers CommunityCommunity Other BusinessesOther Businesses EnvironmentEnvironment EconomyEconomy PoliticsPolitics

Obsolete ProductsObsolete Products

Review Obsolete Products Review Obsolete Products HandoutHandout

Venture ProfileVenture Profile

Read page 14 from your textRead page 14 from your text Complete questions 1 – 4Complete questions 1 – 4