February 4th- ADMN 1000H week five slides (1)

Week 5 Overview

• Course: ADMN 1001H

• Topic: Entrepreneurship & starting a business

Page 2: Celebration

• Today is: National Homemade Soup Day

Page 3: Agenda

• Discussion Topics:

  • Things to plan for

  • Entrepreneurship

  • 8 great questions

Page 4: Midterm Planning

• Exam Details:

  • Location: Lecture hall during regular lecture time

  • Reading Break is from February 17th

  • No weekly quiz during Reading Break

  • CSL reflection papers due at end of week 9, unless agreed otherwise

  • Reminder: Case study work should begin during the Reading Break

Page 5: Case Study/Research Assignment

• Weight: 25% of final grade

• Due Date: Midnight on Monday, March 17th on Blackboard

• Objective: Create a Research/Case Study Report based on ‘This Makes Scents’ from Cengage.

• Key Questions: What, so what, and now what?

• Focus: Understand challenges in sustainable business growth

• Final Task: Imagine yourself as the majority shareholder

Page 6: Part One: Local Connections

• Research Task:

  • Investigate two owner-operated companies in your community

  • Use sources like local Chamber of Commerce

• Content Requirements:

  • 1-2 pages per company profile, APA formatted, include visuals as appendices

• Recommended Podcasts:

  • Wisdom from the Top: Graeter’s Ice Cream

  • Wisdom from the Top: Base Camp (Jason Fried)

Page 7: Profiling Companies

• Suggested Companies for Research:

  • Chapman’s Ice Cream (Markdale, Ontario)

  • MacKinnon Brothers Brewery (Bath, Ontario)

  • LivSimple Farms (Enterprise, Ontario)

  • Springwater Woodcraft (Minesing, Ontario)

Page 8: Midterm Information

• Location: SC Lecture Theatre, Week 6

• Format:

  • Multiple choice

  • 3 short answer questions

  • 1 long answer question

Page 9: Current Events

• Article: CBC News

  • Topic: Trump’s trade war against Canada with a 25% tariff on most goods

  • Video: Explanation of how tariffs work

Page 11: Definition of an Entrepreneur

• Entrepreneur: A risk-taker in the private enterprise system seeking profitable opportunities

• Differentiation:

  • From small-business owners: Focus on expansion and growth

  • From managers: Use organization resources to achieve goals

Page 12: Categories of Entrepreneurs

• Classic entrepreneurs

• Serial entrepreneurs

• Social entrepreneurs

Page 13: Essential Understandings

• Who starts many businesses in succession?

  • Types: Classic entrepreneur, Social entrepreneur, Serial entrepreneur, Intrapreneur

Page 14: Motivation to Become an Entrepreneur

• Vision and Opportunity:

  • 96,580 new businesses created each year in Canada

  • 3.5 million Canadians running new businesses

  • 42% of millennials view entrepreneurship as a career option

Page 15: Reasons for Entrepreneurship

• Desire to be one's own boss

• Financial success

• Achieving job security

• Control over work life

Page 16: Advantages of Being Your Own Boss

• Self-Management: Key motivation

• Financial Success: Wealth creation and idea generation

• Job Security: Established businesses removing jobs

• Quality of Life: Flexibility in work hours and location

Page 17: Responsibilities of Entrepreneurs

• Responsibilities include:

  • Managing people

  • Using company resources effectively

  • Being ethically and socially responsible

Page 18: The Entrepreneurial Environment

• Factors Influencing Entrepreneurship:

  • Demographic and economic trends

  • Globalization

  • Information technology

  • Education

Page 19: Globalization and Entrepreneurship

• Opportunities:

  • Market products abroad and hiring international talent

  • Growth of small Canadian companies with international sales

Page 20: Education for Entrepreneurs

• Opportunities:

  • Entrepreneurship courses offered in colleges and universities

  • Internships with startups

Page 21: Information Technology

• Impact on Entrepreneurship:

  • IT tools assist in competition

  • Social media as a transformative business tool

Page 22: Demographic and Economic Trends

• Key Groups:

  • Immigrants

  • Individuals aged 55 to 64 with retirement savings

• Success: Flexibility and adaptability are key

Page 23: Characteristics of Successful Entrepreneurs

• Traits include:

  • Tolerance for failure

  • Vision and creativity

  • High energy level

  • Self-confidence and optimism

  • Internal locus of control

Page 24: Starting a New Venture

Page 25: Selecting a Business Idea

• Key Considerations:

  • Passion for the idea

  • Market needs fulfillment

Page 26: Guidelines for Selecting a Business Idea

1. List interests, abilities, and values.

2. Identify matches for business types.

3. Research market trends and demands.

Page 27: Further Guidelines

• Evaluate existing products for improvement opportunities.

• Choose profitable business alignments.

• Conduct thorough market research.

Page 28: Buying an Existing Business

• Advantages include:

  • Established customer base

  • Familiar suppliers

  • Known brand/service in the market

  • Existing permits and licenses

Page 29: Buying a Franchise

• Less risky than starting a new business but involves thorough research.

Page 30: Importance of a Business Plan

• Purpose:

  • Helps in preparation and focus on objectives

  • Essential especially for funding purposes

Page 31: Resources for Business Plans

• Websites for templates and guides:

  • AllBusiness.com, Score, MoreBusiness.com, BDC

Page 32: Finding Financing

• Types:

  • Seed capital, Debt financing (credit cards, loans), Equity financing (venture capitalists, angel investors)

Page 33: Government Support for New Ventures

• Support Mechanisms:

  • Business incubators, enterprise zones, urban reserves

Page 34: Intrapreneurship

• Definition: Innovation promotion within existing organizations

Page 35: Intrapreneurial Examples

• Notable examples include:

  • Sony’s Playstation

  • Facebook’s Like button

  • McDonald’s Happy Meal

  • iPhone’s Slide to Unlock

Page 36: Great Questions for Entrepreneurs

1. Profitability vs. investment of time/money

2. Importance of profit compared to other aspects

3. Key aspects of business

4. Independence of small business vs. franchise owners

5. Finding a mentor

Page 37: Continuing Great Questions

1. Business growth beyond employee capacity

2. Best experiences before starting a business

3. Long-term impact of small businesses closing post-COVID

4. Crucial advice in management experience

Page 38: Readings for Week 7

• Lecture Topics: Management, leadership, HR management

• Required Reading: Boone, L.E., et al., Chapters 7 and 8

• Quiz: Available on Blackboard from 8 AM to midnight on Friday.