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
List interests, abilities, and values.
Identify matches for business types.
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
Profitability vs. investment of time/money
Importance of profit compared to other aspects
Key aspects of business
Independence of small business vs. franchise owners
Finding a mentor
Page 37: Continuing Great Questions
Business growth beyond employee capacity
Best experiences before starting a business
Long-term impact of small businesses closing post-COVID
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.