Entrepreneurship
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updated 2013 Sept 6
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For the students of Prof. W. Tim G. Richardson, Toronto, Canada
 
"Entrepreneurial skills alive as 46 per cent of students plan own business after graduation: survey"
Sept 6th 2013 in The Vancouver Sun
screen capture to the left

Bank of Montreal commisioned Poillar to do a survey of students

"According to the bank, almost half of Canadian post-secondary students surveyed 46 per cent said they see themselves starting a business after graduation. BMO said that some see their planned new business as a primary source of income while others see it as a secondary source. The findings came out of a survey conducted by Pollara, which asked Canadian post-secondary students about career prospects and their aspirations to own their own business."
 http://www.vancouversun.com/business/bc2035/
skills-mismatch/cent+students+plan+business+am
id+bleak/8877975/story.html
 

 

in Feb-March 2008 read  http://www.financialpost.com/small_business/startup/index.html
"FP Small Business embarks on a series that takes aspiring entrepreneurs through the key steps of starting up a business, one week at a time. By following the series, you should be able to set up shop by April."
 
Terms associated with being an Entrepreneur leadership 
orator 
courage 
people skills 
motivator 
organizer 
evangelist 
delegate 
facilitator 
articulate 
patience 
listener 
modesty 
humility
energetic 
aggresive 
ambitious 
persistent 
resilient 
tenacious 
determined 
devotion
analytical 
investigative 
problem solver 
scope 
anticipate 
clever
foresight 
strategize 
aggregate
innovator 
resourceful 
imaginative 
open minded 
creative 
initiative 
independence 
education 
I.Q. 
E.Q.

 
Exploring Business Ideas: Exploring Business Ideas: 

there are basically 2 ways you can go

  • think up of something original
  • Use somebody else's idea and expand on it
we can use simple terms to identify the difference as
  • 1. create
  • 2. innovate
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Exploring
Business
Ideas:
Exploring Business Ideas: 

1. Create your own 

  • create a service
    • personal service
      • eg. helicopter flying lessons for blind people !!
    • industrial service
      • eg. fixing web site errors and broken links
  • create a product
    • personal product
      • eg. shoe saver for muddy streets
    • industrial product
      • eg. hand clap door access
      • eg. recycled pallette's
2. Innovate: Use somebody else's 
  • after market add on products
    • eg. auto decals to put on your car
  • additional services
    • shipping to Canada and collecting exchange rate fees
  • franchising
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Using Trade Associations is a great way to get market information.
check  http://www.witiger.com/internationalbusiness/countryinfoAssociations.htm

and
 http://dir.yahoo.com/Regional/Countries/Canada/
Business_and_Economy/Organizations/Trade_Associations/

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check this site to do the online quiz about whether you should be an entrepreneur http://www.bdc.ca/en/business_tools/entrepreneurial_self-Assessment/Entrepreneurial_self_assessment.htm
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Success
or
failure

best
to
grow 
slowly

"With more than 70% of small businesses ceasing to exist within the first five years of operations, entrepreneurs can do a number of things at the outset to minimize financial loss down the road."
 
"Small business owners should plan for failure as much as success" said Selena Hinds in an article that ran in the Financial Post2008 Feb 04 titled 
"Clear signs your business is in distress"

Quoting Robert Warren, director of the Asper Centre for Entrepreneurship at the University of Manitoba, Selena Hinds explains

"Your best bet is not to expand too fast ..A lot of businesses grow too quickly and take on too much debt or extend a lot of credit and then they can't match up their cash flows."

"When you do your business plan, make sure you have realistic projections, sufficient financial resources on your own and can withstand a few months of slow payments from customers or slow sales"

"Successful entrepreneurs look for ways to minimize risks, such as getting a government-backed loan, working with suppliers to get easier payment terms and finding a partner."

"Good entrepreneurs control risks and they don't go out on a limb to do something that will come back to haunt them, overextend their credit or take on too much inventory"

w
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http://www.businessplans.org/topic20.html There are thousands of web pages about starting a business - some offer advice - some offer to sell you products and services.

This page offers information to help entrepreneurs with their business start-up. Many tips describing the
 fundamentals for a home based (SOHO) or office based business. Read profiles of successful start-ups
 companies, learn how government agencies like the SBA can help and understand the importance of well
 defined objectives.

Federal Government
 http://www.canadabusiness.ca/eng/86/4878/
 
Business
Plans
Advice
Many of the banks have business advice on their web site - see the screen capture below to go to the BMO page about Business Plan basics
 http://www.bmo.com/home/small-business/banking/resources/articles/business-plan-essentials

http://www.bmo.com/home/small-business/banking/resources/articles/business-plan-essentials
 

svs
Government

Resources

go to the Ont. government ministry that deals with Entrepreneurship
- the government sets up webpages like this to help small businesses

click

wsc
Government

Help
or Hindrance

"Of any level of government, it is perhaps the local municipalities that can have the most direct influence on small- and medium-sized enterprises (SMEs). Although the federal and provincial governments may have a huge influence on a business's way of doing business, its operating  structure and many of its tax obligations, local communities help define what the business is. 

 How local governments help shape their communities, therefore, helps determine the development of the local business community. Businesses, in return, also contribute to the definition of the community in the goods and services they produce, the jobs they create and the investments they make. For the most part, SMEs serve their local communities and business owners accurately reflect their communities' sets of values. "
http://www.cfib.ca/research/reports/ontcities.asp


 
 
 
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