Unit 1 Key Questions

Question 1:
Take initiative
Try to make things better
Take risks
Show imagination
Act as change agents

Peter van Stolk is the entrepreneur

Terry Fox is the enterprising person
Art Fry is the intrapreneur

Art Fry is a person who got things done when he came up with a creative solution
to a problem his employer had. Through his innovative idea, millions of people
worldwide currently benefit from his contribution.

Levy Jackson is a 27 year old Nairobi resident and the founder of Levyhoods
Creations. He founded his own fashion company while in university with just $2
capital which he used to buy a t-shirt and acrylic paint. Using his skills and
creativity, he came up with a custom design t-shirt which he sold for $3. His work
soon gained appreciation in his neighbourhood and quickly spread to all corners
of Nairobi earning him increasing orders of his custom made clothing.
He has opened two stores from where he runs his operation, one in Nairobi and
one near his university. He has also managed to employ two permanent staff and
two temporary staff. He also plans to incorporate a modelling agency in his work
by the end of the year, with his passion for fashion and determination to leave a
legacy as his driving force.
The net worth of his business is $24,000 and he plans to add custom made
jewellery and designing birthday cards to his portfolio. He also gives advice to
young prospective entrepreneurs to help them start their businesses.
Lesson 2: Question 2
Curiosity made the four partners want to make a guitar that is better than a
regular guitar.

The four partners are hard workers because they have trained and worked on the
Larrivee guitars amassing a combined 15 years experience.
Greg, Chris, Vantaa and Bustos have showed they are perceptive because they
saw the opportunity to do something that had not been done and did it.
Self confidence is something these four partners do not lack because they trust
that what they do speaks for itself.

Heshan de Silva is the founder of VenCap Kenya. a firm that makes seed
investments in Kenyan entrepreneurs with innovative ideas for new businesses,
with the specific aim of reducing poverty in the country. De Silva also mentors
young Kenyans, sharing business success tips and personal advice. Seven years
ago he used his US$116 allowance money to start a small insurance business.
Today the 25-year-old Kenyan venture capitalist, founder of the De Silva Group, is
worth over $10-million. His advice is to go for it, not wait for a golden ticket to
venture into business. He advises that even when you lack financing, you should
start with what you have and do what you can to achieve your goal because
investors like people who have taken that initiative.
De Silva thrives on motivating and encouraging young people. His one mission is
to change the perception that a university degree is essential to success. After
earning his first million, De Silva moved on to financing ingenious ideas. His DSG
VenCap has so far invested in 22 000 people and has created 17 000 businesses.
De Silva chooses the projects carefully, and has grown the De Silva Group into
one of the region's most enterprising entities. It has holdings in commodities,
technology, renewable energy, insurance, robotics, advertising, hospitality,
fashion, rural road construction, hardware and agribusiness.
When he started this he wanted to impact people on a large scale. The mandate
of the group is to reduce poverty from 60% to 40% in this country within five
years.
Heshan demonstrates he is very good at generating creative and innovative
ideas. This personality trait is part of what has made Heshan such a great
entrepreneur.
Management skills, relationship skills and research skills are some of the
important entrepreneurial skills that Heshan has and that have helped his
venture. His management skills are very well demonstrated in his ability to
manage the small investment of US $160 to over US $20 million. He has also
demonstrated his relationship skills by being able to successful listen to the poor
who need such investors to build their small businesses into profit making
businesses. Research skills are also present in Heshan because it was through
research that he realised there were opportunities to invest in the poor.

John Stantons first contribution was towards health in Canada and US through
fitness. This is shown by his introduction of the Running Room in both countries.
He opened more than 80 stores in Canada and six in the US to teach people how
to run, therefore helping to improve the health of millions of people.
His second contribution was to bring new ways of exercising. His introduction of
the Running Room and the Walking Room were something that had not been
seen before and they revolutionized the way exercise was done.

Impact of
Entrepreneurship
Improves the community

Creates new jobs

Provides more choice for

consumers

Provides
more
opportunities
for
individuals to progress

Increases competition

Question 4:
Harassment

How this impact is shown in the Running Room

example
The Running Room has helped make
Canadians healthier. Organizing walks, runs
and events have also raised money for local
charities.
It has helped the locals through education on
how to run. 500,000 people have graduated
from the Running Room clinics.
The Running Room has staff in each of their 80
stores in Canada and six stores in the U.S.
The over 500,000 graduates of the clinics are
potential entrepreneurs.
People looking to get fit have a choice
between a gym and the Running Room or
Walking Room.
There is also more choice for consumers when
it comes to the running apparel as a result of
the Running Rooms venture into making its
own brand of apparel.
The Running Room teaches new runners how
to run better and use the right shoes.
It also has a free club that encourages all level
of runners to run in a group every week, feel
more social and have more fun.
Its entrance into the fitness market increases
competition between fitness service providers.
It also increased competition between
manufacturers of athletic apparel with its
introduction of its own brand of athletic
apparel.

Rick would constantly make suggestive remarks to the four young women he
employed and would threaten the job security when they complained about it.
Concern for the environment
Rick left over 30 used mattresses rotting outside his building when he closed his
shop and did not bother to properly dispose them off as required.
Bait and switch
Rick was guilty of this because he would offer a headboard for $1.00 with the
purchase of a mattress but would then be out of the headboards when
customers came in and would then sell them a more expensive headboard.
Misleading advertising
Rick advertised his inferior quality mattresses as being mattresses of superior
quality.
Failure to pay his debts
Rick suddenly closed shop when he experienced financial difficulties but he did
not pay for delivery of customer orders, his rent, his suppliers or his staff. This is
unethical behaviour as it was his responsibility to meet all his obligations.

It would be easier to establish my own business early in my career than later.

This is because a business needs time to get grounded and grow so it is better to
start early when I have the patience and energy to help it grow and establish
roots for it.

Economic
responsibility
Sourcing the best
quality items for
our customers

Legal
responsibility
Acquire
the
required business
permits

Maintain debt at a
minimum
and
reinvest
profit
back
into
the
business to bring
growth

Obey all laws set

for business

Ethical
responsibility
Always be truthful
to the customers
in
price
and
product
Create jobs for the
locals

Leadership
responsibility
Involvement
in
local charities to
help
the
community
Be a leader in
business practices

Question 7:
Personal Characteristics
Im good at taking risks
I enjoy being independent
Im interested in
Im proud of...
A
recent
major
accomplishment is...
Ive worked either full-time or
part-time at the following
jobs...
Im hardworking because I...
Ive shown self confidence
when...
Im goal oriented because I
have...

How will they help you become a successful

entrepreneur?