ASSESSING ENTREPRENEUR POTENTIAL


Is it true that entrepreneurs are born not made?

Are there common traits, attributes, attitudes and experiences among entrepreneurs that appear to lead to success?

ENTREPRENEURS

What attributes are desirable and acquirable?

SUMMARY OF ATTITUDES/BEHAVIOURS valuable for ENTREPRENEURS

OTHER attributes:

  1. determined to finish, no matter circumstance
  2. dynamic not accepting status quo, refusal to accept restriction from, habit, environment
  3. able to examine self and ideas objectively
  4. not self-satisfied and complacent
  5. independent decision makers but listen to advice/suggestions
  6. don't blame others or make excuses for their failures
  7. rising expectations and aspirations
  8. a grasp of economic concepts
  9. mature, self-assured, interact well with diverse groups
  10. can control impulse and feelings
  11. can make best of resources at hand

NOT SO LEARNABLE CHARACTERISTICS

ENTREPRENEURS CREED:
Do what gives you energy, have fun, figure out how to make it work, anything is possible if you believe!

EXPLORING NEW BUSINESS IDEAS AND OPPORTUNITIES

Where can I get ideas for my new venture?
How can I evaluate the conceptual, technical and financial aspects of my idea?

Sources of Ideas for a New Business

PUBLICATIONS

NEWSPAPERS: The Wall Street Journal , The Globe and Mail, The National Post

MAGAZINES: Canadian Business, PROFIT:The Magazine for Canadian Entrepreneurs, The Financial Post Magazine,

Inc., Success, Entrepreneur , Fortune

NEWSLETTERS: many newsletters on many subjects; see National Directory of Newsletters and Reporting Services

TRADE PUBLICATIONS: see Canadain Advertising Rates and Data (C.A.R.D.) or Standard Rate and Data Service, Craftlink Magazine

TRADE ORGANIZATIONS:The Ontario Crafts Council

LIVE EVENTS:

INVENTORS SHOWS: annual shows in major cities

TRADE SHOWS: specific to area; a chance to meet distributors, representatives, view competition, learn trends

CONVENTIONS: panels, speakers, films, exhibits

CRAFT SHOWS: The One of a Kind Show, Arts and Crafts Shows Database, Crafts Ontario/Shows, Signatures Craft Show

PATENT BROKERS AND PRODUCT LICENSING INFORMATION

National Technology Index- Industry Canada

Government Inventions Available for Licensing

The World Bank of Licensable Technology

for information on content of patent files see: Canadian Intellectual Property Office

SOME SPECIFIC IDEAS AND CONCEPTS FOR NEW MILLENIUM

  1. Biotechnology
  2. Internet
  3. Training and professional development
  4. Maintaining Wellness
  5. Personal Indulgence
  6. Children's products/services
  7. Home Health/ Elder care
  8. Work at Home products and services
  9. Pet Care and pampering
  10. Retail Boutiques
  11. Professional Services

EVALUATING YOUR IDEAS

  1. Identify Business and Personal Goals
  2. Research an area of interest
  3. Identify promising Segments
  4. Identify problem areas and brainstorm solutions
  5. Compare possible solutions with your objectives and opportunities in workplace

Questions to ask and answer:

How much money do I have to invest?

Is there a recognized, measurable market?

Is there a need for product/service?

Is there a dependable source of supply? can you provide what you plan to sell?

What kind of government regulations impact on idea?

What kind of labour force is needed?

What kind of gross margin is there/

How frequent do consumers buy or use the product/service/

Are there any tax incentives?

What type of distribution is necessary?

Is it potentially newsworthy?

Is it possible that customers would pay in advance?

Is there any product risk of liability?

Is there danger of technological advance?

How much competition is there?

Is it a fad?

Is there protection against competition?

 

 


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copyright 2001 Karen E.Hamilton