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Entrepreneurship

捆绑SM社区.CA / SKILLSETS / Framework

听Initiate a non-profit or business venture by identifying and leveraging innovative ideas. Tolerate risk and uncertainty, demonstrate a positive attitude, and be achievement oriented.

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Jump to section:听Understanding Entrepreneurship & Funding | Cultivating Entrepreneurship | Quick Guide to Being a Successful Entrepreneur听|听Taking Action | Resources | References

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Understanding听Entrepreneurship听

Entrepreneurship, the process of starting a new company or organization, is the听鈥渆xamination of how, by whom, and with what effects opportunities to create [new] goods and services are discovered, evaluated, and exploited.鈥澨�[]听

An enterprise is an autonomous organizational unit producing goods or services. Micro-enterprises house 1 to 9 employees, small- to medium-sized enterprises (SMEs) have from 10 to 249, and large enterprises have 250 and more.听[]听

Why does it matter?

Entrepreneurs are the agents of change who identify opportunities to make a difference in the quality of life of their target population (e.g., smartphone innovation).听[]听They are influential individuals who bring economic and social prosperity to society by increasing employment and adding to national income (e.g., through tax revenues), allowing greater government spending.听[]听[]听

In addition to serving their communities, entrepreneurs have the opportunity to witness their own innovative ideas come to life and to experience personal-satisfaction when reaching their goals.听[]听As Steve Jobs once said: 鈥淚t鈥檚 more fun to be a pirate than to join the navy.鈥澨�[]听

The entrepreneurial world is limitless in the field or industry it represents, in the types of products or services it can offer, and in the size, ownership and location of the enterprise. Thus, entrepreneurship attracts individuals from very diverse backgrounds.听听

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Cultivating Entrepreneurship听

Individuals who believe they have control over events and their outcomes (also known as 鈥渋nternal locus of control鈥� in psychology) are more likely to become entrepreneurs.听[][]听You can build such self-confidence by taking stock of your strengths and weaknesses听(self-knowledge)听and actively filling in the gaps to accomplish your entrepreneurial goals听[]听For instance, if you are a biologist who wants to start a Biotechnology company in a fast-growing market, learn about Competitive Intelligence that allows you to build a successful business strategy in order to better situate your company among competitors.听[]听

Personal traits and preferences such as tolerance for risky ventures and the desire to be your own boss are common driving factors of an entrepreneurial mindset.听[][]听However, you can be a successful entrepreneur by refining multiple key skills and abilities such as听leadership, proactivity, communication skills, independence, and creativity. []听In fact, studies show that entrepreneurs have followed more varied curriculum during post-secondary education and possess more diverse and balanced skills than employees.听[][]听

Employers often reward their employees based on their past experience and educational attainment. A study on why individuals become entrepreneurs have shown that individuals of any ability level have higher incentive to start their own business if employers perceived their abilities as lower than they do themselves.听[]听

Intrapreneurship听

If you are not a risk taker but possess skills and abilities that will make you a successful entrepreneur (e.g., creativity, team player, communication skills), consider intrapreneurship practice within your organization. Intrapreneurship is the process of an individual within an existing organization taking initiative to turn ideas into profitable new products.听[]听Intrapreneurship is an apt way to practice your entrepreneurial skills at a smaller and less risky scale (in school or workplace); It is a learning experience that broadens your network, and sheds light on your strengths and weaknesses (e.g., what worked well, what areas you need to improve on). As a student, you can lead a project (e.g.,听捆绑SM社区 Sustainability Projects Fund), or get involved in different clubs or committees where you can share your innovative ideas and practice locating resources and stakeholders for the implementation phase (e.g., changing a student-related policy, organizing a new event).听听听

捆绑SM社区 fosters student-led startups through various initiatives. For available on- and off-campus student opportunities, consult the听Office of Innovation and Partnership听and听捆绑SM社区 Dobson Centre, recognized for its commitment and excellence by securing a spot in .

While there is no single recipe or magic ingredient, entrepreneurship experts Bolton & Thompson studied successful entrepreneurs鈥櫶齜ehaviours听and conceived a model of six key character themes, known as FACETS.听[][]听Experts suggest that we all possess the FACETS character traits but to different extents, and that we can develop them to thrive as entrepreneurs.听[]听

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Quick Guide to Being a Successful Entrepreneur - FACETS听

  1. Focus:听Focus on your target (goals, customer base), the timing as outlines in your business plan, and the required actions to implement your ideas. This is the theme that 鈥済et things done.鈥澨�

  2. Advantage:听Identify听the opportunities and paths worth pursuing (e.g., study the market to learn whether your product will be profitable), then set your priorities to give your enterprise an edge.听

  3. Creativity:听Develop your听creativity听in problem solving and business planning (e.g., by taking courses and scanning current practices to create solutions best fit to your business).听听

  4. Ego:听Develop听self-knowledge, accept constructive criticism, and refine personal traits to help you succeed, including: motivation, self-assurance, and dedication (inner-ego); responsibility, accountability and听resilience听to deal with setbacks (outer-ego). Flexibility and open-mindedness are important to pivot your original ideas (adapting), following feedback from your team, clients, and other stakeholders.听

  5. Team:听Select the right people and build an effective team, know when and where to help your employees improve, and collaborate with people of value to your business. The quality of your team and its dynamics are critical for your success.听听

  6. Social:听Engage with challenging and dissenting views, and consider unconventional, alternative solutions听[]听

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Taking action

Professional Development & Training听

  • Check听听for upcoming workshops and programs by searching for events tagged with this category: Entrepreneurship听
  • :听A variety of course selections to acquire entrepreneurial skills. This includes part-time courses, summer courses, online courses, graduate certificates and diplomas, with credit and non-credit options.听
  • 捆绑SM社区 Dobson Centre for Entrepreneurship Programs:听捆绑SM社区鈥檚 entrepreneurship hub listing different programs to support start-ups/entrepreneurs at every juncture of their growth.听听
  • A list of current and past events and workshops to develop entrepreneurial skills.听
  • : one-month course that provides insight into the key steps needed to build a successful startup.听
  • : This training workshop is designed to broaden awareness of the entrepreneurial world while building awareness of the current Canadian entrepreneurial landscape and the resources available to entrepreneurs.听
  • : Network of resources for entrepreneurs: workshops, webinars, coaches, mentors.听
  • :听EdX听offers beginner and advanced level courses.听
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Gaining Experience听

  • Apply for the听捆绑SM社区 Dobson Lean Startup Program听designed for early-stage start-ups and aspiring entrepreneurs across industry sectors that want to develop their idea into a viable concept and identify the next steps in building a successful business.
  • Browse the database of specialists from the鈥�痜or business development advice and start or grow your business venture.鈥�
  • Apply and听听and get start-up money to kick-off a new summer business and get advice and mentorship from local business leaders.听
  • Apply for the听听for opportunities to be mentored by top entrepreneurial and business leaders, funding and tools.听
  • 鈥痠s a private startup accelerator that offers product market fit programs and coaching to selected startups, in partnership with the City of Montreal and others.听

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Resources

Websites

  • 捆绑SM社区 Dobson Centre for Entrepreneurship: Their mission is to develop and support 捆绑SM社区 entrepreneurs stemming from all 10 faculties, as they seek to build innovative companies with a purpose.

  • : A non-pro铿乼 organization that provides 铿乶ancing, mentoring and support tools to aspiring business owners aged 18-39.听

  • 听by MIT professor and entrepreneur Bill听Aulet听and his Disciplined Entrepreneurship 24-step approach for a successful startup.听

  • 听and听: These websites provide free personalized guidance and tools for new entrepreneurs regarding business planning, financing and growth.听

  • : A large, comprehensive list of startup tools and other resources recommended by Steve Blank, a听renown听entrepreneur and entrepreneurship professor.听

  • : Governmental resources on how to plan, finance, manage, and grow a business in Canada.听

  • :听Government resources on how to develop your business in Quebec.听

  • : Organization for Economic Co-operation and Development (OECD)听

  • : A list of databases provided by the 捆绑SM社区 Library to find company information and gather competitive intelligence on a product or service.听

  • 听by the Y听Combinator听and Stanford University: Multi-part podcast version of the Stanford course with emphasis on Tech startups.听

Groups听& Associations听

  • Montreal Entrepreneurial Groups: A list of local entrepreneurial organizations including The Next 26, Venture for Canada, Student Entrepreneur National Champion, etc.听
  • : This organization supports the Montreal startup ecosystem, and offers many free events.听
  • This is a global, peer-to-peer network that has Chapters in Canada. It offers events, learning programs, mentorship opportunities ($).听

Books

  • Ries, E. (2011). The lean startup: How today's entrepreneurs use continuous innovation to create radically successful businesses.
  • Aulet, B., & Ursache, M. (2013). Disciplined entrepreneurship: 24 steps to a successful startup.
  • Collins, J. (2012). Good to great: Why some companies make the leap --and others don't.
  • Kawasaki, G. (2015). The art of the start 2.0: The time-tested, battle-hardened guide for anyone starting anything.
  • Thiel, P. A., & Masters, B. (2014). Zero to one: Notes on startups, or how to build the future.
  • Guillebeau, C. (2012). The $100 startup: Reinvent the way you make a living, do what you love, and create a new future. New York: Books on Tape.

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Need Help?

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References

[1], [5]听听Venkataraman, S. (1997)听

[2]听 OECD. (2017).听

[3], [4],听[6]听van听Praag, C.M. and听Versloot, P.H. (2007).听

[7]听 Sander, P. (2011).听

[8]听听Bonnett, C. and听Furnham, A. (1991).听

[9]听听Koh, H.C. (1996).听

[10]听听Camerer, C. and听Lovallo, D. (1999).听

[11]听听McGonagle, J.J. and Vella, C.M. (2012).听

[12]听听Vantilborgh, T. (2015).听

[13]听 Hamilton, B.H. (2000).听

[14]听 The Gallup Organization. (2007).听

[15]听听Lazear, E. P. (2004).听

[16]听听Lazear, E.P. (2005).听

[17]听 Hedge, D. and听Tumlinson, J. (2015).听

[18]听 Parker, S.C. (2011).听

[19]听 UBI Global. (2018).听

[20], [22],听[23]听. Thompson, J.L. (2004).听

[21]听 Bolton, B.K. and Thompson, J. (2003).听

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