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The objective and scope of this project was to think about critical entrepreneurial skills and traits and where/when famous entrepreneurs/local ones use them. This project helped me identify and appreciate the skills needed to be an entrepreneur. The challenge I faced during this project was to find examples of people close to me who use these traits to make their businesses successful. The outcome and impact of this project was that I learned important traits that will help me in my entrepreneurial journey.
Exploring the Entrepreneurial Mindset and Business Structures
Entrepreneurial Trait 1: Courage/Risk
One trait that is important for an entrepreneur is courage, or risk taker. An entrepreneur that took on the trait courage is my brother. This trait contributed to his success because at the start of summer he wanted to start an ice cream business, so he took the risk to buy the shop and all the needed tools and supplies and by the end of the summer it paid off. The financial risk he took included buying inventory (ice cream and cones), a freezer, fridge, and some toppings too. There were other things like a debit machine and a cash box that also cost him a lot upfront without knowing if he would make it all back.
Entrepreneurial Trait 2: Hard Working
Another trait that is important for entrepreneurs is hard-working. One famous entrepreneur who displays this trait it Apple CEO Tim Cook. Cook wakes up every morning by 3:45 to 4:00 am and does not stop working until 9:00 at night when he goes to bed. This trait has helped him succeed in many areas and work his way up to the CEO of a huge company. Hard work makes you learn more as you work the which means that you are smarter and you, therefore grow the business by learning through work.
Entrepreneurial Trait 3: Creativity
Another important trait in entrepreneurs is creativity. This trait is often how a person becomes an entrepreneur. An entrepreneur who displayed this trait is Steve Jobs. Creativity helped Jobs succeed because he was one of the first people to make a smart phone which would have been a crazy concept when nobody had ever heard of it. Creativity is where ideas are born and are like food to an entrepreneur.
Analyzing The Little German Bakery business structure:
The little German Bakery is a Sole Proprietorship. They might have chosen this structure because there are several advantages. it is the simplest and cheapest to start up because you don't have to take formal legal action through the province and there is no need to form a board of directors. Decisions are made quickly because its only one person (or couple) that need to decide. Some disadvantages, the bakery owner is ( Rob Seto and Doris Whelan) are personally responsible for for their business debts and obligations, which means that their personal assets are at risk if the bakery gets sued or goes in debt. Another disadvantage is that Seto and Doris have to do a lot of work themselves and its very tiring and long hours.
Indigenous Entrepreneurship:
Wanapitei Lake Outfitters started in April 2024 and is located in Capreol Ontario on Wahnapitae First Nation. Their mission is to provide quality outdoor gear, and sustainably sourced natural products while promoting conservation and responsible outdoor recreation. The business wants to be a one-stop-shop for a shoppers outdoor needs. The online store sells Hunting, Fishing, Camping and Outdoor Gear, as well as aboriginal decor, fashion, cultural teachings, medicinal walks and crafts created by indigenous artists. In this way they incorporate their culture and heritage in their business. We can support indigenous businesses in Canada by being aware of them and shopping there. I wrote and email to the owner to ask what challenges he has faced and how he overcame them but did not hear back in time to write this assignment. That being said, I know that some common challenges faced are finding the money needed to start up, advertising to people and getting customers and the business side of things like the bookkeeping.
Works Cited
Indigenous Crafts / Outdoor Gear / Camping Supplies, https://wanapiteilakeoutfitters.ca/. Accessed 11 September 2024.
“LLC, Sole Proprietorship, S-Corp - Which Business Type Is Right For My Retail Bakery?” Retail Bakers of America, 18 April 2024, https://www.retailbakersofamerica.org/blogs/business-of-baking-blog/2024/04/18/retail-bakery-business-types. Accessed 11 September 2024.
“Wanapitei Lake Outfitters.” Shop First Nations, https://shopfirstnations.com/businesses/canada/ontario/capreol/wanapitei-lake-outfitters/#post_content. Accessed 11 September 2024.
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