Assignment #1 (Self-Assessment)
Are you inclined to be an entrepreneur?
Self-Evaluation – Pages 1-16 & 1-17
Test on …Character Traits of an Entrepreneur Score 4/8
Characteristics of Success
Self-Evaluation – Pages 1-29 & 1-42
Evaluation on … Characteristics of Success Score 30/30
Should be running General Motors!
Entrepreneur evaluation Score 23 Most likely to be successful in business
Taking the Test: Self-Employment Soul Searching?
Part 1: What are my personal qualities and beliefs?
Part 2: Why do I want my own business?
Part 3: Other Factors
Interpretation
Part Your Score Possible Score
1 72 105
2 64 110
3 75 85
Total 201 300
Assignment #2 (Trend Identification)
Exploring New Business Ideas and Opportunities
PEST Analysis – Regional/National and Local Level
Political Factors
- Bill 101 Quebec Language Law makes it difficult to start and access assistance in English within Quebec (Quebec regulations and by-laws)
- Action Democratic Mario Dumont (next Quebec Premier?) insistence to open the Great Whale file and recent projects within surrounding areas on Nemaska (EM1 & EM1A) makes tourism a challenge
Economic Factors
- The rising dollar will be a positive and a negative influence on business (strong competing Canadian dollars means the US will take their business elsewhere but for Quebec business/society means more purchasing and bargaining power
- GST reduction will be a definite plus in buying power for the entrepreneur
Socio-cultural Factors
- Aging baby boomers creates business opportunities in health and assistance to the elderly (but recent allegations of elder abuse kind of discourages private business practice in this sector)
- In the James Bay Cree society, increase in the youth entering and acquiring higher education is a definite plus for the Cree territory – more business more autonomy and less dependency on Provincial and Federal social assistance programs
- In Cree communities the increase of organized sports such as hockey create opportunities such as accommodations for tournaments
Technological Factors
Mind Mapping - Grocery Store
Business Selection Checklist
The following chart is designed to help you choose the business that’s right for you. To fill it out, follow these three steps:
(1) In the far left-hand column, list the business ideas you’re considering by order of interest. So, in the top left-hand blank space, put the idea you think you’re most interested in. Underneath it put the next idea and so forth until you’ve listed all of your possible ideas down the left side of the chart.
(2) Now take each idea and rate it on a scale of 0-3 in each of the areas listed. Use the following rating system: 0-none, 1-below average, 2-average, and 3-above average.
Here’s a look at each of the categories and some of the things you should consider when rating them:
Your knowledge of the business. How much do you know about the area? Will you have to spend extra time and money teaching yourself the business? Will you have to take on a partner because you don’t know the business well enough?
Rating: 0-no knowledge of the business; 1-some indirect knowledge of the business; 2-limited knowledge; 3-working knowledge.
Your experience in the field. In some cases, you may have a lot of knowledge about the subject, but not much experience. Have you ever owned or worked in this type of business before? To what extent is hands-on experience crucial to the business?
Rating: 0-no experience; 1-indirect experience; 2-limited experience; 3-familiar with the business.
Your skills. Ignore, for now, those skills that might be common to each of your ideas, and try to concentrate on skills that are unique to that business. To what extent do you possess those skills? If you lack them, how difficult will it be to acquire them?
Rating: 0-none; 1-limited skills; 2-some skills; 3-extensive skills.
Ease of entry. Think both of the costs of entering the business and of the competitive barriers that might exist. For example, a service business that you can run from your home might be relatively inexpensive to start, but if several others are already providing that service, entry in the field may be difficult.
Rating: 0-crowded field, very difficult to enter; 1-limited entry available; 2-mix of large and small competitors; 3-virtually unrestricted entry for any size business.
Uniqueness. Uniqueness does not necessarily mean that literally no one else is providing the same product or service; it can mean that no one else is providing the product or service in the same way you intend to provide it, or it can mean that no one else is providing that product or service in your area. You’re looking for some way to distinguish your product or service from others who are already in business.
Rating: 0-your product or service widely available; 1-a few to several others offering your product or service; 2-only one or two others; 3-no others providing your product or service.
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Business idea
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Your knowledge
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Your experience
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Your skills
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Ease of entry
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Uniqueness
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Total
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Research and Report Services
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2
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2
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2
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2
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3
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11
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Motel and Restaurant
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2
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0
|
0
|
2
|
1
|
5
|
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Nemaska Incubator
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2
|
2
|
2
|
2
|
3
|
11
|
|
Grocery Store
|
2
|
1
|
1
|
3
|
3
|
10
|
|
Building Industry
|
1
|
1
|
0
|
2
|
3
|
7
|
|
Bed & Breakfast
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1
|
1
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0
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2
|
3
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7
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(3) Now total up the numbers. Here are some tips for making sense of the numbers and for narrowing your list of business possibilities:
· eliminate any of your ideas that scored less than a total of 10
· eliminate any idea that did not score at least a 2 in every category
· eliminate any idea that did not score at least a 3 in the uniqueness category
How many ideas are left? If the answer is “none,” then you need to use the list to identify where you need to improve and you need to develop a strategy for raising the “1’s” to “2’s” or “3’s.” If the answer is “more than one,” you have a pleasant dilemma: a choice of which business to start. If the answer is “one,” you may have just found the business that’s perfect for you.
North American Industry Classification System
445110 Supermarkets and Other Grocery (except Convenience) Stores
This industry comprises establishments generally known as supermarkets and grocery stores primarily engaged in retailing a general line of food, such as canned and frozen foods; fresh fruits and vegetables; and fresh and prepared meats, fish, and poultry. Included in this industry are delicatessen-type establishments primarily engaged in retailing a general line of food.
Assignment #3 - Is your business idea feasible?
Assignment #4 - Conduct a SWOT analysis of your current situation
Assignment #5 - Competition Worksheets
Fill-out page 5-29 (read 5-31 - 5-32)
Grocery Store
Definition of the Market
Business Plan
Pg. 6-16, Q1-16 & Pg. 6-20, Q21-32
1.
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New
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Growing
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Mature
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Declining
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Industry
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Competition
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Company
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Product or Service
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- Grocery
- Bakery
- Catering
- Delivery
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2. Distribution and selling of products is through the store and on-line purchasing can be explored.
3. The community of Nemaska and transients (sandwich or hot meals when restaurant is closed or for people on the go).
4. No commissions or discount schedules. Is this bad?
5. Exclusive distribution rights would apply to selling bakery goods. If special recipe is used there would be no exclusive distribution rights. If the recipe is good for bakery or sandwich then it would affect sales in a positive way.
6. Seasonal impacts would be community gatherings or special regional gatherings.
7. Distributor will be selected by price, distance and accessibility.
- a) 20+
b) Anybody
c) Female and male
e) Have to be hungry and mature
- b) Business or educational entities such as the school and band office for their many gatherings such as the Christmas festivities and old Nemaska gatherings.
- The school or band office could take commitments if the right people are approached.
- Regular flyers or on-site promotion.
- Radio could be one advertisement vehicle. Community is small and word or mouth or awareness of delivery of fresh produce could be one way.
- Signs at the store (if any).
- No other competitor.
- New competition.
21. The basic products such as eggs and bread and fresh produce could be greater than supply. Data is based on questions asked from clients.
22. a) The need is there.
b) More families
c) Population growth
d) More families
23. a) A population boom and more entities located in the community or addition of a regional entity in the community.
b) Stable population and no increase in activities in the business or public sector.
c) Better and regular transportation to the community and an increase in the population.
24. Good political atmosphere and promotion of businesses in the community.
25. a) Nemaska General Store
b) Maxi (Chibougamou 318 km away)
c) Bonchoix (Matagami 400 km away)
26.
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A
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B
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C
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D
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Market share
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4
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1
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2
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2
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Price
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4
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1
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3
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2
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Profits
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4
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1
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2
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2
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Quality
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4
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1
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2
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2
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R & D
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4
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1
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2
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2
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Reputation
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4
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1
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2
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2
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Sales
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4
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1
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2
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2
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Services
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4
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1
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2
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2
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Other
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27.
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A
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B
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C
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D
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Aggressive, no holds barred, cut-throat
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4
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1
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3
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3
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Hold your own, maintain, react, price cut response
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4
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1
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3
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3
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Follow the leader, buy non-aggressive
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1
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4
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3
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3
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No competitive action or response
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1
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4
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4
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4
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28.
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A
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B
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C
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D
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High degree
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Moderate degree
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Low degree
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Almost never
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29. My pricing policies will depend on transportation and product loss. I would try to recuperate my losses.
30.
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A
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B
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C
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D
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Higher
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Lower
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same
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31. My prices would be higher than my external competitors mainly because of population, distance and accessibility of products. It would be the same as the local competitor but selling must be more aggressive with advertising.
32. a) If new and local competitor cannot access it or is late price could be high.
b) If the quality is good and the need is there the price could be high but not to the point of robbery.
c) The warranty or dates will be respected. No selling of outdated products. It can kill the business.
d) The service will be must match the product. Stand by your product and if it is defective or sour replace it or reimburse (not like other companies who hold on to your money and ask you to purchase something else in the store).
e) On schedule so products are fresh as possible.
General Company Description
The type of business that I would like to start is a grocery business. The NAICS code is 445110 Supermarkets and Other Grocery (except Convenience) Stores. The North American Industry Classification System states that:
“This industry comprises establishments generally known as supermarkets and grocery stores primarily engaged in retailing a general line of food, such as canned and frozen foods; fresh fruits and vegetables; and fresh and prepared meats, fish, and poultry. Included in this industry are delicatessen-type establishments primarily engaged in retailing a general line of food. “
I would like to provide a variety of options for the community members such as a bakery so people can purchase fresh bread or order birthday cakes for celebrations or office parties. A consciousness for the health and well being of the clients will be kept in mind. A little bit or more of what people are accustomed to when they go to a store in a town will be introduced. The store will keep up with the times and be on the look out for the latest products.
The mission of the Grocery Store is to provide a service to the community with the needs of the customers as a top priority. You are number one and a very important person to me. The health, well-being, needs and satisfaction of the customer will be the driving and guiding force of the grocery. People will be survey as to what they would like to see on the shelves and if they have any preference in terms of products. No demand will be too big.
In five years from now the grocery store will be on solid ground and have loyal customers because of the stores win-win philosophy. The first year will be a planning process where the venture will be researched to see if it is feasible. During this period I will re-establish my credit rating in order to be eligible for loans from the bank or other sources. In two years from now I would like to have the store constructed and all suppliers identified for the completion date. In two and a half years the doors of the business will open and the beginning of establishing a loyal customer base. I will have a satisfied customer that does not need the need to hop in their vehicles and purchase groceries in a town a couple of a hundred kilometers away. Customers will be happy with the products in Ted’s Grocery. In five years I wish to pay-off all my loans and start thinking of other ventures.
A win-win philosophy is important with the grocery store and the client. Customer satisfaction is number one and will be the philosophy of the business.
I will be marketing my products for the housewife since statistics say that women are still the home economists. However, we are living in a changing world where traditions are changing and men also have to be home economists so ready to eat products will also have to be available. Local entities will also be in the market for my products and this will assisted them in their gatherings. Food and services are always a must in meetings and gatherings. If you want people to show up, feed them!
The target audience is the community members and the public entities of Nemaska. The Cree Nation of Nemaska, the Cree School Boardthe Cree Regional Authority, the Cree Health Board, Nemaska Eenou Companee, Cree Construction and Hydro- Quebec will be the target audiences.
I will be in the retail trade industry and it is a growth industry. In these changing times within the culture of natives, diets must also change and therefore I foresee more people relying on retail food as opposed to traditional country food. However, this will be on the long term but there is evidence that more young people are accustomed to the changing times and these changes must be met and accommodated. My business will be ready to step into the 21st Century and meet the needs of changes in culture.
My most important company trade is adaptability and managerial experience. I have worked as a supervisor and work in the public education sector with support staff and teachers. I have worked with unionized employees and know what kind of demands can come. I know how to adapt and adjust to meet the present realities. I like to work with modern technology and have the ability and discipline to stay on course once all my tools are in place.
For the time being I will be a sole proprietor and be the decision maker of the business. During this process I will study other options of what other legal form of ownership would be advantages for customers and my family. I am open-minded and ready for other positive suggestions.
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