An Exploration Of Entrepreneurship
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Transcript of An Exploration Of Entrepreneurship
An Exploration of Entrepreneurship
Coleman Foundation Entrepreneurship Awareness and Education Grant
Coleman Foundation Entrepreneurship Awareness and Education Grant
Instructor's Manual
By Nancy Stanforth and Glenn Muske
Thank YouThank You
The Authors would like to Thank the Coleman Foundation for their
support in this project.
Exploration of Entrepreneurship
A two part career exploration for non-business students
Part 1- Turning Your Passion Into a Career
Part 2- Making a Living From Your Passion
Hear Entrepreneurs talk about their business
Entrepreneur BiographiesEntrepreneur Biographies
Blakely Brent
Dan Jenny
Complete set of slides and teacher notes
Also includes
Student manual
Activities
Instructor resources
Part 1Turning Your Passion Into a Career
• Qualifications and Characteristics of Entrepreneurs
• Opportunity Spotting• Business Profiles and Plans• Product/Service Development• Advertising and Promotion
Unit 1Qualifications and Characteristics of
Entrepreneurs
You as an Entrepreneur
Traits, Characteristics and Desires
Personal Passion
• The freedom to pursue personal passion leads many to start businesses.
Entrepreneurship
One who assumes the
responsibility and the risk for
a business operation with the
expectation of making a profit.
Ownership
Goals, Objectives & Risks
Many entrepreneurs start a business for a simple reason:
They want to run things their own way. Wall Street Journal, November 22, 1991
Unit 2Opportunity Spotting
Opportunity Spotting
Using market analysis and identified niches
to find the opportunity
Market Research
• Gather info from current and/or future customers
• Read-look for issues– Newspapers– Magazines– Trade journals
Opportunity Spotting
What you need to know!
Unit 3Business Profiles and Plans
Resource
• any thing or quality that is useful
• used to develop sustainable competitive advantage
• heterogeneous & immobile– you have them, others cannot easily get
them
First Challenge
Vision statement
Mission statementQuality
Value
Service
““The quickest way to make The quickest way to make a fortune is to sell people a fortune is to sell people
something they want.”something they want.”
Unit 4Product/Service Development
The biggest competitor to your product is other ways that consumers may choose to
spend their money.
Protecting Intellectual Property
Important to protect a unique idea
Issue is which kind of protection is needed?
Product Development
• should serve its intended purpose well
• should be built right
• intended market segment considered.
Customer Support
• Whatever it takes!
• Satisfy the customers' practical needs.
Unit 5Advertising and Promotion
Positioning your business
Finding the promotional niche
What are you trying to accomplish?
• Awareness• Remind• Reinforce• Educate
Reinventing your firm
• Today’s strategy is out-dated in a short period of time
• Must constantly reinvent
Risk“Assumes the risks and rewards”
Part 2 Making a Living From Your Passion
• Management Decisions\Business Planning
• Business Structure and Legalities• Great Employees• Service/Merchandise Plan• Financial Management
Unit 1Management Decisions
Organizational Organizational Culture and EthicsCulture and Ethics
An Introduction
It’s how WE do things It’s how WE do things around here!around here!
Creating the Organization
Unit 2Business Planning
The Business Plan
“A business without a plan is like a ship without a rudder. Whichever
way the wind blows is the way you'll go.“
Author Unknown
Customer Service Plan
How will you meet customer needs?
Benefits of Effective Customer Service
• Decrease stress
• Improve efficiency
• Longevity
Unit 3Business Structure and Legalities
Forms of Ownership
Sole Proprietor
Partners
Corporation
Franchise
Limited Liability Company
Business Legalities
Issues
• Business Name
• Licensing and
permits
• Taxes
• Contracts
• Intellectual property
5 Areas of Intellectual Property
• Patents • Trademark
• Copyright
• Trade Secret
• Trade Dress
Unit 4Great Employees – A Key Business
Factor
Assembling the Team
The most important task
Rule #1
The best employees go to
the entrepreneur who takes
the most trouble to find them.
Employee Supervision
Unit 5Service/Merchandise Plan
Merchandising
Key element is to develop a merchandise plan
Price & Value
Strategies for Entrepreneurs
Pricing for Profit!
Unit 6Financial Management
Financial Record-KeepingFinancial Record-Keeping
Statements and ForecastsStatements and Forecasts
Basic Financial Reports
• Income Statement Performance
• Balance Sheet Position
• Cash Flow StatementFlow
Financing a Small Business