EXPLORING Ideas and Opportunities

EXPLORING Ideas and Opportunities

Entrepreneurship

Unit 11, Lesson 1

Entrepreneurship

Unit 11, Lesson 1

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2013. All Rights Reserved.

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Look for IdeasLook for Ideas

• Opportunities - Possibilities that arise from existing conditions

• Ideas - Thoughts or concepts that come from creative thinking

• Hobbies and Interests• Past Experiences• Discovery or Invention

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Investigate OpportunitiesInvestigate Opportunities

• Compare Different Opportunities– Is there a market in my community for this

kind of business?– How much money will it take to start this

business?– How many hours a week will I have to work to

run this business?

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Investigate Opportunities(continued)

Investigate Opportunities(continued)

• Compare Different Opportunities– Does my background prepare me to run this

kind of business?– How much money will I make running this

business?– What are the risks associated with this

business?

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Agency, 2013. All Rights Reserved.

Setting GoalsSetting Goals

• Set specific financial goals before starting a business.

• Goals should be measurable and easily attainable in the time allotted.

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Non-financial GoalsNon-financial Goals• Money is important; however, it is not the

only reason for running a business.• Non-monetary Reasons for Running a

Business– Gain Personal Satisfaction– Serve a Community Need– Be in Charge

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2013. All Rights Reserved.

AssignmentsAssignments

• Opportunity Assignment #1: Students will define and provide an example of an opportunity from their own life. The student will explain if they acted on this opportunity and what influenced their decision in a one-page typed report.

• Non-financial Rewards Assignment #2:Students will interview entrepreneurs to find out what non-financial rewards are important and why. Then students will prepare a one-page typed report that explains “Top Reasons for Becoming an Entrepreneur.”

•  Letter to the SBA Assignment #3:Students will write a letter to the Small Business Administration. The letter must include the student’s interest in starting a small business, it must be specific about the type of business, and ask what specific services the SBA provides to people who wish to start this type of business.

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2013. All Rights Reserved.