Objectives Describe the role of the entrepreneur
and how entrepreneurs start businesses
Explain how innovative entrepreneurial ventures have impacted society
Key Vocabulary Business Model Business Plan Due Diligence Entrepreneur Executive
Summary Market Research Market Share
Target Market Venture Capital Vetting
Market Opportunity and Entrepreneurial Innovations The world is rapidly changing for all of
you but in different ways Analyze the given scenario Be creative, but realistic
Market Opportunity and Entrepreneurial Innovations Be practical business people that
understand an idea as an opportunity and then go out and create an organization with the necessary human and financial resources to create the value inherent in that idea
Market Opportunity and Entrepreneurial Innovations Discuss and list ideas for new technologies,
products, and services that would address the demands generated by these new market conditions
You will select one of these ideas to develop into a poster describing the value of the idea
Keep in mind such things as market demand, cost of production, and competition.
Market Opportunity and Entrepreneurial Innovations You should be as creative and
outlandish as possible to start and then work as a group to pare down to four or five ideas that the team feels have real potential
Rank your ideas from most to least viable.
Be ready to defend your ranking
Evaluating a New Idea Create a simple table with a header,
divided into four columns and three rows plus a headed row, so that there is equal room to write in each cell
In the header, write “Business Idea,” “Target Market,” “Pros,” and “Cons.”
Evaluating a New IdeaBusiness Idea
Target Market
Pros Cons
Gardener/Catering: company provides gardening and public park clean-up, then uses gathered food to cater parties
Urban market for gardening/public park clean-up services and then city for catering
Company earns money collecting the products that it will sell on to another client (low overhead)
Can’t control menu, labor and capital intensive, lots of opportunity for competition
Evaluating a New Idea Write out a description of top three
ideas under the first column Explain the target market for each of
these ideas under the second column Assess the Pros and Cons of each idea
as a group to help get the best and worst out of each idea
Evaluating a New Idea Charts will be posted around the room
for viewing and critique by all the class What makes entrepreneurs so critical to
the free-market system is not just their ability to come up with new ideas, but their ability to distinguish good ideas from bad ones, and realistic business opportunities from those that are not as promising
Evaluating a New Idea One of the most useful tools in
determining these differences is the process sometimes referred to as peer vetting
Business Idea Peer Review Through peer vetting, you will learn the
value of exposing their ideas to others in order to detect and eliminate weaknesses as well as to strengthen their ability to persuade another important audience: investors
Nominate one group member to stand by your poster to answer questions
Use sticky notes to comment, question, or leave concerns
Business Idea Peer Review Download: Worksheet- Venture Capital
Investor Checklist Entrepreneurs find that bouncing an
idea off trusted friends and colleagues is a great way to assess its viability and sharpen its focus
It is also a great way to clear out unrealistic ideas
Business Idea Peer Review The vetting process in which you are
about to take part only works when the comments are clear, concise, and constructive.
It also helps if they try to avoid redundancy by reading the comments already made and not repeating them
Incorporating Peer Vetting into Business Ideas To review and incorporate peer comments
into the three business ideas using a separate sheet of paper
Go through the comments to determine which of them they can and should address
Teams do not need to respond to all comments
You should be ready to explain why you chose to disregard a comment
Incorporating Peer Vetting Into Business Ideas Write the improved version of the business
idea, its target market, and its pros and cons on a new sheet of chart paper
Order the ideas from most to least promising using the information from the vetting process to help you decide the order
However, you can only choose one idea to create into a poster
Investor Proposal Download: Worksheet- Building a
Business Plan Based on this information transfer key
ideas and concepts from the plan to the poster for potential investors
Posters will be shown to the class and questions about their posters will have to be answered, no more than 5 mins.
Investor Posters Groups reassemble into new groups When looking at the posters of other
teams, you will act as an investor Presenters discuss ideas as a way to get
funding 5 mins to analyze each poster
Investor Posters Which ideas would you invest in? Why?
Has this lesson’s activities made the prospect of launching your own entrepreneurial venture someday more or less likely? Why?
Enrichment Part 1 Pick one famous entrepreneur (e.g., Steve
Jobs, Sean Combs, Vera Wang, Oprah Winfrey) and create a biographical presentation that highlights their entrepreneurial experiences and personality traits that made them successful.
Include your own analysis as to why the highlighted traits and experiences proved important
Enrichment Part 2 Join up with a classmate of my choosing
to combine your Power Points. Compare and contrast your
entrepreneur’s creations and personality types
In your opinions, what made your entrepreneurs successful?
Groups Evan Spiegel & Ellen Elon Musk & Walt
Disney Oprah & Kevin
Systrom Coco Chanel &Mark
Cuban S. Truett Cathy &
Kim Kardashian
Tom Ryan & Beyonce Howard Shultz &
Dale Earnhardt Jr. Rachel Ray & Ken
Black Steve Jobs & Danica
Patrick Vera Wang & Nikola
Tesla
Cross-Curricular Integration Choose a single chapter (or subchapter) from one of your
science textbooks—for example, electromagnetism from physics or virology from biology—and conduct research into entrepreneurial businesses that have been started in this area
The goal is not to focus exclusively on one entrepreneurial venture
Instead, it is to compile a list of companies in that area of science that have turned a field of study that many students consider boring into an exciting profit-generating opportunity
The list should include brief summaries of what each company does and how it relates to the specific aspect of science.
Cross-Curricular Integration Research an invention from the last 200 years
that has changed the way the world works. The term invention: both new products and new ways of doing things. Examples of both of these (products can include the cotton gin, the PC, the radio, the motor car, the Internet, and the television; new ways of doing things (process) can include harnessing steam power for mechanization, the assembly line, just-in-time inventory).
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