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Entrepreneurship

Lesson Three. Entrepreneurship. Vocabulary. Opportunities Ideas Discovery Invention Patent Trade Shows. Opportunities – are possibilities that arise from existing conditions Ideas – are thoughts or concepts that come from creative thinking. Look for Ideas. Hobbies Interests

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Entrepreneurship

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  1. Lesson Three Entrepreneurship

  2. Vocabulary • Opportunities • Ideas • Discovery • Invention • Patent • Trade Shows

  3. Opportunities – are possibilities that arise from existing conditions • Ideas – are thoughts or concepts that come from creative thinking Look for Ideas

  4. Hobbies Interests Past Experiences Discovery Invention Sources for Ideas

  5. Hobbies & Interests • Make a list of hobbies and interests to help you decide what business is right for you.

  6. Past Experiences • Analyze experiences, jobs • Marketing ideas – observed • Network of customers • On-the-job training

  7. Discovery or Invention • Research • Patent • Who is the competition • What’s the manufacturing process • Who is the target market

  8. Sources of Information • Books • Magazines • Trade magazines • Government publications • Internet • Library • Small Business Administration • Network with entrepreneurs • Trade shows

  9. Compare Opportunities • Is there a market in my community? • Will people buy my product/service? • How much money would it take to start up? • Will I be able to borrow the money? • How many hours a week am I going to work? • Am I willing to commit that time? • What are the risks? • What is the rate of failure for this type of business? • How much money could I make in this business?

  10. Set Goals

  11. Financial goals • Set before starting business • Realistic • SMART goals are best

  12. Nonfinancial goals • Personal satisfaction • Community need • Personal independence

  13. Type a thoughtful response to each item. Use the best grammar you can. In terms of annual income, what financial goals have you set for yourself for five years after you graduate? What nonfinancial goals have you set that you could fulfill by becoming an entrepreneur? Are financial or nonfinancial goals more important to you? Why? Assignment

  14. Opportunities – possibilities that arise from existing conditions. Ideas – thoughts or concepts that come from creative thinking Discovery - to make known or visible Vocabulary

  15. Invention - something invented: such as a useful new device or process Patent -protected by a trademark or a brand name so as to establish proprietary rights analogous to those conveyed by letters patent or a patent Trade Shows - a large exposition to promote awareness and sales of especially new products within an industry Vocabulary - continued

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