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Learn about current trends that provide opportunities for entrepreneurs, where to find business ideas, and how to recognize and seize opportunities in today's market.

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  1. PowerPoint Presentation • Section 3.1 • Pages 35-42

  2. 3.1Understanding Entrepreneurial Trends What you’ll learn • Current trends that provide opportunity for entrepreneurs • Where to look for business ideas • How to recognize opportunity

  3. 3.1Understanding Entrepreneurial Trends Why it’s important • Business owners must constantly look for new products to satisfy their customers.

  4. 3.1Understanding Entrepreneurial Trends Why it’s important • Business owners must find new ways to stay ahead of the competition.

  5. 3.1Understanding Entrepreneurial Trends Why it’s important • Recognizing new opportunities and thinking creatively is essential for success in today’s market.

  6. 3.1Understanding Entrepreneurial Trends Key Terms outsource strategic alliances innovation demographics trade magazines specialty magazines trade shows

  7. 3.1Understanding Entrepreneurial Trends Springboard List some products and services that have changed over time to stay ahead of the competition. ?

  8. 3.1Understanding Entrepreneurial Trends I. LOOKING AT TRENDS A. The entrepreneurial process involves planning, gathering, and making decisions about opportunities.

  9. 3.1Understanding Entrepreneurial Trends B. First, identify a business opportunity.

  10. 3.1Understanding Entrepreneurial Trends II. SOME CURRENT ENTREPRENEURIAL TRENDS A. The growth of home-based businesses B. A focus on information

  11. 3.1Understanding Entrepreneurial Trends C. Increased emphasis on outsourcing D. New kinds of strategic alliances

  12. 3.1Understanding Entrepreneurial Trends III. MORE HOME-BASED BUSINESSES A. There are currently over 41 million home-based businesses. This number is expected to double in 10 years.

  13. 3.1Understanding Entrepreneurial Trends B. Examples of home-based businesses include: 1. Corporate tax consultant 2. Business-plan writer 3. Desktop video producer 4. Employee trainer

  14. 3.1Understanding Entrepreneurial Trends C. 20 percent of all entrepreneurs operating from home have earnings of between $100,000 and $500,000.

  15. 3.1Understanding Entrepreneurial Trends D. The average annual income of an entrepreneur in a home-based business is $50,000 to $60,000.

  16. 3.1Understanding Entrepreneurial Trends IV. FOCUS ON TECHNOLOGY A.Technology provides a strong competitive advantage for the business owner.

  17. 3.1Understanding Entrepreneurial Trends B. Many small companies use the Internet to compete with much larger companies.

  18. 3.1Understanding Entrepreneurial Trends V. BUSINESS OPPORTUNITIES FROM POPULAR TRENDS A. There are new industries that didn’t exist five years ago.

  19. 3.1Understanding Entrepreneurial Trends B. The secret to finding a new business opportunity is the ability to see them before everyone else does.

  20. 3.1Understanding Entrepreneurial Trends C. Business opportunities can be found in popular trends. 1. Fitness and health 2. Indulgence goods 3. Ethnic products

  21. 3.1Understanding Entrepreneurial Trends VI. OUTSOURCING A. Many entrepreneurs outsource, or contract with other companies for service.

  22. 3.1Understanding Entrepreneurial Trends B. Outsourcing provides opportunities for entrepreneurs to supply services to other companies.

  23. 3.1Understanding Entrepreneurial Trends Reinforcement List products and services that a school might outsource. What are the advantages and disadvantages? ?

  24. 3.1Understanding Entrepreneurial Trends VII. STRATEGIC ALLIANCES A. A partnership between more than one company is called a strategic alliance.

  25. 3.1Understanding Entrepreneurial Trends B. A small company may form an alliance with a larger company to supply them with a product or service.

  26. 3.1Understanding Entrepreneurial Trends VIII. LEARNING TO RECOGNIZE OPPORTUNITY A. Creative ideas turn into opportunities.

  27. 3.1Understanding Entrepreneurial Trends B. Creativity is the activity that results in innovation, which is finding new ways of doing things.

  28. 3.1Understanding Entrepreneurial Trends IX. THINKING CREATIVELY ABOUT OPPORTUNITY There are many ways to activate creativity.

  29. 3.1Understanding Entrepreneurial Trends 1. Think outside the square. 2. Go from here to there. 3. Work on unrelated items.

  30. 3.1Understanding Entrepreneurial Trends Discussion Starter List the places where you were when you had a good idea. ?

  31. 3.1Understanding Entrepreneurial Trends X. CREATIVE SOURCES OF IDEAS Ideas can come from anywhere at anytime. A. Start people watching.

  32. 3.1Understanding Entrepreneurial Trends B. Watch for demographic changes. Demographics are the characteristics of human populations and population segments, especially when used to identify consumer markets.

  33. 3.1Understanding Entrepreneurial Trends C. Become an insatiable reader.

  34. 3.1Understanding Entrepreneurial Trends Critical Thinking Name some products for which age, race, or religion might be important demographic information to have. ?

  35. 3.1Understanding Entrepreneurial Trends XI. CONSIDER YOUR OWN EXPERIENCES Options from within your own experience are the easiest to identify and are excellent sources of opportunity.

  36. 3.1Understanding Entrepreneurial Trends XII. HOBBIES A. Hobbies can be turned into successful ventures. B. Evaluate pastimes in terms of business potential.

  37. 3.1Understanding Entrepreneurial Trends XIII. WORK Experiences in the workplace can be a source of ideas for business opportunities.

  38. 3.1Understanding Entrepreneurial Trends Discussion Starter Describe the changes you’ve seen in technology in your lifetime. How will these changes affect the future? ?

  39. 3.1Understanding Entrepreneurial Trends Math Problem Your business had $400,000 in sales. 35% was in the hobbies product line. What were your hobby line sales? ?

  40. 3.1Understanding Entrepreneurial Trends XIV. CONSULT OUTSIDE SOURCES Look at people, places, and things in the business community for business ideas, but don’t lose sight of your goals.

  41. 3.1Understanding Entrepreneurial Trends A. Trade magazines B. Specialty magazines C. Newspapers D. Trade shows E. Internet F. Government agencies

  42. End of Section 3.1 3.1Understanding Entrepreneurial Trends

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