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Today

Today. Day 1 – Entrepreneurship Fundamentals Southern Entrepreneurship Program Objectives State Entrepreneurship Curriculum What is Entrepreneurship? STAR Profile Recognizing Opportunity Building Local Coalitions Building Business Plans Assessment.

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Today

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  1. Today • Day 1 – Entrepreneurship Fundamentals • Southern Entrepreneurship Program Objectives • State Entrepreneurship Curriculum • What is Entrepreneurship? • STAR Profile • Recognizing Opportunity • Building Local Coalitions • Building Business Plans • Assessment

  2. Mississippi Department of Education – Entrepreneurship Curriculum Master Teacher of Entrepreneurship

  3. Units and Hours Per Unit • Unit 1 – Introduction and Orientation – 5 • Unit 2 – Entrepreneurial Skills – 5 • Unit 3 – Ready Skills: Business Foundations and Communication Skills – 10  • Unit 4 – Ready Skills: Economics  – 15 • Unit 5 – Ready Skills: Financial Literacy  – 15 • Unit 6 – Ready Skills: Professional Development  – 5

  4. Units and Hours Per Unit • Unit 7 – Business Functions: Financial Management  – 10 • Unit 8 – Business Functions: Human Resource Management  – 10 • Unit 9 – Business Functions: Marketing Management – 10 • Unit 10 – Business Functions: Operations Management  – 10   • Unit 11 – Business Functions: Strategic Management  – 10   • Unit 12 – Business Plan  – 25 • Teacher Selected Curriculum Activities - 10  

  5. Today • Day 1 – Entrepreneurship Fundamentals • Southern Entrepreneurship Program Objectives • State Entrepreneurship Curriculum • What is Entrepreneurship? • STAR Profile • Recognizing Opportunity • Building Local Coalitions • Building Business Plans • Assessment

  6. What is entrepreneurship? Master Teacher of Entrepreneurship

  7. What is Entrepreneurship? • Differences between employees and entrepreneurs • Entrepreneurs are often both owners and employees • They are responsible for the success or failure of their businesses • Think like an entrepreneur • Listen to others • Observe what successful businesses do and do well • Think – analyze the problem and what service can solve it

  8. Big and Small Businesses • Big businesses are defined by the US Small Business Administration (SBA) as having over 100 employees • Most of the worlds businesses are small businesses • In Mississippi, the majority of the businesses and workers in the State are employed by small businesses

  9. Profit • Businesses must make a profit to stay in business • Profit is a sign that the entrepreneur is adding value to the market • Fight over scarce resources

  10. The Economic Question • What should be produced? • How will it be produced? • Who gets to have what is produced? • Capital • Capitalism • Economy

  11. The Economy • Voluntary exchange • Free trade system • Benefits of free enterprise • Rewards must outweigh costs • Profit may not be only important reward • Entrepreneurs can view change as opportunity • Change in the economy (tastes, preferences, technology, trends, real estate values, etc.)

  12. Why Be an Entrepreneur? • Disadvantages • Business failure - responsibility • Obstacles • Loneliness • Financial insecurity • Long hours/hard work

  13. Why Be an Entrepreneur? • Advantages • Control over time • Creative fulfilling time • Opportunity to create great wealth • Control over compensation • Pay yourself a salary • Pay yourself a wage • Take a dividend • Take a commission • Control over working conditions • Self-evaluation • Participation in an international community • Opportunities to help one’s community

  14. Being an Entrepreneur • Profit is the reward for satisfying a customer need • Ownership is the key to wealth • Long-term wealth • Residual income • Exit strategy • Living a life you will love • Wealth • Influence • Control • Guarantees?

  15. Characteristics of the Successful Entrepreneur Master Teacher of Entrepreneurship

  16. Characteristic Considerations • What kind of people become entrepreneurs? • The entrepreneur needs energy

  17. Characteristics of the Successful Entrepreneur • Adaptability • Competitiveness • Confidence • Drive • Honesty • Organization • Persuasiveness • Discipline • Perseverance • Risk taking • Understanding • Vision

  18. Final Thoughts • Entrepreneurs are optimists – Positive Mental Attitude

  19. Today • Day 1 • Southern Entrepreneurship Program Objectives • State Entrepreneurship Curriculum • What is Entrepreneurship? • STAR Profile • Recognizing Opportunity • Building Local Coalitions • Building Business Plans • Assessment

  20. STAR profile Master Teacher of Entrepreneurship

  21. STAR Profile • Talents • Hobbies and Interests • Strengths • Motivation • Hero(es) • Mentor(s)

  22. STAR Profile • Goals • Ideal Career • Description of Self • Craziest Thing Ever Done • Top 5 Things Before You Die

  23. Today • Day 1 – Entrepreneurship Fundamentals • Southern Entrepreneurship Program Objectives • State Entrepreneurship Curriculum • What is Entrepreneurship? • STAR Profile • Recognizing Opportunity • Building Local Coalitions • Building Business Plans • Assessment

  24. Opportunity Recognition Master Teacher of Entrepreneurship

  25. Opportunities • Where others see problems, entrepreneurs recognize opportunities • Hurricanes, BP Spill, ? • Anita Roddick – The Body Shop • Look at problems to see opportunities • DREAM!!! • What has always bothered you? • Have you thought of a way to fix it? • Use your imagination to create opportunities

  26. Ideas are not Necessarily Opportunities • Opportunities are based on what consumers want • Consumer need? • Will it work in your community? • Resources and skills • Supply the product • Sustainable? • Window of opportunity • Get it up and running before window closes

  27. Changing Trends • Changing trends are also opportunities • Russell Simmons – Def Jam • “There’s an App for that”

  28. 10 Rules of Building Successful Businesses 1. Recognize an opportunity 2. Evaluate it with critical thinking 3. Write a business plan 4. Build a team 5. Gather resources 6. Decide ownership 7. Keep good financial records 8. Stay aware 9. Keep satisfying consumer needs 10. Create wealth

  29. 6 Roots of Opportunity 1. Problems 2. Changes 3. Inventions 4. Competition 5. Technological advances 6. Unique knowledge • Business formation opportunities • Your friends

  30. Cost/Benefit Analysis • Every opportunity requires investment • Discussed on next slide • Costs • Benefits • Decision

  31. Opportunity Cost • Definition: Cost of your next big investment • The value of the next best alternative foregone • Army • Training • Travel • Money for college • Delay college • Loss of opportunity to make money • The Value of Your Time • “Opportunity Lost”

  32. Opportunity RecognitionFinal Thoughts • Apply cost/benefit analysis to personal decisions • Education only seems expensive • SWOT Analysis • Strengths • Weaknesses • Opportunities • Threats • Broaden your mind

  33. Today • Day 1 – Entrepreneurship Fundamentals • Southern Entrepreneurship Program Objectives • State Entrepreneurship Curriculum • What is Entrepreneurship? • STAR Profile • Recognizing Opportunity • Building Local Coalitions • Building Business Plans • Assessment

  34. Building Local Coalitions Laying A Foundation for Entrepreneurial Success

  35. Purpose • The purpose of this exercise is to develop a list of contacts and potential partners to participate in the local entrepreneurial coalition

  36. Justification • In any community/region, there are individuals and entities that are effective in starting, sustaining, and stopping development projects • The three S’s • Understanding who those entities are is critical for building a successful local entrepreneurial coalition as these entities often represent government, business, and civic organizations

  37. Brainstorming • Spend a few minutes brainstorming as a group potential entities without becoming overly specific as to key individuals in those organizations • Next, conduct the formal development of the Community Coalition Affiliation and Resources list

  38. The Exercise • Split the group into smaller groups of 3-5 individuals • Ask each team to write a list of all individuals/groups that are effective at starting, sustaining, and stopping development projects • Ask the teams to get as specific as possible • Encourage the teams to denote leaders within the organizations if so listed

  39. The Exercise • If individuals represent different locales, group the teams according to the locales • Provide 10-15 minutes to conduct this exercise • Bring the group back together and encourage a representative from each group to share their list • Note organizational types listed

  40. The Exercise • Compare listings across groups to compile a master list • Note the duplications listed

  41. Constructing Action Plans • What is the best course of action for contacting and inviting list members to participate in the coalition formation? • When will the initial meeting take place? • Where will the meeting take place?

  42. Constructing Action Plans • Who will contact the list members and make arrangements for the meeting place? • How will the meeting progress? • Why this strategy and not another?

  43. Synopsis • It is expected that there will be more questions than answers at this phase of the development of the community coalition • However, local ownership is key to sustainability, and it is therefore critical that the initiative be driven at the local level

  44. Synopsis • Carefully examine the development trajectory of the group to determine that they are inclusive and representative of the community/region and its members • This will increase the likelihood of sustainability of the initiative

  45. Key Components of a business plan Road Map to Business Success

  46. Importance of a Business Plan • Living document • Road map

  47. Building a Successful Business Plan • Requires developing a detailed description of what your business will do • Requires vision for how the business will grow • Requires careful research • Requires developing projections for return on investment (ROI) • Should be a living document

  48. Aspects of the Successful Business Plan • Identifies • Legal structure • Ownership • Hours of operation • Location • The product or service • Benefits sold • Differentiation of product or service • Business start date

  49. Aspects of the Successful Business Plan • Identifies • How product is made • Major materials needed • Key suppliers • Backup suppliers • Distribution strategy • Pricing strategy • Selling terms • Licensing requirements

  50. Aspects of the Successful Business Plan • Identifies • Industry restrictions or regulations • Market trends • Typical customer • Location of customer • Size of market • Largest/most profitable customer • Competitors and their strengths and weaknesses • Competitive advantage

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