An Exploration Of Entrepreneurship

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  • An Exploration Of Entrepreneurship

    1. 1. An Exploration of Entrepreneurship Coleman Foundation Entrepreneurship Awareness and Education Grant Instructor's Manual By Nancy Stanforth and Glenn Muske
    2. 2. Thank You The Authors would like to Thank the Coleman Foundation for their support in this project.
    3. 3. Exploration of Entrepreneurship <ul><li>A two part career exploration for non-business students </li></ul><ul><li>Part 1- Turning Your Passion Into a Career </li></ul><ul><li>Part 2- Making a Living From Your Passion </li></ul>
    4. 4. Hear Entrepreneurs talk about their business
    5. 6. Complete set of slides and teacher notes Also includes Student manual Activities Instructor resources
    6. 7. Part 1 Turning Your Passion Into a Career <ul><li>Qualifications and Characteristics of Entrepreneurs </li></ul><ul><li>Opportunity Spotting </li></ul><ul><li>Business Profiles and Plans </li></ul><ul><li>Product/Service Development </li></ul><ul><li>Advertising and Promotion </li></ul>
    7. 8. Unit 1 Qualifications and Characteristics of Entrepreneurs
    8. 9. You as an Entrepreneur Traits, Characteristics and Desires
    9. 10. Personal Passion <ul><li>The freedom to pursue personal passion leads many to start businesses. </li></ul>
    10. 11. Entrepreneurship <ul><li>One who assumes the </li></ul><ul><li>responsibility and the risk for </li></ul><ul><li>a business operation with the </li></ul><ul><li>expectation of making a profit. </li></ul>
    11. 12. Ownership <ul><li>Goals, Objectives & Risks </li></ul>
    12. 13. <ul><li>Many entrepreneurs start a business for a simple reason: They want to run things their own way. Wall Street Journal, November 22, 1991 </li></ul>
    13. 14. Unit 2 Opportunity Spotting
    14. 15. Opportunity Spotting Using market analysis and identified niches to find the opportunity
    15. 16. Market Research <ul><li>Gather info from current and/or future customers </li></ul><ul><li>Read-look for issues </li></ul><ul><ul><li>Newspapers </li></ul></ul><ul><ul><li>Magazines </li></ul></ul><ul><ul><li>Trade journals </li></ul></ul>
    16. 17. Opportunity Spotting What you need to know!
    17. 18. Unit 3 Business Profiles and Plans
    18. 19. Resource <ul><li>any thing or quality that is useful </li></ul><ul><li>used to develop sustainable competitive advantage </li></ul><ul><li>heterogeneous & immobile </li></ul><ul><ul><li>you have them, others cannot easily get them </li></ul></ul>
    19. 20. First Challenge <ul><li>Vision statement </li></ul><ul><li>Mission statement </li></ul><ul><li>Quality </li></ul><ul><li>Value </li></ul><ul><li>Service </li></ul>
    20. 21. <ul><li>“ The quickest way to make a fortune is to sell people something they want.” </li></ul>
    21. 22. Unit 4 Product/Service Development
    22. 23. <ul><li>The biggest competitor to your product is other ways that consumers may choose to spend their money. </li></ul>
    23. 24. Protecting Intellectual Property <ul><li>Important to protect a unique idea </li></ul><ul><li>Issue is which kind of protection is needed? </li></ul>
    24. 25. Product Development <ul><li>should serve its intended purpose well </li></ul><ul><li>should be built right </li></ul><ul><li>intended market segment considered. </li></ul>
    25. 26. Customer Support <ul><li>Whatever it takes! </li></ul><ul><li>Satisfy the customers' practical needs. </li></ul>
    26. 27. Unit 5 Advertising and Promotion
    27. 28. Positioning your business Finding the promotional niche
    28. 29. What are you trying to accomplish? <ul><li>Awareness </li></ul><ul><li>Remind </li></ul><ul><li>Reinforce </li></ul><ul><li>Educate </li></ul>
    29. 30. Reinventing your firm <ul><li>Today’s strategy is out-dated in a short period of time </li></ul><ul><li>Must constantly reinvent </li></ul>
    30. 31. Risk <ul><li>“ Assumes the risks and rewards” </li></ul>
    31. 32. Part 2 Making a Living From Your Passion <ul><li>Management DecisionsBusiness Planning </li></ul><ul><li>Business Structure and Legalities </li></ul><ul><li>Great Employees </li></ul><ul><li>Service/Merchandise Plan </li></ul><ul><li>Financial Management </li></ul>
    32. 33. Unit 1 Management Decisions
    33. 34. Organizational Culture and Ethics An Introduction
    34. 35. It’s how WE do things around here!
    35. 36. Creating the Organization
    36. 37. 80% 20% Rule
    37. 38. Unit 2 Business Planning
    38. 39. The Business Plan “ A business without a plan is like a ship without a rudder. Whichever way the wind blows is the way you'll go.“ Author Unknown
    39. 40. Customer Service Plan How will you meet customer needs?
    40. 41. Benefits of Effective Customer Service <ul><li>Decrease stress </li></ul><ul><li>Improve efficiency </li></ul><ul><li>Longevity </li></ul>
    41. 42. Unit 3 Business Structure and Legalities
    42. 43. Forms of Ownership Sole Proprietor Partners Corporation Franchise Limited Liability Company
    43. 44. Business Legalities
    44. 45. Issues <ul><li>Business Name </li></ul><ul><li>Licensing and permits </li></ul><ul><li>Taxes </li></ul><ul><li>Contracts </li></ul><ul><li>Intellectual property </li></ul>
    45. 46. 5 Areas of Intellectual Property <ul><li>Patents </li></ul>   <ul><li>Trademark </li></ul><ul><li>Copyright </li></ul><ul><li>Trade Secret </li></ul><ul><li>Trade Dress </li></ul>
    46. 47. Unit 4 Great Employees – A Key Business Factor
    47. 48. Assembling the Team The most important task
    48. 49. Rule #1 <ul><li>The best employees go to the entrepreneur who takes the most trouble to find them. </li></ul>
    49. 50. Employee Supervision
    50. 51. Unit 5 Service/Merchandise Plan
    51. 52. Merchandising Key element is to develop a merchandise plan
    52. 53. Price & Value Strategies for Entrepreneurs
    53. 54. Pricing for Profit!
    54. 55. Unit 6 Financial Management
    55. 56. Financial Record-Keeping Statements and Forecasts
    56. 57. Basic Financial Reports <ul><li>Income Statement  Performance </li></ul><ul><li>Balance Sheet  Position </li></ul><ul><li>Cash Flow Statement  Flow </li></ul>
    57. 58. Financing a Small Business

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