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Entrepreneurship pow wow-2014
This document provides an overview of an entrepreneurship merit badge workshop covering the key requirements to start a business. It discusses identifying opportunities, conducting feasibility studies that cover technical, market, financial and human resource factors. Students are challenged to "start" their own business over two weeks by developing an idea, feasibility study, and promotional materials including a written business plan. The workshop emphasizes that entrepreneurship requires passion, vision, preparation and hard work to turn opportunities into successful businesses.
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Entrepreneurship pow wow-2014
- 1. EEnnttrreepprreenneeuurrsshhiipp MMeerriitt BBaaddggee John Gilbert BYU/UVU Merit Badge PowWow
- 2. IInntteerrvviieeww aann EEnnttrreepprreenneeuurr BYU/UVU Merit Badge PowWow Requirement 3
- 3. EEnnttrreepprreenneeuurrsshhiipp • Entrepreneurshipis Applied Scouting • Know Yourself • Opportunity Identification, Evaluation, and Execution: Ready – Fire – Aim BYU/UVU Merit Badge PowWow Requirement 1
- 4. RRoolleess aanndd CCoonnttrriibbuuttiioonnss • Elephant, Mice, and Gazelles • Economic Development – SME represent 99% of all employers and provide 75% of all new jobs. • Providing for People’s Needs • Providing most innovations BYU/UVU Merit Badge PowWow Requirement 1
- 5. CChhaarraacctteerriissttiiccss SSkkiillllss •Passionate • Faith – In self – Others – Ideas • Opportunity Focused • Want CONTROL • Innovative • Always Learning – Reader BYU/UVU Merit Badge PowWow Requirement 2 • Selling • Planning • Communication • Marketing • Interpersonal • Management • Personally Effective • Team Builder • Leadership
- 6. CChhaarraacctteerriissttiiccss SSkkiillllss •Entrepreneurship is not as RISKY as some would have you believe. – Myth – 90% of businesses fail in 5 years • You can systematically improve the probability of your succeeding as an entrepreneur BYU/UVU Merit Badge PowWow Requirement 2
- 7. Requirement 4 OOppppoorrttuunniittyyIIddeennttiiffiiccaattiioonn • N-E-W-S • Every Problem is an Opportunity – Find the angle – Pain, Pleasure BYU/UVU Merit Badge PowWow WOW
- 8. FFiinnddiinngg TThhee OOppppoorrttuunniittiieess && RReedduucciinngg PPaaiinn GGeettttiinngg TThhrroouugghh && AArroouunndd BBaarrrriieerrss BYU/UVU Merit Badge PowWow EEnnttrreepprreenneeuurrsshhiipp iiss bbuuiillddiinngg aa nneeww New Ideas and Competitive Angles ©2002 COPYRIGHT Gary K. Rhoads, bbooxx Steven Mack Covey Professor of Marketing It’s not just thinking outside the box Requirement 4
- 9. Requirement 4 Ninemethods ffoorr nneeww pprroodduucctt ssuucccceessss Method 1. Take something out of your product 2. Put something in your product 3. Answer to consumer gripes 4. Visible difference 5. Make the task easier 6. Use products in a new way 7. Product substitutability 8. Don’t be literal, be creative 9. Look overseas Example Royal Crown removed caffeine Adding fruit juice to soda “Locked my keys in my car” “Same old cereal” Time-consuming oven cooking Phone & MP3 player Cereal substitute for cereal-avoiding teens A healthy Popsicle Healthy Breakfast BYU/UVU Merit Badge PowWow Result First decaffeinated cola Slice Warning bell, OnStar, Keyless Entry Flavoring the O’s in Cheerios Microwaves, Jet Stream Oven, Pre-cooked meals iPhone, Android Total Breakfast Bars, Drink Powders Fruit Juice Bars / Longboard Yoplait Yogurt ©2002 COPYRIGHT Gary K. Rhoads, Steven Mack Covey Professor of Marketing
- 10. With regard totime, here's the latest poop How to Crap On Your Friends for $39.95 (Plus Shipping and Handling) BYU/UVU Merit Badge PowWow ©2002 COPYRIGHT Gary K. Rhoads, Steven Mack Covey Professor of Marketing
- 11. FFeeaassiibbiilliittyy SSttuuddiieess •Business – Technical (Good or Service) – Market – Financial – Human Resources (Personnel) BYU/UVU Merit Badge PowWow Requirement 5
- 12. TTeecchhnniiccaall FFeeaassiibbiilliittyy •Good or Service – Simple – Observable – Understandable BYU/UVU Merit Badge PowWow Requirement 5
- 13. TTaarrggeett CCuussttoommeerr •Who is the Perfect Client? – Demographic – Psychographic – Geographic • How Many Clients Are There? BYU/UVU Merit Badge PowWow Requirement 5
- 14. There are threelevels of a product 1. Product or Service – What it is. 2. Features – What it has. 3. The Benefits – What does it do for my customer. BYU/UVU Merit Badge PowWow Benefits Features Product PPrroodduucctt//SSeerrvviiccee VViissiioonn WWhhaatt aarree wwee sseelllliinngg?? Requirement 5 DDoonn’’tt BBee AA FFeeaattuurree CCrreeaattuurree
- 15. FFiinnaanncciiaall FFeeaassiibbiilliittyy •Questions – Am I going make money? – When will I make money? • Budget – Start-Up Costs & Operating Costs – Fixed Costs & Variable Costs • Financial Model – Profit & Loss Statement – Cash Flows BYU/UVU Merit Badge PowWow Requirement 5
- 16. CCoommppeettiittiivvee AAnnaallyyssiiss •Who are your competitors? – Direct and Indirect • Unique Selling Point (USP) BYU/UVU Merit Badge PowWow
- 17. 660000 550000 440000 330000 220000 110000 SSaalleess TToottaall CCoossttss 1100 2200 3300 5500 6600 BYU/UVU Merit Badge PowWow FFiixxeedd EExxppeennsseess PPrrooffiitt AArreeaa BBrreeaakkeevveenn PPooiinntt LLoossss AArreeaa UUnniitt SSaalleess EExxppeennsseess ((tthhoouussaannddss ooff ddoollllaarrss)) BBrreeaakk EEvveenn AAnnaallyyssiiss ((UUnniittss)) Requirement 5
- 18. FFiinnaanncciiaall FFeeaassiibbiilliittyy •Finding the Money – Personal Savings – Love Money – D &D – Angels • Bootstrapping BYU/UVU Merit Badge PowWow Requirement 5
- 19. HHuummaann RReessoouurrccee FFeeaassiibbiilliittyy • The Entrepreneur’s “SWOT” S – Strengths W – Weaknesses O – Opportunities T - Threats • Mentoring • Outsource BYU/UVU Merit Badge PowWow Requirement 5
- 20. ““SSttaarrtt”” aa BBuussiinneessss • Do a Good Turn Daily – Any service can be turned into a business opportunity • During the next two weeks do the following – Pick an idea & ask others about it • Write about what you are going to do – Do Feasibility Study on idea – Promote your Business • Make promotional materials – “Start” your Business – Bring back Evidence • Written Business Plan BYU/UVU Merit Badge PowWow Requirement 6
- 21. PPrroommoottiioonnaall MMaatteerriiaallss •Item #1 – Promotional Methods • Item #2 – Internet – Social Media • Item #3 - Design a Promotional Poster or Flier BYU/UVU Merit Badge PowWow Requirement 5
- 22. HHoommeewwoorrkk • DoRequirement #4 • Do Requirement #5 – all five sections • Do Requirement #6 – “Start” a business • You can download files from www.AddOptions.org/merit-badge BYU/UVU Merit Badge PowWow
- 23. RReemmeemmbbeerr If yourmind can conceive it, and your heart can believe it, then you can achieve it! BYU/UVU Merit Badge PowWow & An Opportunity is Hard Work and Preparation Mixed with a Vision and Passion
Editor's Notes
- #2 BYU/UVSC Merit Badge PowWow October 25 & November 08, 2014
- #4 Other Merit Badges – Communications, Personal Management, Public Speaking, Salesmanship Entrepreneurs always think they are very smart when they have money, but often they get cocky and need a disaster to remind them how “smart” they really are. Learn from others mistakes Know your strengths and weaknesses. Play to your strengths and team up on your weaknesses. Work Hard & Play Hard A Specialist always beats a Generalist Success and Failure are both highly overrated ADD – Focus is inconsistent, Successful because focus comes with passion, Need Balance to survive
- #5 Elephant = Big business (500+ employees) Mice = small owner managed business (less than 5 employees) Gazelles = fast growing (5-5000 employees) create more jobs than big business loses Utah has been ranked #1 for entrepreneurs starting businesses Provo/Orem is ranked first in the state Just released Inc500 – #2 uSight is in Orem & owned by 27 yr old Brandt Andersen with 2003 Revenue at $27.6 million and 65 Employees. Robert Bennett, a former Inc. 500 CEO who now serves as a senator from Utah, was easily re-elected to another term yesterday. But in New Hampshire, first-term Gov. Craig Benson, the founder of the now defunct Inc. 500 company Cabletron, was bounced out of office. The Associated Press quoted Benson as saying, "I believe in fate. What's meant to be is meant to be. I'm an entrepreneur. I see opportunities in everything." BOOKS – The E-Myth by Michael Gerber Love is the Killer App by Tim Saunders
- #6 Know your strengths and weaknesses. Play to your strengths and team up on your weaknesses. Which horse should you buy? Depends on the purpose Quarter horse = short distance and quick turns Thoroughbred = strength for harder work Arabian = Stamina & Energy for long distances Do what you love, know what you love, so you can know what you do
- #7 Entrepreneur is spelled R-I-S-K
- #8 Surprise is the “WOW” factor Opportunity Costs – the next best alternative which you gave up The Challenge is to find solutions to what people want Book for ideas at ftp://ftp.business.uvsc.edu/ceoclub
- #9 70% of new ideas come from ideas conceived at previous employment Entrepreneurs are Strategic Thinkers, Planners, and Analysts Adversity weeds out the fearful and refines entrepreneurs
- #10 Slight variations are 94% successful as compared to 30% success for wildly new ideas
- #11 Don Watkins – Handstands handstands.com in Draper, UT Mouse mat to Licensed mouse mat to Gel wrist mouse mat
- #13 If your product depends on you educating people why they want it, then watch out
- #14 Know Your Customer Not Everyone is your customer and Not all your customers are like yourself.
- #15 Sell the sizzle not the steak
- #16 The biggest challenge for most entrepreneurs The devil is in the details Industry Ratios Excel templates at ftp://ftp.business.uvsc.edu/ceoclub
- #19 The biggest challenge for most entrepreneurs The devil is in the details Industry Ratios Excel templates at ftp://ftp.business.uvsc.edu/ceoclub
- #20 Who is going to do the work? You Employees Outsource NICE - Mentorship E-Myth Technician – Does the work Manager – Organizes the work Entrepreneur – Envisions the work Work in the Business or Work on the Business
- #21 Raking Leaves Cleaning Gutters Pre-paid snow shoveling Tree trimming Paint house If you want a job or want to find out if a job is what you would want to do, work for free. You gain skills, experience, and insight to become better focused on your goals.
- #23 Week 1 – Requirements 1, 2, 3 abc Introduce Feasibility Studies (4) Week 2 – Requirements 3de, 4, 5 (choose 2), 6 Week 3 – 10 Truths Entrepreneurs Violate at their own risk Basic Web Business Elements Business Planning (4, 5 – especially option 4) Report, Review, Sign Cards