an exploration of entrepreneurship

An Exploration of Entrepreneurship

Coleman Foundation Entrepreneurship Awareness and Education Grant

Coleman Foundation Entrepreneurship Awareness and Education Grant

Instructor's Manual

By Nancy Stanforth and Glenn Muske

Thank YouThank You

The Authors would like to Thank the Coleman Foundation for their

support in this project.

Exploration of Entrepreneurship

A two part career exploration for non-business students

Part 1- Turning Your Passion Into a Career

Part 2- Making a Living From Your Passion

Hear Entrepreneurs talk about their business

Entrepreneur BiographiesEntrepreneur Biographies

Blakely Brent

Dan Jenny

Complete set of slides and teacher notes

Also includes

Student manual

Activities

Instructor resources

Part 1Turning Your Passion Into a Career

• Qualifications and Characteristics of Entrepreneurs

• Opportunity Spotting• Business Profiles and Plans• Product/Service Development• Advertising and Promotion

Unit 1Qualifications and Characteristics of

Entrepreneurs

You as an Entrepreneur

Traits, Characteristics and Desires

Personal Passion

• The freedom to pursue personal passion leads many to start businesses.

Entrepreneurship

One who assumes the

responsibility and the risk for

a business operation with the

expectation of making a profit.

Ownership

Goals, Objectives & Risks

Many entrepreneurs start a business for a simple reason:

They want to run things their own way. Wall Street Journal, November 22, 1991

Unit 2Opportunity Spotting

Opportunity Spotting

Using market analysis and identified niches

to find the opportunity

Market Research

• Gather info from current and/or future customers

• Read-look for issues– Newspapers– Magazines– Trade journals

Opportunity Spotting

What you need to know!

Unit 3Business Profiles and Plans

Resource

• any thing or quality that is useful

• used to develop sustainable competitive advantage

• heterogeneous & immobile– you have them, others cannot easily get

them

First Challenge

Vision statement

Mission statementQuality

Value

Service

““The quickest way to make The quickest way to make a fortune is to sell people a fortune is to sell people

something they want.”something they want.”

Unit 4Product/Service Development

The biggest competitor to your product is other ways that consumers may choose to

spend their money.

Protecting Intellectual Property

Important to protect a unique idea

Issue is which kind of protection is needed?

Product Development

• should serve its intended purpose well

• should be built right

• intended market segment considered.

Customer Support

• Whatever it takes!

• Satisfy the customers' practical needs.

Unit 5Advertising and Promotion

Positioning your business

Finding the promotional niche

What are you trying to accomplish?

• Awareness• Remind• Reinforce• Educate

Reinventing your firm

• Today’s strategy is out-dated in a short period of time

• Must constantly reinvent

Risk“Assumes the risks and rewards”

Part 2 Making a Living From Your Passion

• Management Decisions\Business Planning

• Business Structure and Legalities• Great Employees• Service/Merchandise Plan• Financial Management

Unit 1Management Decisions

Organizational Organizational Culture and EthicsCulture and Ethics

An Introduction

It’s how WE do things It’s how WE do things around here!around here!

Creating the Organization

Unit 2Business Planning

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

Customer Service Plan

How will you meet customer needs?

Benefits of Effective Customer Service

• Decrease stress

• Improve efficiency

• Longevity

Unit 3Business Structure and Legalities

Forms of Ownership

Sole Proprietor

Partners

Corporation

Franchise

Limited Liability Company

Business Legalities

Issues

• Business Name

• Licensing and

permits

• Taxes

• Contracts

• Intellectual property

5 Areas of Intellectual Property

• Patents • Trademark

• Copyright

• Trade Secret

• Trade Dress

Unit 4Great Employees – A Key Business

Factor

Assembling the Team

The most important task

Rule #1

The best employees go to

the entrepreneur who takes

the most trouble to find them.

Employee Supervision

Unit 5Service/Merchandise Plan

Merchandising

Key element is to develop a merchandise plan

Price & Value

Strategies for Entrepreneurs

Pricing for Profit!

Unit 6Financial Management

Financial Record-KeepingFinancial Record-Keeping

Statements and ForecastsStatements and Forecasts

Basic Financial Reports

• Income Statement Performance

• Balance Sheet Position

• Cash Flow StatementFlow

Financing a Small Business