Lesson Three

Opportunities Ideas Discovery Invention Patent Trade Shows

Opportunities – are possibilities that arise from existing conditions

Ideas – are thoughts or concepts that come from creative thinking

HobbiesInterestsPast ExperiencesDiscoveryInvention

Make a list of hobbies and interests to help you decide what business is right for you.

Analyze experiences, jobs Marketing ideas – observed

Network of customers On-the-job training

Research Patent Who is the competition What’s the manufacturing process Who is the target market

Books Magazines Trade magazines Government publications Internet Library Small Business Administration Network with entrepreneurs Trade shows

Is there a market in my community? Will people buy my product/service? How much money would it take to start up? Will I be able to borrow the money? How many hours a week am I going to work? Am I willing to commit that time? What are the risks? What is the rate of failure for this type of

business? How much money could I make in this business?

SMART GOALS

SpecificGoals should be specific and answer “What, Why, and How?”

MeasurableGoals should establish ways to measure your progress.

AttainableGoals should not be too far out of reach.

RealisticGoals should represent things to which you are willing to commit.

TimelyGoals should have a timeframe for achievement.

Goal I will learn more about starting my own business.

SMART Goal

I will learn more about starting my own catering business by obtaining information from the Small Business Administration and talking with the owners of three local catering businesses by the end of the month.

Set before starting business Realistic SMART goals are best

Personal satisfaction Community need Personal independence

Type a thoughtful response to each item. Use the best grammar you can.

In terms of annual income, what financial goals have you set for yourself for five years after you graduate? What nonfinancial goals have you set that you could fulfill by becoming an entrepreneur? Are financial or nonfinancial goals more important to you? Why?

1. Opportunities – possibilities that arise from existing conditions.

2. Ideas – thoughts or concepts that come from creative thinking

3. Discovery - to make known or visible

4. Invention - something invented: such as a useful new device or process

5. Patent -protected by a trademark or a brand name so as to establish proprietary rights analogous to those conveyed by letters patent or a patent

6. Trade Shows - a large exposition to promote awareness and sales of especially new products within an industry