Transcript Document
th 8 Warm-Up: gr. Symbaloo COULD I BE AN ENTREPRENEUR? 3.01 Characteristics of Successful Entrepreneurs I can understand the personal characteristics and skills needed to be a successful entrepreneur. h/o 3.01 PPT notes and the characteristics/skills definitions What is an entrepreneur? An individual who undertakes the risk associated with creating, organizing, and owning a business. Personal characteristics of successful entrepreneurs •Persistent •Creative •Responsible •Inquisitive Personal characteristics Continued •Goal-oriented •Independent •Self-confident •Risk taker Can you think of a few entrepreneurs? Dave Thomas – Wendy’s Steve Jobs: Apple Bill Gates: Microsoft Ray Kroc: McDonalds Skills needed by successful entrepreneurs •Communication skills •Human relations skills •Math skills Skills needed Continued •Problem-solving & Decision-making skills •Technical skills •Basic business skills 1. What characteristics do the farmer and bookstore owner have? 2. What was his innovation (creative idea)? 3. Why did he keep improvinng his products and processes? 4. Why do entrepreneur’s need freedom? SAVE AS PTP 5 Steps in the Entrepreneurial Process O Discovery O Concept Development O Resourcing O Actualization O Harvesting Let’s review the 5 Steps in the Entrepreneurial Process Step 1. Discovery: The stage in which the entrepreneur generates ideas, recognizes opportunities, and studies the market Consider your hobbies or skills Conduct Surveys and questionnaires Consider consumer needs and wants Study demographics Step 2 : Concept Development: O Develop a business plan: a detailed proposal describing the business idea O What is the business location O Will a patent, copyright or trademark be required? Take 3 flash cards & define the following words by looking it up online: Patent the sole right to exclude others from making, using, or selling an invention Copyright the exclusive legal right, given to an originator, to publish, perform, film, or record literary, artistic, or musical material, Trademark a symbol, word, or words legally registered or established by use as representing a company or product. Brand or Logo Bart would like to legally prevent all other businesses from using his business name, “Headquarters Barbershop.” Bart must apply to the government to receive a: Copyright. License. Patent. Trademark. Susan invented a car engine that runs on fruit skins. She has received numerous investors for her business idea, located an empty garage to house her business, and is ready to begin operations of her new business. Before opening her business, Susan should apply for a: Copyright. License. Patent. Trademark. Sherandie is a graphic artist who operates a small t-shirt business, “Simply T’s.” Sherandie discovered that larger t-shirt companies were using some of her designs. How can Sherandie protect her t-shirt designs? Apply for a copyright Apply for a patent Apply for a trademark Sue the other companies Step 3 : Resourcing The stage in which the entrepreneur identifies and acquires the financial, human, and capital resources needed for the venture startup, etc. Identify potential investors Apply for loans, grants and assistance Hire employees Step 4 : Actualization: O The stage in which the entrepreneur operates the business and utilizes resources to achieve its goals/objectives. Day to Day Operations Step 5 : Harvesting: O The stage in which the entrepreneur decides on venture’s future growth, development, or demise O What is your 5 or 10 year plan? O Consider Expansion: Possibly add multiple locations • Will you provide different products/services 3.02 THE ENTREPRENEURIAL PROCESS • Located on Aemerson website; Daily Activities • Make sure your name is on the paper • Print & turn in What product or service are you interested in selling? O Use the links on Symbaloo to research the possibilities O Think of what you like/love to do O It must be something you can do or create O What are your hobbies or what do you do well Need some ideas? O For help go to Symbaloo O Top 10 Business Ideas O The 37 Greatest Business Ideas O 14 Teen Business Ideas O Finding Business Ideas Research & Create Research & make sure you understand your product/service well Create a company name, if applicable a product name Create your one-of-a-kind logo Business Project Rubric O Go to Aemerson website; daily activities O Open Business Project file Let’s take a look at an example first Open PowerPoint • • Find a design you like Use transitions/animations st 1 Slide Put your Name on the 1st slide What is your Companies Name? Does your product have a name too ? Create a logo Visit the following sites on Symbaloo: • What Makes a Good Logo • Free Logo Designs 2nd Slide O Tell us in detail what your product or service is. Examples.. O Hourly charge (for service) O Does it have unique features? O What makes you qualified to sell this product/service? O Is it something that is useful, trendy, meets the needs or wants of your clientele? 3rd Slide O Who is your target audience? Why? O Babies, Teens, Adults, Senior Citizens O what is the placement? O On-line, Store, Fairs, O Hours of operation. 4th Slide/ promotion Your TV/radio advertisement & flyer should include the following: O Name of company O What are you selling O Where can I buy it O Is there a deal: examples O free to the first 20 O 20% discount if you mention the ad. 5th Slide / competition Who is your competition OList 3 competitor’s and include the pricing of their product Now do your flyer. Practice your presentation with a partner. Be sure to spellcheck your PowerPoint Shark Tank Inventor’s Pitch