Unit 1 Developing a Small Business An Overview
EP2150 EntrepreneurshipUnit 1 Entrepreneurship
1.1 Describe the importance of small business to the economy 1.2
List and describe the characteristics of an entrepreneur 1.3 Define
entrepreneurship and explain the entrepreneurial process 1.4
Analyze the roles of government (all levels) in supporting small
business 1.5 Distinguish among the various venture opportunity
techniques 1.6 Distinguish among the various forms of small
business ownership
1EP2150 Entrepreneurship Paul Tilley
1Introduction
Do you have a moneymaking idea rumbling around in your head?
2EP2250 - Small Business Development
Introduction
If so,
Are you willing to act on it?3EP2250 - Small Business
Development
Introduction
When you are strongly enough motivated to write that idea down
and thoroughly analyze it through a business plan.4EP2250 - Small
Business Development
Introduction
That is the time you have become an
ENTREPRENEUR5EP2250 - Small Business Development
The Entrepreneurial self-assessment
6EP2250 - Small Business DevelopmentA lot of us will as
ourselves Am I cut out to be a small business person?
Depending where we are in our lives there may be different
pushers that make us want to strike out on our own, or there may be
different pullers that keep us from taking that first step towards
becoming and entrepreneur.
Regardless, we all have skills and attributes that would
contribute to our potential success as entrepreneurs. There are
many tools found in textbooks and on-line that give us a better
understanding of ourselves and our abilities.
On the next slide there are four examples of online assessment
tools try one and learn more about yourself as a budding
entrepreneur!
The Entrepreneurial self-assessment
7EP2250 - Small Business Development
Defining the Opportunity
Changes produce opportunity which create gaps between what
should be and what is.These Gaps, as recognized by entrepreneurs,
produce business opportunities.
8EP2250 - Small Business DevelopmentWhat is your business
idea?
You should be able to explain the idea in 30 seconds or less
Defining the Opportunity
The more specialized a business the more opportunity there is to
make money.9EP2250 - Small Business DevelopmentWhat is your
business Specialization? More specifically: What are you
selling?
You should be able to explain the idea in 30 seconds or
lessDefining the Opportunity
Businesses need to group similar customers with similar needs
together so that they will respond to a given set of marketing
actions. This is called the business Target Market.10EP2250 - Small
Business DevelopmentWho is your business Target Market? More
specifically: Who are you selling to?
You should be able to explain the idea in 30 seconds or
lessDefining the Opportunity
A business must decide on what it specializes in11EP2250 - Small
Business DevelopmentWho is your business Target Market?
You should be able to explain the idea in 30 seconds or less