Chapter 1 Slide 1 Entrepreneurship: Ideas in Act © Cengage Learning/South-Weste Lesson 1.3 Exploring Ideas and Opportunities Goals Identify sources for new business ideas. Recognize different business opportunities. Identify you own personal goals.
Entrepreneurship: Ideas in Action © Cengage Learning/South-Western Chapter 1 Slide 1 Lesson 1.3 Exploring Ideas and Opportunities Goals Identify sources.
Dec 14, 2015
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Chapter 1Slide 1
Entrepreneurship: Ideas in Action© Cengage Learning/South-Western
Lesson 1.3
Exploring Ideas and Opportunities
Goals Identify sources for new business
ideas. Recognize different business
opportunities. Identify you own personal goals.
Chapter 1Slide 2
Entrepreneurship: Ideas in Action© Cengage Learning/South-Western
Terms opportunities ideas trade shows
Chapter 1Slide 3
Entrepreneurship: Ideas in Action© Cengage Learning/South-Western
Look for Ideas
opportunities possibilities that arise from existing
conditions
ideas thoughts or concepts that come from
creative thinking
Chapter 1Slide 4
Entrepreneurship: Ideas in Action© Cengage Learning/South-Western
hobbies and interests past experiences discovery and invention
Ideas come from a variety of sources including:
Chapter 1Slide 5
Entrepreneurship: Ideas in Action© Cengage Learning/South-Western
Where do new ideas for businesses come from?
Chapter 1Slide 6
Entrepreneurship: Ideas in Action© Cengage Learning/South-Western
Investigate Opportunities
Research can help you determine what is missing in a particular market. Internet library Small Business Administration
Chapter 1Slide 7
Entrepreneurship: Ideas in Action© Cengage Learning/South-Western
special meetings where companies of the same or related industry display their products
trade shows
Chapter 1Slide 8
Entrepreneurship: Ideas in Action© Cengage Learning/South-Western
Compare Different Opportunities For each business opportunity, you
should consider: Will people buy my product or service? How much money is required to start the
business? How many hours per week will it take to
run the business?
Chapter 1Slide 9
Entrepreneurship: Ideas in Action© Cengage Learning/South-Western
Do I have the right background to run this business?
What income will this business generate?
What are the business risks?
Chapter 1Slide 10
Entrepreneurship: Ideas in Action© Cengage Learning/South-Western
How can you find out about various business opportunities?
Chapter 1Slide 11
Entrepreneurship: Ideas in Action© Cengage Learning/South-Western
Setting Goals
Chapter 1Slide 12
Entrepreneurship: Ideas in Action© Cengage Learning/South-Western
Financial Goals
Financial goals should be: realistic measurable easily attainable in the time allotted
Chapter 1Slide 13
Entrepreneurship: Ideas in Action© Cengage Learning/South-Western
Nonfinancial Goals
Nonfinancial goals may include: personal satisfaction serving a community need enjoying personal independence
Chapter 1Slide 14
Entrepreneurship: Ideas in Action© Cengage Learning/South-Western
Why are financial goals important? Name some nonfinancial goals an entrepreneur may have.
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