Review

Things we should know by know about Unit 1:

• WHAT IS ENTREPRENEURSHIP
• Entrepreneur Definition
• creator, organizer, and owner of innovative business
• Entrepreneurship Definition:
• process of recognizing, creating, and acting upon a business opportunity
• YOUR POTENTIAL AS AN ENTREPRENEUR
• Entrepreneurship Risks:
• long hours
• uncertain income
• responsibility
• lose investment
• Entrepreneurship Rewards:
• own boss
• enjoy what you do
• be creative
• set own schedule
• job security
• earn what you want
• community recognition
• Traits of Successful Entrepreneurs:
• persistent
• creative
• responsible
• inquisitive
• goal-oriented
• independent
• self-demanding
• self-confident
• risk-taker
• restless
• action-oriented
• enthusiastic
• RECOGNIZING OPPORTUNITY
• Entrepreneurial Trends
• online businesses
• service businesses
• home-based businesses
• green businesses
• social entrepreneurship
• technological focused businesses
• outsourcing
• strategic alliances
• corporate ventures
• Creativity and Innovation
• connection 
• (bringing together two things that are not usually connected)
• discovery
• invention
• application
• (going beyond the original invention to other uses in new areas)
• Idea or Opportunity
• opportunities are ideas with commercial potential
• unmet consumer needs
• unfilled market niches
• Creative Thinking Strategies
• brainstorming
• see ordinary items in a different way
• find creative solutions to common problems
• Identifying Opportunities
• observe the world around you
• watch demographic changes
• be an avid reader
• hobbies
• work experience
• interests
• trade magazines
• specialty magazines
• trade shows
• newspapers
• Internet
• government agencies
• FEASIBILITY AND BUSINESS PLANNING
• Business Concept
• clear and concise description of an opportunity
• product of service
• solution to a problem
• target customer
• benefit
• value to the customer
• distribution
• retail, wholesale, online, mail, door-to-door
• Feasibility Analysis
• determine if business concept has potential for success
• does demand exist
• favorable business conditions
• considerations:
• Industry
• demographics
• trends
• life cycle stage
• barriers to entry
• status of technology
• typical profit margins
• Market
• demographics
• customer profile
• plan for communicating with customers
• Team
• knowledge and skills
• gaps and how to fill
• Product / Service
• features and benefits
• product development
• intellectual property rights
• differentiation
• Finance
• business model
• start-up requirements
• positive cash flow
• break-even point
• Value Chain
• description
• channels