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