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What is Entrepreneurship?
What is Entrepreneurship?
"Entrepreneurship is the act of organizing and operating an income generating activity, and taking a financial risk to do it."
"Entrepreneurship is the act of organizing and operating an income generating activity, and taking a financial risk to do it."
How to be a Successful Entrepreneur
How to be a Successful Entrepreneur
1 How to be a Sucecssful Entreprenuer.mp4Characterististics of a Sucessful Entrepreneur
Characterististics of a Sucessful Entrepreneur
Have a good idea for a business
Have a good relationship with other individuals
Be able to find financing
Work in group settings
Have a good place to practive business
Research people who can help the business start up
S.M.A.R.T. Goals
S.M.A.R.T. Goals
Specific - Goals should be simplistically written and clearly define what you are going to do. Include Who, What, When, Where, Why, and How.
Specific - Goals should be simplistically written and clearly define what you are going to do. Include Who, What, When, Where, Why, and How.
Measureable - Goals should be measurable so that you have tangible evidence that you have accomplished the goal.
Measureable - Goals should be measurable so that you have tangible evidence that you have accomplished the goal.
Attainable - Goals should be challenging, but still achievable.
Attainable - Goals should be challenging, but still achievable.
Relevant - Should stress the importance of choosing goals that matter
Relevant - Should stress the importance of choosing goals that matter
Time-bound - Goals should be linked to a timeframe that is ambitious and realistic. Setting target dates is critical achieving goals
Time-bound - Goals should be linked to a timeframe that is ambitious and realistic. Setting target dates is critical achieving goals
2 SMART Goals.mp4S.W.O.T. Analysis
S.W.O.T. Analysis
S
W
O
T
3 SWOT.mp4Activity Break: What does S.W.O.T. stand for? When and why do we use it? What are the external factors? What are the internal factors?
Activity Break: What does S.W.O.T. stand for? When and why do we use it? What are the external factors? What are the internal factors?
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Feasibility Study
Feasibility Study
4 Feasibility Study.mp4Feasibility Study = Can/Should It Be Done?
Feasibility Study = Can/Should It Be Done?
A feasibility study is an analysis and evaluation of a proposed project to determine if:
It is feasible (possible)
It is within your budget
It will be profitable
It will be practical to do (time, resources, etc.)
Deciding on a Business Idea
Deciding on a Business Idea
Deciding on the Business Idea to Persue
Deciding on the Business Idea to Persue
Draw from past experiences
Use all possible resources
Have a strong awareness of the environment around you
Embrace creativity and innovation.
Four Steps to Take Before Becoming an Entrepreneur
Four Steps to Take Before Becoming an Entrepreneur
6 Determining Entrepreneurial Readiness.mp4Step 1
Step 1
Determining Entrepreneurial Readiness
7 Conducting Market Research.mp4Step 2
Step 2
Conducting Market Research
8 Determining Operations of a Business.mp4Step 3
Step 3
Determining Operations of a Business
Feasibility Study 2 .mp4Step 4
Step 4
Feasibility Study
Activity Break: What are the three types of cost entrepreneurs deal with? How can you be different from your competitor's business? How can you calculate the Cost Per Unit?
Activity Break: What are the three types of cost entrepreneurs deal with? How can you be different from your competitor's business? How can you calculate the Cost Per Unit?
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Profitability
Profitability
9 Profitability.mp4Compenents of Profitability
Compenents of Profitability
Total Costs: the fixed and variable costs of running a business (also called operating expenses)
Revenue or Income: Comes from the sales of products
*Note that REVENUE IS NOT PROFIT!
Compenents of Profitability
Compenents of Profitability
Profit = Revenue – Total Costs
In order to make a profit, your revenue must be more than the costs.
Calculation of Profitability
Calculation of Profitability
Direct Costs: $160
Indirect Costs: $40
Revenue: $120
Profit = $120 – ($160 + $40)
Profit = $120 – $200
Profit = $-80 We lost $80
What's Next?
What's Next?
10 Whats Next.mp4Use these Basic Steps to complete Entrepreneurship
Use these Basic Steps to complete Entrepreneurship
Business Plan
Accounting
Marketing
Expanding
You Have Now Completed the
You Have Now Completed the
Entrepreneurship Training
Entrepreneurship Training
Additional Resources Below
Additional Resources Below
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