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Entrepreneurship Merit Badge powerpoint for BYU Merit Badge Powwow
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BYU/UVU Merit Badge PowWow
EntrepreneurshipEntrepreneurshipMerit BadgeMerit Badge
John Gilbert
BYU/UVU Merit Badge PowWow
Interview an EntrepreneurInterview an EntrepreneurRequirement 3
BYU/UVU Merit Badge PowWow
EntrepreneurshipEntrepreneurship
• Entrepreneurship is Applied Scouting
• Know Yourself
• Opportunity Identification, Evaluation, and Execution: Ready – Fire – Aim
Requirement 1
BYU/UVU Merit Badge PowWow
Roles and ContributionsRoles and Contributions
• Elephant, Mice, and Gazelles
• Economic Development– SME represent 99% of all employers and
provide 75% of all new jobs.
• Providing for People’s Needs
• Providing most innovations
Requirement 1
BYU/UVU Merit Badge PowWow
Characteristics SkillsCharacteristics Skills
• Passionate• Faith
– In self– Others– Ideas
• Opportunity Focused• Want CONTROL• Innovative• Always Learning
– Reader
• Selling• Planning• Communication• Marketing• Interpersonal• Management• Personally Effective• Team Builder• Leadership
Requirement 2
BYU/UVU Merit Badge PowWow
Characteristics SkillsCharacteristics Skills
• Entrepreneurship is not as RISKY as some would have you believe.– Myth – 90% of businesses fail in 5 years
• You can systematically improve the probability of your succeeding as an entrepreneur
Requirement 2
BYU/UVU Merit Badge PowWow
Opportunity IdentificationOpportunity Identification
• N-E-W-S
• Every Problem is an Opportunity– Find the angle– Pain, Pleasure
WOW
Requirement 4
BYU/UVU Merit Badge PowWow
Finding The OpportunitiesFinding The Opportunities& Reducing Pain& Reducing Pain
GettingGettingThrough & AroundThrough & Around
BarriersBarriers
New Ideas andCompetitive Angles
© 2002 COPYRIGHTGary K. Rhoads,
Steven Mack Covey Professor of Marketing
Entrepreneurship Entrepreneurship is building a new is building a new
boxbox
It’s not just thinking
outside the box
Requirement 4
BYU/UVU Merit Badge PowWow
Nine methods for new product successNine methods for new product success
Method
1. Take something outof your product
2. Put something inyour product
3. Answer to consumergripes
4. Visible difference
5. Make the taskeasier
6. Use products in anew way
7. Productsubstitutability
8. Don’t be literal,be creative
9. Look overseas
Example
Royal Crown removedcaffeine
Adding fruit juice tosoda
“Locked my keys inmy car”
“Same old cereal”
Time-consumingoven cooking
Phone & MP3 player
Cereal substitute forcereal-avoiding teens
A healthy Popsicle
Healthy Breakfast
Result
First decaffeinated cola
Slice
Warning bell, OnStar, Keyless Entry
Flavoring the O’s in Cheerios
Microwaves, Jet Stream Oven, Pre-cooked meals
iPhone, Android
Total Breakfast Bars, Drink Powders
Fruit Juice Bars / Longboard
Yoplait Yogurt© 2002 COPYRIGHT
Gary K. Rhoads, Steven Mack Covey Professor of Marketing
Requirement 4
BYU/UVU Merit Badge PowWow
How to Crap On Your Friends for $39.95(Plus Shipping and Handling)
With regard to time, here's the latest poop
© 2002 COPYRIGHTGary K. Rhoads,
Steven Mack Covey Professor of Marketing
BYU/UVU Merit Badge PowWow
Feasibility StudiesFeasibility Studies
• Business– Technical (Good or Service)
– Market– Financial– Human Resources (Personnel)
Requirement 5
BYU/UVU Merit Badge PowWow
Technical FeasibilityTechnical Feasibility• Good or Service
– Simple– Observable– Understandable
Requirement 5
BYU/UVU Merit Badge PowWow
Target CustomerTarget Customer
• Who is the Perfect Client?– Demographic– Psychographic– Geographic
• How Many Clients Are There?
Requirement 5
BYU/UVU Merit Badge PowWow
There are three levels of a product
1. Product or Service – What it is.
2. Features – What it has.
3. The Benefits – What does it do for my customer.
Product
Features
Benefits
Product/Service VisionProduct/Service Vision
What are we selling?What are we selling?
Requirement 5
Don’t Be A Feature CreatureDon’t Be A Feature Creature
BYU/UVU Merit Badge PowWow
Financial FeasibilityFinancial Feasibility• Questions
– Am I going make money?– When will I make money?
• Budget– Start-Up Costs & Operating Costs– Fixed Costs & Variable Costs
• Financial Model– Profit & Loss Statement– Cash Flows
Requirement 5
BYU/UVU Merit Badge PowWow
Competitive AnalysisCompetitive Analysis
• Who are your competitors?– Direct and Indirect
• Unique Selling Point (USP)
BYU/UVU Merit Badge PowWow
600600
500500
400400
300300
200200
100100
1010 2020 3030 5050 6060
Fixed ExpensesFixed Expenses
Profit AreaProfit Area
Breakeven PointBreakeven Point
SalesSales
Total CostsTotal Costs
Loss AreaLoss Area
Unit SalesUnit Sales
Exp
ense
s (t
hou
san
ds
of d
olla
rs)
Exp
ense
s (t
hou
san
ds
of d
olla
rs)
Break Even Analysis (Units)Break Even Analysis (Units)Requirement 5
BYU/UVU Merit Badge PowWow
Financial FeasibilityFinancial Feasibility
• Finding the Money– Personal Savings– Love Money– D &D– Angels
• Bootstrapping
Requirement 5
BYU/UVU Merit Badge PowWow
Human Resource FeasibilityHuman Resource Feasibility
• The Entrepreneur’s “SWOT”S – Strengths
W – Weaknesses
O – Opportunities
T - Threats
• Mentoring
• Outsource
Requirement 5
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““Start” a BusinessStart” a Business• Do a Good Turn Daily
– Any service can be turned into a business opportunity
• During the next two weeks do the following– Pick an idea & ask others about it
• Write about what you are going to do
– Do Feasibility Study on idea– Promote your Business
• Make promotional materials
– “Start” your Business– Bring back Evidence
• Written Business Plan
Requirement 6
BYU/UVU Merit Badge PowWow
Promotional MaterialsPromotional Materials• Item #1 – Promotional Methods
• Item #2– Internet – Social Media
• Item #3 - Design a Promotional Poster or Flier
Requirement 5
BYU/UVU Merit Badge PowWow
HomeworkHomework
• Do Requirement #4
• Do Requirement #5 – all five sections
• Do Requirement #6 – “Start” a business
• You can download files from
www.AddOptions.org/merit-badge
BYU/UVU Merit Badge PowWow
RememberRememberIf your mind can conceive it,
and your heart can believe it,
then you can achieve it!
&
An Opportunity is
Hard Work and Preparation
Mixed with
a Vision and Passion
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