After this section, students will be able to:

1. Construct a new business idea using the concepts of idea generation and creative thinking

2. Identify problems and solutions that a business or consumer has.

Activity

Review the following Powerpoint:

Unit_1.4_Ideas_on_how_to_identify_Problems.pptx

Being Entrepreneurial - Read this:

Not only are we learning about entrepreneurship in this course, but you will also be coming up with an idea for your own start-up and perhaps even launching it by the end of this trimester! So, let's get to the first checkpoint. In this section we are going to begin the entrepreneurial process by challenging you to come up with your own business idea.

You now know what it takes - creativity, curiousity, confidence, determination, discipline, empathy, enthusiasm, flexibility, honesty, patience, professionalism responsibility, etc. just to name a few. You have to have the courage for risk and the motivation for a great pay-off. You need all sorts of skills - business skills, communications skills, decision making and problem solving skills, organizational skills, people skills. But most importantly, you need to be out there talking, observing, and listening. You need to be fearless - not afraid of failure, keeping your focus, thinking about the big picture while sweating the small stuff. And when you fail, you need to reset, dust yourself off, pick yourself up, and keep going.

You are an entrepreneur. Own it. Wear it. Be proud of it. Believe in yourself and others will believe in you and follow.

explore color-1.png Your First Start-Up

Being Entrepreneurial

To be an entrepreneur, you need to think or act like an entrepreneur. Begin by thinking of a start-up business. Start a Google Doc. On the Google Doc, start the following:

1. Your Name

2. The Name of your Business (See some tips below) , tag line, (see below to understand taglines), and logo (Google a free logomaker such as logo.com). Or, feel free to draw your logo and upload a picture of it. The picture should include your business name and tag line.

3. Describe the product or service you want to develop in as much detail as you can at this point. Think about some of the ideas we generated in class that solved problems or needs. Review the responses to your interviews to help. Answer the following questions:

a. What problem does your idea solve

b. Who are you solving this problem for?

c. Why does it matter to that person or group of people?

d. Is it a product or a service?

e. Who will make the product or perform the service?

f. What are the most important things you would need to get started?

g. Where might you look to get the things you need?

4. Write 7 things you need to do to start this idea and organize them into two categories: Category One is "I've got this" and Category Two is "I Need Help"

Having trouble thinking about a business?

Make a list of everyday problems that you face at school, home or in extracurricular activities. Ask your friends and family to share some of their everyday problems. Share your problems with a friend, Discuss with them some of the potential solutions for each of these problems. Then think about turning some of those potential solutions into a product or service. Ta Da! You may have the next million dollar idea!

notes color-1.png Tips on how to name your business

1. List your product or service and as a many related ideas, synonyms, opposites, puns, etc.

2. List every adjective you can think of that describes your product or service

3. Record any word a customer might type into a search engine to find a product or service similar to yours.

4. Write down the names of things, persons, or places that are meaningful to you.

5. Write down all the words you can think of that could describe the purpose of your product or service.

Using all the above, make a list of possible combinations for the name of your business. Write down as many combinations as you can. Make up a "tag line" which will go underneath the name of your business. A tag line is a short phrase that tells what you do. Ask around to see what people think about the name.

Great Tag Lines

"Just do it" - Nike

"What's in Your Wallet?" - Capital One

"Think Outside the Bun" - Taco Bell

"Eat Fresh" - Subway

"When you care enough to send the very best" - (Hallmark)

"The nighttime sniffling sneezing coughing aching stuffy head fever so you can rest medicine" - Nyquil