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Understanding Opportunity

Understanding Opportunity

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Understanding Opportunity

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  1. Understanding Opportunity Mile Markers 1 & 2 (4.01) 4-6-2017

  2. Bellringer Section 1-3 p. 27 Education & Training (Read)Key terms Knowledge Check p.30 1-3 Section 1-4 p.31 Entrepreneurship opportunities (Read) key terms Knowledge check p.35 1-3

  3. What is an Entrepreneur? • An entrepreneur is a person who organizes, operates, and assumes the risk for a business venture.

  4. Types of Entrepreneurships • Sole Proprietorship • One individual (or married couple) in business alone. • Most common form of entrepreneurship • General Partnership • Composed of 2 or more persons (usually not a married couple) who agree to contribute money, labor, or skill to a business. • Limited Partnership • Composed of one or more general partners and one or more limited partners. 

  5. Types of Entrepreneurships • Franchise • The practice of using another firm's successful business model • Corporation • An independent legal entity owned by shareholders. • Can sell stock (representation of ownership) to raise capital

  6. Opportunity • Before you begin a business, you determine if there is a demand for the product. • This is determining if there is a value or an opportunity.

  7. Leadership Qualities • Self-Confidence • Initiative & Innovative • Charisma • Intelligence • Decisiveness • Effective Communication • Personality • Vision & Foresight • Flexibility • Acceptance of Responsibility

  8. Marketing • What is marketing?(what is the conception of your product) • The management process through which goods and services move from concept to the customer.

  9. Marketing • Strategies • Place • Location, location, location! • Price • Best for the buck • Product • What sets yours apart • Promotion • Getting the consumer to buy/shop • People • Who are you selling to

  10. Marketing • Trends • A popular taste at a given time • Target Market/target customers-people that e most likely to buy specific products or service. • Demographics • Characteristics of the human population & population segments • Customer profile • Those most likely to buy your products/services • Need to ask: • Who are my customers? • What do they generally buy & how do they hear about it? • How often do they buy • How can my business meet their needs?

  11. Marketing • Distribution • Place • Location, Location, Location! • Do hours match target market? • Packaging • Channel of distribution-path product takes form manufacturer to consumer • Labeling • Creativity • What will attract customers to my business/product?