Chapter 1Slide 1

Entrepreneurship: Ideas in Action© Cengage Learning/South-Western

Lesson 1.3

Exploring Ideas and Opportunities

Goals Identify sources for new business

ideas. Recognize different business

opportunities. Identify you own personal goals.

Chapter 1Slide 2

Entrepreneurship: Ideas in Action© Cengage Learning/South-Western

Terms opportunities ideas trade shows

Chapter 1Slide 3

Entrepreneurship: Ideas in Action© Cengage Learning/South-Western

Look for Ideas

opportunities possibilities that arise from existing

conditions

ideas thoughts or concepts that come from

creative thinking

Chapter 1Slide 4

Entrepreneurship: Ideas in Action© Cengage Learning/South-Western

hobbies and interests past experiences discovery and invention

Ideas come from a variety of sources including:

Chapter 1Slide 5

Entrepreneurship: Ideas in Action© Cengage Learning/South-Western

Where do new ideas for businesses come from?

Chapter 1Slide 6

Entrepreneurship: Ideas in Action© Cengage Learning/South-Western

Investigate Opportunities

Research can help you determine what is missing in a particular market. Internet library Small Business Administration

Chapter 1Slide 7

Entrepreneurship: Ideas in Action© Cengage Learning/South-Western

special meetings where companies of the same or related industry display their products

trade shows

Chapter 1Slide 8

Entrepreneurship: Ideas in Action© Cengage Learning/South-Western

Compare Different Opportunities For each business opportunity, you

should consider: Will people buy my product or service? How much money is required to start the

business? How many hours per week will it take to

run the business?

Chapter 1Slide 9

Entrepreneurship: Ideas in Action© Cengage Learning/South-Western

Do I have the right background to run this business?

What income will this business generate?

What are the business risks?

Chapter 1Slide 10

Entrepreneurship: Ideas in Action© Cengage Learning/South-Western

How can you find out about various business opportunities?

Chapter 1Slide 11

Entrepreneurship: Ideas in Action© Cengage Learning/South-Western

Setting Goals

Chapter 1Slide 12

Entrepreneurship: Ideas in Action© Cengage Learning/South-Western

Financial Goals

Financial goals should be: realistic measurable easily attainable in the time allotted

Chapter 1Slide 13

Entrepreneurship: Ideas in Action© Cengage Learning/South-Western

Nonfinancial Goals

Nonfinancial goals may include: personal satisfaction serving a community need enjoying personal independence

Chapter 1Slide 14

Entrepreneurship: Ideas in Action© Cengage Learning/South-Western

Why are financial goals important? Name some nonfinancial goals an entrepreneur may have.