JUNIOR ACHIEVEMENTLESSON 4 OPPORTUNITIES & IDEAS and

OUTCOME

LESSON STRUCTUREDAYS1 – NOTES ON OPPORTUNITIES AND IDEAS (Sept 28)2 – JA – Module 1 – Getting Inspired p. 6-14 (Sept29)3 – work period …idea generation (Sept30)4 - JA – Module 1 – Getting Inspired p. 15- 19 (p. 18-19—used in JA Dragons’ Den) (Oct1)5 – JA – Module 1 – Prepare for Presentation (Oct2)6 – JA Prepare for Presentation7 - Presentation

General Dates Lesson 4 – September 28 – October 7 Lesson 5 - October 7 - 12 (overlap) MIDTERM OCTOBER 16TH

Lesson 6 – October 13 – November 13 Lesson 7 – November 13 – November 30 Lesson 8 – First week in December Lesson 9 – Second week in December Lesson 10 – January BUSINESS RUNS FROM NOVEMBER 1 –

DECEMBER BEFORE THE BREAK

OPPORTUNITIES & IDEAS

There is a difference between ideas and opportunities.

Idea – a thought or concept for a product or service.; the “light bulb moment.”

Opportunity – an opportunity will solve a problem or address a need or want that consumers face in our society

WHAT COMES FIRST, AN IDEA OR OPPORTUNITY?

•There are times when an entrepreneur will identify a problem, or perhaps recognize an opportunity, and then come up with an idea to take advantage of the situation. •When the opportunity arrives first and you think of an idea to fill it, it is called market-driven entrepreneurship.

MARKET DRIVEN ENTREPRENEURSHIP Example: You notice that students are having a difficult time

carrying binders from class to class, from school to home. Binders are difficult to carry and the pages fall out. You believe there must be an easier way. You are innovative and come up with a new design for a binder. A handle on the side and a zipper that goes all the way around the binder.

Opportunity to solve the binder problem Then the idea….a new type of binder with a zipper

and handle.

When an Entrepreneur comes up with an idea first

and then attempts to find an opportunity for it, it is referred to as product or service driven entrepreneurship.

PRODUCT/SERVICE DRIVEN ENTREPRENEURSHIP

Example Your grandmother makes the best

chocolates ever and everyone loves them. You decide to find a market for them.

Cloddhoppers Candy (VIDEO) Can you think of other examples?

The Best Business For You 1. What’s Your Problem – 2. Differentiate Thyself – 3. On the Contrary - 4. You’re Not the Customer 5. Location, Location, Location 6. Search for Synergies. 7. Have a Heart

…Business Ideas…

…other thoughts…

Consider…buying product online and adding value and reselling

Or services…

Or look at themes…that are big Vintage Recycle Restoration hardware….▪ Items made with steel, concrete…rough wood

OR…..PLACES TO LOOK FOR IDEAS 1.Ideas from previous employment 2.Ideas from hobbies or travel 3.Ideas from friends, social networking 4.Trade shows 5.Ideas from personal observations 6.Ideas from business publications 7.Newspapers and magazines 8.Newsletters

#1 If only I had

Think about the things that are difficult to attain in your community or things that you have to go out of town to attain

#2 I want some more please Think about goods and services that

you would like to have more of, more choice, options, etc.

#3 I can do better than that. Ask yourself, “What could be done

better? And how could it be done better? Is this a saleable market.

#4 Things are changing

Any time there is a period of change, there are opportunities abounding. Think about markets that might be left under serviced in the change. Think about emerging markets, spin-off products/services to meet the change Areas of the city that have evolved and

need services

#5 Don’t bug me

Whenever a large number of people are annoyed by something, there is an opportunity

Research the things that annoy people you know…What could be done to solve the problem

Oh No?

Problems bring opportunities. For every problem there is an opportunity. Think about things that could be done to solve the problem being experienced.

OPPORTUNITY EVALUATION

It is really important to evaluate all business ideas/opportunities. The “Six colour hats” process has been used for a long time_______________

Six hats

Six HATS Second Video – Six Hats

Six Hats video

Junior Achievement

Mission Statement To inspire and educate young

Canadians to value free enterprise, understand business and economics and develop entrepreneurial and leadership skills.

Four ModulesMODULESGETTING INSPIRED – LESSON 4IDENTIFYING THE BUSINESS VENTURE – LESSON 6BUILDING THE ORGANIZATION – LESSON 6CONDUCTING OPERATIONS – LESSON 7

DAYS1 – NOTES ON OPPORTUNITIES AND IDEAS (Sept 28)2 – JA – Module 1 – Getting Inspired p. 6-14 (Sept29)3 – work period …idea generation (Sept30)4 - JA – Module 1 – Getting Inspired p. 15- 19 (p. 18-19—used in JA Dragons’ Den) (Oct1)5 – JA – Module 1 – Prepare for Presentation (Oct2)6 – JA Prepare for Presentation7 - Presentation

Presentations…dragons… --prototype. explanations --motivational/interesting/convincing --any extra materials to help support the

idea Videos…posters…etc.

Consumer demand, labour intensive/time, costs of production,

ASSIGNMENT FOR LESSON 4 IS THE PRESENTATION…EVALUATION SHEE TO FOLLOW