ENTREPRENEUR WORK ACTIVITY

LESSON 1: IDEAS ABOUT ENTREPRENEURSHIP

1.1 MY IDEAS

Before beginning these activities, write down what you think ‘entrepreneurship’ means to you.

1.2 WHO ARE ENTREPRENEURS?

Start a list of people that you think are entrepreneurs and add to it as you go through these
activities.

Name of Entrepreneur What they did? Who benefits?

1.3 ENTREPRENEUR MIND MAP

What do you think it means to be an entrepreneur? What do you think are some of the
characteristics of an entrepreneur? Make a mind map of your ideas.
1.4 CONSIDERATIONS BEFORE STARTING YOUR OWN BUSINESS
These fifteen questions that a potential entrepreneur must ask himself or herself before setting up a
new business. A YES or NO answer is highly recommended.
_________1. Am I a planner, dreamer, or a goal setter?
_________2. Do I offer a product that people want to buy?
_________3. Do I have enough resources to start my business?
_________4. Will my business plan allow cash to flow as soon as possible?
_________5. Am I working around a tight budget for my expenses?
_________6. Do I have good credit status?
_________7. Am I expecting too much from my revenues as result of my hard work?
_________8. Am I ready to assess and measure everything before putting it out for the Public?
_________9. Do I have strong people skills?
_________10. Do I enjoy making decisions and being in charge?
_________11. Am I good at short range and long range planning?
_________12. Am I flexible and can adapt to changing circumstances?
_________13. Am I willing to take calculated risks?
_________14. Am I willing to take initiative when confronted with difficult situations?
_________15. Am I ready to learn and accept the mistakes that I might encounter along the way?

If you could answer YES to most of these questions, then you are probably ready to
become an ENTREPRENEUR. There are some of the basic realities that you must face when
starting a business: demand for your product or service, cash flow, income potential,
marketability and flexibility. Be prepared to navigate the road to entrepreneurship and hurled
the challenges and roadblocks along the way.

1.4.1 Choosing your business idea

Choosing a business idea should be something that you like to do and are really good at. It could be a
hobby or a very particular set of skills you possess. Ask yourself if there is something that you really like
or enjoy doing. Take into consideration if this kind of business is going to fit well with your lifestyle,
family and finances.
To succeed as a new small business owner, you do not necessarily need to invent something new or
create something unique. You can find an unfilled service or commodity in your community and look for
a business that fills this vacancy.
In this activity, you will answer the following questions regarding your business idea.

1. What is the business idea you want to start?

2. List other businesses in your community who provide similar services or products:

3. Write down where you will have the business. Will it be in a separate location or will it be in your
home?
1.4.2 SWOT ANALYSIS
BUSINESS IDEA: ___________________________________________________

INSIDE THE BUSINESS

STRENGTHS WEAKNESSES

OUTSIDE THE BUSINESS

OPPORTUNITIES THREATS

 Are there more strengths than weaknesses? Yes No

 Are there more opportunities than threats? Yes No
 How I will deal with the weaknesses and threats:

1.5 Developing a Business Plan: You must develop a business plan. A business plan is like a road map
for your business and its projections for the next 3-5 years. This plan doesn’t need to be a scientific
research. It can be simple and flexible. You will probably see that your business plan can turn into a
group of mini-plans. One plan will be needed per each aspect of your business such as: marketing,
finance, sales, and staffing.

(a) Executive Summary: This will include a general overview of what you want your company to be and
along with your business goals.

(b) Company Description: Include information about what your business will do and who will be the
clientele that your business will serve. Include what makes your business different or better than the
existing ones (if there are other businesses like yours in that area). In this activity, you will write down in
detail what your business will do. Make sure you include who the clientele will be in addition to any
services you will provide. Also, list any business goals you have for your company.

Company Description

What your business will do?

Who will be your clientele?

What kind of services you will provide?

List your business goals.

(c) Market Analysis: Research your business market, competitors, and trends for the local business
industry. Decide what will be the size of your company, who will be your target clientele to serve, and
the demographics or characteristics along with the characteristics of your competitors in the market. In
this activity, describe who will be your customers and what your business is going to do for them. Be
very specific with regards to any services you will be providing or products you will be selling. If you are
creating an online business, list information on how your site will communicate your products or
services to your clientele.

1. Describe who will be your customers?

2. Describe which services you will be providing or products you will be selling or creating?