Introduction Assignment 1 Assign 1 cont Assignment 2

Introduction Assignment 1 Assign. 1 cont. Assignment 2 Process Description of Business Marketing Are You An Entrepreneur? Finances Management A Web. Quest By Carol Jennings Evaluation Grading Criteria Conclusion START

Introduction This Web. Quest focuses on two essential questions: 1. What are the key characteristics of successful entrepreneurs? 2. Why does a business succeed? Beginning Assignment 1

Assignment 1 Some traits that will increase your odds of entrepreneurial success are: An eye for opportunity - finding a need and quickly satisfying it. Independence – you enjoy being your own boss. An appetite for hard work - most entrepreneurs start out working long hours. Self-confidence – you must demonstrate extreme self-confidence in order to cope with all the risks of operating your own business. Discipline - resist the temptation to do what is easiest, but have the ability to think through to what is the most essential. Judgment - the ability to think quickly and make a wise decision. Ability to accept change - entrepreneurs thrive on changes and their businesses grow. Make stress work for you - focusing on the end result and not the process of getting there. Need to achieve – you have a drive toward personal success. Focus on profits - always have the profit margin in sight and know that your business success is measured by profits. Beginning Introduction Assign. 1 cont.

Assignment 1 (continued) Instructions (work in groups of four): Go to www. entrepreneur. com and click on “Starting a Business” and “Self-Assessment”. Each of you review two different articles listed (so your group will review a total of eight articles). After reading the articles, answer the following questions individually. Which traits listed above did the articles you read highlight, if any? After reading and thinking about the articles, would you add to, revise, or delete from the above list? If so, what would you add, revise or delete? Why? Do these traits describe you or would you rather do your job, pick up your paycheck and leave the headaches to someone else? Do you think you would be a good entrepreneur? As a group, discuss together what revisions you have made to your trait lists and come up with a “master” trait list for successful entrepreneurs. Discuss your self-assessment with the group and see if they agree whether or not you would be a good entrepreneur. Beginning Assignment 1 Assignment 2

Assignment 2 Individually review the article, “Is Entrepreneurship for You? ” found at: http: //www. sba. gov/smallbusinessplanner/plan/getready/index. html Individually and as a group, you will be preparing a business plan for a small business. As a group decide what type of business you would like to run, and answer the following questions: 1. 2. 3. 4. What service or product does your business provide and what needs does it fill? Who are the potential customers for your product or service and why will they purchase it from you? How will you reach your potential customers? Where will you get the financial resources to start your business. Beginning Assign. 1 cont. The Process

The Process After you have decided on your business and answered the previous questions, you will prepare a business plan. Each member of the group will be responsible for preparing and presenting one part of the plan. Click on your part below to get started! Description of Business Finances Beginning Marketing Management Assignment 2 Evaluation

Description of Business Your section of the business plan should include information about the nature of your business as well as list the primary factors that you believe will make your business a success. It should also describe your service or product. Click below to start! The Process Beginning Tasks to Complete

Keep in mind that lack of planning and poor location are a couple of reasons for the failure of a small business. Review the following: http: //www. sba. gov/smallbusinessplanner/plan/writeabusinessplan/serv_b p_compdesc. html http: //www. sba. gov/smallbusinessplanner/plan/writeabusinessplan/serv_b p_servprod. html Review at least 3 business plans from: http: //www. bplans. com/Sample_Business_Plans/index. cfm Write your part of the business plan and be prepared to present it to the class. Description of Business

Marketing Your section of the business plan should include information about industry description and outlook, target market information, market test results, lead times, an evaluation of your competition, and your overall market strategy. Click below to start! The Process Beginning Tasks to Complete

Keep in mind that competition, low sales, and unexpected growth are some reasons for the failure of a small business. Review the following: http: //www. sba. gov/smallbusinessplanner/plan/writeabusinessplan/serv_b p_markanal. html http: //www. sba. gov/smallbusinessplanner/plan/writeabusinessplan/serv_b p_marksale. html Review at least 3 business plans from: http: //www. bplans. com/Sample_Business_Plans/index. cfm Write your part of the business plan and be prepared to present it to the class. Marketing

Finances Your section of the business plan should include your current funding requirement, your future funding requirements over the next five years, how you will use the funds you receive, and any long-range financial strategies that you are planning that would have any type of impact on your funding. You should also included financial statements. Click below to start! The Process Beginning Tasks to Complete

Keep in mind that Insufficient capital , over-investment in fixed assets, poor credit arrangements, and personal use of business funds are some reasons for the failure of a small business. Review the following: http: //www. sba. gov/smallbusinessplanner/plan/writeabusinessplan/serv_b p_fundreq. html http: //www. sba. gov/smallbusinessplanner/plan/writeabusinessplan/serv_b p_financials. html Review at least 3 business plans from: http: //www. bplans. com/Sample_Business_Plans/index. cfm Write your part of the business plan and be prepared to present it to the class. Finances

Management Your section of the business plan should include a concise overview of the entire plan along with a history of your company. This section tells your reader where your company is and where you want to take it. You should also include organizational structure, details about the ownership of your company, profiles of your management team, and the qualifications of your board of directors. Click below to start! The Process Tasks to Complete Beginning

Keep in mind that lack of experience and poor inventory management are some reasons for the failure of a small business. Review the following: http: //www. sba. gov/smallbusinessplanner/plan/writeabusinessplan/SERV _BP_ORGNMAN. html http: //www. sba. gov/smallbusinessplanner/plan/writeabusinessplan/serv_b p_execsum. html Review at least 3 business plans from: http: //www. bplans. com/Sample_Business_Plans/index. cfm Write your part of the business plan and be prepared to present it to the class. Management

Evaluation You will receive points for individual and group work (please see grading criteria). Be aware that the input from each member will reflect on the points given for the group work. Be sure and do your part! Beginning The Process Grading Criteria

Grading Criteria Answers to initial questions on successful traits of an entrepreneur are thoughtful, in depth, and more than just a one sentence response. Master list of traits of the entrepreneur complied by your group is comprehensive and complete. Group Cohesion – you worked well together, supported each other, and gave useful feedback to other members of your group. Completion of your individual part of the business plan was on time, in depth, with quality information and analysis. Group presentation of your business plan went smoothly and was interesting and insightful. Total Points Possible: Beginning Evaluation 15 points 20 points 25 points = 100 points Conclusion

Conclusion Remember that you are trying to discover: 1. What are the key characteristics of successful entrepreneurs? 2. Why does a business succeed? What are your answers to these questions? Did you discover if you are an entrepreneur? Beginning Grading Criteria