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BYU Merit Badge PowWow Entrepreneurship Merit Badge John Gilbert AddOptions.org.

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Presentation on theme: "BYU Merit Badge PowWow Entrepreneurship Merit Badge John Gilbert AddOptions.org."— Presentation transcript:

1 BYU Merit Badge PowWow Entrepreneurship Merit Badge John Gilbert AddOptions.org

2 BYU Merit Badge PowWow The Entrepreneur The entrepreneur is our visionary, the creator in each of us. We're born with that quality and it defines our lives as we respond to what we see, hear, feel, and experience. It is developed, nurtured, and given space to flourish or is squelched, thwarted, without air or stimulation, and dies.The entrepreneur is our visionary, the creator in each of us. We're born with that quality and it defines our lives as we respond to what we see, hear, feel, and experience. It is developed, nurtured, and given space to flourish or is squelched, thwarted, without air or stimulation, and dies. - Michael Gerber Author of “The E-Myth Revisited”

3 BYU Merit Badge PowWow Entrepreneurship Entrepreneurship is Applied Scouting Know Yourself Opportunity Identification, Evaluation, and Execution: Ready – Fire – Aim Requirement 1

4 BYU Merit Badge PowWow Characteristics Skills Passionate Faith –In self –Others –Ideas Opportunity Focused Want CONTROL Innovative Always Learning –Reader Selling Planning Communication Marketing Interpersonal Management Personally Effective Team Builder Leadership Requirement 1

5 BYU Merit Badge PowWow Starting a Business Opportunity CostOpportunity Cost –Example: Quit your job to start your own company Opportunity cost is your current salaryOpportunity cost is your current salary RiskRisk –Financial loss –Livelihood of employees Requirement 1

6 BYU Merit Badge PowWow Entrepreneurship is not as RISKY as some would have you believe. –Myth – 90% of businesses fail in 5 years –Truth – 80% of Businesses Succeed You can systematically improve the probability of your succeeding as an entrepreneur Requirement 1 Starting a Business

7 BYU Merit Badge PowWow Roles and Contributions Elephant, Mice, and Gazelles Economic Development –SME represent 99% of all employers and provide 75% of all new jobs. Providing for People’s Needs & Wants Providing most innovations Requirement 1

8 BYU Merit Badge PowWow Opportunity Identification N-E-W-S Every Problem is an Opportunity –Find the angle –Pain, Pleasure WOW Requirement 3

9 BYU Merit Badge PowWow Identifying Opportunities Opportunities exist all around us.Opportunities exist all around us. –Not all opportunities are worth pursuing. Compile a list of possible opportunities.Compile a list of possible opportunities. Do not evaluate opportunities until after compiling a list of possibilities.Do not evaluate opportunities until after compiling a list of possibilities. Requirement 3

10 BYU Merit Badge PowWow Finding The Opportunities & Reducing Pain Getting Through & Around Barriers New Ideas and Competitive Angles © 2002 COPYRIGHT Gary K. Rhoads, Steven Mack Covey Professor of Marketing Entrepreneurship is building a new box It’s not just thinking outside the box Requirement 3

11 BYU Merit Badge PowWow Example Royal Crown removed caffeine Adding fruit juice to soda “Locked my keys in my car” “Same old cereal” Time-consuming oven cooking Phone & MP3 player Cereal substitute for cereal-avoiding teens A healthy Popsicle Healthy Breakfast Nine methods for new product success Method 1.Take something out of your product 2.Put something in your product 3.Answer to consumer gripes 4.Visible difference 5.Make the task easier 6.Use products in a new way 7.Product substitutability 8.Don’t be literal, be creative 9.Look overseas Result First decaffeinated cola Slice Warning bell, OnStar, Keyless Entry Flavoring the O’s in Cheerios Jet Stream Oven, Pre-cooked meals iPhone Total Breakfast Bars Fruit Juice Bars / Longboard Yoplait Yogurt © 2002 COPYRIGHT Gary K. Rhoads, Steven Mack Covey Professor of Marketing Requirement 3

12 BYU Merit Badge PowWow How to Crap On Your Friends for $39.95 How to Crap On Your Friends for $39.95 (Plus Shipping and Handling) With regard to time, here's the latest poop © 2002 COPYRIGHT Gary K. Rhoads, Steven Mack Covey Professor of Marketing

13 BYU Merit Badge PowWow Evaluating Opportunities Evaluate to determine whether an opportunity is right for you.Evaluate to determine whether an opportunity is right for you. –Have the interest –Get the knowledge –Question yourself Requirement 4

14 BYU Merit Badge PowWow Feasibility Studies Business –Technical (Good or Service) –Market –Financial –Human Resources (Personnel) Requirement 4

15 BYU Merit Badge PowWow Technical Feasibility Good or Service –Simple –Observable –Understandable Requirement 4

16 BYU Merit Badge PowWow Target Customer Who is the Perfect Client? How Many Clients Are There? Try to get a feel for…Try to get a feel for… –Whether they would be interested in your product. –How much they would pay for your product? –How much of your product are they willing to buy? –Ideas that can improve your idea. If you have a prototype of your product you should show it to potential customers.If you have a prototype of your product you should show it to potential customers.

17 BYU Merit Badge PowWow There are three levels of a product 1.Product or Service – What it is. 2. Features – What it has. 3. The Benefits – What does it do for my customer. Product Features Benefits Product/Service Vision What are we selling? Requirement 4 Don’t Be A Feature Creature

18 BYU Merit Badge PowWow Customers Part of evaluating opportunities might include interviewing potential customers.Part of evaluating opportunities might include interviewing potential customers. Try to get a feel for…Try to get a feel for… –Whether they would be interested in your product. –How much they would pay for your product? –How much of your product are they willing to buy? –Ideas that can improve your idea. If you have a prototype of your product you should show it to potential customers.If you have a prototype of your product you should show it to potential customers. Requirement 4

19 BYU Merit Badge PowWow Financial Feasibility Budget –Start-Up Costs & Operating Costs –Fixed Costs & Variable Costs Financial Model –Profit & Loss Statement - Am I going make money? –Cash Flows - When will I make money? Requirement 4

20 BYU Merit Badge PowWow Fixed Expenses Profit Area Breakeven Point Sales Total Costs Loss Area Unit Sales Expenses (thousands of dollars) Requirement 4 Break Even Analysis

21 BYU Merit Badge PowWow Financial Feasibility Finding the Money –Personal Savings –Love Money –D &D –Angels Bootstrapping Requirement 4

22 BYU Merit Badge PowWow Human Resource Feasibility The Entrepreneur’s “SWOT” S – Strengths W – Weaknesses O – Opportunities T - Threats Mentoring Outsource Requirement 4

23 BYU Merit Badge PowWow Interview an Entrepreneur Requirement 2 ChapmanEnoch

24 BYU Merit Badge PowWow Start a Business Do a Good Turn Daily –Any service can be turned into a business opportunity During the next two weeks do the following –Pick an idea & ask others about it Write about what you are going to do –Do Feasibility Study on idea –Promote your Business Make promotional materials Advertise your business –Start your Business –Bring back Evidence Requirement 6

25 BYU Merit Badge PowWow Show Me The Money Option #1 –Sketch Prototype –Write Detailed Description Option #2 –Create a Prototype –Write about Creation –Materials list Option #3 –Design a Promotional Poster or Flier Option #4 –Proforma Income Statement –Describe Assumptions Choose 2 Requirement 5

26 BYU Merit Badge PowWow Homework Finish Requirement #3 d & e Do Requirement #4 – all four sections Do Requirement #5 – Do 2 Do Requirement #6 – Start a business You can download files from

27 BYU Merit Badge PowWowRemember If your mind can conceive it, and your heart can believe it, then you can achieve it! & An Opportunity is Hard Work and Preparation Mixed with a Vision and Passion


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