1. Entrepreneurial process Identify and evaluate the opportunity Develop business plan Define and acquire resources Manage the enterprise

2. Personal assessment Business assessment Business plan Too risky? Opportunity

3. Personal assessment Activity 1a

4. Personal assessment: Entrepreneurial Skills Thrives on ambiguity Locus of control: Accepts responsibility Desire Initiative/Aggressiveness Low support needs Perseverance Problem solver Persuasiveness Self-discipline Self-confidence Knows value of money © 2004 Ewing Marion Kauffman Foundation Market awareness Energy Ego development

5. Entrepreneurial Characteristics 2.2 Desire Perseverance Knows value of money © 2004 Ewing Marion Kauffman Foundation Market awareness

6. Personal Criteria to start a business 1.2 © 2004 Ewing Marion Kauffman Foundation Job security Money Lifestyle Power Age Health Family considerations Location Investment Attitudes and values Control my destiny Accommodate my personal values Engage in activities I want to do

7. Business assessment “Buying a job” Life style Growth business

8. Business assessment Market: Is it big enough? Dangerous product/service qualities Is one product enough? Single-sale Faddish Can it be easily copied?

9. Business assessment Market: Is it profitable enough? What is your opportunity cost? Pricing setting Future profitability

10. Business assessment People Why are you the best individual or team to do this? Who else do you need to bring on board?

11. Business assessment Money How “Money” risky is it? Requires investment Requires investment without testing Exit for investors

12. Business assessment: Bright Horizons Is the market big enough? Is it profitable enough? Is it the right team? Does it requires outside investment? What is the exit strategy? Why was it worthy?

13. Business Concept: Kimo’s Katering What triggered the idea to expand the offerings of kimo’s katering? Why did the idea present a business opportunity? What other opportunities exist for kimo’s to expand and growth its business? Think of your current jobs. Can you identify a problem in the business operations? What are some possible solutions to that problem? If you were to start a business implement one or more of these solutions, would your business have a competitive advantage?

14. Focus group on Business Concept What does the business do? (product or service) How is the business different from others? Who will buy the product/service? Why will they buy the product/service? Where will the product/service be sold? How will the product/service be promoted and sold?

15. Business model Tells a logical story about Making something that satisfies an unmet need Selling something in innovative ways Profits are important because they tell you whether the business concept works