2. 1.1 Describe the importance of small business to the economy 1.2 List and describe the characteristics of an entrepreneur 1.3 Define entrepreneurship and explain the entrepreneurial process 1.4 Analyze the roles of government (all levels) in supporting small business 1.5 Distinguish among the various venture opportunity techniques 1.6 Distinguish among the various forms of small business ownership 1 EP2150 – Entrepreneurship Paul Tilley

3. Introduction Do you have a moneymaking idea rumbling around in your head? 2EP2250 - Small Business Development

4. Introduction If so, Are you willing to act on it? 3EP2250 - Small Business Development

5. Introduction When you are strongly enough motivated to write that idea down and thoroughly analyze it through a business plan. 4EP2250 - Small Business Development

6. Introduction That is the time you have become an ENTREPRENEUR 5EP2250 - Small Business Development

7. The Entrepreneurial self- assessment 6EP2250 - Small Business Development A lot of us will as ourselves – “Am I cut out to be a small business person?” Depending where we are in our lives there may be different “pushers” that make us want to strike out on our own, or there may be different “pullers” that keep us from taking that first step towards becoming and entrepreneur. Regardless, we all have skills and attributes that would contribute to our potential success as entrepreneurs. There are many tools found in textbooks and on-line that give us a better understanding of ourselves and our abilities. On the next slide there are four examples of online assessment tools – try one and learn more about yourself as a budding entrepreneur!

8. The Entrepreneurial self- assessment 7EP2250 - Small Business Development

9. Defining the Opportunity Changes produce opportunity – which create gaps between what should be and what is. These Gaps, as recognized by entrepreneurs, produce business opportunities. 8EP2250 - Small Business Development What is your business idea? You should be able to explain the idea in 30 seconds or less…

10. Defining the Opportunity The more specialized a business the more opportunity there is to make money. 9EP2250 - Small Business Development What is your business’ Specialization? More specifically: What are you selling? You should be able to explain the idea in 30 seconds or less…

11. Defining the Opportunity Businesses need to group similar customers with similar needs together so that they will respond to a given set of marketing actions. This is called the business’ Target Market. 10EP2250 - Small Business Development Who is your business’ Target Market? More specifically: Who are you selling to? You should be able to explain the idea in 30 seconds or less…

12. Defining the Opportunity A business must decide on what it specializes in 11EP2250 - Small Business Development Who is your business’ Target Market? You should be able to explain the idea in 30 seconds or less…