2.01 EMPLOYEE ENTREPRENEURIAL DISCOVERY STRATEGIES TO GENERATE FEASIBLE IDEAS FOR BUSINESS

 Entrepreneurial Discovery  The process of systematically scanning for technological, political, and regulatory, social, and demographic changes to discover opportunities to produce new goods and services DEFINITION

 Entrepreneurs are the mechanism by which our economy turns demand into supply.  Entrepreneurs are a principal source of venture capital. Money is one of the most important of these resources. Entrepreneurs usually start with their own funds and then seek out contributions from private investors. CONTRIBUTIONS OF ENTREPRENEURIAL DISCOVERY TO SOCIETY

 Entrepreneurs provide jobs.  The most successful entrepreneurs change society. CONTRIBUTION CONTINUED

 Any time things change, there is an opportunity for entrepreneurship. IDENTIFY CHANGES THAT ENCOURAGE ENTREPRENEURIAL DISCOVERY Political Change Social Change Demographic Change Technological Change

 Guided Practice – Identify ways the following types of change have led to entrepreneurial discovery  Political change  - election of a new President  Social change  majority of mothers and fathers working outside the home  Demographic change  use of Spanish language increasing rapidly in U.S. ACTIVITIES

 Commitments and determination  Leadership  Opportunity obsession  Tolerance of risk, ambiguity and uncertainty  Creativity, self-reliance and ability to adapt  Motivation to excel  Social nature SOME CHARACTERISTICS ASSOCIATED WITH ENTREPRENEURS:

Scientific  Occurs when a physical or technological observation is made Circumstantial  Occurs when an observation is made based on specific knowledge of time, place, or circumstance SCIENTIFIC VS. CIRCUMSTANTIAL DISCOVERY

 The introduction of a new good or a new quality of a good  The introduction of a new method of production  The opening of a new market  The conquest of a new source of supply of raw materials or components  The reorganization of any industry AREAS OF ENTREPRENEURIAL DISCOVERY

 Analogies – comparing an unfamiliar abstract idea with an already known mental image  Pattern recognition – many problems can be diagnosed and remedied this way  Prototype – a 3-dimensional version of your vision  Reverse engineering – examining a completed product with the intent of understanding the technology and process used in it design, manufacture, or operation TECHNIQUES ENTREPRENEURS CAN USE TO RECOGNIZE OPPORTUNITIES