Lesson Three

 Opportunities  Ideas  Discovery  Invention  Patent  Trade Shows

 Opportunities – are possibilities that arise from existing conditions  Ideas – are thoughts or concepts that come from creative thinking

Hobbies Interests Past Experiences Discovery Invention

 Make a list of hobbies and interests to help you decide what business is right for you.

 Analyze experiences, jobs  Marketing ideas – observed  Network of customers  On-the-job training

 Research  Patent  Who is the competition  What’s the manufacturing process  Who is the target market

 Books  Magazines  Trade magazines  Government publications  Internet  Library  Small Business Administration  Network with entrepreneurs  Trade shows

 Is there a market in my community?  Will people buy my product/service?  How much money would it take to start up?  Will I be able to borrow the money?  How many hours a week am I going to work?  Am I willing to commit that time?  What are the risks?  What is the rate of failure for this type of business?  How much money could I make in this business?

SMART GOALS S pecific Goals should be specific and answer “What, Why, and How?” M easurable Goals should establish ways to measure your progress. A ttainable Goals should not be too far out of reach. R ealistic Goals should represent things to which you are willing to commit. T imely Goals should have a timeframe for achievement. GoalI will learn more about starting my own business. SMART Goal I will learn more about starting my own catering business by obtaining information from the Small Business Administration and talking with the owners of three local catering businesses by the end of the month.

 Set before starting business  Realistic  SMART goals are best

 Personal satisfaction  Community need  Personal independence

Type a thoughtful response to each item. Use the best grammar you can.  In terms of annual income, what financial goals have you set for yourself for five years after you graduate? What nonfinancial goals have you set that you could fulfill by becoming an entrepreneur? Are financial or nonfinancial goals more important to you? Why?

1. Opportunities – possibilities that arise from existing conditions. 2. Ideas – thoughts or concepts that come from creative thinking 3. Discovery - to make known or visible

4. Invention - something invented: such as a useful new device or process 5. Patent -protected by a trademark or a brand name so as to establish proprietary rights analogous to those conveyed by letters patent or a patentprotected by a trademark or a brand name so as to establish proprietary rights analogous to those conveyed by letters patent or a patent 6. Trade Shows - a large exposition to promote awareness and sales of especially new products within an industry