1. EXPLORING Ideas and Opportunities Entrepreneurship Unit 11, Lesson 1 Entrepreneurship Unit 11, Lesson 1 1 Copyright © Texas Education Agency, 2013. All Rights Reserved.

2. Copyright Copyright © Texas Education Agency. The materials found on this website are copyrighted © and trademarked ™ as the property of the Texas Education Agency and may not be reproduced without the express written permission of the Texas Education Agency, except under the following conditions: 1) Texas public school districts, charter schools, and Education Service Centers may reproduce and use copies of the Materials and Related Materials for the districts’ and schools’ educational use without obtaining permission from the Texas Education Agency; 2) Residents of the state of Texas may reproduce and use copies of the Materials and Related Materials for individual personal use only without obtaining written permission of the Texas Education Agency; 3) Any portion reproduced must be reproduced in its entirety and remain unedited, unaltered and unchanged in any way; 4) No monetary charge can be made for the reproduced materials or any document containing them; however, a reasonable charge to cover only the cost of reproduction and distribution may be charged. Private entities or persons located in Texas that are not Texas public school districts or Texas charter schools or any entity, whether public or private, educational or non-educational, located outside the state of Texas MUST obtain written approval from the Texas Education Agency and will be required to enter into a license agreement that may involve the payment of a licensing fee or a royalty fee 2 Copyright © Texas Education Agency, 2013. All Rights Reserved.

3. Look for Ideas Opportunities - Possibilities that arise from existing conditions Ideas - Thoughts or concepts that come from creative thinking Hobbies and Interests Past Experiences Discovery or Invention 3 Copyright © Texas Education Agency, 2013. All Rights Reserved.

4. Investigate Opportunities Compare Different Opportunities –Is there a market in my community for this kind of business? –How much money will it take to start this business? –How many hours a week will I have to work to run this business? 4 Copyright © Texas Education Agency, 2013. All Rights Reserved.

5. Investigate Opportunities (continued) Compare Different Opportunities –Does my background prepare me to run this kind of business? –How much money will I make running this business? –What are the risks associated with this business? 5 Copyright © Texas Education Agency, 2013. All Rights Reserved.

6. Setting Goals Set specific financial goals before starting a business. Goals should be measurable and easily attainable in the time allotted. 6 Copyright © Texas Education Agency, 2013. All Rights Reserved.

7. Non-financial Goals Money is important; however, it is not the only reason for running a business. Non-monetary Reasons for Running a Business –Gain Personal Satisfaction –Serve a Community Need –Be in Charge 7 Copyright © Texas Education Agency, 2013. All Rights Reserved.

8. Assignments Opportunity Assignment #1: Students will define and provide an example of an opportunity from their own life. The student will explain if they acted on this opportunity and what influenced their decision in a one-page typed report. Non-financial Rewards Assignment #2: Students will interview entrepreneurs to find out what non-financial rewards are important and why. Then students will prepare a one-page typed report that explains “Top Reasons for Becoming an Entrepreneur.” Letter to the SBA Assignment #3: Students will write a letter to the Small Business Administration. The letter must include the student’s interest in starting a small business, it must be specific about the type of business, and ask what specific services the SBA provides to people who wish to start this type of business. 8 Copyright © Texas Education Agency, 2013. All Rights Reserved.