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. They recognize consumer wants and see the economic opportunities in satisfying them.

Entrepreneurs are a principal source of venture capital. As part of the process of planning and setting up a new business, entrepreneurs gather resources. 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. In 1976, Steven Jobs and Steven Wozniak set out to create Apple. In less than 5 years, they created a whole industry comprised of hundreds of related businesses and thousands of new jobs. Can you image a workplace today that doesn’t have at least one computer?

CONTRIBUTION CONTINUED

Any time things change, there is an opportunity for entrepreneurship. We need look no further than the Internet to discover that. The Internet was a technological change that opened up the door to new ideas such as Facebook, Google, eBay, webcasts, etc.

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. Independent Practice –Identify a change occurring in

your community that has encouraged entrepreneurial discovery. Determine what type of change it is (e.g. technological, political, legal, social, demographic, etc.), and identify new businesses or products that have been developed in response to that change.

ACTIVITIES