BYU Merit Badge PowWow Entrepreneurship Merit Badge John Gilbert AddOptions.org

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  • BYU Merit Badge PowWow Entrepreneurship Merit Badge John Gilbert AddOptions.org
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  • BYU Merit Badge PowWow The Entrepreneur The entrepreneur is our visionary, the creator in each of us. We're born with that quality and it defines our lives as we respond to what we see, hear, feel, and experience. It is developed, nurtured, and given space to flourish or is squelched, thwarted, without air or stimulation, and dies.The entrepreneur is our visionary, the creator in each of us. We're born with that quality and it defines our lives as we respond to what we see, hear, feel, and experience. It is developed, nurtured, and given space to flourish or is squelched, thwarted, without air or stimulation, and dies. - Michael Gerber Author of The E-Myth Revisited
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  • BYU Merit Badge PowWow Entrepreneurship Entrepreneurship is Applied Scouting Know Yourself Opportunity Identification, Evaluation, and Execution: Ready Fire Aim Requirement 1
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  • BYU Merit Badge PowWow Characteristics Skills Passionate Faith In self Others Ideas Opportunity Focused Want CONTROL Innovative Always Learning Reader Selling Planning Communication Marketing Interpersonal Management Personally Effective Team Builder Leadership Requirement 1
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  • BYU Merit Badge PowWow Starting a Business Opportunity CostOpportunity Cost Example: Quit your job to start your own company Opportunity cost is your current salaryOpportunity cost is your current salary RiskRisk Financial loss Livelihood of employees Requirement 1
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  • BYU Merit Badge PowWow Entrepreneurship is not as RISKY as some would have you believe. Myth 90% of businesses fail in 5 years Truth 80% of Businesses Succeed You can systematically improve the probability of your succeeding as an entrepreneur Requirement 1 Starting a Business
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  • BYU Merit Badge PowWow Roles and Contributions Elephant, Mice, and Gazelles Economic Development SME represent 99% of all employers and provide 75% of all new jobs. Providing for Peoples Needs & Wants Providing most innovations Requirement 1
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  • BYU Merit Badge PowWow Opportunity Identification N-E-W-S Every Problem is an Opportunity Find the angle Pain, Pleasure WOW Requirement 3
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  • BYU Merit Badge PowWow Identifying Opportunities Opportunities exist all around us.Opportunities exist all around us. Not all opportunities are worth pursuing. Compile a list of possible opportunities.Compile a list of possible opportunities. Do not evaluate opportunities until after compiling a list of possibilities.Do not evaluate opportunities until after compiling a list of possibilities. Requirement 3
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  • BYU Merit Badge PowWow Finding The Opportunities & Reducing Pain Getting Through & Around Barriers New Ideas and Competitive Angles 2002 COPYRIGHT Gary K. Rhoads, Steven Mack Covey Professor of Marketing Entrepreneurship is building a new box Its not just thinking outside the box Requirement 3
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  • BYU Merit Badge PowWow Example Royal Crown removed caffeine Adding fruit juice to soda Locked my keys in my car Same old cereal Time-consuming oven cooking Phone & MP3 player Cereal substitute for cereal-avoiding teens A healthy Popsicle Healthy Breakfast Nine methods for new product success Method 1.Take something out of your product 2.Put something in your product 3.Answer to consumer gripes 4.Visible difference 5.Make the task easier 6.Use products in a new way 7.Product substitutability 8.Dont be literal, be creative 9.Look overseas Result First decaffeinated cola Slice Warning bell, OnStar, Keyless Entry Flavoring the Os in Cheerios Jet Stream Oven, Pre-cooked meals iPhone Total Breakfast Bars Fruit Juice Bars / Longboard Yoplait Yogurt 2002 COPYRIGHT Gary K. Rhoads, Steven Mack Covey Professor of Marketing Requirement 3
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  • BYU Merit Badge PowWow How to Crap On Your Friends for $39.95 How to Crap On Your Friends for $39.95 (Plus Shipping and Handling) With regard to time, here's the latest poop 2002 COPYRIGHT Gary K. Rhoads, Steven Mack Covey Professor of Marketing
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  • BYU Merit Badge PowWow Evaluating Opportunities Evaluate to determine whether an opportunity is right for you.Evaluate to determine whether an opportunity is right for you. Have the interest Get the knowledge Question yourself Requirement 4
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  • BYU Merit Badge PowWow Feasibility Studies Business Technical (Good or Service) Market Financial Human Resources (Personnel) Requirement 4
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  • BYU Merit Badge PowWow Technical Feasibility Good or Service Simple Observable Understandable Requirement 4
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  • BYU Merit Badge PowWow Target Customer Who is the Perfect Client? How Many Clients Are There? Try to get a feel forTry to get a feel for Whether they would be interested in your product. How much they would pay for your product? How much of your product are they willing to buy? Ideas that can improve your idea. If you have a prototype of your product you should show it to potential customers.If you have a prototype of your product you should show it to potential customers.
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  • BYU Merit Badge PowWow There are three levels of a product 1.Product or Service What it is. 2. Features What it has. 3. The Benefits What does it do for my customer. Product Features Benefits Product/Service Vision What are we selling? Requirement 4 Dont Be A Feature Creature
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  • BYU Merit Badge PowWow Customers Part of evaluating opportunities might include interviewing potential customers.Part of evaluating opportunities might include interviewing potential customers. Try to get a feel forTry to get a feel for Whether they would be interested in your product. How much they would pay for your product? How much of your product are they willing to buy? Ideas that can improve your idea. If you have a prototype of your product you should show it to potential customers.If you have a prototype of your product you should show it to potential customers. Requirement 4
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  • BYU Merit Badge PowWow Financial Feasibility Budget Start-Up Costs & Operating Costs Fixed Costs & Variable Costs Financial Model Profit & Loss Statement - Am I going make money? Cash Flows - When will I make money? Requirement 4
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  • BYU Merit Badge PowWow 600 500 400 300 200 100 1020305060 Fixed Expenses Profit Area Breakeven Point Sales Total Costs Loss Area Unit Sales Expenses (thousands of dollars) Requirement 4 Break Even Analysis
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  • BYU Merit Badge PowWow Financial Feasibility Finding the Money Personal Savings Love Money D &D Angels Bootstrapping Requirement 4
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  • BYU Merit Badge PowWow Human Resource Feasibility The Entrepreneurs SWOT S Strengths W Weaknesses O Opportunities T - Threats Mentoring Outsource Requirement 4
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  • BYU Merit Badge PowWow Interview an Entrepreneur Requirement 2 ChapmanEnoch
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  • BYU Merit Badge PowWow Start a Business Do a Good Turn Daily Any service can be turned into a business opportunity During the next two weeks do the following Pick an idea & ask others about it Write about what you are going to do Do Feasibility Study on idea Promote your Business Make promotional materials Advertise your business Start your Business Bring back Evidence Requirement 6
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  • BYU Merit Badge PowWow Show Me The Money Option #1 Sketch Prototype Write Detailed Description Option #2 Create a Prototype Write about Creation Materials list Option #3 Design a Promotional Poster or Flier Option #4 Proforma Income Statement Describe Assumptions Choose 2 Requirement 5
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  • BYU Merit Badge PowWow Homework Finish Requirement #3 d & e Do Requirement #4 all four sections Do Requirement #5 Do 2 Do Requirement #6 Start a business You can download files from www.AddOptions.org/merit-badge
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  • BYU Merit Badge PowWowRemember If your mind can conceive it, and your heart can believe it, then you can achieve it! & An Opportunity is Hard Work and Preparation Mixed with a Vision and Passion