2.01 Employ entrepreneurial discovery strategies to generate feasible ideas for business U2.00 – UNDERSTAND ENTREPRENEURSHIP, PRODUCT/SERVICE MANAGEMENT, INFORMATION MANAGEMENT, PROFESSIONAL DEVELOPMENT, EMOTIONAL INTELLIGENCE, & OPERATIONS

ENTREPRENEURIAL DISCOVERY the process of systematically scanning for changes to discover opportunities to produce new goods and services

(cont’d) ENTREPRENEURIAL DISCOVERY 4 AREAS OF CHANGE: technological, political, social, and demographic The entrepreneurial discovery process is a way to recognize and define a market need.

ENVIRONMENTAL SCANNING An analysis and evaluation process that businesses use to understand their current environment GOAL: to identify trends, gaps, events, developments, and issues that will impact the businesses.

TYPES OF ENVIRONMENTAL SCANS SWOT ANALYSIS Inside-Out Internal-External PORTER’S 5 STEP MODEL

CONTRIBUTIONS 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.

(cont’d) CONTRIBUTIONS Entrepreneurs provide jobs. Entrepreneurs change society when they are successful. 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.

ENTREPRENEURIAL DISCOVERY E.D. FORMULA CHANGE + SOCIETY = ENTREPRENEURIAL DISCOVERY OPPORTUNITIES

TYPES OF CHANGE POLITICAL CHANGE SOCIAL CHANGE DEMOGRAPHIC CHANGE TECHNOLOGICAL CHANGE

SCIENTIFIC VS. CIRCUMSTANTIAL DISCOVERY Scientific discovery occurs when a physical or technological observation is made Edison noticing that a static electricity discharge gives off light Circumstantial discovery occurs when an observation is made based on specific knowledge of time, place, or circumstance People who don’t smoke tend to live longer

ENTREPRENEURIAL PROCESS (1) Discovery (2) Evaluation (3) Exploitation