Employee entrepreneurial discovery strategies to generate feasible ideas for business 2.01

definition 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

Contributions of entrepreneurial discovery to society 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.

Contribution continued 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?

Identify changes that encourage entrepreneurial discovery 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. Demographic Change Political Change Technological Change Social Change

Activities 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.