Chapter 3 Pg Your Entrepreneurial Potential Credit History Collateral Infastructure Goals Steppingstones Milestones Targets SWOT analysis Problem solving Interpersonal skills Critical/Creative/Practical thinking skills

It all starts with an idea and a strong desire to develop that idea into a successful venture Arthur L. Fry was a tinkerer and a problem solver as a child: his earliest engineering efforts were devoted to creating custom- designed toboggans from scrap lumber. Fry invented what is probably the most significant office supply product since the paperclip: the Post-it® Note

Challenges Facing Young Entrepreneurs No Credit History No Collateral Administrative “Red Tape” No Experience

Setting Goals Stepping Stones Milestones SMART Principle Simple, Measurable, Achievable, Realistic and Timely

S.W.O.T Analysis Strengths Weaknesses Opportunities Threats Practice Project; Regent Mall Car Wash Venture Idea. (Handout)

Edison or Einstein? Incremental Problem Solver List the traits: - Out of the Box Thinker List the traits: -

Think About Your Skills Interpersonal Skills Critical Thinking vs. Creative thinking Practical Skills

Regent Mall Car Wash Venture idea; For the summer months of June July and August, think about setting up a car wash detailing spot on the corner parking lot at the Regent Mall. Shoppers could drop off their cars for washing while they shop. Customers choose from a variety of car detailing ‘specials”. Basic wash, wash and wax, wash, wax and a carpet cleaning with vinyl cleaning. Complete a SMART goals analysis of this Venture idea. What are the obstacle to overcome? What would be the goals to set for March, April and May? Do a SWOT analysis for this venture.