LESSON 4 OPPORTUNITIES & IDEAS and

DAYS 1 – NOTES ON OPPORTUNITIES AND IDEAS (Sept 28) 2 – JA – Module 1 – Getting Inspired p (Sept29) 3 – work period …idea generation (Sept30) 4 - JA – Module 1 – Getting Inspired p (p —used in JA Dragons’ Den) (Oct1) 5 – JA – Module 1 – Prepare for Presentation (Oct2) 6 – JA Prepare for Presentation 7 - Presentation

 General Dates  Lesson 4 – September 28 – October 7  Lesson 5 - October (overlap)  MIDTERM OCTOBER 16 TH  Lesson 6 – October 13 – November 13  Lesson 7 – November 13 – November 30  Lesson 8 – First week in December  Lesson 9 – Second week in December  Lesson 10 – January  BUSINESS RUNS FROM NOVEMBER 1 – DECEMBER BEFORE THE BREAK

 There is a difference between ideas and opportunities.  Idea – a thought or concept for a product or service.; the “light bulb moment.”  Opportunity – an opportunity will solve a problem or address a need or want that consumers face in our society

There are times when an entrepreneur will identify a problem, or perhaps recognize an opportunity, and then come up with an idea to take advantage of the situation. When the opportunity arrives first and you think of an idea to fill it, it is called market- driven entrepreneurship.

 MARKET DRIVEN ENTREPRENEURSHIP  Example:  You notice that students are having a difficult time carrying binders from class to class, from school to home. Binders are difficult to carry and the pages fall out. You believe there must be an easier way. You are innovative and come up with a new design for a binder. A handle on the side and a zipper that goes all the way around the binder.  Opportunity to solve the binder problem  Then the idea….a new type of binder with a zipper and handle.

 When an Entrepreneur comes up with an idea first  and then attempts to find an opportunity for it, it is referred to as product or service driven entrepreneurship.

 PRODUCT/SERVICE DRIVEN ENTREPRENEURSHIP  Example  Your grandmother makes the best chocolates ever and everyone loves them. You decide to find a market for them.  Cloddhoppers Candy (VIDEO)  Can you think of other examples?

 The Best Business For You  1. What’s Your Problem –  2. Differentiate Thyself –  3. On the Contrary -  4. You’re Not the Customer  5. Location, Location, Location  6. Search for Synergies.  7. Have a Heart …Business Ideas…

 Consider…buying product online and adding value and reselling  Or services…  Or look at themes…that are big  Vintage  Recycle  Restoration hardware…. ▪ Items made with steel, concrete…rough wood

OR…..PLACES TO LOOK FOR IDEAS 1.Ideas from previous employment 2.Ideas from hobbies or travel 3.Ideas from friends, social networking 4.Trade shows 5.Ideas from personal observations 6.Ideas from business publications 7.Newspapers and magazines 8.Newsletters

 Think about the things that are difficult to attain in your community or things that you have to go out of town to attain

 Think about goods and services that you would like to have more of, more choice, options, etc.

 Ask yourself, “What could be done better? And how could it be done better? Is this a saleable market.

 Any time there is a period of change, there are opportunities abounding. Think about markets that might be left under serviced in the change. Think about emerging markets, spin-off products/services to meet the change  Areas of the city that have evolved and need services

 Whenever a large number of people are annoyed by something, there is an opportunity  Research the things that annoy people you know…What could be done to solve the problem

 Problems bring opportunities. For every problem there is an opportunity. Think about things that could be done to solve the problem being experienced.

 It is really important to evaluate all business ideas/opportunities. The “Six colour hats” process has been used for a long time_______________

 Six HATS Six HATS  Second Video – Six HatsSix Hats  Six Hats video Six Hats video

 Mission Statement  To inspire and educate young Canadians to value free enterprise, understand business and economics and develop entrepreneurial and leadership skills.

MODULES GETTING INSPIRED – LESSON 4 IDENTIFYING THE BUSINESS VENTURE – LESSON 6 BUILDING THE ORGANIZATION – LESSON 6 CONDUCTING OPERATIONS – LESSON 7 DAYS 1 – NOTES ON OPPORTUNITIES AND IDEAS (Sept 28) 2 – JA – Module 1 – Getting Inspired p (Sept29) 3 – work period …idea generation (Sept30) 4 - JA – Module 1 – Getting Inspired p (p —used in JA Dragons’ Den) (Oct1) 5 – JA – Module 1 – Prepare for Presentation (Oct2) 6 – JA Prepare for Presentation 7 - Presentation

 --prototype. explanations  --motivational/interesting/convincing  --any extra materials to help support the idea  Videos…posters…etc.  Consumer demand, labour intensive/time, costs of production,  ASSIGNMENT FOR LESSON 4 IS THE PRESENTATION…EVALUATION SHEE TO FOLLOW