1. 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

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

3. (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.

4. 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.

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

6. 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.

7. (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.

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

9. TYPES OF CHANGE POLITICAL CHANGE SOCIAL CHANGE DEMOGRAPHIC CHANGE
TECHNOLOGICAL CHANGE

10. 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

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