2. Entrepreneurship: Ideas in Action © Cengage Learning/South-Western Chapter 1 Slide 1 Lesson 1.3 Exploring Ideas and Opportunities Goals Identify sources for new business ideas. Recognize different business opportunities. Identify you own personal goals.

3. Entrepreneurship: Ideas in Action © Cengage Learning/South-Western Chapter 1 Slide 2 Terms opportunities ideas trade shows

4. Entrepreneurship: Ideas in Action © Cengage Learning/South-Western Chapter 1 Slide 3 Look for Ideas opportunities possibilities that arise from existing conditions ideas thoughts or concepts that come from creative thinking

5. Entrepreneurship: Ideas in Action © Cengage Learning/South-Western Chapter 1 Slide 4 hobbies and interests past experiences discovery and invention Ideas come from a variety of sources including:

6. Entrepreneurship: Ideas in Action © Cengage Learning/South-Western Chapter 1 Slide 5 Where do new ideas for businesses come from?

7. Entrepreneurship: Ideas in Action © Cengage Learning/South-Western Chapter 1 Slide 6 Investigate Opportunities Research can help you determine what is missing in a particular market. Internet library Small Business Administration

8. Entrepreneurship: Ideas in Action © Cengage Learning/South-Western Chapter 1 Slide 7 special meetings where companies of the same or related industry display their products trade shows

9. Entrepreneurship: Ideas in Action © Cengage Learning/South-Western Chapter 1 Slide 8 Compare Different Opportunities For each business opportunity, you should consider: Will people buy my product or service? How much money is required to start the business? How many hours per week will it take to run the business?

10. Entrepreneurship: Ideas in Action © Cengage Learning/South-Western Chapter 1 Slide 9 Do I have the right background to run this business? What income will this business generate? What are the business risks?

11. Entrepreneurship: Ideas in Action © Cengage Learning/South-Western Chapter 1 Slide 10 How can you find out about various business opportunities?

12. Entrepreneurship: Ideas in Action © Cengage Learning/South-Western Chapter 1 Slide 11 Setting Goals

13. Entrepreneurship: Ideas in Action © Cengage Learning/South-Western Chapter 1 Slide 12 Financial Goals Financial goals should be: realistic measurable easily attainable in the time allotted

14. Entrepreneurship: Ideas in Action © Cengage Learning/South-Western Chapter 1 Slide 13 Nonfinancial Goals Nonfinancial goals may include: personal satisfaction serving a community need enjoying personal independence

15. Entrepreneurship: Ideas in Action © Cengage Learning/South-Western Chapter 1 Slide 14 Why are financial goals important? Name some nonfinancial goals an entrepreneur may have.