1. Lesson 2 JA It’s My Business! Lesson 2 I Can Change the World

2. Lesson 2 Objectives : Describe how entrepreneurs fill a Market Need Discuss the role of Market Research in determining the Market Need and Competitive Advantage JA It’s My Business! I Can Change the World

3. Lesson 2 As an Entrepreneur you MUST :  Fill a Need Know the market need and your potential competitors.  Know Your Customer and Product Have expert knowledge of both the customer and the product.  Be Creative and Innovative Think outside of the box, and look for new and different solutions to needs that have been identified.  Believe in Yourself Identify likes, skills/abilities, and work to improve them. JA It’s My Business! I Can Change the World

4. Lesson 2 ENTREPRENEURS How to Acquire the Skills & Knowledge ? ENTREPRENEURS How to Acquire the Skills & Knowledge ? Apprentice / Internship Apprentice / Internship Back to School Self-Teach Study with experts in your chosen field. Be inquisitive Go to university, polytechnic, ITE, training courses. Be inquisitive Commit the time & energy to learn on your own. Be inquisitive JA It’s My Business! I Can Change the World

5. Lesson 2 Create a product or service that people will want to buy or use. You have to understand your market. (Current and/or potential customers) You must know who your competitors are! FILL A NEED IS THAT ALL ? Hold it! You also need to do ………… JA It’s My Business! I Can Change the World

6. Lesson 2 The gathering and evaluating of data regarding customers’ preferences for products and services. Helps to determine the customers’ needs and to better understand how a product/service can fulfill those needs. Helps you know who your competitors are. Are they doing enough to fulfill those needs? MARKET RESEARCH JA It’s My Business! I Can Change the World

7. Lesson 2 Ben & Jerry’s – how many flavors do they sell? We are starting our small little ice cream stall and have space for only 3 flavors. Which flavors? MARKET RESEARCH - EXAMPLE JA It’s My Business! I Can Change the World

8. Lesson 2 A method to generate ideas. Many great brainstorming ideas resulted from 1 st thoughts that come to mind. No idea is a bad idea. Think creatively & innovatively to develop a new product or service. Respect everyone’s opinion. BRAINSTORM JA It’s My Business! I Can Change the World

9. Lesson 2 LET’S BRAINSTORM ! Group Activity : Club Blueprint JA It’s My Business! I Can Change the World

10. Lesson 2 Using market research, Entrepreneur magazine predicts that Teens Clubs, if designed correctly, have the potential to become a successful business. Question : Why do you think market research supports the idea of a Teen Club? DISCUSSION: BLUEPRINT DESIGN FOR TEEN CLUB JA It’s My Business! I Can Change the World

11. Lesson 2 Questions to consider while brainstorming : Where can teens go to spend their free time? What do teens like about these places? What is missing from these places? What do teens like to do in their spare time? How do you spend your free time? DISCUSSION : BLUEPRINT DESIGN FOR TEEN CLUB JA It’s My Business! I Can Change the World

12. Lesson 2 Brainstorm: What do you want in a teen club? Blueprint: Where should we put the items? What items should go where? EXAMPLE : BLUEPRINT DESIGN FOR TEEN CLUB JA It’s My Business! I Can Change the World

13. Lesson 2 Go into the same group as Session 1. Each group will be given a club blueprint and 20 minutes to complete it. Work together as a team to brainstorm ideas and features for an entire teen club. Groups will present their designs. You will vote on the best teen club design. No voting for own blueprint please! Group Activity JA It’s My Business! I Can Change the World

14. Lesson 2 Brainstorm before you start designing Understand your customers’ needs. Be creative and innovative but bear in mind that the features in the end must be practical and realistic in business sense. Questions to consider while brainstorming :  Who are your customers?  How will you sell your club to your customers?  Which features of the club do you like best?  Which features require more thought and time to develop?  What is the most creative or innovative feature of your club? CLUB BLUEPRINT (some tips) JA It’s My Business! I Can Change the World

15. Lesson 2 Presentations Voting. No voting for your own team! JA It’s My Business! I Can Change the World

16. Lesson 2 JA It’s My Business! I Can Change the World How to acquire skill & knowledge ? Market research in determining market need and competitive advantage. Brainstorming. The Golden Rules. Summary & Review:

17. Lesson 2 Write your name. Complete the journal at home. DON’T FORGET TO : JA It’s My Business! I Can Change the World