So what's it like to actually be an entrepreneur? Are there characteristics common to all of them? Red the section Characteristics of Entrepreneurs on page 112 in your text book. Watch this video and make a list of common characteristics.
Next, check out this video from Joe Abraham. Joe has a different take on what it takes to be an entrepreneur. Be prepared to discuss the BOSI method of categorizing "entrepreneurial DNA." Write down the definition of each of the BOSI categories.
So do all entrepreneurs share common characteristics or are they different as Joe Abraham proposes with his BOSI classification?
Assignment 1: Team up with a classmate. Write a short business plan on the following business opportunity.
You just learned that a local garage has a place available that would be perfect to start a weekend car washing business. Write down your answers to the following questions to create a basic business plan. Be ready to present your plan to the class. Your time is limited so work quickly.
1. Nature of the Business
How many employees should the business have?
What expertise will you need that you don't already have?
2. Goals and Objectives
What are your short and long term sales goals?
What is your anticipated revenue?
How many cars will you wash per month?
3. Marketing Plan
Who is your ideal customer?
What will you charge for various services?
How will you promote your business?
Who are your competitors and how will they respond to your entry into the market?
4. Financial Plan
How much money will you need to start the business?
What are your projected income, expenses and profit?
5. Organizational Plan
Who will work in your business and how will the jobs be organized?
What is your organizational plan?
What physical building or vehicles will you need?
Present your answers to the class.
Think... In the process of developing a business plan, did you discover differences between you and your partner or were you in total agreement?
How were you and your partner alike?
How were you different?
Assignment 2:
This time, write out your own business plan using the scenario above. You may use ideas generated with your partner but this will be your business plan. You may type it out or write it down by hand.
When you are finished. Compare notes with your partner. Answer the following questions at the end of your business plan:
- How are your business plans alike and how are they different?
- If you were to put yourself in one of the BOSI categories, which would it be?
- If you were to put your partner in one of the categories, which would it be?
- Do you think you would be better off having a business partner in this venture or work independently? Explain your answer.
Write your answers on your business plan and turn it in at the end of class.
- Your assignment can be typed or hand written. If you type it, use Times New Roman, 12 point, double-spaced text.
- Make sure you use complete sentences.
Rubric:
Completeness 0-7 points
Grammar, usage and punctuation 0-3 points
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