Entrepreneurship 12 - Entrepreneurial Concepts

PRESCRIBED LEARNING OUTCOMES

It is expected that students will:

• identify and evaluate ethical business opportunities that emerge from an environmental scan
• design, review, and present a feasibility study for a business idea
• select, use, evaluate, and defend appropriate research methods used to establish market potential
• describe methods that protect intellectual property
• explain the role of innovation in entrepreneurship

SUGGESTED INSTRUCTIONAL STRATEGIES

• Ask students in groups to research demographic and economic information describing a community and its future trends (e.g., distribution of age groups, incomes, education levels, household sizes, immigration, emigration, employment patterns, economic activities). Have each group summarize the information in a series of wall charts and brainstorm a list of new marketable products or services. Ask each group to select a product or service from the list, design a feasibility study to evaluate it, and present the proposed study to the class for critical review. Have students revise their plans as needed and then conduct their feasibility studies. If the idea is not feasible, encourage groups to fully research whether their plans can be salvaged before considering other options. For example, students may want to align themselves with other groups or choose from other ideas presented by the teacher. When the studies are complete, have students review their methods and conclusions, modify them as needed, and present their results to a venture capitalist for review.
• Provide information on copyright, trademarks, and registered names and discuss their uses with the class. Invite student groups to name their ventures, search and register the names, and choose appropriate means to protect any other intellectual properties they create.
• Have students examine profiles of a few successful contemporary entrepreneurs. Ask them to prepare a single composite profile based on their findings and to determine the extent to which each entrepreneur fits the composite. Discuss why innovation is vital to entrepreneurial vision.

SUGGESTED ASSESSMENT STRATEGIES

• As students brainstorm new products and services in response to economic and demographic trends, note evidence that they:
  • recognize opportunities and distinguish them from other ideas
  • describe elements of the opportunities that relate to unfilled and unrealized market needs
  • identify changes in society and describe how changes create new market needs
• As groups present their feasibility studies to the class, record evidence that they:
  • describe their research methods and data sources
  • estimate profitability and describe the feasibility of the opportunities based on the size and growth potential of the market, competitive market analyses, and barriers to entry
  • present relevant information clearly and in a well-organized manner
• Have students justify the research methodology they use to establish market potential for products or services. Note evidence that they:
  • provide reasons for selecting specific data-gathering procedures
  • describe measures taken to ensure reliable and valid data
  • explain and justify the processes used to analyse and interpret data
  • describe measures taken to acknowledge the limitations of their studies
• To check on students' understanding of methods used to protect intellectual property, ask questions such as:
  • What types of intellectual property are you aware of?
  • What is the best method of protection for each type? Why is it the best?
  Note the extent to which responses reveal an understanding of the different methods of protection (copyright, trademarks, and registered names) and the circumstances under which each applies.

• Advertising & Marketing Checklists, Second Edition
• Canadian Entrepreneurship and Small Business Management, Third Edition
• Co-operative Entrepreneurship
• Creativity In Business: An Entrepreneurial Approach
• Student Venture
• Towards Success: The Entrepreneurial Process

• The Advantage: Service Quality
• Doc Martens
• Evaluating
• Financing
• Inspiration and Motivation
• Managing
• Manufacturing & Distribution
• Marketing
• Marketing Products and Services
• Planning
• Promotional Strategy for Small Business
• The Service Business
• Venture: Flops
• Venture: Service, Ha!
• Venture: Shred It

• Exploring Business: A Global Perspective

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