Template:Entrepreneurship/req

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# In your own words, define ''entrepreneurship''. Explain to your merit badge counselor the role of the entrepreneur in the economy of the United States.
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# In your own words, define entrepreneurship. Explain to your merit badge counselor how entrepreneurs impact the U.S. economy.
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# Identify and interview an individual who has started his or her own business. Find out how the entrepreneur got the idea for the business and how the entrepreneur recognized it as a market opportunity. Find out how the entrepreneur raised the capital (money) to start the business. How well is the business doing? Report what you learn.
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# Explain to your counselor why having good skills in the following areas is important for an entrepreneur: communication, planning, organization, problem solving, decision making, basic math, adaptability, technical and social skills, teamwork, and leadership.
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# Do the following:
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# Identify and interview an individual who has started a business. Learn about this person’s educational background, early work experiences, where the idea for the business came from, and what was involved in starting the business. Find out how the entrepreneur raised the capital (money) to start the business, examples of successes and challenges faced, and how the business is currently doing (if applicable). Discuss with your counselor what you have learned.
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#:a. Write down as many ideas as you can think of for a business. Get ideas from your family and friends. From your list, select three ideas that you believe are the best opportunities for you.
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# Think of as many ideas for a business as you can, and write them down. From your list, select three ideas you believe represent the best opportunities. Choose one of these and explain to your counselor why you selected it and why you feel it can be successful.
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#:b. Explain to your counselor why you chose these three ideas rather than the others on your list.
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# Create a written business plan for your idea that includes all of the following:
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#:c. For each of the three ideas that you chose, prepare a list of questions that you would ask potential customers.
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#:a) Product or Service
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#:d. For each of your three ideas, informally interview potential customers, using the lists of questions from requirement 3c. Report what you learn.
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#::1. Describe the product or service to be offered.
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#:e. Using the information you have gathered, choose the one idea that you feel is your best business opportunity.
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#::2. Identify goals for your business.
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# Conduct a feasibility study of your business idea by doing all of the following (briefly writing or explaining each item to your counselor):
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#::3. Explain how you can make enough of the product or perform the service to meet your goals.
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#:a. ''Product or Service''
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#::4. Identify and describe the potential liability risks for your product or service.
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#::1. Identify your business goals.
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#::5. Determine what type of license, if any, you might need in order to sell or make your product or service.
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#::2. Tell how you will make the product or perform the service. Determine whether it is technically feasible (practical or doable).
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#:b. Market Analysis
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#::3. Determine how you can make enough of the product or provide enough of the service to meet your business goals. Explain how you will accomplish this.
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#::1. Identify the types of people who would buy your product or service.
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#::4. Identify and describe the potential liability risks of your product or service.
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#::2. Identify your business’s competitors, and describe their strengths and weaknesses.
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#::5. Determine what type of license you might need in order to sell or to make your product or service.
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#::3. Describe what makes your product or service unique.
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#:b. ''Market''
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#:c. Financial
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#::1. Determine who your customers are. Identify the type of person who would buy your product or service.
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#::1. Determine how much money you will need to start your business, and identify how you will obtain the money.
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#::2. Describe the unique benefits of your product or service.
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#::2. Determine the cost of offering your product or service and the price you will charge in order to make a profit.
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#::3. Tell how you will promote and sell your product or service to potential customers.
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#::3. Describe what will happen with the money you make from the sales of your product or service.
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#:c. ''Finances''
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#:d. Personnel
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#::1. If you are selling a product, determine how much it will cost to make one prototype.
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#::1. Determine what parts of the business you will handle yourself, and describe your qualifications.
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#::2. Calculate the selling price of your product or service. Explain how you determined the price.
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#::2. Determine whether you will need additional help to operate your business. If you will need help, describe the responsibilities and qualifications needed for the personnel who will fill each role.
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#::3. Tell how you will sell your product or service and make a profit.
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#:e. Promotion and Marketing
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#::4. Determine how much money you will need to start your business. Explain how you will get the money.
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#::1. Describe the methods you will use to promote your business to potential customers.
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#:d. ''Personnel''
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#::2. Explain how you will utilize the Internet and social media to increase awareness of your product or service.
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#::1. Determine what parts of the business you will handle yourself. Describe your qualifications for the work. Determine how your business responsibilities will fit into your schedule.
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#::3. Design a promotional flier or poster for your product or service.
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#::2. Determine whether you will need additional help to operate your business. If you will need help, describe the qualifications your helpers should have and what duties they will perform.
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# When you believe your business idea is feasible, imagine your business idea is now up and running. What successes and problems might you experience? How would you overcome any failures? Discuss with your counselor any ethical questions you might face and how you would deal with them.
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# Do TWO of the following.
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#:a. Sketch a prototype of your product or write a description of your service.
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#:b. Create the prototype. List all of the materials you used to make your prototype. Calculate the cost of all the materials and labor to compute the total cost of making your prototype.
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#:c. Design a promotional poster or flier for your product or service.
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#:d. Project (estimate) your sales through the first three months of operation. Calculate the profit you expect to make.
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# When you believe that your business idea is feasible, start your business. Show evidence that you started your business (sales receipts, for example, or photos of the product). Discuss with your counselor any ethical questions you have faced or think you may face in your business venture.
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<noinclude>{{ReqFooter}}[[Category:Protected Boy Scout requirement pages]]</noinclude>
<noinclude>{{ReqFooter}}[[Category:Protected Boy Scout requirement pages]]</noinclude>

Current revision


Mobile Menus: Cub Scouts - Boy Scouts - Varsity - Venturing

  1. In your own words, define entrepreneurship. Explain to your merit badge counselor how entrepreneurs impact the U.S. economy.
  2. Explain to your counselor why having good skills in the following areas is important for an entrepreneur: communication, planning, organization, problem solving, decision making, basic math, adaptability, technical and social skills, teamwork, and leadership.
  3. Identify and interview an individual who has started a business. Learn about this person’s educational background, early work experiences, where the idea for the business came from, and what was involved in starting the business. Find out how the entrepreneur raised the capital (money) to start the business, examples of successes and challenges faced, and how the business is currently doing (if applicable). Discuss with your counselor what you have learned.
  4. Think of as many ideas for a business as you can, and write them down. From your list, select three ideas you believe represent the best opportunities. Choose one of these and explain to your counselor why you selected it and why you feel it can be successful.
  5. Create a written business plan for your idea that includes all of the following:
    a) Product or Service
    1. Describe the product or service to be offered.
    2. Identify goals for your business.
    3. Explain how you can make enough of the product or perform the service to meet your goals.
    4. Identify and describe the potential liability risks for your product or service.
    5. Determine what type of license, if any, you might need in order to sell or make your product or service.
    b. Market Analysis
    1. Identify the types of people who would buy your product or service.
    2. Identify your business’s competitors, and describe their strengths and weaknesses.
    3. Describe what makes your product or service unique.
    c. Financial
    1. Determine how much money you will need to start your business, and identify how you will obtain the money.
    2. Determine the cost of offering your product or service and the price you will charge in order to make a profit.
    3. Describe what will happen with the money you make from the sales of your product or service.
    d. Personnel
    1. Determine what parts of the business you will handle yourself, and describe your qualifications.
    2. Determine whether you will need additional help to operate your business. If you will need help, describe the responsibilities and qualifications needed for the personnel who will fill each role.
    e. Promotion and Marketing
    1. Describe the methods you will use to promote your business to potential customers.
    2. Explain how you will utilize the Internet and social media to increase awareness of your product or service.
    3. Design a promotional flier or poster for your product or service.
  6. When you believe your business idea is feasible, imagine your business idea is now up and running. What successes and problems might you experience? How would you overcome any failures? Discuss with your counselor any ethical questions you might face and how you would deal with them.


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