Identifying Entrepreneurial Opportunities

Lesson Overview

Media: Video (24 minutes)

Seat Time: 9 Classes | 450 minutes teaching

Goal:

To explore the wants and needs of a target audience, generate solutions to a problem and analyze the feasibility of a solution to identify entrepreneurial opportunities.

Description:

This lesson provides students with the skills to utilize market research to identify problems for which creating solutions creates entrepreneurial opportunities. Students will explore different idea-generation methods and learn to use a feasibility study to determine if a solution is an optimal entrepreneurial opportunity.

Objectives:

1. To identify problems and create solutions to address market wants and needs.

2. To understand the traits and characteristics of entrepreneurs and understand the creative process and idea generation.

3. To apply theories of market analysis and consumer research to recognize an entrepreneurial opportunity.

4. To recognize potential business opportunities.

Class 1

Class Overview:

Market Wants & Needs Video Segment

Action Plan

Vocabulary Handout

Key Concepts

Market Wants & Needs Check for Understanding

Idea Generation Project

Essential Questions:

1. What are market needs and wants?

2. How can market needs and wants be obtained or fixed?

Step 1: Bell Ringer:

· Ask students to think of a problem they see in the world for a few minutes. Encourage them not to think too big. For example, the problem could be they cannot use their phones when they are wearing gloves. Then lead a class discussion over the responses.

Step 2: Distribute the Action Plan, Vocabulary Handout and Key Concepts.

· The Action Plan lays out a list of tasks for students to complete during the lesson.

· The Vocabulary Handout is a list of terms used throughout the lesson.

· The Key Concepts is an outline which identifies the main ideas presented in the lesson which students can fill in to aid in note taking during the lesson.

Step 3: Show the Market Wants & Needs video segment.

· This video is nine minutes long.

· Be sure to utilize the Key Concepts for this segment of the lesson.

Step 4: Administer the Market Wants & Needs Check for Understanding.

· The check for understanding is a short review of the content presented in the segment.

Step 5: Students should begin the Idea Generation Project.

· Students will explore a new problem and use an idea-generation method to clarify the problem and then create a solution. Students will then create a prototype of their solution and receive feedback on it from classmates.

· In this class, students will complete Steps 1 to 2.

Step 6: Exit Ticket:

· Have students write down a short reflection on what they learned today.

Class 2

Class Overview:

Entrepreneurial Discovery Process Video Segment

Action Plan

Key Concepts

Entrepreneurial Discovery Process Check for Understanding

Idea Generation Project

Essential Questions:

1. What is the creative process?

2. What are idea generation methods?

3. What is the design thinking process?

Step 1: Bell Ringer:

· Ask the class if they have brainstormed ideas in a group setting. Consider the following questions:

– Was there a structure to the brainstorming session?

– Were there rules?

Step 2: Show the Entrepreneurial Discovery Process video segment.

· This video is eight minutes long.

· Be sure to utilize the Key Concepts for this segment of the lesson.

Step 3: Administer the Entrepreneurial Discovery Process Check for Understanding.

· The check for understanding is a short review of the content presented in the segment.

Step 4: Students should continue the Idea Generation Project.

· Students will explore a new problem and use an idea-generation method to clarify the problem and then create a solution. Students will then create a prototype of their solution and receive feedback on it from classmates.

· In this class, students will complete Steps 3 to 4.

Step 5: Exit Ticket:

· On a blank sheet of paper, ask students to reflect on the ideation method and consider whether this method led to better results.

Class 3

Class Overview:

Action Plan

Idea Generation Project

Step 1: Bell Ringer:

· Have students reply to the following prompt with a peer:

– What idea generation method did you choose?

Step 2: Students should continue the Idea Generation Project.

· Students will explore a new problem and use an idea-generation method to clarify the problem and then create a solution. Students will then create a prototype of their solution and receive feedback on it from classmates.

· In this class, students will complete Step 5.

Step 3: Exit Ticket:

· On a blank sheet of paper, have students reflect on creating a prototype of their solution. Have them consider the following questions:

– What was something which surprised you while creating the prototype?

– What was something challenging about creating a prototype?

Class 4

Class Overview:

Action Plan

Idea Generation Project

Step 1: Bell Ringer:

· Ask students to consider the pros and cons of brainstorming in a team and individually.

Step 2: Students should continue the Idea Generation Project.

· Students will explore a new problem and use an idea-generation method to clarify the problem and then create a solution. Students will then create a prototype of their solution and receive feedback on it from classmates.

· In this class, students will complete Steps 6 to 7.

Step 3: Exit Ticket:

· Have students reflect on the feedback process on a blank sheet of paper. Have them consider the following question:

– Did your classmates identify things you had not considered or did they point out issues you already knew about?

Class 5

Class Overview:

Recognizing Entrepreneurial Opportunities Video Segment

Action Plan

Key Concepts

Recognizing Entrepreneurial Opportunities Check for Understanding

Idea Generation Project

Essential Questions:

1. How are entrepreneurial opportunities recognized?

2. What are feasibility studies?

3. What are the characteristics of a business opportunity?

Step 1: Bell Ringer:

· Ask the class what a cyclical process means. Then, ask why it is important for the design process to be cyclical. Lead a class discussion over the responses.

Step 2: Show the Recognizing Entrepreneurial Opportunities video segment.

· This video is seven minutes long.

· Be sure to utilize the Key Concepts for this segment of the lesson.

Step 3: Administer the Recognizing Entrepreneurial Opportunities Check for Understanding.

· The check for understanding is a short review of the content presented in the segment.

Step 4: Students should complete the Idea Generation Project.

· Students will explore a new problem and use an idea-generation method to clarify the problem and then create a solution. Students will then create a prototype of their solution and receive feedback on it from classmates.

· In this class, students will complete Steps 8 to 10.

Step 5: Exit Ticket:

· Have students turn in the Idea Generation Project.

Class 6

Class Overview:

Action Plan

Entrepreneurial Opportunity Handout

Sample Market Survey Handout

Feasibility Analysis Project

Step 1: Bell Ringer:

· Have students answer the following prompts. Then, lead a class discussion over the responses:

– What are the steps of a feasibility analysis?

– Which ones incorporate skills we have been working on in past classes?

– Which steps are completely new?

Step 2: Students should review the Entrepreneurial Opportunity Student Handout.

· This handout includes hypothetical entrepreneurial opportunities.

Step 3: Students should review the Sample Market Survey Student Handout.

· This handout includes a sample market survey.

Step 4: Students should begin the Feasibility Analysis Project.

· Students will be given a fictional entrepreneurial opportunity. Using a scenario, they will go through the six steps of a feasibility analysis to decide if this opportunity should be pursued.

· In this class, students will begin Part I.

Step 5: Exit Ticket:

· Have students write down what they learned today about their fictional entrepreneurial opportunity.

Class 7

Class Overview:

Action Plan

Feasibility Analysis Project

Step 1: Students should continue the Feasibility Analysis Project.

· Students will be given a fictional entrepreneurial opportunity. Using a scenario, they will go through the six steps of a feasibility analysis to decide if this opportunity should be pursued.

· In this class, students will complete Part I.

Step 2: Exit Ticket:

· Have students show their progress on the Feasibility Analysis Project.

Class 8

Class Overview:

Action Plan

Feasibility Analysis Project

Step 1: Bell Ringer:

· Have students answer the following prompts. Then, lead a class discussion over the responses:

– When working with your team yesterday, did you employ idea-generation methods to be productive?

– If so, which ones? If not, why not?

Step 2: Students should continue the Feasibility Analysis Project.

· Students will be given a fictional entrepreneurial opportunity. Using a scenario, they will go through the six steps of a feasibility analysis to decide if this opportunity should be pursued.

· In this class, students will complete Part II.

Step 3: Exit Ticket:

· Have students write down the answer to the following questions:

– What aspects of the group are going well, and what could be improved?

– What is your role in the team?

– How could you better contribute to the overall team atmosphere?

Class 9

Class Overview:

Action Plan

Identifying Entrepreneurial Opportunities Final Assessment

Feasibility Analysis Project

Step 1: Bell Ringer:

· Have students answer the following prompt. Then, lead a class discussion over the responses:

– What aspects of the analysis did you find challenging to do? Why?

Step 2: Administer the Identifying Entrepreneurial Opportunities Final Assessment.

· The assessment is a comprehensive assessment covering material throughout the entire lesson.

Step 3: Students should complete the Feasibility Analysis Project.

· Students will be given a fictional entrepreneurial opportunity. Using a scenario, they will go through the six steps of a feasibility analysis to decide if this opportunity should be pursued.

· In this class, students will complete Part III.

Step 4: Exit Ticket:

· Have students write down the answer to the following questions:

– Was your team a success?

– Are you proud of your completed work?

Project Overview

Idea Generation Project

Students will explore a new problem and use an idea generation method to clarify the problem and then create a solution. Students will then create a prototype of their solution and receive feedback on it from classmates. This is an opportunity for students to use the idea generation methods individually. Students will focus on brainstorming many solutions and then creating a prototype for one of them.

Accommodations:

Students may need to work on their prototypes at home. Prototypes may also be designed on the computer using a CAD application.

Modifications:

When creating prototypes, provide the materials or limit what materials can be used. Limit student options by only allowing solutions which are a product or only allowing solutions which are a service.

Extension:

Have students create more than one solution prototype. Have students collect feedback from more than two students and use the feedback to redesign a solution.

Feasibility Analysis Project

Students will be given a fictional entrepreneurial opportunity. Using a scenario, they will go through the six steps of a feasibility analysis to decide whether to pursue this opportunity. After performing all the steps, students will summarize their findings in individual reports.

Accommodations:

Have students work in pairs to create their final reports.

Modifications:

Provide students with an already completed projected income statement and opening-day balance sheet.

Extension:

Have each group create their fictional entrepreneurial opportunity, but have them create a problem statement first.