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ENTREPRENEURSHIP

Source: www.meritbadge.com
Topic: Entrepreneurship

Sort Desciption: ENTREPRENEURSHIP. Merit Badge Requirements. 1) In your own words .... Entrepreneurship - Page 3 of 3. From your list select three ideas that you believe ...

Content Inside: Scout Name: __________________________________________ _______ Unit #: _______________ Date: _______________ Requirements Last Revised: 1/1/98 Entrepreneurship - of 1 ENTREPRENEURSHIP Merit Badge Requirements 1) In your own words define entrepreneurship. Explain to your merit badge counselor the role of the entrepreneur in the economy of the United States. 2) 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. 3) Do the following: 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. B) Explain to your counselor why you chose these three ideas rather than the others on your list. C) For each of the three ideas that you chose prepare a list of questions that you would ask potential customers. D) For each of your three ideas informally interview potential customers using the lists of questions from requirement 3c. Report what you learn. E) Using the information you have gathered choose the one idea that you feel is your best business opportunity. 4) Conduct a feasibility study of your business idea by doing all of the following (briefly writing or explaining each item to your counselor): A) Good or Service 1) Identify your business goals. 2) Tell how you will make the good or perform the service. Determine whether it is technically feasible (practical or doable). 3) Determine how you can make enough of the good or provide enough of the service to meet your business goals. Explain how you will accomplish this. 4) Identify and describe the potential liability risks of your good or service. 5) Determine what type of license you might n ...

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