Designed by Darrell Luzzo
Purpose of Exercise
To help you quickly assess your readiness to engage in entrepreneurial activities.
Learning Objective
To evaluate the degree to which you are prepared to be an entrepreneur.
Target PopulationK-12 students
Aspiring entrepreneurs
CCA Tele-Interview Participants
Setting
Home, school, or office
Time Required
Ten minutes
Materials
Paper and pencil (or a computer/word processor)
Instructions
On a sheet of paper (or in a Word document), answer each of the following questions, which are directly aligned to the four pillars of entrepreneurial thinking: (1) If you were to create a creative, innovative solution to an existing need, what would you create? What “need” would you fill? (2) Who would comprise your potential customer base? To whom would you want to market or promote your new product (good or service)? (3) What is your level of confidence regarding the likelihood of succeeding in your entrepreneurial endeavor? Are you extremely confident that you would succeed in bringing your concept to market? Are you somewhat confident? (4) How would you market or promote your product? What strategies would you use to “get the word out?”
Discussion and Analysis
The degree to which your responses indicate a readiness to engage in entrepreneurial activities depends on four factors: (1) FILL A NEED: Do you have a clear concept or idea for a new product (good or service)? Is there a clear “need” in the marketplace that exists that your product would fulfill? (2) KNOW YOUR PRODUCT AND CUSTOMER: Do you have a clear sense regarding those who would purchase your product? Are you convinced that there is a market for your product? (3) BELIEVE IN YOURSELF: Are you completely (or nearly completely) confident in your ability to be successful in your entrepreneurial endeavor? One’s “entrepreneurial self-efficacy” is a key indicator of success. (4) MARKET, MARKET, MARKET: Do you have a solid plan for marketing and promoting your product? How likely are your specific strategies for “getting the word out” to be successful in generating new business?
References
Farrell, L. C. (2003). Getting entrepreneurial: Creating and growing your own business in the 21st century. Lessons from the world’s great entrepreneurs. John Wiley & Sons: Hoboken, NJ.Darrell A. Luzzo, Ph.D.PresidentStrategic Partnerships, LLC9800 Mount Pyramid Court, Suite 400Englewood, CO 80112voice: 303-256-6751cell: 703-226-9451fax: 303-256-6752email: darrell.luzzo@SP2LC.comweb: www.SP2LC.com
Keywords: cca, entrepreneur, exercise, luzzo, sg