entrepreneurial spirit
Below is the guidelines I’ve been provided. I need sources to be mainly from the provided resources.
Overview
You work in the Product Development Department of ACME Widget Company. To incentivize innovation and creativity within the organization, ACME has announced the first annual ACME InvenTank, a contest in entrepreneurial spirit. Contestants will generate and develop their own original idea for a product or service, test the concept’s feasibility, develop a business plan and, finally, deliver a final presentation to a panel of judges with the potential of earning funding to bring the concept to life.
Directions
Before the ACME InvenTank competition officially begins, the company has requested that all contestants complete an Entrepreneurial Profile. Complete the Entrepreneurial Profile Template, describing yourself as an entrepreneur, and answering the questions in each of the following sections:
Part 1—Mindset and Characteristics
- What defines a successful entrepreneur? What do you believe are the five most essential characteristics of a successful entrepreneur? Explain how each characteristic or mindset contributes to entrepreneurial success.
- Which of these essential entrepreneurial characteristics do you most possess? How will these traits help you succeed as an entrepreneur?
- Which of these characteristics do you least possess? How might that hinder your success as an entrepreneur?
- What is an intrapreneur? What are the major differences between entrepreneurs and intrapreneurs?
Part 2—Three Influential Entrepreneurs
- In this section, identify three successful entrepreneurs whom you admire.
- Describe why you admire them as entrepreneurs, and as individuals.
- Describe their mindset and characteristics and how those contributed to their successes.
- What can you learn from the failures and successes of the entrepreneurs you chose?
- Describe the most common motivations for the entrepreneurs you’ve selected. How would you describe the motivation of a successful entrepreneur?
- Note: The entrepreneurs you choose do not necessarily need to be famous or well-known by the public. If you can think of a friend, family member or local entrepreneur who has inspired you, feel free to highlight that person in your profile.
Part 3—Business Idea Brainstorm: As a contestant in ACME InvenTank, you will be developing a business idea for a product or service. Before you settle on an idea, it will be helpful to begin by brainstorming. In this section of your profile, list at least three ideas for potential products or services you may be interested in developing further, describing each idea briefly in three to five sentences. You will select one of these as your “final” product idea later. For now, focus on generating some ideas.
Note: Your business should be a for-profit organization.
Resources:
What Makes a Business Plan Viable?
Read this resource to learn about the keys to creating a viable business plan.
Introduction to Entrepreneurship
Read through this introductory chapter to learn more about entrepreneurship.
https://courses.lumenlearning.com/boundless-business/chapter/introduction-to-entrepreneurship/
Why Become an Entrepreneur?
Read through this resource to learn about some of the most common reasons to go into entrepreneurship.
9 ‘Mindsets’ You Need to Switch From Employee to Entrepreneur
Becoming a successful entrepreneur means adopting a whole new state of mind. Read through this resource to learn about the differences between the employee mindset and that of an entrepreneur.
https://www.entrepreneur.com/article/234894
35 Entrepreneurs Share How They Stay Motivated in Business
To better understand the mindset of an entrepreneur, read through this list of quotes from entrepreneurs describing their personal motivations.
https://yfsmagazine.com/2012/07/19/35-entrepreneurs-share-how-they-stay-motivated-in-business/
The 15 Characteristics of Effective Entrepreneurs
Watch this video and read the accompanying article, which provide insight into the characteristics of entrepreneurs.
https://www.entrepreneur.com/video/240302
Interviews with Entrepreneurs
This web page provides a number of interviews with successful and influential entrepreneurs. If you need help thinking of entrepreneurs to write about in your profile, this page provides many examples. You do not need to watch all of these videos, but may wish to watch several to learn about a variety of entrepreneurs.
https://www.khanacademy.org/college-careers-more/entrepreneurship2/interviews-entrepreneurs
10 Things Entrepreneurs Need to Know about Intrapreneurship
Read this article which provides information about intrapreneurship and the distinctions between intrapreneurs and entrepreneurs.
https://www.inc.com/murray-newlands/10-things-entrepreneurs-need-to-know-about-intrapreneurship.html
Business Idea Center
As you begin to brainstorm potential business concepts, use this resource to generate some ideas. This resource provides business ideas categorized by industry, interests and professions.
https://www.entrepreneur.com/businessideas
Business Idea Center
As you begin to brainstorm potential business concepts, use this resource to generate some ideas. This resource provides business ideas categorized by industry, interests and professions.
https://www.entrepreneur.com/businessideas
CfA Citation Guide
This resource helps to explain how citations should be used in CfA Projects including formatting guidelines and where to get help.
http://cfaresources.s3.amazonaws.com/General%20Resources/CfA%20Citation%20Guide.pdf
