Entrepeneurship
Entrepeneurship Merit Badge was introduced January 1, 1998.
- In your own words, define entrepreneurship. Explain
to your merit badge counselor the role of the
entrepreneur in the economy of the United States.
- Identify an interview and 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.
- Do the following:
- 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.
- Explain to your counselor why you chose these three
ideas rather than the others on your list.
- For each of the three ideas that you chose, prepare
a list of questions that you would ask potential
customers.
- For each of your three ideas, informally interview
potential customers, using the lists of questions
from requirement 3(c). Report what you learn.
- Using the information you have gathered, choose
the one idea that you feel is your best business
opportunity.
- Conduct a feasibility study of your business idea by
doing all of the following (briefly writing or
explaining each item to your counselor):
- Good or Service
- Identify your business goals. Tell how you
will make the good or perform the service.
- Determine whether it is technically feasible
(practical or doable).
- Determine how you can make enough of the
goods or provide enough of the service to
meet your business goals. Explain how you
will accomplish this.
- Identify and describe the potential liability
risks of your good or service.
- Determine what type of license you might need
in order to sell or make your good or service.
- Market
- Determine who your customers are. Identify
the type of person who would buy your good or
service.
- Describe the unique benefits of your good or
service.
- Tell how you will promote and sell your good
or service to potential customers.
- Finances
- If you are selling a good, determine how much
it will cost to make one prototype.
- Calculate the selling price of your good or
service. Explain how you determined the price.
- Tell how you will sell your good or service and
make a profit.
- Determine how much money you will need to start
your business. Explain how you will get the money.
- Personnel
- 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.
- 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.
- Do TWO of the following.
- Sketch a prototype of your good or write a description
of your service.
- 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.
- Design a promotional poster or flier for your good
or service.
- Project (estimate) your sales through the first three
months of operation. Calculate the profit you expect
to make.
- 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 good). Report
to your counselor the results of your venture.