Objective:  What are some challenges caused by the introduction of new technologies?

The introduction of new technologies cause disruptions to the way society operates.  The pace at which new technologies are adopted has increased over time. New technologies improve productivity, accelerate economic growth, and cause old jobs to become obsolete while creating many new jobs. 

Vocabulary:

Technology–The tools, machines and devices that we use to solve real-world problems. 

Disruptions–Events that cause a SHIFT in how things are done within a business or society. 

After-watching debrief:  

1. Give an example of a new technology mentioned in the video and describe the disruption it caused.

Industrialization of farm equipment.  Farmers lost jobs, but new jobs like electricians, engineers, and mechanics were needed.  Farming became more efficient.

The computer silicon microchip.  It caused a disruption in how data is stored and people lost their jobs–switchboard operators and type setters.  Data storage became more efficient.

The internet.  Connected people all over the world with instantaneous interaction.  Jobs lost, new jobs created.  Connecting became more efficient.

2. Do you think disruptions caused by new technologies are generally positive or negative? Provide reasons to support your answer.

Open ended.

Video 2:  Introduction to Entrepreneurship 

Objective:  What is innovation and entrepreneurship and why are they important to society?

Economies are complex systems full of producers and consumers. Producers own businesses and try to satisfy the wants and needs of their customers. Consumers make decisions on which products/services will make them happiest and bring the most value to their lives.

Entrepreneur–A person who starts a business where they share their new product or service, take on personal risk, and try to improve people's lives. 

Innovators–People who develop an improved product or service to fulfill a consumer need or want.

Pain Point–A market opportunity coming from needs that are not being fulfilled, problems that remain unsolved, and things that do not work. 

After-watching debrief:  

1. What is the difference between innovation and entrepreneurship?

Innovation involves introducing something new or improved. This can be a new business model, product, idea, or service. On the other hand, entrepreneurship involves turning a great idea into a business opportunity.

2. Can someone be an entrepreneur without being an innovator? Provide reasoning to support your answer.

Yes, you can start a new business that doesn’t offer a new or improved product or service, but fulfills a need in the community.

3. Give examples of pain points mentioned in the video and the corresponding solutions or business opportunities that were created.

The man’s phone slips down between the seat and center console of his car.  Created a gap filler in the car so things don’t fall down the crack–Gapstop.

Problem paying rent. Buy air mattresses and put in a spare room and charge people to sleep there–Airbnb.

4. Discuss the significance of identifying pain points in the process of innovation and entrepreneurship.

It causes the person to find a solution to the problem (innovate) and perhaps start a new business.

Video 3:  Think, Innovate, Change 

Objective:  Why is it important to develop an entrepreneurial mindset if you want to start your own business?

Many new technologies are emerging today, providing great opportunities for entrepreneurs and innovators to develop further.  Becoming an entrepreneur means developing one’s entrepreneurial mindset. Familiarity with science, technology, engineering, and math can be leveraged and will greatly enhance your abilities as an entrepreneur.  

Vocabulary:

Entrepreneurial Mindset: A way of thinking that enables you to overcome challenges, be decisive, and accept responsibility for outcomes.  This mindset includes asking questions, gathering information, and thinking both creatively and critically.

After-watching debrief:  

1. How have new discoveries and advances in the areas of STEM allowed for improvements to cell phones?

Smart phone –innovation that offers opportunities to entrepreneurs who have a vision. The smart phone represented a new platform for new markets and jobs where products and services could be created through use of this device.  

Example:   developing apps, displaying data, interactive touch screens,  connecting with others, etc. allowed new developments in areas such as biotechnology, food science, farming, and alternative energy.

2. What are three important ways you can develop an entrepreneurial mindset?

To develop an entrepreneurial mindset engage in the following:

1. Look for what is new and problems that can be solved–keep your eyes open.
   

1. Ask questions–dive deeper
   

1. Apply both CREATIVE and CRITICAL  thinking to generate  ideas for solutions.
   

3. Discuss the potential benefits and advantages of having an entrepreneurial mindset in today’s rapidly evolving technological landscape.

Having an entrepreneurial mindset allows you to look for and act on opportunities when new technologies arise.  

Video 4:  Finding Problems, Seeing Opportunities 

Objective:  What skills do entrepreneurs need to be successful?

It takes hard work, thought, discovery and research to get products and services into our lives. 

Innovators and entrepreneurs keep their eyes open for opportunities.  They think creatively and critically to find solutions to problems.

Vocabulary:

Critical Thinking–Skillful analysis, making reasoned judgements that are logical and well thought out.

After-watching debrief:  

1. How do innovators and entrepreneurs find opportunities and identify problems that need solving?

They keep their eyes open and look for opportunities.

2. Choose one of the featured innovators (Jorge, Patricia, Billy, Sophia, Brendan, Kamal) and discuss why their idea could have a significant impact on your life.

Open:

Brendan’s  Toothbrush holder, Billy’s good pizza–these ideas solve problems I personally have and make me happy!

I, too, have been disgusted with my toothbrush holder and feel it is unsanitary.  It would be great to have a solution to this issue. Brendan’s product will hopefully help to keep my brushes more sanitary.

I have a lot of pizza choices in town.  However, most of them are very greasy and make me very thirsty after eating them. Maybe Billy’s pizza will be healthier with less grease and made from fresh products that do not contain so much salt, thus decreasing my thirst and increasing my happiness and enjoyment with eating the pizza. 

3. List 4 work habits or personal qualities which help people identify and solve problems and find opportunities.

1. Self confidence
   

1. Hard work
   

1. Curiosity/asking questions
   

1. Research
   

1. Creative and critical thought
   

1. Flexibility
   

1. Grit
   

1. Perseverance
   

1. Motivation
   

Video 5:  Proposing Solutions 

Objective: Why is it important to research and be flexible when coming up with solutions to problems?

Entrepreneurs and innovators come up with ideas to solve problems.  They must be ready to have their ideas challenged, broken down, and maybe even scrapped.  Flexibility, thinking critically, confidence, and motivation are essential qualities for innovators and entrepreneurs.  Identifying, researching, and using resources can bring change and often results in a pivot.  

Vocabulary:

Niche– A small segment of the market or population where a product or service might be sold. 

Outsource–In business, it is the practice of hiring a party outside a company to perform services. 

Pivot–To change direction to accommodate an unforeseen circumstance.

Incubator–Support and resources to help people start new businesses.

Prototype–A first model of something from which other forms are developed.

After-watching debrief:  

1. When proposing a solution to a problem, why is it important to research if your solution already exists? 

If you are trying to solve a problem with a new or improved product or service, then your solution needs to be different from what already exists on the market. 

2. If an entrepreneur finds that their exact idea already exists, what steps can they take to differentiate their product or service?

You need to make a change to your product or service to differentiate it from currently existing products/services already on the market. 

3. Research local business incubators in your area and provide a list of resources they typically provide to entrepreneurs.

Open

4. Why is it important for entrepreneurs to find incubators and mentors to support their endeavors?

It is important to know who and where your resources and support are found.  These people can help you with their skills and expertise and help you to minimize risks and failures. 

5. Jorge, Patricia, Kamal, Brendan, Sophia and Billy have reached out to resources beyond themselves.  List one additional resource that each of these entrepreneurs used to improve their ideas. 

Jorge–interviewed security experts and a university sociologist.

Patricia–researched and found other companies doing something similar, looked for flaws in other companies to find her niche

Kamal–discussed with his team.

Brendan–built prototypes using computer technology 3D printer

Sophia–connections to publishing company

Billy–connections with incubation center

Video 6:  Using Technology to Execute a Solution

 

Objective:  How can we use technology to help develop and deliver our solution?

There is a lot of data out there—how do we make sense of it to our benefit? A makerspace can provide an entrepreneur with help with their solution.  Artificial intelligence helps us make sense of large amounts of data and can be used to support new innovations.  

Vocabulary:

Artificial Intelligence (AI)- A field, which combines computer science and robust datasets, to enable problem-solving.  

Makerspace–A collaborative workspace for making, learning, exploring and sharing using  high-tech to no-tech tools. 

Patent–An exclusive right granted for an invention or innovation, which is a product or a process that provides, in general, a new way of doing something.

After-watching debrief:  

1. Artificial Intelligence is changing our world and our world view. Can you explain how AI can be utilized to support innovation?

Artificial Intelligence can help with innovation by accessing and sorting through specific data sets and creating a unique output based on the specific input parameters.  This can help with connecting multiple sets of data quickly and efficiently. The use of AI can help with identifying new opportunities or problems and can act as a guide for coming up with possible solutions. 

2. Choose two entrepreneurs from the video (Jorge, Patricia, Sophia, Brendan, Kamal, Billy) and describe how artificial intelligence assists them in solving their respective problems.

Patricia–AI helps narrow down a diagnosis. Computers have compiled medical data and histories.  Patricia will merge her hospital’s data with the existing medical database and use AI to help diagnose patients. 

Jorge–He uses a proximity sensor app that can scan faces. Cameras using facial recognition technology to access a database of regular fans are cross referenced with TSA preflight data. Merging this data and using AI, the face scans can identify specific people to pull for more in depth screening.

3.  Research Makerspaces in your area and provide a list of available options.

Open

Video 7:  Who Can Benefit from Your Solution? 

Objective:  What is marketing and why is it important to identify your target market?

People have limited money with which to purchase goods and services. They make choices every day as to what they value enough to purchase.  Finding the target market is essential to an entrepreneur’s success. 

Vocabulary:

Marketing–The activity or process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large (American Marketing Association)

Marketing includes:  production, distribution, and advertising.

B2C–Business to consumer marketing. 

B2B–Business to business marketing.

Target market–A group of consumers most likely to buy a product or service. 

After‐watching debrief:   

1. This video describes how to find your target market.  What questions did the author ask to identify his target market for window screen patches?

1. Who are homeowners with screens? 
   

1. Who are homeowners with holes in their screens?  
   

1. What alternatives exist for these folks?--stuff something in the hole or leave the hole.  
   

1. What competition exists for getting screens repaired? –the hardware will come and repair it for you.  
   

1. Who would purchase a repair kit to do it themselves?  
   

1. Who can afford the repair kit?
   

The author narrowed down the population until he identified his true  target market. 

2. The video explains markets B2B and B2C.  Complete the chart for the entrepreneurs mentioned in the video, indicating whether they operate in a B2B or B2C market.

Jorge	B2B
Patricia	B2B
Billy	B2C

3.Marketing is much more than advertising. What other important components make up a marketing plan.

Marketing also includes the plans for the production and distribution of your product or service.

Video 8:  Who Are Your Competitors? 

Objective:  Why is it important for entrepreneurs to identify their competitors?

When making their business plans and learning about their competitors, entrepreneurs ask some basic questions about existing products and services similar to their product or service idea. They ask the following questions: 

1. What makes existing products or services good?
   

1. Can the competitor's products or services be improved in any way?
   

1. How much do competitors charge customers for the product or service?  
   

1. How are the competitors’ products or services advertised and promoted? 
   

Vocabulary:  

Competitive Advantage–Refers to factors that allow a company to produce goods or deliver services better than its rivals. Factors include:  faster service, more service offerings, different methods of delivering the service, cheaper products, higher quality products, better functioning products, products made of more durable materials, better customer service, etc.  These factors help generate more sales and a better market share.  

Direct Competition–When two or more businesses offer the same product or service and compete for the same market.

Indirect Competition–When two or more businesses are targeting the same client need in the same market but offer different products or services.

After-watching debrief: 

1. Using an example from the video, explain the difference between indirect and direct competition. 

Direct competition is going to include anyone else that sells a very similar product.  For example a product that does the exact same thing.  Indirect competitors are not going to have similar products, but may have products that a customer will choose to still serve their specific need.

Direct competition example:  the product is food, the specific food is a burger:  A consumer can choose to purchase the burger from Wendys, Burger King, McDonalds, and 5 Guys.

Indirect competition example: the product is food,  but the consumer can choose to not eat a burger and still get their specific need met (being hungry)  Other restaurants the consumer may choose include Chinese, Mexican, Starbucks which do not sell burgers, but still sell food.   

2. Sophia and Kamal are planning non-profits. However, they will still have to compete. Who are their competitors and what might be their best approach to winning?

Sophia and Kamal’s competitors are other non-profits that are seeking money from the same donors or are applying to the same grants they seek to keep their organizations operable.  The best way for Sophia and Kamal to “win” is for them to understand what is happening in their community and what their communities' needs are with regard to their products and services and pivot when necessary. They also need to advertise and promote themselves to increase their user base and possibly make connections with other grant and donor possibilities. 

3.  Describe the competitive advantage one of the entrepreneurs in the video has over their competition.

Jorge– Will take multiple devices, programs, apps, and equipment and put them together in a way no one else has for his stadium security solution.

Patricia–Found the competition charges higher prices for small hospitals and has poor customer service for her patient diagnosis software solution. 

4. What role does innovation play in maintaining a competitive advantage in the market?

By continuing to be innovative, it allows you to offer new variations on products or services that provide an appeal to buyers and keep them as customers.

Video 9:  What Value Do You Bring to the Market? 

Objective:  How can you determine if your product or service adds value to someone’s life?

As consumers we make choices constantly. We choose actions and products that we believe will add value to our lives and make us happy. Innovators make crucial decisions about what appeals to people. Innovators use a variety of methods to decide if an idea has potential in a market.  

Vocabulary:

Lean Start-Up Model–A business model that prioritizes the creation of a minimal viable product that can be rapidly brought to the market. Using customer feedback, the model allows for swift refinements to the product that aligns with consumer demand, ensuring the existence of a market when the product is launched on a larger scale.  

Minimal Viable Product: as simple and inexpensive as possible, with enough features that early adopters might buy it, something that a customer can touch, feel, or experience. 

After-watching debrief:  

1. In the Lean Start-Up Model, what is the key to being lean and being successful? 

Doing a small initial product run (minimal viable product) allows the product to get on the market rapidly,  allows for quick changes/refinement after feedback, and minimizes the risk when starting a new venture.  There are usually minimal colors/versions of the product in this run. Entrepreneurs also talk to customers before the launch and during the lean start up phase (through surveys, questionnaires, focus groups) to get feedback and make sure the product or service adds value to their lives and ultimately to make sure they will buy it.  This demonstrates/creates a need before it goes large scale to market.   

2. Why is it important to get feedback about your idea or solution?

Feedback allows you to determine if your product or service is adding value to your target consumers’ lives/making them happy. It allows you to refine or pivot to increase the success of your product or service on the market.

3. Give two examples of ways that innovators can get feedback about their solution?

Innovators can get feedback about their solution or idea by:

1. Conducting interviews
   

1. Surveys
   

1. Offering incentives for participation
   

1. Focus groups
   

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Video 10:  Will Your Idea Generate Revenue? 

Objective:  In what ways will you generate revenue for your product or service?  

A business must have financial viability to succeed. Businesses generally measure success in terms of revenue and profit. There are multiple ways to generate revenue from a product or service.  Non-profits measure their success by demonstrating that their ideas are having the desired positive impact on society.  

Innovators usually benefit financially from their ideas and are motivated by seeing the value that they bring to other people.  

Vocabulary:

Revenue–The money that comes into your business. 

Profit–Financial gain after operating expenses are paid. 

Financial Viability–Refers to an organization’s ability to generate sufficient income to meet operating expenses, debt payments, and allow growth if needed 

Non-profit–A business that furthers a social cause and provides a public benefit and are granted tax exempt status by the Internal Revenue Service IRS. 

After-watching debrief:  

1. Several examples of ways to generate revenue for a product or service are listed in the table below. Write an example from the video or from your life that matches that type of revenue stream. 

Revenue   generating   strategies:	Specific example:
Mark up	Charging more for the item than the business paid.  Any time you go shopping at a business. –this is how they make their money.
Advertising	When you see an ad in the paper or online, you shop at that store. Online ads generate revenue by getting money each time someone clicks through/watches the ad.
Pay per use	When you pay for a service or product each time you use it.  Ex.  rental car or monthly electric bill.
Freemium	A product’s base service is free and  there are different levels of service with more options that cost money.  They bait you in with the free and then you end up purchasing the service because it offers more! Ex:  Pandora radio:free version has ads.  Paid version is ads-free.
Tiered pricing	The basic service costs money and more options/better service cost more. Different package options. Ex: Internet items: Google Storage.
Subscriptions	The customer pays a set monthly fee for access to a service or use of a facility.  Ex. Netflix, Amazon Prime, Gym membership.
Licensing	When a license holder collects a fee for the use of a product or piece of intellectual property.  Ex. Books or videos
Commission	A transaction between two people that is facilitated by another person or service and a portion of the profit is extracted by the person/service.  Ex. AirBnB, Uber, Visa

2. How do non-profits generate revenues to achieve financial viability when their customers or beneficiaries do not pay?

Non-profits generate revenues through donations, grants, and not having to pay taxes. They promote the success of their business in future grant writing endeavors. 

Video 11:  What Will it Take to Get Started? 

Objective:  What are some ways to obtain money to fuel your startup costs?  Why should you create a budget and timeline for your startup costs?

To bring an idea to market always takes time and money.  With any new project or new business, a wise innovator will always make a plan, set a budget, and track spending.  

Vocabulary:

Start-up costs–The expenses incurred during the process of creating a new business.

After-watching debrief:  

1. Why is it important to create a budget and timeline for your start-up costs?  

Making a plan for your start-up costs allows you know how much money you will need for all aspects of starting your business.  Seeing the itemized list on paper allows you to determine where to cut and add expenses and determine if the total amount is feasible.  Investors will ask to see your plan to determine whether or not they are interested in investing in your idea.

2. What are some potential sources of funding to help start a business? 

Investors, parents, loans from the bank, savings.

3. Billy, with the help of Karen, his mentor, uses a spreadsheet and a calendar to estimate expenses and set a series of ______deadlines_______________ to complete different phases. 

4. The cost of doing business always includes ________start-up_______________ costs.

Video 12:  What Are the Operating Costs? 

Objective: What are operating costs and why do you need to create a budget and timeline for these costs?

A carefully prepared business plan will try to project every possible expense while anticipating revenue and sales.  All businesses must weigh current profits and losses with an investment in future productivity.   Businesses strive for revenues to exceed expenses. When this happens, the owners of the business earn a profit.  Non-profits with extra revenue can offer more or add services. 

Vocabulary: 

Operating Costs–The ongoing expenses incurred from the normal day-to-day running of a business. 

Fixed Expenses–Expenses that are the same amount each month. 

Variable Expenses–Expenses that change each month.

Business Plan–A written document describing the nature of the business, the sales and marketing strategy, the start up and operating costs, and contains a projected profit and loss statement. 

After-watching debrief:

1.  What is the difference between start-up and operating expenses?

Start-up costs are the expenses incurred when getting a business started and are mostly one-time expenses.  Operating costs, on the other hand, are your monthly expenses to keep your business running.

2. Most companies or businesses lose money their first and second years because expenses are greater than revenue. In the table below, provide examples of fixed expenses and variable expenses that a business might encounter.

Fixed Expenses	Variable Expenses
phone	utilities
insurance	travel
contracts-written for a period of time with a set cost.	salaries, benefits, wages

3. When businesses have more revenue coming in than expenses going out, the owners of the business earn a profit. What happens when a non-profit has fewer expenses than revenue coming in?

When a non-profit has fewer expenses than revenue the money can be rolled back into the business for future expenses. 

4.  How does tracking and managing expenses contribute to the success of a business?

It is important to track and manage your expenses so you can make educated decisions on what may need to be changed as your business progresses.  

Video 13:  Does the Idea Get the Green Light? 

Objective:  What are some important factors that dictate whether or not your solution will succeed on the market?

Confidence is essential for innovators and entrepreneurs.  A business will more likely succeed when three things line up. 

1. People need to see the value in the product and be willing to spend money to get it. 
2. The entrepreneur will invest time and effort to gain a foothold in a market. 
3. There is an ample investment of money to fund startup costs which includes thoughtful planning. 

Vocabulary:

Confidence–A feeling of self-assurance arising from one’s appreciation of one’s own abilities or qualities 

After-watching debrief: 

 

1. What are some potential indicators of a “RED light” for an idea?

Negative feedback, poor sales, slow sales, and runaway costs.

2. What are some potential indicators of a “GREEN light” for an idea?

Positive feedback, high demand for your product or service, and financial viability (making money).

3. If the feedback doesn’t give the GREEN light, instead of being disappointed, what do successful entrepreneurs and innovators do next?

If feedback is not given the “green light”, entrepreneurs/innovators need to use their feedback to refine their idea or pivot.