Entrepreneurship Merit Badge Requirements

Requirements

1. # Copy link to requirement 1
   In your own words, define entrepreneurship. Explain to your counselor how entrepreneurs impact the U.S. economy.
2. # Copy link to requirement 2
   Explain to your counselor why having good skills in the following areas are important for an entrepreneur: communication, planning, organization, problem solving, decision making, basic math, adaptability, technical and social skills, teamwork, and leadership.
3. # Copy link to requirement 3
   Identify and interview an individual who has started a business. Learn about this person’s educational background, early work experiences, where the idea for the business came from, and what was involved in starting the business. Find out how the entrepreneur raised the capital (money) to start the business, examples of successes and challenges faced, and how the business is currently doing (if applicable). Discuss with your counselor what you have learned.
4. # Copy link to requirement 4
   Think of as many ideas for a business as you can, and write them down. From your list, select three ideas you believe represent the best opportunities. Choose one of these and explain to your counselor why you selected it and why you feel it can be successful.
5. # Copy link to requirement 5
   Create a written business plan for your idea that includes all of the following:
   1. # Copy link to requirement 5.a
      Product or Service
      1. # Copy link to requirement 5.a.1
         Describe the product or service to be offered.
      2. # Copy link to requirement 5.a.2
         Identify goals for your business.
      3. # Copy link to requirement 5.a.3
         Explain how you can make enough of the product or perform the service to meet your goals.
      4. # Copy link to requirement 5.a.4
         Identify and describe the potential liability risks for your product or service.
      5. # Copy link to requirement 5.a.5
         Determine what type of license, if any, you might need in order to sell or make your product or service.
   2. # Copy link to requirement 5.b
      Market Analysis
      1. # Copy link to requirement 5.b.1
         Identify the types of people who would buy your product or service.
      2. # Copy link to requirement 5.b.2
         Identify your business’s competitors, and describe their strengths and weaknesses.
      3. # Copy link to requirement 5.b.3
         Describe what makes your product or service unique.
   3. # Copy link to requirement 5.c
      Financial
      1. # Copy link to requirement 5.c.1
         Determine how much money you will need to start your business, and identify how you will obtain the money.
      2. # Copy link to requirement 5.c.2
         Determine the cost of offering your product or service and the price you will charge in order to make a profit.
      3. # Copy link to requirement 5.c.3
         Describe what will happen with the money you make from the sales of your product or service.
   4. # Copy link to requirement 5.d
      Personnel
      1. # Copy link to requirement 5.d.1
         Determine what parts of the business you will handle yourself, and describe your qualifications.
      2. # Copy link to requirement 5.d.2
         Determine whether you will need additional help to operate your business. If you will need help, describe the responsibilities and qualifications needed for the personnel who will fill each role.
   5. # Copy link to requirement 5.e
      Promotion and Marketing
      1. # Copy link to requirement 5.e.1
         Describe the methods you will use to promote your business to potential customers.
      2. # Copy link to requirement 5.e.2
         Explain how you will utilize the internet and social media to increase awareness of your product or service.
      3. # Copy link to requirement 5.e.3
         Design a promotional flyer or poster for your product or service.
6. # Copy link to requirement 6
   When you believe your business idea is feasible, imagine your business idea is now up and running. What successes and problems might you experience? How would you overcome any failures? Discuss with your counselor any ethical questions you might face and how you would deal with them.