DECA Entrepreneurship Performance Indicators (Entrepreneurship Instructional area).

Describe the nature of entrepreneurship.

Entrepreneurship generally means offering a new product, applying a new technique or technology, opening a new market, or developing a new form of organization for the purpose of producing or enhancing a product.

Explain the role requirements of entrepreneurs and owners.

An entrepreneur's primary role is to identify opportunities, create new businesses by developing innovative ideas, and manage the risks involved in launching a venture, often requiring a high tolerance for risk and a strong vision for the future; while a business owner is responsible for the overall operations and management of an established business, including finances, marketing, customer service, and ensuring its day-to-day functions run smoothly

Describe entrepreneurial planning considerations.

Business concept: What need your business fills, what makes it unique, and what your business structure is

Market: Who your target customers are, where they are, and what makes them buy your products or services

Competitiveness: What your competitive advantage is and how you'll beat your competitors

Finances: Your startup costs, funding, and how you'll estimate expenses and monitor your financials

Risk reduction: How you'll keep your personal and business assets separate, open a business account, and get insurance

Capital needs: When you'll need capital, and where you'll get it from

Financial projections: How you'll project future financial performance, including income statements, balance sheets, and cash flow statements

Assess start-up requirements.

Feasibility

Determine if your business idea is viable by considering the costs and activities required to set it up and run it.

Market demand

Identify potential customers, their needs, and preferences to determine if there is a demand for your product or service.

Competitors

Consider who your competitors are and how you can make your idea more competitive.

Business model

Consider how you will monetize your product.

Risk assessment

Evaluate the startup's financial health, legal and regulatory compliance, intellectual property protection, and potential liabilities.

Assess the cost/benefits associated with resources.

A cost-benefit analysis measures the benefits of a decision or action by subtracting the associated costs. It involves measurable financial metrics such as revenue earned or costs saved from pursuing a project. The analysis can also consider intangible benefits and costs, like employee morale and customer satisfaction.