DECA Area Role Play 2 –
Entrepreneurship correctly answered to
pass
generate venture ideas - correct answer ✔✔an idea that fits customer needs and wants. find the niche,
what is lacking in the market? venture = entrepreneurial business risk. creative risk. primary and
secondary research.
use components of business plan to define venture idea - correct answer ✔✔
assess start-up requirements - correct answer ✔✔ACCURATE INFORMATION IS FIRST MOST IMPORTANT
- all research should be accurate and give you accurate conclusions, otherwise setting yourself up for
risk. Then need employees, capital, facilities, land or location, licensing. Four Ps: product, place, price,
promotion.
describe external resources useful to entrepreneurs during concept development - correct answer
✔✔concept development: developing your idea.
- sba.gov: small business administration has multiple articles, resources, legal advice ALL FREE that can
help new startups - helps to HELP (handle (manage), expand (grow), launch, plan).
this can actually serve as a secondary research source for market analysis to see if the product you want
to launch will hold in the market
- ventures non profit .org: helps to create a 10 yr plan to get your business going. provides access to
resources that can serve as secondary research
- other secondary research: read market reports and reviews of similar products in the past, take a look
at market share for similar products, find an opening
- primary research: surveys, find correlation of circumstances etc
assess risks associated with venture - correct answer ✔✔risks: things that could harm the business or
cause a loss of $. venture: startup businesses or companies. SWOT - weaknesses (internal): employee
liability that comes with hiring lots of new people OR - threats (external): economic environment,
demand shift, competition, government intervention (mention how the recent tax bill actually serves as
Entrepreneurship correctly answered to
pass
generate venture ideas - correct answer ✔✔an idea that fits customer needs and wants. find the niche,
what is lacking in the market? venture = entrepreneurial business risk. creative risk. primary and
secondary research.
use components of business plan to define venture idea - correct answer ✔✔
assess start-up requirements - correct answer ✔✔ACCURATE INFORMATION IS FIRST MOST IMPORTANT
- all research should be accurate and give you accurate conclusions, otherwise setting yourself up for
risk. Then need employees, capital, facilities, land or location, licensing. Four Ps: product, place, price,
promotion.
describe external resources useful to entrepreneurs during concept development - correct answer
✔✔concept development: developing your idea.
- sba.gov: small business administration has multiple articles, resources, legal advice ALL FREE that can
help new startups - helps to HELP (handle (manage), expand (grow), launch, plan).
this can actually serve as a secondary research source for market analysis to see if the product you want
to launch will hold in the market
- ventures non profit .org: helps to create a 10 yr plan to get your business going. provides access to
resources that can serve as secondary research
- other secondary research: read market reports and reviews of similar products in the past, take a look
at market share for similar products, find an opening
- primary research: surveys, find correlation of circumstances etc
assess risks associated with venture - correct answer ✔✔risks: things that could harm the business or
cause a loss of $. venture: startup businesses or companies. SWOT - weaknesses (internal): employee
liability that comes with hiring lots of new people OR - threats (external): economic environment,
demand shift, competition, government intervention (mention how the recent tax bill actually serves as
