TROOP•444

Old Hickory Council - Hanging Rock District

Troop 444: Entrepreneurship Merit Badge

 

Entrepreneurship

 

 

Requirements

  1. In your own words, define entrepreneurship. Explain to your merit badge counselor the role of the entrepreneur in the economy of the United States.
  2. Identify and interview an 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.
  3. Do the following:
        A. 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.
        B. Explain to your counselor why you chose these three ideas rather than the others on your list.
        C. For each of the three ideas that you chose, prepare a list of questions that you would ask potential
              customers.
        D. For each of your three ideas, informally interview potential customers, using the lists of questions
              from requirement 3c. Report what you learn.
        E. Using the information you have gathered, choose the one idea that you feel is your best business
              opportunity.
  4. Conduct a feasibility study of your business idea by doing all of the following (briefly writing or explaining each item to your counselor):
        A. Product or Service
            1. Identify your business goals.
            2. Tell how you will make the product or perform the service. Determine whether it is technically
                  feasible (practical or doable).
            3. Determine how you can make enough of the product or provide enough of the service to meet your
                  business goals. Explain how you will accomplish this.
            4. Identify and describe the potential liability risks of your product or service.
            5. Determine what type of license you might need in order to sell or to make your product or service.
        B. Market
            1. Determine who your customers are. Identify the type of person who would buy your product or
                  service.
            2. Describe the unique benefits of your product or service.
            3. Tell how you will promote and sell your product or service to potential customers.
        C. Finances
            1. If you are selling a product, determine how much it will cost to make one prototype.
            2. Calculate the selling price of your product or service. Explain how you determined the price.
            3. Tell how you will sell your product or service and make a profit.
            4. Determine how much money you will need to start your business. Explain how you will get the
                  money.
        D. Personnel
            1. 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.
            2. 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.
  5. Do TWO of the following.
        A. Sketch a prototype of your product or write a description of your service.
        B. 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.
        C. Design a promotional poster or flier for your product or service.
        D. Project (estimate) your sales through the first three months of operation. Calculate the profit you
              expect to make.
  6. 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 product). Discuss with your counselor any ethical questions you have faced or think you may face in your business venture.

Entrepreneurship Worksheets for use in working on these requirements

Boy Scout Oath

On my honor, I will do my best

To do my duty to God and my Country and to obey the Scout Law;

To help other people at all times;

To keep myself physically strong, mentally awake, and morally straight.

Boy Scout Law

A Scout Is...

A Scout tells the truth.
He keeps his promises.
Honesty is part of his code of conduct.
People can depend on him.
TRUSTWORTHY
A Scout is true to his family, Scout leaders, friends, school, and nation.LOYAL
A Scout is concerned about other people. He does things willingly for others without pay or reward.HELPFUL
A Scout is a friend to all.
He is a brother to other Scouts.
He seeks to understand others.
He respects those with ideas and customs other than his own.
FRIENDLY
A Scout is polite to everyone regardless of age or position.
He knows good manners make it easier for people to get along together.
COURTEOUS
A Scout understands there is strength in being gentle.
He treats others as he wants to be treated.
He does not hurt or kill harmless things without reason.
KIND
A Scout follows the rules of his family, school, and troop.
He obeys the laws of his community and country.
If he thinks these rules and laws are unfair, he tries to have them changed in an orderly manner rather than disobey them.
OBEDIENT
A Scout looks for the bright side of things.
He cheerfully does tasks that come his way. He tries to make others happy.
CHEERFUL
A Scout works to pay his way and to help others.
He saves for unforeseen needs.
He protects and conserves natural resources.
He carefully uses time and property.
THRIFTY
A Scout can face danger even if he is afraid.
He has the courage to stand for what he thinks is right even if others laugh at or threaten him.
BRAVE
A Scout keeps his body and mind fit and clean.
He goes around with those who believe in living by these same ideals.
He helps keep his home and community clean.
CLEAN
A Scout is reverent toward God.
He is faithful in his religious duties.
He respects the beliefs of others.
REVERENT