TakingITGlobal

Unit 2: Cultural Creations and Business CREATE TO LEARN Step 1: Profile a Business Begin your research by selecting a business that is doing similar work. Research the business in order to find the following information: • The business's story/inspiration • Their mission statement/values • Products/Services they offer • Possible business expenses that they would have *Tip: Choose an Indigenous business from the Create to Learn textbook or Fireside Chat video series. Reflection Questions: 1. How did this business owner use their gifts to better their community? 2. What future options do you see for this business owner to increase their profitability? (Hint: Think of other business products/services they can expand to create) Step 2: Feasibility Analysis Conducting a feasibility analysis helps an entrepreneur decide whether a new business concept has potential to create a profit. Below are also questions to help you establish whether your new business is feasible or not. You may need to conduct some research to answer the following questions. A) Product • What need does your business seek to satisfy? What product or service are you proposing? • What obstacles might you face? What sets your product apart from the competitor? B) Industry • How big is the market? Is anyone else doing this already? Who? • Market trends? Barriers to entry? What might be typical profit margins? What barriers exist in your community to implementing this idea and how will you address those barriers? C) Market/Customer • Are there customers who want what you have to offer? • Why would a customer buy this from you? • Who would your customers be? • What would your marketing message be and how would you promote your product or service? D) Finance • What resources do you need to pursue this idea? Equipment? Supplies? What is the going rate to buy or rent these supplies? What other expenses do you have? • How much do you need to sell your products/services for in order to break even (and how many do you need to sell)? E) Business Owner • What knowledge and/or skills do you possess that will benefit your business? • What knowledge/skills are required? What gaps (in qualifications) are there and what plan do you have to address those? Step 3: Helpful Resources Finally, students will want to create a comprehensive list of helpful resources they can utilize while starting out in the business world. For example, the Samuel Connected North Youth Leadership Fund for Indigenous youth (www. youthleadershipfund.org) and Futurpreneur for all youth.

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