58 Mining Ne w Opportunities Bec ome a Y oung Entr epr eneur Student Handout 1 of 1 Te M i ni ng Ne w O pp or tu nitie s v ide oDV D showc a s e s s ome of t he A b or ig inalow ne d busine ss e s t ha t supply g o o ds and s er v ic e s t o t he mining industr y Te s e inc lude air line s er v ic e s janit or ial s er v ic e s hous e k e e ping s er v ic e s c a t er ing s er v ic e s and t he op era tion of v ar ious r e t ail st or e s O t her spino busine ss e s ma y inc lude tr uc k ing dr illing bla sting e x plo sive s man uf act ur ing and t he de ve lopmen t of all we a t her and w in t er r oads Te s e busine ss e s all b e gan a s en tr e pr ene ur ial opp or t unitie s Te busine ss ow ners or en tr e pr ene urs r e c o g ni ze d an opp or t unity f or busine ss and incur r e d t he r isk t o st ar t it w it h t he in t en tion of e ar ning a pr ot a ble inc ome S t ar ting your ow n busine ss r e q uir e s de dic a tion str ong or gani z a tional sk ills and an e x c e llen t ide a f or a pr o duct or s er v ic e T o da y man y young p e ople c onsider en tr e pr ene urship a s an e x c iting c ar e er opp or t unity A j oin t ven t ur e w it h a nonA b or ig inal busine ss is a v i a b l e o p t i o n t o a c q u i r e e x p e r t i s e a n d m a n a g e m e n t e x p e r i e n c e r s t b e f o r e y o u l a u n c h i n t o y o u r o w n v e n t u r e Imag ine you ha ve j ust le ar ne d t ha t a g old mine w ill op en and c r e a t e 375 ne w j ob s in your small nor t her n On t ar io c omm unity In pr e para tion f or t he mine op ening you and your p ot en tial busine ss par tners dis cuss p o ssible busine ss opp or t unitie s t ha t ma y ar is e Consider t he f ollow ing t he sp e c ial ne e ds of di er en t g r oup s of p e ople in t he c omm unity t he ty p e s of pr o duct s or s er v ic e s t ha t would im pr ove t heir live s and t he w a ys in whic h a ne w busine ss migh t b e de ve lop e d Com ple t e t he f ollow ing st a t emen t t o c r e a t e your g r oup s list of opp or t unitie s When the mi ne op ens thi s to w n w ill ne e d a go o d W r ite a V en tu re Pl an D e c ide whic h of t he busine ss opp or t unitie s you pr op o s e d w ill b e t he mo st suc c e ssf ul and t he mo st in t er e sting f or you t o op era t e Pr e par e t o w r it e a ven t ur e plan w it h your g r oup A ven t ur e plan is a w r it t en do cumen t t ha t g ive s an over v ie w of your busine ss ide a I t t e lls t he en tr e pr ene ur s st or y by e x plaining wha t you w an t t o do how you r e g oing t o do it how m uc h it w ill c o st and how m uc h mone y youll mak e A ven t ur e plan is r e q uir e d when an en tr e pr ene ur a ppr oac he s a bank f or a busine ss loan T o w r it e your ven t ur e plan f ollow t he out line and ans wer t he q ue stions pr ov ide d by t he V en tu re Pl an C he ck l i st st uden t handout U s e t he A dd itional Re s ou rce s for Y ou ng En tre prene u r s st uden t handout t o r e s e a r c h f u n d i n g i n f o r m a t i o n a n d r e s o u r c e s t h a t a r e a v a i l a b l e f o r y o u n g e n t r e p r e n e u r s t o s t a r t u p a b u s i n e s s Ti nk i ng of st ar ti ng a re al bu si ne ss V i sit w w w cb s c or gon t ar ioeng l i s hst ar t c f m Te C anadaOn t ar io B usine ss S er v ic e Cen tr e pr ov ide s inf or ma tion on pr o g rams s er v ic e s and r e g ula tions t o On t ar io busine ss e s V isit t his g over nmen t W e b sit e t o le ar n a b out g e t ting a busine ss st ar t e d T opic s inc lude a br ief de s c r iption of t he f our ty p e s of busine ss str uct ur e s and s ome of t he adv an t ag e s and disadv an t ag e s of e ac h a glo ssar y of k e y busine ss t er ms p oin t s t o c onsider when naming your busine ss an out line of t he le gal a sp e ct s of g oing in t o busine ss a W e bba s e d wor k shop de sig ne d t o pr ov ide you w it h t e c hniq ue s f or de ve loping your busine ss ide a s f or st ar ting a ne w ven t ur e and im pr ov ing your e xisting small busine ss and g eneral inf or ma tion f or p ot en tial en tr e pr ene urs w ishing t o st ar t v ar ious ty p e s of busine ss e s Le ar n i ng A ct iv it y 33