5. The Entrepreneurship Process
Research
Industry
Opportunity
Market
Idea Recognition
Competition
Financials, Risks
Plan
Overall Strategy
Marketing & Sales
Operations
Team
Entrepreneurship@TBS 2012
Schedule/Milestones
11. Idea or Innovation?
Innovation!
Value
Value Competitive Advantage
Value
Customer’ s benefit
Value
Market Opportunity
Idea or
Technology
Entrepreneurship@TBS 2012
15. How to Evaluate Ideas
• Eight Questions to Consider
1. Do you have capabilities for the venture?
2. Are you ready to be an entrepreneur?
3. Do you have a passion for the venture?
4. Are you prepared emotionally to deal with the challenges of being an
entrepreneur?
5. Are you ready to work hard?
6. Do you have a realistic picture of the proposed venture’s potential?
7. Are you educated about financing issues?
8. Are you willing and prepared to do continual analysis of your venture?
Nichols College Entrepreneurship@TBS 2012
26. Entrepreneur’s Fit and Balance
• Mind-set
• Know-how
• Relevant experience
• Track record of team
• Track record of resources
• Attractiveness of the venture opportunity
Entrepreneurship@TBS 2012
30. The Entrepreneurial Team
An entrepreneurial leader
• Learns and teaches—faster, better
• Deals with adversity, is resilient
• Exhibits integrity, dependability, honesty
• Builds entrepreneurial culture and organization
Entrepreneurship@TBS 2012
31. The Entrepreneurial Team
Quality of the Team
• Relevant experience and track record
• Motivation to excel
• Commitment, determination, and persistence
• Tolerance of risk, ambiguity, and uncertainty
• Creativity
Entrepreneurship@TBS 2012
36. Minimize and Control versus Maximize and Own
• Unleashing creativity
• Financial resources
• Assets
• People
• Your business plan
• Think cash last!
Entrepreneurship@TBS 2012
37. Capabilities in One Context Become Disabilities in Another
Big
Market
enough to be
Research
interesting?
What
Planning
Margins Are
Cycles
Attractive?
Processes: Values:
Customer
How? Why?
Cost structure
Feedback
―Organizational
Resource DNA‖ Product
Allocation Quality
Entrepreneurship@TBS 2012