Week 6 - entrepreneurial planning Flashcards
Define entrepreneurial.
The process of individuals pursuing opportunities without regard to resources they currently control.
3 reasons to become an entrepreneur
Be their own boss.
Pursue their own ideas
Pursue financial rewards.
4 characteristics of successful entrepreneur
Parts Per TE
Passion for business
Product / customer focus
Tenacity despite failure
Execution intelligence - The ability to fashion a solid idea into a viable business.
types of startups
- Salary substitutes.
- Lifestyle firms – support a lifestyle & make a living doing so.
- Entrepreneurial – bring new products to market
4 steps of entrepreneurial process
Step 1 Deciding to become
Step 2 Developing ideas
Step 3 from idea to firm
Step 4 manage and grow
• What is an opportunity?
set of circumstances create a need for a new product, service or business.
3 approaches to recognising opportunities
o Observing trends - Studying trends in the industry environment and how they likely result in opportunities for entrepreneurs to pursue.
o Solving a problem - Recognising a problem and it’s likely solution which might result in an opportunity.
o Finding gaps in the markeplace. - Recognising a need in the marketplace not currently met (gap) and any opportunities that exist to fill this.
• Can you list the different types of trends that can lead to opportunities?
ESTate PR
- Economic
- Social
- Technological
- Physical
- Regulatory
• What are the four personal traits of entrepreneurs?
ECS-C
experience
• Cognitive function
• Social networks contacts
• Creativity
• What are the five steps to generating creative ideas?
P-II-EE
Prepare – skills and knowledge combine • Incubate – mulled over, thought about • Insight - the eureka moment • Evalutation – feasible? • Elaboration – business plan time
