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Intro To Entrepreneurship Essay

2805 words - 12 pages

Reading 1
Stimulating creativity among its employees
* Help employees do their best work by keeping them intellectually engaged and by removing distractions. Stimulate their minds.
* Make managers responsible for sparking creativity and eliminate arbitrary distinctions between "suits" and "creatives."
* Engage customers as creative partners so you can deliver superior products.
* Stimulate their minds (conferences, communication between staff, etc.).
* Minimize hassles both on and off the job (gyms, swimming pools, hospitals and more on company’s campus).
Keeping its customers satisfied
* Listen and analyze feedbacks, advice etc., create conferences for customers, ...view middle of the document...

g. key characteristics, how is it different, will customers value/pay more for it?).
2. Attractive: significant and durable profit potential (e.g. how much capital do we need? Will we need external capital (you, 3F, professional investors such as angels and venture capitalists), financially attractive?).
3. Timely: the window of opportunity (e.g. build on recent macro socio-economic trends, government regulations, etc.).
4. Fit with entrepreneurs/team (e.g. is a team highly motivated, does team have all necessary tools and competences to start and run business, whom do we need to add?).
5. Solves a problem: fills an unmet need/pain (what is the job to be done customers trying to solve, customer’s needs = problems they try to/want to solve (not a product they buy), are they aware of their real need, how satisfied are they with current solutions, will the accept a change/switching cost to solve a current problem?)

Definitions of the following terms: idea, opportunity, window of opportunity, opportunity gap, entrepreneurship
* Opportunity – is a favorable set of circumstances that creates a need for a new product, service, or business.
* Window of opportunity – is a metaphor describing the time period in which a firm can realistically enter a new market.
* Opportunity gap – situation where new goods/services can be introduced/sold at greater than cost. Service/product is needed by a specific group, but does not exist.
* Entrepreneurship – process of identification of an opportunity and organization of resources to pursue it/turn it to a successful business.
* Idea – is a thought, an impression or a notion. It may or may not meet the criteria of opportunity.
* Opportunity recognition – the process of perceiving the possibility of a profitable new business/product/service.
Different forces (e.g., economic, social, etc.) that shape the opportunity gap
* Economic Forces: help determine areas that are ripe for new business ideas as well as areas to avoid. Weak economy favors start-ups that help customers save money (e.g. Benchprep – studying, gas-saving sources, coupons, deals.) State of the economy, a level of disposable income, consumer-spending patterns.
* Social Forces: alter how people and businesses behave and set their priorities, provide opportunities for new businesses to accommodate the changes (e.g. social networks, baby boomers, green products, healthy food, clean forms of energy, mobile phones, and apps, diversity of workforces, focus on health and wellness).
* Technological advances: create business opportunities, once a technology introduced, product emerge to advance it (e.g. Doctors control their patients’ conditions remotely – Airstrip. Reserving a restaurant and getting directions to it – Waterproof housings for apple production).
* Political Action and Regulatory Changes: provide the basis of opportunities (e.g. terrorism – new secure system, medical service...

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