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ECE 292: Sophomore Seminar. Planning a New Business: An Overview of Entrepreneurship Tom Liesz College of Business & Economics. Favorite Quotes. "Every successful enterprise requires three people - a dreamer, a businessman, and a son-of-a-bitch." - Peter McArthur

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ece 292 sophomore seminar
ECE 292: Sophomore Seminar

Planning a New Business:

An Overview of Entrepreneurship

Tom Liesz

College of Business & Economics

favorite quotes
Favorite Quotes
  • "Every successful enterprise requires three people - a dreamer, a businessman, and a son-of-a-bitch." - Peter McArthur
  • "The greatest lie ever told: Build a better mousetrap and the world will beat a path to your door." - Yale Hirsch
  • Successful innovation is not a feat of intellect, but of will.” Joseph Schumpeter
do you have a genuine business opportunity
Do you have a Genuine Business Opportunity?
  • An unsatisfied need exists for the proposed product or service in sufficient volume
  • At a high enough price
  • And a low enough cost
  • To allow the owner to operate at a profit
  • Profit is NOT a dirty word in the B-School!
typical methods
Typical Methods
  • Idea Generation: what business best utilizes the skills and expertise of the entrepreneur (i.e. you!)
  • Opportunity Recognition: what type of business best responds to currently unmet needs
  • Serendipity: lucky enough to be at the right place at the right time
synergy between business and engineering
Synergy Between Business and Engineering
  • It’s not about business people or engineers; it’s about the way enterprises conduct business in the 21st Century
  • Not everyone is an entrepreneur, but most of you will be on an entrepreneurial team or interact with entrepreneurial people in your career
  • Entrepreneurship drives the global economy (99% of firms existing today have between 1 and 500 employees)
what is entrepreneurship
What is Entrepreneurship?
  • Entrepreneurship is the process of identifying, developing, and bringing a vision to life
  • The vision may be an innovative idea, an opportunity, or simply a better way to do something
  • The end result of this process is the creation of a new venture, formed under conditions of risk and considerable uncertainty
how might this impact you
How Might This Impact You?
  • Many (if not most) new technologies and/or new uses for existing technologies come from science and engineering
  • Many (if not most) scientists and engineers have little or no clue how to get these ideas to the marketplace
  • Knowing how to do this gives you a decided edge over others in the same boat
think about these options
Think About These Options
  • Certificate in Entrepreneurship
  • Business Minor (I’m the advisor!)
  • Business Plan Competitions
    • VIEW (BUS 415 is a “tech elective” for you!)
    • Idaho Research Foundation
    • Kickstart (Idaho Techconnect)
    • National Collegiate Inventors and Innovators Alliance
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