Quiz 1 review
Download
1 / 12

Quiz 1 Review - PowerPoint PPT Presentation


  • 66 Views
  • Uploaded on

Quiz 1 Review. Foundations of Entrepreneurship February 5, 2013. Run a prison!. Timely? Durable? Attractive ? Grounded in a product or service that delivers value to a customer?.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about ' Quiz 1 Review' - donagh


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
Quiz 1 review

Quiz 1 Review

Foundations of Entrepreneurship

February 5, 2013


Run a prison
Run a prison!

  • Timely?

  • Durable?

  • Attractive?

  • Grounded in a product or service that delivers value to a customer?

“Attractive” is from the perspective of the entrepreneur. It means you would be willing to do this; you would enjoy this.


Pet rocks
Pet rocks!

  • Timely?

  • Durable?

  • Attractive?

  • Grounded in a product or service that delivers value to a customer?

By definition, fads are not durable


Type writer repair
Type writer repair!

  • Timely?

  • Durable?

  • Attractive?

  • Grounded in a product or service that delivers value to a customer?

Timely only if you find a narrow niche market of typewriter collectors (Tom Hanks)


Handheld electronic device
“Handheld electronic device”

  • Timely?

  • Durable?

  • Attractive?

  • Grounded in a product or service that delivers value to a customer?

Apple Newton Message Pad, 1993-1998

Most people weren’t ready to adapt to handwriting recognition.

The opportunity was attractive to Apple because it represented an area for new growth


Entrepreneurship process
Entrepreneurship process

Only step in entrepreneurship phases that involves action

Compare to Moore’s Model:



The tenets of the timmons model

The Tenets of the Timmons Model:

1) The Opportunity

Is there a clear customer need for the proposed product or service?

Is the timing right: is the team ready, is the market ready?

Ideas are a dime a dozen – it’s the combination of the factors above and the execution of the business plan that makes an idea an opportunity.

2) The Lead Entrepreneur and Management Team

Experience within the proposed industry can be essential to success.

Investors and other backers prefer to see a track record of driving growth and profits.

An ‘A’ team with a ‘B’ idea is almost always better than the opposite.

3) The Resources

Resources include capital, technology, equipment, and most importantly – people.

The entrepreneur’s mantra is one of Low Overhead, High Productivity, and Controlling but not Owning resources.

The best entrepreneurs are incredibly creative at finding ways to get things done inexpensively and effectively. You can always find ways to do things faster, cheaper, or better!



5 principles of effectuation
5 principles of effectuation

  • Patchwork quilt: create something new with what you have on hand

  • Affordable loss: commit in advance to what you’re willing to lose instead of calculating expected returns

  • Bird-in-hand: negotiate with stakeholders to commit resources to project

  • Lemonade: use surprises to create benefits instead of problems

  • Pilot-in-the-plane: use people as prime driver of opportunity, not resources external to individual


Quiz score distribution
Quiz score distribution

Average: 91

Standard deviation: 7


ad