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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