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?.
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Foundations of Entrepreneurship
February 5, 2013
“Attractive” is from the perspective of the entrepreneur. It means you would be willing to do this; you would enjoy this.
By definition, fads are not durable
Timely only if you find a narrow niche market of typewriter collectors (Tom Hanks)
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
Only step in entrepreneurship phases that involves action
Compare to Moore’s 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!
Standard deviation: 7