ENT 3003 EXAM 1 1 Action plan Stage 5 of the creative process that means to turn the idea into 2 Brainwriting activity that involves writing down ideas and sharing them reality with others to collaborate ideas together business with Also referred to as business partners four elements 3 Business associates a personal network associates in which you do 4 Business concepts a concise description of an opportunity that contains a The customer definition b The value proposition benefit of customer c The product or service being offered d The distribution channel means of delivering the benefit to customer 5 Competitive Analysis statement of a business strategy and how it relates to competition It describes how the new business will be superior to existing businesses not Sit back and think corporation Following required to succeed the action of deciding if a business venture is worth it or an entrepreneuer like venture inside of an established 7 Corporate ventures 6 Contemplation a Senior management commitment hard to move a project forward b Champion s opens doors and makes valuable contacts and will lend c Corporate interoperability access to the established corporateions d Clearly defined stages and metrics need a timeline with stages at without credibility to the enterprise wealth of resources which decisions can be made 8 Creation theory e A superior team best people should be put in corporate situatuions f Spirit of entrepreneurship being able to recognize and seize opportunity discovering something that didn t exist before Entrepreneurs are the actors that is entrepreneurs create opportunities via their actions reactions and experiments around new products services and business models 4 This means that opportunities do not necessarily emerge out of existing industries or markets therefore search is not associated with creation theory their businesses from competitors so that customers will notice them for each customer in the matrix basis for invention Enables entrepreneurship to differentiate useful for your primary customer Lays out the following 10 Customer matrix 9 Creativity a Benefits b Distribution channel c Product service d Potential comeptition 11 Customer profile a description of the primary customer Income level a Age b c Education d Buying habits when where how much e Where these customers typically find these types of products and services 14 Discovery theory 12 Decade of entrepreneurship 13 Design and development process f How they would like to purchase these products or services bring new products to market at the right 1980s smaller mire flexible firms began hiring subcontractors who could perform tasks such as bookkeeping and payroll more efficiently Created many new jobs time and for the right cost so that customers will pay a price that reflects value to them opportunity arising from shifts in external factors in the market or industry such as regulation technological changes and changes in customer preferences 1 These opportunities are out there waiting for entrepreneurs to discover them so they require a more systematic approach to scanning the environment technologies or ways of doing things obsolete to the customer the best option is the one that fulfills the customers expectations about where and how the product or service should be sold their goods and services Typically found in more mature industries costs to produce have declined relative to the price of answers the question how do you deliver the benefit an innovation that makes previous must fit one of five classes a Machine or something with moving parts or circuitry b Process or method for producing a useful and tangible result c Article of manufacture d Composition of matter e A new use or improvement for one of the above that does not infringe 17 Economies of scale 18 Eligible for a patent 15 Disruptive radical innovations 16 Distribution channel on the patents associated with them 19 Executive summary 20 External envirement a brief recounting of key points contained in a business plan A business does not operate in a vacuum It has to act and react to what happens outside the factory and office walls These factors that happen outside the business are known as external factors or influences These will affect the main internal functions of the business and possibly the objectives of the business and its strategies answer three questions 21 Feasibility analysis a Is there a customer and market of sufficient size to make the concept viable and able to grow b Do the capital requirements to start and operate to a positive cash flow make sense c Can appropriate startup or founding team be assembled to effectively execute the concept 22 Federal copyright protection form in which it is presented Copyrights last for the life of the holder plus 70 years a copyright doesn t protect an idea just the a Protects the code that Microsoft word is written but not the idea of word processing 24 First customer 25 Fuzzy front end 23 Finding opportunity 26 Gartners conceptual framework the customer who has a problem that the entrepreneur can a point prior to firm birth where the activities undertaken a challenge ENT face Identify a customer need and creating a product or service to fulfill this need solve are often unclear and subject to change as more info is obtained process is affected by three major categories of variables the individual entrepreneur and what he or she brings to the process the environment which consists of all of the external variables that affect the process such as industry suppliers and markets and the organization which is all the strategic aspects of the new venture such as focus resources and strategic partnerships money flows towards green solutions like water hunger 27 Green power energy Entrepreneurs can take advantage of sub trends within the green power sector Gartner proposes that the entrepreneurial a Status as eco consumers b Crop to cup coffee brand that buys their coffee beans directly from farmers 29 how to create value 32 Initial financial investment 28 Growth and adaption stage 30 Illumination step 31 Industry analysis company grows and fights for position and the One creates value by differentiating itself from the discovery of a solution analyze an industry and deicide if there is an opportunity right to dominate an industry competitors and by meeting an un served need in the market present Researching the market is vital business Can vary on how much it is depending on