BU111 Lecture Notes - Lecture 2: Grameen Bank, Benefit Corporation, Wicked Problem
19
BU111 Full Course Notes
Verified Note
19 documents
Document Summary
Identifying an opportunity and accessing resources to capitalize on it. New companies are less than 5 years old, and consist of less than 100 employees. Successful only when entrepreneur, opportunity, and resources fit. Begins with entrepreneur identifying an opportunity then accessing resources. Originate in events relating to work or daily life. Ensures you have a viable idea with a competitive advantage. Solve a problem and the solution sells itself. Offer a lower-priced or more convenient version of product. Ask what job are customers truly after. Thus customer will be willing to pay for it. Existing firms cant easily or wont want to imitate. Who are the competitors and how will they react. The idea is marketable and financially viable. What forces that affect profitability? (five forces) Safety point: does the idea have low exit costs? Longer time to profitability or greater up front investment = risk. Generate social value while operating with financial discipline.
