BU111 Lecture 1: BU111 - ENTREPRENEURSHIP
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BU111 Full Course Notes
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Two parts idea proposal + completion plan. Idea proposal: briefly describe idea, value, uniqueness, customer, size of market, revenue model, competing & substitute products chart, pest list, highlighted sections of 5 forces chat, gel chart google searches. Completion plan tasks and completion dates (approx. New venture: recently formed commercial organization that sells goods/services. Entrepreneurship: identifying an opportunity and accessing resources to capitalize on it. Influenced by pest tells about the environment: successful only when entrepreneur (management preferences), opportunity (environment), and resource (resources) fit 3 components [overlap with. Diamond-e: entrepreneur identifies an opportunity, and is willing to chase it. It has to already exist in the environment: might find an awesome opportunity, but business cannot launch without resources, might have resources but no idea, begins with entrepreneur identifying an opportunity then accessing resources. Idea generation: often paradigm shifts (shift from fans to air conditioning, originate in events relating to work or daily life, hobbies, chance happenings (e. g.
