BU111 Lecture Notes - Lecture 5: Switching Barriers
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BU111 Full Course Notes
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Identify and opportunity and accessing resources to capitalize on it. New < 5 years, small < 100 employees. Therefore, government support: lower tax rate, resource advice & sometimes funding, Lead in new products and services ease of establishment. Successful only when entrepreneur, opportunity, and resources fit. Begins with entrepreneur identifying an opportunity then accessing resources. Often paradigm shifts (e. g. windshield replacement company comes to you instead of going to repair shop) Originate in events relating to work: or daily life, hobbies, chance happening. Ensures you have a viable idea with a competitive advantage. Ask what job are customers truly after? (e. g. drill hole) You know you have a good idea when: Idea creates or adds value for customer: solves a problem, meets a need, customer willing to pay for it. E(cid:454)isti(cid:374)g fir(cid:373)s (cid:272)a(cid:374)" easil(cid:455) or wo(cid:374)"t wa(cid:374)t to i(cid:373)itate. High, competition stiff, hard to tap needed networks. Conditions will make profitability difficult or will cause declining perf.
