BU111 Lecture Notes - Lecture 4: Interest Rate, Pest Analysis, Switching Barriers
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Recently formed (12 months) commercial organization that sells good/services. Entrepreneurship- identifying an opportunity and accessing resources to capitalize on it. Small business- owner managed, not dominant in market, <100 employees. 98. 1% of all businesses in canada are small. New ventures lead to new products and services. Originate in events relating to work or daily life, hobbies, chance happening. Ensures you have a viable idea with a competitive advantage. Solve a problem and the solution sells itself. Ask customers what they wish they could get. Play the mix and match game; combine functions. Offer a lower-priced or more convenient version of an existing product. Three-component screening process: screening for viability and competitive advantage. You know you have a good idea when: idea creates or adds value for a customer. Customer willing to pay for it: idea provides a competitive advantage that can be sustained. Can it be protected legally?: idea is marketable and financially viable.
