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ENT526 - Entrepreneurial Behaviour and Strategy - Midterm Prep (Everything you need to know!!)

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Entrepreneurship and Strategy
ENT 526
Sean Wise

Google had 3 concepts: - Timely due to the internet - Adversity Coecient tried to sell it to you yahoo & couldnt afford computer technology - Proof of concept got millions to try it then monetized it - Creative destruction Google was so much better that other search engines like AltaVista - Attractiveness lots of traffic and money from ads - Facebook scalability make it once and it keeps growing - Ben and Jerrys Values Getting Vermont cows - Home Depot Social Entreprenurship - Richard Branson Adversity - Trump Team His show builds team - Mary K (Cosmetics) store Did the adversity affect the implementation? $1m debt in 1980 The Manor attracted Phil Collins Do you need to clean up your car? Do you buy 10s You can buy 1 for the price off 10 Sir Richard Branson - His first business venture was a magazine called Student at the age of 16. [3In 1970, he set up an audio-record mail-order business. In 1972, he opened a chain of record stores, Virgin Records, later known as Virgin Megastores. Branson's Virgin brand grew rapidly during the 1980s, as he set up Virgin Atlantic Airways and expanded the Virgin Records music label. Richard Branson then embarked on a quest to turn the controversial into cash. Virgin Records signed on controversial bands other record companies were afraid to touch such as the Sex Pistols, Faust and Can as well as the Culture Club to name a few. My interest in life comes from setting myself huge, apparently unachievable challenges and trying to rise above them...from the perspective of wanting to live life to the full, I felt that I had to attempt it. Richard Branson's approach to business is to succeed within the first year or exit the market. This [7] includes a one-year limit on everything associated with starting up. Virgin Atlantic became profitable during the first 12 months, aided by sister company Virgin Records' ability to finance the lease of a second-hand Boeing 747. Virgin Did the adversity lead to opportunity? He had Dyslexia and did not enjoy education system. He had poor grades left school to pursue something that worked for him to change the world he started up a magazine company to give students a voice Girfriends abortion walk-in clinic he created Student Advisory Centre in his maga-ine Branson used the lack of experience as an advantage by garnering attention through his teams enthusiasm. Branson started his record business from the crypt of a church where he ran The Student. Branson advertised popular records in The Student Magazine and it was an over night success. Mail strike record store -When we sensed that Student magazine's circulation was reaching its peak, we looked for more ways to make money, and decided to start selling records by mail order. A postal strike stopped the business in its tracks, but we had caught the music bug. Instead we set up our first record store. o Constrained by a lack of capital after the strike, we found a former shoe shop on Oxford Street in London, and we talked the owner into letting us use the empty space. We were not trained retailers, but we liked music and wanted to create a cool hangout for young people. Instead of building displays designed to move merchandise quickly, with huge racks of records and no place to sit down, we brought in big, comfy cushions and built listening booths -- it was a place where you could chat about music with your friends and share your favorites with them. From music retailing we moved into the recording industry, but it was our move into the airline business that underlined for me the advantage of inexperience. When we leased our first 747 jumbo jet in 1984, I knew very little about the airline business, beyond the fact that I had flown a lot as a record executive and disliked it. The food was poor, the entertainment was bad, the seats were uncomfortable and the service was lackluster. Surely all this could be changed -- it was just common sense. o Virgin Atlantic's early years were all about breaking conventions. I hated being stuck in one place for eight hours at a time, so we created a bar where Upper Class passengers could meet and talk during the flight. We brought massage therapists on board to relieve the tedium and ensured that all passengers had better seat-back entertainment. Continuing this tradition, Virgin America, our newest airline, has similarly revolutionized the industry in the United States. Bliss Girl Home Depot Ebay Facebook Email The Grameen Bank (Muhammad Yunus) Wikipedia TransgamingTechnologies (Vikas Gupta, CEO) CarlyFiorina TerryMcBride Magnotta Jack Welch Thomas Edison Spencer Trask SpinMaster Ballard Power Mold Masters (Jonathon Fischer) Google Dragons Den ENT526 Midterm Review (Week 1-5) Venture Capitalist (VC) is financial capital provided to early-stage, high-potential, high risk, growth startup companies. The venture capital fund makes money by owning equity in the companies it invests in, which usually have a novel technology or business model The typical venture capital investment occurs after the seed funding round as growth funding round (also referred to as Series A round) in the interest of generating a return through an eventual realization event, such as an IPO or trade sale of the company A Series A round is the name typically given to a company's first significant round of venture funding in the Silicon Valley model of startup company formation. o Usually the first series of stock after the common stock and common stock options issued to company founders, employees, friends and family, angel investors, etc. o Common stock is a form of corporate equity ownership, a type of security. It is called "common" to distinguish it from preferred stock. If both types of stock exist, common stock holders cannot be paid dividends until all preferred stock dividends (including payments in arrears) are paid in full. Venture capital is a subset of private equity. Therefore, all venture capital is private equity, but not all private equity is venture capital. Private equity is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange. Usually made by private equity firm, a venture capital firm or an angel investors Seed money, sometimes known as seed funding, is a form of securities offering in which an investor purchases part of a business. The term seed suggests that this is an early investment, meant to support the business until it can generate cash of its own, or until it is ready for further investments. Seed money options include friends and family funding, angel funding and -- recently -- crowd funding Crowd funding or crowdfunding (alternately crowd financing, equity crowdfunding, social funding or hyper funding) describes the collective effort of individuals who network and pool their resources, usually via the Internet, to support efforts initiated by other people or organizations. Ben and Jerry offered stock to raise money to buy a manufacturing faculty through their Vermont community. He believed a Business has a responsibility to give back to the community from which it draws its support. Cohens idea was for the company to be owned by the same people who had lined up for scoops of ice cream at the gas station [i.e. the first scoop shop]". Entrepreneur is an enterprising individual who builds capital through risk and/or initiative o Entrepreneurship implies a special natural ability to sense and act on opportunity, combining out of the box thinking with determination to bring something new into the world o A person who senses an opportunity and displays out of the box thinking and determination o Jean-Baptist: An entrepreneur is one who shifts economics resources out of an area of lower and into an area of higher productivity o Niccolo Machiavelli: Entrepreneurs are simply those who understand that there is little difference between obstacle and opportunity and are able to turn both to their advantage. Social Entrepreneurship recognition of a social problem and the uses of entrepreneurial principles to organise, create and manage a social venture to achieve a desired social change. A venture that gives a portion of each dollar it makes in profit to the company When you buy a product it donates it or something else
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