Midterm exam study notes This includes ABSOLUTELY everything you need to study from the "Will it Fly" textbook. I wrote these notes in such a way that you don't even have to open your textbook, just study from my notes and you'll do great. I got an 'A'

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Ryerson University
Entrepreneurship and Strategy
ENT 601
Sean Wise

A viable idea addresses a specific UNMET NEED or problemEntrepreneurs operate in environments characterized by 1 great uncertainty 2 rapid growth 3 radical change and 4 extremely limited resources3 key starting questions 1 Economic Feasibility Risk vs Reward 2 Realistic feasibility third party evidence 3 A good fit talent triangleEntrepreneurship must have personal satisfaction societal needs and economic feaisibiltyAn opportunity consists of a set of ideas beliefs and actions that enable the creation of future goods and services in the absence of current markets for themAn opportunity consists of 1 new idea 2 profitable 3 actions that generate profit through exploitationDispersed knowledge not everyone has the same info3 types of uncertainty Level 1 U Allocative viewfuture whose distribution exists and is known decision calculate the odds and place the bet based on analysis Arbitrage and franchise complete information Level 2 U Discovery viewFuture whose distribution exists but is not known in advance Find solution trough process of trial and error Eg Cures for diseases Dispersed knowledge Level 3 U Creative view Future not known and unknowable Eg Blue ocean strategy Invention3 main personality characteristics 1 Absorptive capacity 2 Intelligence 3 Cognitive abilitiesLearn from lead users and early adoptersEmphatic design 1 observe 2 collect data 3 reflect and analyze 4 brainstorm 5 develop solution prototypesCreative destruction something new that destroys all previous competitionDruckers 7 areas of opportunities 1 unexpected occurrences 2 incongruities 3 process needs 4 industrymarket changes 5 demographic changes 6 changes in perception 7 new knowledge4 steps to evaluating opportunity 1 Examine the market 2 Assess the current state of competition 3Look at the economics of the opportunity 4Consider the financial and human resources needed for success4 qualitites of an opportunity 1 attractive 2 durable 3 timing 4 added valueElement 1 identify a compelling unserved need You want demand to be inelastic Mitigators of need 1 intensity of need 2flow of info 3 possible workaroungElement 2 Explainable uniqueness 4 types of completionaDirect b Indirect c Alternative d Status QuoQuantum of innovation 4 types of innovation 1Incremental 1x one unique feature 2 Notable 10x distinguishable advance in a feature 3significant 100x 1 golden nugget 4 Transformational 1000x 2 golden nuggets causing disruptive changeElement 3 Sustainable differentiation Barriers to entry are obstacles or paths of a firm that make it difficult for competitors to enter a market It is the ability of a firm to raise prices without losing customers 3 methods of creating sustainable competitive advantage1 Cost leadership 2 Differentiation 3 Focus The more you attract customers the more you extort rent the more others will come in to get some of that rent
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