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Chapter 1-10

COMM 320 Chapter 1-10: 288862949-Untitled

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COMM 320
Robert Nason

CHAPTER 1: Introduction to entrepreneurship 1. Explain entrepreneurship and discuss its importance. Entrepreneurship is the art of turning an idea into a business. Entrepreneurs assemble and then integrate all the resources needed – the money, the people, the business model, the strategy – to transform an invention or an idea into a viable business. 2. Describe corporate entrepreneurship and its use in established firms. It is the conceptualization of entrepreneurship at the firm level. All firms fall along a conceptual continuum that ranges from highly conservative to highly entrepreneurial. The position of a firm on this continuum is referred to as its entrepreneurial intensity. Entrepreneurial firms are PROACTIVE, INNOVATIVE ad RISK-TAKING. 3. Discuss three main reasons people decide to become entrepreneurs. 1. Desire to be their own boss 2. Desire to pursue their own ideas 3. Financial rewards. 4. Identify four main characteristics of successful entrepreneurs. 1. Passion for the business – belief of positive influence 2. Product/customer focus – entrepreneurs are craftspeople 3. Tenacity despite failure – ability to persevere through setbacks 4. Execution intelligence – making a good idea into a viable business 5. Explain five common myths regarding entrepreneurship. 1. Entrepreneurs are born, not made 2. Entrepreneurs are gamblers 3. Entrepreneurs are primarily motivated by money 4. Entrepreneurs should be young and energetic 6. Explain how entrepreneurial firms differ from salary- substitute and lifestyle firms. 1. Salary substitute firms: similar salary level to what they’d get with a conventional job. 2. Lifestyle firms: provide the opportunity to pursue a particular lifestyle and make a living at it. 3. Entrepreneurial firms: bring new products or services by seizing opportunities. 7. Discuss the changing demographics of entrepreneurs in the United States. 1. Substantial growth in businesses owned by women, minorities & senior entrepreneurs. 2. High interest in entrepreneurial careers amongst young people 8. Discuss the impact of entrepreneurial firms on economies and societies. 1. Innovation: creating something new 2. Job creation: small businesses are the creators of most new jobs 3. Impact on society: new products and services make life easier 4. Impact on larger firms: many create products and services that help larger firms efficiency 9. Identify ways in which large firms benefit from the presence of smaller entrepreneurial firms. 1. Many entrepreneurial firms build their entire business model around producing products and services that help larger firms efficiency and effectiveness 10. Explain the entrepreneurial process. 1. Deciding to become an entrepreneur. 2. Developing successful business ideas. 3. Moving from an idea to an entrepreneurial firm. 4. Managing and growing the entrepreneurial firm. CHAPTER 2: Recognizing opportunities and generating ideas 1. Explain the difference between an opportunity and an idea. 1. Attractive 2. Timely 3. Durable 4. Adds value 2. Describe the three general approaches entrepreneurs use to identify opportunities. 1. Observing trends (they create opportunities) 2. Solving a problem 3. Finding gaps in the marketplace (often created when there is a need by a specific group of people but not worth it for large firms) 3. Identify the four environmental trends that are most instrumental in creating business opportunities. 1. Economic forces: help determine good or bad areas for start- ups 2. Social trends: they alter how people and businesses behave 3. Technological advances: once a technology is created, products emerge to advance it 4. Political actions and regulatory changes: some businesses were created to help other companies comply with the law 4. List the personal characteristics that make some people better at recognizing business opportunities than others. 1. Prior experience: industry experience helps recognize opportunities and create a network in that same industry 2. Cognitive factors: ability to notice opportunities without deliberate search 3. Social networks: will be exposed to more opportunities (weak- tie relationships lead to more new business ideas because strong-tie relationships tend to reinforce insights) 4. Creativity: opportunity recognition may be a creative process 5. Identify the five steps in the creative process. 1. Preparation 2. Incubation 3. Insight 4. Evaluation 5. Elaboration 6. Describe the purpose of brainstorming and its use as an idea generator. 1. Technique used to generate a large amount of ideas and solutions to problems quickly 2. Some rules include no criticism and session should move quickly 7. Describe how to use library and Internet research to generate new business ideas. 1. Browse through several issues can spark new ideas 2. Libraries have access to search engines that would cost you otherwise 3. Target searches can lead you to articles supporting your new idea 8. Explain the purpose of maintaining an idea bank. 9. Describe three steps for protecting ideas from being lost or stolen. 1. Idea should be put in tangible form with date 2. The idea should be secures, often overlooked 3. Avoid disclosure in a manner that forfeits the right to claim exclusive rights to it CHAPTER 3: Feasibility analysis 1. Explain what a feasibility analysis is and why it’s important. 1. Process of determining if a business idea is viable 2. Preliminary evaluation to see if the idea is worth pursuing 2. Discuss the proper time to complete a feasibility analysis when developing an entrepreneurial venture. 1. Proper time is early in thinking through the prospects of the business 2. Screening ideas before a lot of resources are spent on them 3. Describe the purpose of a product/service feasibility analysis and the two primary issues that a proposed business should consider in this area. 1. Purpose: assessment of the overall appeal of the product/service being proposed 1. Product/service desirability 2. Product/service demand 4. Explain a concept statement and its components. 1. One-page description of the business distributed to people who are asked to provide feedback on the potential of the business idea 5. Describe the purpose of a buying intentions survey and how it’s administered. 1. Instrument used to gauge customer interest in a product service 2. Includes the concept statement and a survey attached 6. Explain the importance of library, Internet, and gumshoe research. 1. Reference librarians can often point you toward resources to help you investigate a new business idea 2. You can find important information on the viability of the product or service 7. Describe the purpose of industry/market feasibility analysis and the two primary issues to consider in this area. 1. Assessment of overall appeal of the industry and the target market for the proposed business idea 1. Industry attractiveness 2. Target market attractiveness 8. Discuss the characteristics of an attractive industry. 1. Early in life cycle 2. Growing rather than shrinking 3. Fragmented rather than concentrated (App store and Google play) 9. Describe the purpose of organizational feasibility analysis and list the two primary issues to consider in this area. 1. Conducted to determine whether a proposed business idea has sufficient management expertise, competence and resources for successful launch 1. Management Prowess: evaluate ability of management team to satisfy launch (passion and expertise) 2. Resource efficiency assessment of whether an entrepreneur has enough resources to launch proposed venture 10. Explain the importance of financial feasibility analysis and list the most critical issues to consider i
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