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Chapter 1

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7 Pages

Rotman Commerce
Course Code
John Oesch

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Small Business New Venture Creation and EntrepreneurshipAn ownermanaged business with fewer than 100 employees1Small business A recently formed commercial organization that provides 2The New VentureFirm goods andor services for saleThe process of identifying an opportunity in the marketplace and 3Entrepreneurship accessing the resources needed to capitalize on that opportunityEntrepreneur A business man who accepts both risks and opportunities involved in creating and operating a new business ventureThe Entrepreneurial Process3 key elementsthe entrepreneur the opportunity and resourcesAfter startup the next phase of venture will result ingrowth stabilitystaying the same decline or demiseceasing to existheart of the entrepreneurial1The EntrepreneurCharacteristic422Identify OpportunitiesGenerating ideas for newimproved productsprocessservicesThenScreening those ideas so that one with best opportunityThenDevelop the opportunity1Idea GenerationGenerating ideas involves abandoning traditional assumptions about how things work and ought to beseeing what others doMost new ventures is not from search for viable business ideas but from events related to works and everyday life Half from insight or skills acquired from previous job Key part of entrepreneurial process2ScreeningCharacteristics of good ideasCreate or add value for the customer Solve problem or meet need in newdifferent wayProvide a competitive advantage that can be sustained Marketable and financially viablewhether enough potential customerswhether sales will lead to profitsUnderstanding for customers who need what How to satisfyUnderstanding for competitors who provide similar stuffs or benefit target customersSales forecast An estimate of how much of a product or service will be purchased buy the prospective customers for a specific period of time typically one yearSales forecast forms the foundation for determining the financial viability and needed resources
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