We do this because history shows that many entrepreneurial ventures struggle or fail not because the business owners weren’t committed or didn’t work hard, but because the idea they were pushing to bring to the market place wasn’t the foundation for a vibrant, successful business
What Will You Learn?
A key reason for this is that in many parts of the world, studying and practicing entrepreneurial venture are very exciting and potentially highly rewarding activities for entrepreneurs and the nations in which they launch their ventures and conduct their operations.
Course Content
Decision to become an Entrepreneur
Entrepreneurship is defined as the process by which individuals pursue opportunities without regard to resources the currently control.
Why Become an Entrepreneur…
1. Be their own boss
2. Pursue their own ideas
3. Pursue financial rewards
Characteristics of Entrepreneurs
1. Passion for the business
2. Product/customer focus
3. Tenacity despite failure
4. Execution intelligence
Economic Impact of Entrepreneurs
1. Innovations and Job creation
Developing Successful Business Idea
Recognizing opportunities and regenerating ideas
Opportunity is a favorable set of circumstances that creates a need for a new product, service or business (opportunity gap/window of opportunity)
Finding gaps in the market place, centered to fill a gap in the market
Techniques for generating ideas (brainstorming, focus groups, internet Research)
Encouraging and protecting new ideas
2. Feasibility analysis
Feasibility analysis is the process of determining if a business idea is viable
Product/service feasibility analysis is an assessment of the overall appeal of the product or service being proposed. Product/service desirability or demand.
Industry/target market feasibility analysis is the overall assessment for the industry and target market for the product or service being proposed.
Organizational feasibility analysis is conducted to determine whether a proposed business has sufficient management expertise, organizational competence and resources to successfully launch its business.
Financial feasibility analysis, deals with financial assessment for the business
Moving and Growing an Entrepreneurial Firm
Preparing the proper ethical and legal foundation -Establish a code of conduct, choose an attorney & obtain business license and permits.
Assessing a new venture’s financial strength and viability -Introduce financial management, set financial statements and forecasts and Pro forma financial statements.
Building a new venture team -Create a new venture team,
Getting financing or funding -Why most new ventures need funding (cash flow challenges, capital investments, length product development cycle)
Sources of personal financing (personal funds, friends and family and bootstrapping-creativity, ingenuity, cost cutting)
Student Ratings & Reviews
No Review Yet
Learning often happens in classrooms but it doesn’t have to.
