aem120-8-31 - 8/31 Chapter 2 Business Economics of...

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8/31 – Chapter 2: Business Economics of Entrepreneurship Factors influencing the success of new firms New v. Established Firms Competency destroying change Entrepreneurs who create new businesses primarily focus on o New products, services, and markets Change makes it possible to o Make new products o Open up new markets o Use different raw materials and resources o Develop new production processes o Organize in new ways Sandy Maine (Sunfeather Soap) Startups succeed by understanding and applying technology, by entering the right market, and by understanding the right way to intersect market and technology Industry differences influencing new firm successes o Knowledge conditions New firms do better in: Industries that have greater r&d intensity Industries in which public sector organizations produce most of the new technology industries in which small firms are the better innovators o Demand conditions New firms do better in:
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