ADM 3313 Intro .docx

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
ADM 3313: New Venture Creation Entrepreneurs - Can Identify and exploit opportunities with vision and focus - Demonstrate entrepreneurial “thought and action” (think and do) - Wear all hats initially (strategize, operationalize and implement) - Must be able to understand their own strengths and weaknesses - Must strategically hire and delegate effectively to grow (what layer? when? & complementary skill sets) Terms: Business Focus : you make decisions based on observed or anticipated effect on profit Confidence : You accurately know yourself and understand others Creative Thinker : you exhibit creativity in taking an existing idea or product and turning it into something better Delegator : you recognize that you cannot do everything and are willing to contemplate a shift in style and control. Determination : You persevere through difficult, even seemingly insurmountable, obstacles Independent : You are prepared to do whatever needs to be done to build a successful venture Knowledge-Seeker : you constantly search for information that is relevant to growing your business Promoter : you are the best spokesperson for the business Relationship-Builder : You have high social awareness and an ability to build relationships that are beneficial for the firm’s survival and growth Risk Taker : you instinctively know how to manage high-risk situations. Start up Motives 1. Need for Independence - Tired of working for someone else - Need Creative outlet to produce art/practice trade - Interested in associated freedom and flexibility 2. Market/Solution orientation - Developed invention
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
- Identified an un-serviced need/gap in marketplace - Had a defined solution to a problem (Often their own problem) 3. Survivalist reaction// stop-gap - No other options - Looking to see if running business is a good fit - Unemployed, had to earn money Success factors (Based on Entrepreneurship Centre experience) 1. Management and Leadership Skills - Experience managing people: hiring, delegating, firing - Knowledge or experience in financial management control - Experience in managing multifaceted projects - Experience in marketing, sales 2. Secure financing - Financing secured prior to opening - Cash Flow Projections established and healthy - Line of Credit (or equivalent financial safety net) established 3. Subject matter Expertise - Had experience/practice in field - Held accreditation, certification, designation in area of business focus 4. Business Model Focus on market Opportunity - Market research has quantified market size - Market Research has identified clear need - Business plan established real market opportunity—Likely to evolve 5. Real client “traction” - Was in regular contact with clients (multiple meetings and discussions) - Had access to identified and qualified clients - Established orders, expression of interest - Comfort with sales One: The “Formula is Debatable - Success in business= Significance+ Advantage+ Passion Significance - How much pain is there?
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern