9-9-08 - Entrepreneurship Class Notes 9/9/08 Netscape Jim...

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Entrepreneurship – Class Notes – 9/9/08 Netscape – Jim Clark – wanted revenge for his share in his company being shrunk by Venture Capitalists Stan didn’t like being poor He didn’t like answering to authority – he didn’t like structure - He marched to his own drum What are the 6 dominant themes: Determination They are leaders Risk tolerance Opportunity obsessed – MOST IMPORTANT – Let’s go out and make some money, sell something – make some profit o Be parsimonious with resources – make a profit as soon as you can o Don’t get diluted Stan likes personal freedoms Why do people start businesses? o Personal freedom – do whatever you want to do o Escape the rat race What makes Stan a classic entrepreneur? o He’s a risk-taker He quit his job at Ratheon When he first got out of school – he went to live in Israel – very risky Why? Because it was cool o He’s very creative o He hated being poor Classic – a lot of entrepreneurs were poor growing up o He was a serial entrepreneur o He hated authority o He was a really smart person he was an engineer, but he also had marketing skills
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FIRST COMPANY – ITRAN – What was their first product They made vision system for manufacturing operations o A way to determine high quality Big customer- General Motors What defines an opportunity – A product you can create to help others – how big should the market be? 500 million to a billion in market share Large market 20% growth Unique Sustainable High, large margins What was the problem with the product offering ? 200 other people were making vision systems o You get margin from marketing a unique product or service Profit margin is very small How do you differentiate yourself from 200 others?? o
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9-9-08 - Entrepreneurship Class Notes 9/9/08 Netscape Jim...

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