9-26-08 - Entrepreneurship I Class Notes 9/26/08 Creativity...

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Entrepreneurship I – Class Notes – 9/26/08 Creativity is the theme for today. OPPORTUNITY – Where we’re headin BUSINESS OPPORTUNITY An idea that can be turned into a business BUSINESS CONCEPT Precise description of an opportunity o Good or service that creates value for the customer A really successful opportunity does what? o Solves pain or problem o Significant change in people’s lives Example: Cell phones iPod o Gotta get the product to the customer Distribution channel BUSINESS CONCEPT Elevator pitch (Rocket pitch) – o Exciting attractive pitch for a business concept given in the amount of time in an elevator (1-2 minutes) FEASBILITIY ANALYSIS Way of testing the opportunity and business concept o Industry and market – goes with opportunity o Product and service – Intellectual Property Must back up your IP o Founding team - Marketing, Operations, Finance, Chief Technology Officer o Financial needs assessment What do I need to startup a business What are the basics that I would need? o How much initial costs are o Cash flow – when will it turn positive?
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o The largest negative cash flow I might hit and then install a safety for that negative If all of these fit, then it’s a good opportunity TIMMONS MODEL The feasibility analysis checks the viability of the business How to readjust the opportunity resources and team in a constantly changing environment – feasibility analysis will make sure that this opportunity is solid. After feasibility analysis is conducted, then you write the business plan. The feasibility analysis is the first part of the plan, but it will have other elements to it. BUSINESS PLAN The business plan serves as the blueprint for the new company we are about to build. How feasible is the business? BUSINESS PLAN COMPONENTS - Cover - Title Page o The name of the industry you are getting into and the names of the founders, logo, somewhere to reach (contact information), and this is confidential! o Keep a list of who has copies of the business plan - Executive Summary o Very concise summary of the business o Angel investors and other investors will look at the executive summary to determine if it is a worthwhile business to invest in. o
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This note was uploaded on 06/03/2009 for the course ECON 290 taught by Professor Goldenandallison during the Fall '08 term at Allegheny.

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9-26-08 - Entrepreneurship I Class Notes 9/26/08 Creativity...

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