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10-1-08 - Entrepreneurship I Quiz 4 Review One of the study...

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Entrepreneurship I – Quiz 4 Review – 10/1/08 One of the study questions will be the essay part! For every quiz! WRITE WARREN BUFFET AT THE TOP OF THE QUIZ FOR A BONUS POINT! Chapter 4 Speedway case Whitney Securities Online Trying to test the opportunity 4 Anchors of an Opportunity: 1. Robust Market o 50 million at first, with up to a billion and beyond o Gross margins at 40% o Growth at 20% 2. Create Value for a customer 3. Good fit for the team members 4. Something that solves a major problem or cures a pain An opportunity needs to be sustainable Haykins case was NOT sustainable Securities Online Question of sustainability o There was a concern over the sustainability of the venture Window of opportunity is constantly opening and closing Elevator pitch – a summary that can grab someone’s attention in the time it takes to ride an elevator Feasibility analysis – A test of basic business concept – the key points of the Timmons Model o Opportunity o Resources o Team o Founder In the middle Business plan Fits and gaps o What can we do better? o What are we missing
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o Look at the customer Are there enough customers (is this a primary market?) o Can you seal the market off from potential competition MAJOR CONCERN o Team Do we have enough people to cover the main functions What/Who are we missing o Resources
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