10-21-08 - Entrepreneurship Class Notes 10/21/08 How case...

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Entrepreneurship – Class Notes – 10/21/08 How case opened at the start Business Model Plan parties Advertising Sell different party products – be the middleman Christy Ross – A round of capital raising – Seed capital WHAT WAS CHRISTY’S BACKGROUND? Went to Arizona State University Went to First Interstate Bank – credit card project Intuit – How does Intuit build an e-commerce business? Why did Christy want to become an Entrepreneur? Her friends at Intuit were leaving to start their own businesses Dot-com BOOM Long-term goal to be an entrepreneur – her dream was to be an entrepreneur WHAT GAVE HER THE IDEA? Her dad died A good friend and she got together and decided that there is significant market to Funeral arrangements – Christy and she went to the funeral – found that there was a significant market for party planning Where did Christy’s original financing come from? Friends, family Seed capital! o Usually it’s your credit cards, etc. that you take from
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$200,000 in seed capital Did Christy and Stephanie have a formal ownership deal? NO o THIS IS BAD o It’s really important to have a formal agreement for when the partnership ends Did Christy have a business model before she left Intuit? No o NOT GOOD However, Christy was doing a lot of market research, but she didn’t think things through enough Problem she had with Stephanie – Christy was thinking bigger than Stephanie o Stephanie wanted to have a smaller, lifestyle business o Christy wanted to have a BIG BUSINESS o Misalignment of interests – COMMON PROBLEM, BUT DEADLY . WHAT INNOVATIVE TEAM BUILDING DID CHRISTY DO? Harvard Business School
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10-21-08 - Entrepreneurship Class Notes 10/21/08 How case...

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