L2 Entrepreneurship Concept 2 2019.pdf - LECTURE 2 Entrepreneur Concept II Entrepreneurial Development Stages Entrepreneurial Development Stages

L2 Entrepreneurship Concept 2 2019.pdf - LECTURE 2...

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LECTURE 2 Entrepreneur Concept II
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Entrepreneurial Development Stages includes: 1. Critical Stages of Entrepreneurship 2. Major Activities along the stages 3. Transition to next activities Entrepreneurial Development Stages
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Entrepreneurial Stages. 1. The Development of Vision of Opportunity, 2. Evaluating Opportunity, 3. Business Plan, 4. Changing role of CEO, Entrepreneurial Management, Raising Capital & Developing resources. 5. Exit Strategies Growth vs Time
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Entrepreneurial Development Stages Vision of Opportunity Evaluating Opportunity Business Plan Entrepreneurial Management Raising Capital Changing role of CEO Start-up Process Entrepreneurial Management Exit Strategies Developing Resources Growth Time
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Entrepreneurial Development Stages Vision of Opportunity Evaluating Opportunity Business Plan Entrepreneurial Management Raising Capital Changing role of CEO Start-up Process Entrepreneurial Management Exit Strategies Developing Resources Growth Time What do you need? Technical know-how Industry knowledge Business process knowledge Product positioning
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Vision of Opportunity Technical know-how : ability to get the most out of their technology. Management know-how : ability to get the most out of their people. The knowledge economy is the use of knowledge to generate tangible and intangible values. Business process knowledge: operations management that focuses on improving corporate performance by managing and optimizing a company's business processes. Product positioning is a form of marketing that presents the benefits of your product to a particular target audience . 6
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Entrepreneurial Development Stages Vision of Opportunity Evaluating Opportunity Business Plan Entrepreneurial Management Raising Capital Changing role of CEO Start-up Process Entrepreneurial Management Exit Strategies Developing Resources Growth Time Market Size; Market growth Competitive advantage Potential share of market Favorable Trends “Wind at your back” Identifiable Need Compelling value proposition
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Evaluating Opportunity Market size : The number of individuals in a certain market who are potential buyers and/or sellers of a product or service. Competitive advantage : a condition or circumstance that puts a company in a favorable or superior business position. Wind at your back : to be in a good situation in which you can succeed Value proposition : It describes your target buyer, the problem you solve, and why you're distinctly better than the alternatives. 8
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Entrepreneurial Development Stages Vision of Opportunity Evaluating Opportunity Business Plan Entrepreneurial Management Raising Capital Changing role of CEO Start-up Process Entrepreneurial Management Exit Strategies Developing Resources Growth Time Defines Vision; Business Model Market, growth, competition Operating Plan Pro-forma Financials Team Bios (Mgmt. Team) Proposed Financing Capitalization
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Business Plan 10 A business plan is a document that summarizes the operational of a business model and contains the
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