3-7. Entrepreneurship - BA 310: Entrepreneurship 1...

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1 BA 310: Entrepreneurship
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2 Entrepreneurs …
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3 Roadmap: Entrepreneurship Planning and Entrepreneurship Finding the opportunity Business planning Planning after launch Manage Entrepreneurial Ventures Strategy Implementation Who becomes an entrepreneur and why?
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4 Entrepreneurship Entrepreneurs: Start and manage new businesses. “Individuals who notice opportunities and take the responsibility for mobilizing the resources necessary to produce new and improved goods and services.” Rewards based on profits rather than salary => high risk, high reward.
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5 Why is entrepreneurship important? Key Source of : Innovation Job Creation 100% of net new jobs 1995-2000 in companies < 500 Rates of national economic growth are correlated with entrepreneurial activity Entrepreneurship is economy-wide Look at the Inc. Magazine 500 Career Choice
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6 Your professor’s short but exciting career as an entrepreneur 1979 Summer programming job leads to idea for in-office dental computer system. “Comp-U-Dent.” Work thru college on this … 1982 I graduate. But, company I work with goes bankrupt. I’m shorted $2K, but … I have rights to the software 1982-1984 Found Crown Dental Systems. 4 people, 20 customers. 1984-1986 American Dental Office Systems, Chicago IL. They acquire my software and hire me (technical director). Grows to 35 employees, 250 systems, $5 million annual sales. Lots of fun. 1986-1988 Triad Dental Systems, Livermore CA. Triad buys out Americal Dental Office Systems. Not as much fun. 1989 off to get the Ph.D. … 1997 Rice University … teach entrepreneurial mgmt class, realize more and more that much of what I experienced is typical.
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7 Drucker’s Sources of Opportunity Changes in environment: Demographics Perceptions Industry structure New knowledge: Product Process Unexpected events See Textbook
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8 Sources of Opportunity - successful entrepreneurs Survey of 100 founders from 1989 Inc. Magazine “500” list of fastest-growing companies in the U.S.: from systematic research for opportunities replicated or modified an idea encountered through previous employment swept into the PC revolution discovered serendipitously Several slides draw on A. Bhide, “How Entrepreneurs Craft Strategies that Work,” Harvard Business Review March-April 1994
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9 The Founding of Intel, I Finding the opportunity At the dawn of the computer age, Robert Noyce and Gordon Moore were prominent managers at an important firm - Fairchild Semiconductor. Noyce was general manager, Moore head of R&D. But, the company was still under the ownership of Fairchild Camera and
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3-7. Entrepreneurship - BA 310: Entrepreneurship 1...

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