285B Week 2 Lecture 1 Start-up Stages TD

285B Week 2 Lecture 1 Start-up Stages TD - Click to edit...

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Unformatted text preview: Click to edit Master subtitle style ENG 185B/285B New Venture Creation: Entrepreneurship The Entrepreneurial Process: Start-up Stages and Key Success Factors ENGR185B/285B – Week 2 Lecture 1 ENGR185B/285B – Week 2 Lecture 1 22 Today’s Roadmap • Assignment 1B Due • Key success factors of start-ups • O’Connor Chapter 1 • infoChachkie Readings • In-class exercise • Assignment and next class ENGR185B/285B – Week 2 Lecture 1 ENGR185B/285B – Week 2 Lecture 1 33 Questions? • Issues getting O’Connor books? – Two copies left for anyone willing to share – $10 Deposit • Do not fret over initial Venture Idea Grades • Issues, concerns? • Resolve Add Codes ENGR185B/285B – Week 2 Lecture 1 ENGR185B/285B – Week 2 Lecture 1 44 Former TMP Class Project “Phone Halo was formed two years ago by three friends at University of California, Santa Barbara, with a fourth member, Jacques Habra, joining later on as chief executive and equity partner. ENGR185B/285B – Week 2 Lecture 1 ENGR185B/285B – Week 2 Lecture 1 55 Successful Start-up What Does it Take to Get Started? Attractive Opportunity • Timely • Feasible • Important • Profitable • Favorable context People & Team • Passion • Interest • Commitment • Curiosity • Risk taking Sufficient Resources • Skills & Capabilities • Financial Resources • Network • Dynamic capabilities Click to edit Master subtitle style Start-up Phases ENGR185B/285B – Week 2 Lecture 1 ENGR185B/285B – Week 2 Lecture 1 77 Phase 1: Idea Generation and Evaluation • Identify an attractive business opportunity • Evaluate the business opportunity (build a prototype / proof of concept) • Get feedback from friends / experts / customers • Ensure confidentiality • Summarize and pitch your opportunity use cases • Evaluate your personal commitment and risk taking profile • Decide if entrepreneurship is what you want • Search for a committed founding team • Pull out from your employer ENGR185B/285B – Week 2 Lecture 1 ENGR185B/285B – Week 2 Lecture 1 88 Phase 2: Business Concept Development • Create a vision, mission & value proposition – unique positioning • Develop a business model – how are you going to make money? • Develop a business plan (with sales and marketing strategy) • Further validate business ideas • Strengthen the founding team and ensure commitment • Create enthusiasm as well as a sense of reality • Attract new talents for future hiring • Start search for capital • Ensure confidentiality ENGR185B/285B – Week 2 Lecture 1 ENGR185B/285B – Week 2 Lecture 1 99 Phase 3: Acquiring Resources • Building a team – Technical team first, then management and sales & marketing • Raising capital – Determine right sources (Family, Friends & Fools, Angels, VC…) – Go for smart money – Tailor your pitch – Focus on one lead investor – Calculate with a 2 – 12 month time frame • Secure IP • Set up legal and organizational structure ENGR185B/285B...
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This note was uploaded on 05/02/2010 for the course ENGR 185b taught by Professor Staff during the Fall '08 term at UCSB.

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285B Week 2 Lecture 1 Start-up Stages TD - Click to edit...

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