AEM1230-0902--ToPost

AEM1230-0902--ToPost - AEM1230 Foundations of...

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AEM1230 Foundations of Entrepreneurship and Business Wednesday 9/2 Change and Entrepreneurship The nature of the entrepreneurial opportunity Information Change Change as a catalyst of entrepreneurship New technology Political and regulatory shifts Social and demographic change
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Entrepreneurship: A Process Perspective Recognition of opportunity Deciding to proceed and assembling the essential resources Launching a new venture Building success and managing growth Harvesting the rewards
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Better Opportunities Some types of opportunities are better than others for new firms to pursue Some industries are more favorable to new firms than others (next lecture)
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Changes Make It Possible… To make new products To open up new markets To use different raw materials and resources To develop new production processes To organize in new ways
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Opportunities from Information Entrepreneurial opportunities exist because people have different information. Different information leads to different decisions. Superior information leads to better decisions.
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Opportunities from Change Truly valuable entrepreneurial opportunities come from an external change that either Makes it possible to do things that had not been done before. Makes it possible to do something in a more valuable way. (Joseph Schumpeter)
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How do change and information interact? Jay Walker Priceline.com More than 200 patents Other companies Synapse (to AOL Time Warner) Target Communications (to Primedia) Owns Walker Digital Inc. http://www.walkerdigital.com/
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Jay Walker (I) Well, exactly I'm not gonna talk about the hype, but I am gonna talk about e-commerce and the Digital Age. And I'm gonna spend some time in lecture here, trying to put a framework around what is really going on in the Internet world and why. We hear a great deal of noise and we see on television and newspapers and magazines, "Internet this. E-commerce that," and we know the world is changing. And we struggle to provide ourselves with a map to explain that change. So let's spend five or ten minutes now and back way up and look at the last century because we can see in the last century a series of changes, all of which tell you exactly what is going on today, again. In the last century, there were five great commercial changes. And each of those changes were about the creation of a network, of a grid. The first great change was electricity. There was a time where there was no electricity, as hard as that is to believe. And of course, today, we are bathed and surrounded in the electric grid. It is in the microphone, it is in the ceiling, it is everywhere around us. We don't think of ourselves as businesses before electricity and after electricity. Everybody is on the electric grid. And in the beginning of the last century, the electric grid changed every part of the life of our country, and of course every part of the life of our world. The second great grid in the
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AEM1230-0902--ToPost - AEM1230 Foundations of...

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