Biomed_Entrepreneurship_Lecture_2-_March_14.2009

Biomed_Entrepreneurship_Lecture_2-_March_14.2009 -...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
General Characteristics of Good Ideas For  New Business Ventures IDEAS THAT CAN BE “SCALED-UP” IF SUCCESSFUL Always employ a “two-tiered” new business strategy   IDEAS THAT SERVE A LARGE AND GROWING MARKET Ex: Health Care products for the “baby boomer” demographic IDEAS WITH CLEAR-CUT COMPETITIVE ADVANTAGES Ex: Automating any “manual” process IDEAS WITH EASILY DEMONSTRABLE PROFITABILITY Prepare a well-researched business plan
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Industries of Particular Interest Industry Size Growth Rate Information Tech. $416 Billion 30-40% Tele-Communications $609 Billion 25-30% Education $650 Billion 8% Food Services $408 Billion 5% Health Care $2.3 Trillion  10-15% Pharmaceuticals $235 Billion 8% Biotechonology $39 Billion 15% Medical Imaging $15 Billion 15%
Background image of page 2
Building Competitive Advantages Starting Points……. Intellectual Property:  Patents or Trademarks, Software, Hardware, Distinguished People, Unique Knowledge, Durable Trade Secrets Exclusivity:  Supplier/Raw Material, Customers, Product Distribution, Key Strategic Alliances Strong Franchise:  Reputation for Excellence, First Mover Advantage, Customer Dependence, High Entry Barriers for Competitors
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Entrepreneur Pitfalls Common Flaw:  The venture lacks a “significant enough” unique feature, idea or strategy that could provide a competitive   advantage   in the marketplace . Common Misconception : A successful start-up doesn’t  require a revolutionary idea. Common Problem #1:  The new entrepreneur over- plans” for the business- Try to avoid “ planning paralysis” Common Problem #2:  The new entrepreneur over
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 16

Biomed_Entrepreneurship_Lecture_2-_March_14.2009 -...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online