08 BUS 444 Chap 8

Talk to potential target customers discuss it with

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Unformatted text preview: eveloped into a full-fledged new venture. • Talk to potential target customers • Discuss it with production or logistics managers • Conduct feasibility analysis 8-14 Characteristics of Good Opportunities • Attractive • Achievable • Durable • Value creating 8-15 Financial Resources • The types of financial resources that may be needed depend on two factors: the stage of venture development and the scale of the venture. • To obtain funding for rapid growth, firms often seek venture capital. 8-16 Financing New Ventures 8-17 Entrepreneurial Resources • Human capital • Social capital • Government resources Small Business Administration Government contracting State and local governments 8-18 Entrepreneurial Leadership • Launching a new venture requires a special kind of leadership Courage Belief in one’s convictions Energy to work hard 8-19 Entrepreneurial Leadership • Three characteristics Vision Dedication and drive Commitment to excellence 8-20 Entrepreneurial Leadership • Vision may be entrepreneur’s most important asset Ability to envision realities that do not yet exist Exercise a kind of transformational leadership Able to share with others 8-21 Entrepreneurial Leadership • Dedication and drive are reflected in hard work Patience Stamina Willingness to work long hours Internal moti...
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