what characterizes a good idea for a new business? · intrapreneurship zcreation and/or innovation...
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Entrepreneurship
Creation of new businessesSmall businessesSole proprietorshipsFamily owned businessesHigh growth businessesFranchise ownershipInnovative established businessesIntrapreneurship
2Good Ideas - Monica Zimmerman
Intrapreneurship
Creation and/or innovation within an existing businessExamples of intrapreneurial companies
3MApple Computer
Need for intrapreneurship
3Good Ideas - Monica Zimmerman
Today we will discuss entrepreneurship in terms of
The creation of a new business
4Good Ideas - Monica Zimmerman
ENTREPRENEURIAL PROCESS
1. Idea Generation2. Feasibility Study3. Business Plan
6Good Ideas - Monica Zimmerman
IDEA GENERATION
Characteristics of good entrepreneurial business ideasSources of good entrepreneurial business ideasIdeas to avoidGroup exercise
7Good Ideas - Monica Zimmerman
IDEA GENERATION
Characteristics of good entrepreneurial business ideasSources of good entrepreneurial business ideasIdeas to avoidGroup exercise
8Good Ideas - Monica Zimmerman
GOOD ENTREPRENEURIAL BUSINESS IDEAS ARE:
MARKET DRIVEN
Solve a problemFind a market need
Customer focused not product driven Targets an identified sizeable market segment
9Good Ideas - Monica Zimmerman
GOOD ENTREPRENEURIAL BUSINESS IDEAS ARE:
FEASIBLEAttractive – there is a demandAchievable – it can be done Durable – it lasts Value creating – it is worth somethingSafeAffordable
10Good Ideas - Monica Zimmerman
GOOD ENTREPRENEURIAL BUSINESS IDEAS ARE:
UNIQUEFaster/Better/CheaperDifferentiated (vs. commodity)
They have a “Special Sauce”
11Good Ideas - Monica Zimmerman
GOOD ENTREPRENEURIAL BUSINESS IDEAS ARE:
FUNDABLE
Revenue streamManageable risk Sustainable - Market exists with frequency of purchaseScaleable or Replicable
Barriers to entryGrowth potentialProduct pipelineExit planInnovative
12Good Ideas - Monica Zimmerman
INNOVATIVE
Radical vs. Incremental1
InventionExtensionDuplicationSynthesis
1 Kuratko & Hodgetts, Entrepreneurship: Theory, Process, and Practice
13Good Ideas - Monica Zimmerman
GOOD ENTREPRENEURIAL BUSINESS IDEAS ARE OFTEN BASED ON:
Intellectual PropertyCopyrightsTrademarksPatentsTrade Secrets
14Good Ideas - Monica Zimmerman
IDEA GENERATION
Characteristics of good entrepreneurial business ideasSources of good entrepreneurial business ideasIdeas to avoidGroup exercise
15Good Ideas - Monica Zimmerman
SOURCES OF GOOD ENTREPRENEURIAL IDEAS
Talk to friends, family and other contactsReadExamine surroundingsConsider your
Hobbies/activitiesEducationWork ExperiencePersonal Life
Network16Good Ideas - Monica Zimmerman
SOURCES OF GOOD ENTREPRENEURIAL IDEAS
Known needs not effectively metGeographic or business niches not currently served or under served niches Changes in
MarketIndustry Legal/ Political factorsTechnology factors
17Good Ideas - Monica Zimmerman
Successful Entrepreneurs recognize an opportunity while it is still taking shape
Skate to where the puck will be not where it is or it was. O’Malia & & Whistler, 2003
18Good Ideas - Monica Zimmerman
IDEA GENERATION
Characteristics of good entrepreneurial business ideasSources of good entrepreneurial business ideasIdeas to avoidGroup exercise
19Good Ideas - Monica Zimmerman
GENERATING A GOOD IDEA
AvoidUnfavorable industries Unfavorable markets CrusadesN of oneOne Hit WondersUnsafe or illegal products/services
20Good Ideas - Monica Zimmerman
IDEA GENERATION
Characteristics of good entrepreneurial business ideasSources of good entrepreneurial business ideasIdeas to avoidGroup exercise
21Good Ideas - Monica Zimmerman
GROUP EXERCISE
Think of a business ideaThink of an everyday problem and the solution for itBe creative - No idea is too obscure/crazy/simple One idea per group5 minutes
22Good Ideas - Monica Zimmerman
IDEA GENERATION
Characteristics of good entrepreneurial business ideasSources of good entrepreneurial business ideasIdeas to avoid
23Good Ideas - Monica Zimmerman
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