Week 3 -Topic Do-it-yourself marketing research for your New Business

Week 3 Topic:Do-it-yourself marketing research for your New Business Reading 1:Mullins, John (2010), The New Business Road Test, 3rd Edition, London: FT Prentice Hall, chapter 14Determining the viability of your business model

Launching idea without wasting years and moneyAssessing your opportunity before you write your business plan and by working systematically to discover a business model that really works: a plan BIts what you dont know that will scupper your plan ABy identifying your leaps of faith early and devising ways to test hypotheses that will prove or refute them, you are in a position to learn whether or not your plan A will work before you waste too much time and moneyEvery business model needs quantitatively to address five key elements

Business model grid

Dashboard for discovering your better business model

Reading 2:Zahra, S.A., Korri, J.S. & Yu, J.F., 2005. Cognition and international entrepreneurship: implications for research on international opportunity recognition and exploitation. International Business Review, 14(2), pp.129146

How entrepreneurs might perceive and construct their industries boundaries and opportunities at home and in host countries

Subsequent performance : financial implications Gaining a learning if they internationalize: innovation, learning and adaptation The process that creates entrepreneurial international acts has clear and distinct characteristics but not all internationalization activities, even in young firms, are entrepreneurial

The importance and diversity of motivations that lead entrepreneurs to internationalize their operations early

Motivations : Entrepreneurs own needs and personality Other motivations mirror the interaction of the entrepreneurs different needs and ambitions with the external market realities and challenges. Cognitive biases also influence entrepreneurs decisions. Mitchell et al. (2000) define entrepreneurial cognition as the knowledge structures that people use to make assessments, judgments, or decisions involving opportunity evaluation, venture creation, and growth.

Vital importance of connecting explanations of IE decisions to their geographic context

The entrepreneurs views of the changing domestic and international competitive terrain and rules of rivalry are also likely to influence their future strategic choices, shaping the pa

Benefit of applying a cognitive perspectiveCan significantly augment prevalent economics-based views of IE and born globals IE activities are rooted in their contexts but in a non-linear fashion

Comparison

Reading 3:Ozgen, E. & Baron, R.A., 2007. Social sources of information in opportunity recognition: Effects of mentors, industry networks, and professional forums. Journal of Business Venturing, 22(2), pp.174192.Elements that help entrepreneurs on recognizing opportunitiesInformal industry networks were found to be directly related to entrepreneurs alertness to new opportunities . It also increases their self-efficacytheir belief that they can successfully accomplish tasks they undertake

Reliance on mentors can facilitate opportunity recognition by entrepreneurs : assisting them in their efforts to identify opportunities for new ventures.

Participation in professional forums (conferences, seminars, etc.)

Both having a mentor and participating in professional forums were found to be significantly linked to schema strength, and this factor, in turn, was significantly related to opportunity recognition