what characterizes a good idea for a new business? · intrapreneurship zcreation and/or innovation...

ENTREPRENEURSHIP

Monica Zimmerman, Ph.D., CPAWest Chester University

1Good Ideas - Monica Zimmerman

Entrepreneurship

Creation of new businessesSmall businessesSole proprietorshipsFamily owned businessesHigh growth businessesFranchise ownershipInnovative established businessesIntrapreneurship


Intrapreneurship

Creation and/or innovation within an existing businessExamples of intrapreneurial companies

3MApple Computer

Need for intrapreneurship


Today we will discuss entrepreneurship in terms of

The creation of a new business


IDEA GENERATION

“HOW IT ALL BEGINS”


ENTREPRENEURIAL PROCESS

1. Idea Generation2. Feasibility Study3. Business Plan


IDEA GENERATION

Characteristics of good entrepreneurial business ideasSources of good entrepreneurial business ideasIdeas to avoidGroup exercise


IDEA GENERATION



GOOD ENTREPRENEURIAL BUSINESS IDEAS ARE:

MARKET DRIVEN

Solve a problemFind a market need

Customer focused not product driven Targets an identified sizeable market segment



FEASIBLEAttractive – there is a demandAchievable – it can be done Durable – it lasts Value creating – it is worth somethingSafeAffordable



UNIQUEFaster/Better/CheaperDifferentiated (vs. commodity)

They have a “Special Sauce”



FUNDABLE

Revenue streamManageable risk Sustainable - Market exists with frequency of purchaseScaleable or Replicable

Barriers to entryGrowth potentialProduct pipelineExit planInnovative


INNOVATIVE

Radical vs. Incremental1

InventionExtensionDuplicationSynthesis

1 Kuratko & Hodgetts, Entrepreneurship: Theory, Process, and Practice


GOOD ENTREPRENEURIAL BUSINESS IDEAS ARE OFTEN BASED ON:

Intellectual PropertyCopyrightsTrademarksPatentsTrade Secrets


IDEA GENERATION



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


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


IDEA GENERATION



GENERATING A GOOD IDEA

AvoidUnfavorable industries Unfavorable markets CrusadesN of oneOne Hit WondersUnsafe or illegal products/services


IDEA GENERATION



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


IDEA GENERATION

Characteristics of good entrepreneurial business ideasSources of good entrepreneurial business ideasIdeas to avoid


ENTREPRENEURIAL PROCESS

1. Idea Generation 2. Feasibility Study3. Business Plan


what characterizes a good idea for a new business? · intrapreneurship zcreation and/or innovation...

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