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Enterprise and Entrepreneurship (Creating a business plan (Demand -…
Enterprise and Entrepreneurship
Making it happen
Choose your mission
Understand opportunity, route to market, what success looks like
Resources and expertise needed
Balance boldness and caution
Identify when job is done - move on
Technology entrepreneur: Individual who builds new companies where technology solutions serve an existing/new market need
Competitive advantage
Price
Functionality
Aesthetics
Compatability
First to market
Availability
Creating a business plan
Demand - customers or markets?
Competitive advantage?
IP protected? Freedom to operate?
How will capability be developed?
Business model?
Marketed?
Financed?
Raising finance
Bootstrapping
Angel syndicate
Venture capital investment
Initial Public Offering (IPO)
Crowd funding
Bank loans
Public grant support
Building the right team
Understand own strengths and weaknesses
Understand skills and competences needed
Legal advisors (buy in expertise?)
Incorporation
Share holder agreements
Patents, licenses, IP advice
Employment, environmental legislation
Managing risk
Review potential risks
Manage risks by mitigating their effects
Take action to reduce probability, minimise and consequences
Risks may change with time, keep under review
Generating revenue
Understand what customer wants
Understand how to market
When will product be ready
Make sure customers are happy
Learn more about customers needs
Invention: A unique or novel device, method, composition or process
Innovation: An application of an invention which brings benefit
Business innovation: Application of an invention or idea which brings value or benefit to a business by serving a customer or market need