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Entrepreneurship and Marketing :man_in_business_suit_levitating::skin-tone…
Entrepreneurship and Marketing :man_in_business_suit_levitating::skin-tone-2:
Chapter 1: The Foundations of Entrepreneurship
What is an Entrepreneur :memo:
Risk
Profits and growth
Opportunity
Assembling Resources
Entrepreneurial Profile
Desire for responsibility
Preference for moderate risk
Self-reliance
Confidence in their ability to succeed
Determination
Desire for immediate feedback
High level of energy
Future Orientation
Skill at Organizing
Value of Achievement over Money
High degree of commitment
Tolerance for Ambiguity
Creativity
Flexibility
Resourceful
Willingness to work hard
Tenacity
Benefits of Entrepreneurship
Opportunity to create your own Destiny
Opportunity to make a difference
Opportunity to reach your full potential
Opportunity to Reap impressive profits
Opportunity to Contribute to Society and Be Recognized for your Efforts
Opportunity to do what you enjoy and Have Fun at it
Potential Drawbacks of Entrepreneurship
Uncertainty of Income
Risk of Losing your entire Investment
Long Hours and Hard Work
Lower Quality of Life until the Business get Established
High Levels of Stress
Complete Responsibility
Discouragement
What's Feeding the Entrepreneurial Fire
Entrepreneurs as heroes
Entrepreneurial Education
Demographic and Economic Factors
Shift to a Service Economy
Technology Advancements
Independent Lifestyle
The Internet, Cloud Computing and mobile marketing
International Opportunties
Cultural Diversity of Entrepreneurship
Young Entrepreneurs
Women Entrepreneurs
Minority Enterprises
Immigrant Entrepreneurs
Part-time Entrepreneurs
Home-based Business
Family Businesses
Copreneurs
Corporate Castoffs
Corporate Dropouts
Retiring Baby Boomers
How to Avoid the Pitfalls
Build a Viable Business Model and Test It
Know your Business in Depth
Develop a solid Business Plan
Understand Financial Statements
Manage Financial Resources
Learn to Manage People Effectively
Set Your Business Apart from the Competition
Maintain a positive Attitude
Basic Types of Entrepreneurs
Serial Entrepreneurs
leapfroggers
jugglers
Opportunity driven entrepreneurs
Necessity driven entrepreneurs
Social Entrepreneurs
Chapter 3: Inside the Entrepreneurial Mind - From Ideas to Reality
Creativity vs Innovation
Barriers to Creativity
Searching for one "right" answer
Focusing on "being Logical"
Blindly following the Rules
Constantly being practical
Viewing play as frivolous
Becoming overly specialized
Avoiding Ambiguity
Fearing looking foolish
Fearing mistakes and Failure
Believing that "I'm not creative"
How to Enhance Creativity
Enhancing Organizational Creativity
Include Creativity as a core company value and Make it an Integral part of the company's culture
Hire for Creativity
Establish an Organizational Structure that Nourishes Creativity
Embrace Diversity
Expect Failure and Learn from it
Incorporate Fun into the work environment
Encourage Curiosity
Design a work-space that encourages creativity
View problems as opportunities
Provide creative training
Eliminate Bureaucratic obstacles and provide the support necessary for innovation
Develop a procedure for capturing ideas
Talk with customers - or, better yet, interact with them
Monitor Emerging Trends and Identify ways your company can capitalize on them
Look for uses of your company's products and services in other markets
Reward Creativity
Model Creative Behavior
Don't Forget about Business model Innovation
Enhancing Individual Creativity
Allow yourself to be creative
Forget the rules
Give your mind fresh input every day
Take up a Hobby
Travel and Observe
Observe the products and services of other companies especially those in completely different markets
Recognize the creative power of mistakes and accidents
Notice what is missing
Look for ways to turn trash into treasure
Keep a journal Handy to record your thoughts and ideas
Listen to other people
Listen to customers
Get Adequate Sleep
Watch a movie
Talk to a child
Do something ordinary in an unusual way
Keep a toy box in your office
Take note of your pain points
Do not throw away seemingly bad ideas
Collaborate with others
Read Books on stimulating creativity or take a class on creativity
Doodle
Take some time off
Be persistent
The Creative Process
Preparation
Investigation
Transformation
Incubation
Illumination
Verification
Implementation
Techniques for Improving the Creative Process
Brainstorming
Mind-mapping
Force-field Analysis
TRIZ
Rapid Prototyping
Intellectual Property: Protecting your Ideas
Patents
Trademarks
Copyrights
Chapter 4: Conducting a Feasibility Analysis and Designing a Business Model
Idea Assessment :memo:
Customers
Offering
Value Proposition
Core Competencies
People
New Business Planning Process - Fig 4.1 :one:
Feasibility Analysis - Fig 4.3 :one:
Industry & Market Feasibility Analysis
Environmental Forces & New Ventures - Fig 4.4 :one:
Porter's Five Forces Model - Fig 4.6 :one:
Five Forces Matrix - Table 4.1 :one:
Market Niches
Entering a niche requires adaptability in your initial plan
Niches Change
Niches can go away
Niches can grow
Product or Service Feasibility Analysis
Primary Research
Focus Groups
Prototypes
In-Home Trials
Customer Surveys & Questionnaires
Windshield Research
Secondary Research
Trade Associations & Business Directories
Industry Databases
Demographic Data
Census Data
Forecasts
Market Research
Articles
Local Data
The Internet
Financial Feasibility Analysis
Capital Requirements
Estimated Earnings
Time out of Cash
Return on Investment
Entrepreneur Feasibility Analysis :memo:
Entrepreneurial Readiness :memo:
Developing and Testing a Business Model
Business model Canvas - Fig 4.8 :one:
Customer Segments
Value Proposition
Customer Relationships
Channels
Key Activities
Key Resources
Key Partners
Revenue Streams
Cost Structure
The Business Modeling Process - Fig 4.9 :one:
Phase 3 - Test the product with Prototype or minimum viable product
Minimum Viable Product
Business prototyping
Phase 4 - Pivot Business Model until Ready to Expand
Pivot
Customer Pivot
Revenue Model Pivot
Product Pivot
Phase 1 - Develop the Business Model Canvas
Phase 2 - Test the Value Proposition with Customers
Resources :hammer_and_wrench:
:book: :one:
Essentials of Entrepreneurship and Small Business Management, 8th Edition
Chapter 5: Crafting a Business Plan and Building a Solid Strategic Plan
Type of Business Plans
Summary Business Plan
Full Business Plan
Operational Business Plan
Outline of a Business Plan
Executive Summary
Company Description
Company description.
Company history.
Mission statement.
Products and services.
Current status.
Legal status and ownership.
Key partnerships (if any).
Industry Analysis
Industry size, growth rate, and sales projections.
Industry structure.
Nature of participants.
Key success factors.
Industry trends.
Long term prospects.
Market Analysis
Market segmentation and target market selection.
Buyer behavior.
Competitor analysis.
Marketing Plan
Overall marketing strategy
Product, price, promotions, and distribution
Management Team and Company Structure
Management team.
Board of directors.
Board of advisers.
Company structure.
Operations Plan
General approach to operations.
Business location.
Facilities and equipment.
Product (or Service) Design and
Development Plan
Development status and tasks.
Challenges and risks.
Intellectual property.
Financial Projections
Sources and uses of funds statement.
Pro forma income statements.
Pro forma balance sheets.
Pro forma cash flows.
Post-Mid Lectures
Ownership
Sole Propreitorship
General Partnership
Limited partnership
Corporation
S Corporation
Limited Liability Company (LLC)
:one: Fig.6.1
Buying an Existing Business
Types of Business Buyers
Main Stream Buyers (Small Buyers)
Examples : Car
wash, Dry cleaners, Cafes
Corporate Refugees
Examples
Consulting firms
Advertising
Manufacturing
Serial Entrepreneurs (Expansion of Business)
Financial Buyers (Merger & Acquisition)
Examples : Health
care, Medical Industries, Energy Industries
Often are VCs and angels
:one: Fig 6.2
Advantages vs Disadvantages
Steps in acquiring a Business
Approach the candidate
Signing a nondisclosure document
Sign a letter of intent
Buyer’s due diligence
Draft the purchases agreement
Close the final deal
Begin the transition
Negotiation
Preparation
Difference between a “Position” and an “Interest”
Develop the right mindset
BATNA (Best Alternative to a Negotiation Agreement)
Keep your emotions in check
Don’t fall into the “rules” trap
Sometimes it’s best to remain silent
Franchising
Types
PRODUCT
FRANCHISE (Product Distribution Franchising)
NAME
AND PROCESS FRANCHISE (Trade name Franchising)
BUSINESS
FORMAT MODE (Pure Franchising, or Business Format
Franchising)
Future Trends
Intercept Marketing
Conversion Franchising
Demographic Changes to the population
Increasing female participation in the workforce
Refranchising
Multi-unit Franchising
Cobranding
WHY HAS FRANCHISING GROWN SO RAPIDLY? –
changes in lifestyle
NEW POTENTIAL FRANCHISE SECTORS
Advantages & Disadvantages for Franchisee
Advantages & Disadvantages for Franchisor
E-commerce
Benefits
Factors to Consider Before
Launching into E-Commerce
Assessing Your Company’s Online
Potential
Myths surrounding e-commerce
Follow-up Investments
Promotion
Strategies for E-Success
Search Engine Strategies
Designing a Killer Website
Tracking Web Results
Measuring Online Performance
CTR
CPA
Conversion ratio
Recency
Ensuring Web Privacy
Ensuring Web Security
Pricing & Credit Strategies
Bootstrap (Guirella) Marketing Strategy
Fighter Brand
Basic Strategies
Penetration
Skimming
Life cycle Pricing
Sources of External Finance