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ECE 292: Sophomore Seminar

ECE 292: Sophomore Seminar. Planning a New Business: An Overview of Entrepreneurship Tom Liesz College of Business & Economics. Favorite Quotes. "Every successful enterprise requires three people - a dreamer, a businessman, and a son-of-a-bitch." - Peter McArthur

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ECE 292: Sophomore Seminar

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  1. ECE 292: Sophomore Seminar Planning a New Business: An Overview of Entrepreneurship Tom Liesz College of Business & Economics

  2. Favorite Quotes • "Every successful enterprise requires three people - a dreamer, a businessman, and a son-of-a-bitch." - Peter McArthur • "The greatest lie ever told: Build a better mousetrap and the world will beat a path to your door." - Yale Hirsch • Successful innovation is not a feat of intellect, but of will.” Joseph Schumpeter

  3. Do you have a Genuine Business Opportunity? • An unsatisfied need exists for the proposed product or service in sufficient volume • At a high enough price • And a low enough cost • To allow the owner to operate at a profit • Profit is NOT a dirty word in the B-School!

  4. Typical Methods • Idea Generation: what business best utilizes the skills and expertise of the entrepreneur (i.e. you!) • Opportunity Recognition: what type of business best responds to currently unmet needs • Serendipity: lucky enough to be at the right place at the right time

  5. Synergy Between Business and Engineering • It’s not about business people or engineers; it’s about the way enterprises conduct business in the 21st Century • Not everyone is an entrepreneur, but most of you will be on an entrepreneurial team or interact with entrepreneurial people in your career • Entrepreneurship drives the global economy (99% of firms existing today have between 1 and 500 employees)

  6. What is Entrepreneurship? • Entrepreneurship is the process of identifying, developing, and bringing a vision to life • The vision may be an innovative idea, an opportunity, or simply a better way to do something • The end result of this process is the creation of a new venture, formed under conditions of risk and considerable uncertainty

  7. How Might This Impact You? • Many (if not most) new technologies and/or new uses for existing technologies come from science and engineering • Many (if not most) scientists and engineers have little or no clue how to get these ideas to the marketplace • Knowing how to do this gives you a decided edge over others in the same boat

  8. Think About These Options • Certificate in Entrepreneurship • Business Minor (I’m the advisor!) • Business Plan Competitions • VIEW (BUS 415 is a “tech elective” for you!) • Idaho Research Foundation • Kickstart (Idaho Techconnect) • National Collegiate Inventors and Innovators Alliance

  9. Questions?

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