BUSI 701 Artistic Entrepreneurship

1. BUSI 701Artistic Entrepreneurship 1st Class

2. How We’ll Navigate this Class In Class • Vernon’s Razor • Lectures • Profiles • Applied Improv • Coordination of projects • Guests • Out of Class • Readings • Profiles • Industry analysis • Venture feasibility or startup plan

3. Danger • Focus • In the classroom • Working on your project • Course Website • Expectations • Relevant “data” hard to find • Analysis only goes so far

4. Imagine: Medieval Europe WeatherZillow

5. Quick Intro: Vernon’s Razor • Definitions:

6. Venture • An undertaking involving chance, risk, or danger; especially a speculative business enterprise • Speculation: an investment that is very risky but could yield great profits; • A commercial undertaking that risks a loss but promises a profit

7. Entrepreneurship • 18th century: bearing the risk of buying at certain prices and selling at uncertain prices • Today (my definition): taking good ideas, assessing the value they could create, and building an organization (people and systems) to distribute that value

8. Entrepreneurship • Taking good ideas, assessing the value they could create, and building an organization to distribute that value • Begs the questions: what value can you create? And is it enough to sustain a new venture? Opportunity Risk

9. Vernon’s Razor Go or No-Go?

10. Go or No-Go?

11. Vernon’s Razor • ValueProposition • Market Potential • Return • Team • Competitive Advantage • Business Model • Customer Pain Defining Opportunity Minimizing Risk

12. Vernon’s Razor What is my value proposition? How big could this get? What’s in it for me? Why me? Can I compete? Can this thing make money? How bad do they want it? Defining Opportunity Minimizing Risk