1 / 8

2.01 Part 2

Employ entrepreneurial discovery strategies to generate feasible ideas for business ventures/products. 2.01 Part 2. Differences between entrepreneurs and non-entrepreneurs. Some characteristics associated with entrepreneurs: Commitments and determination Leadership Opportunity obsession

kyria
Download Presentation

2.01 Part 2

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Employ entrepreneurial discovery strategies to generate feasible ideas for business ventures/products 2.01 Part 2

  2. Differences between entrepreneurs and non-entrepreneurs • Some characteristics associated with entrepreneurs: • Commitments and determination • Leadership • Opportunity obsession • Tolerance of risk, ambiguity and uncertainty • Creativity, self-reliance and ability to adapt • Motivation to excel • Social nature

  3. Entrepreneurs also capitalize on: • Life experiences • Person’s position in a social network • Nature of the search process a person uses • Ability to focus on the opportunities • Intelligence • Entrepreneurs tend to be “entrepreneurially alert”

  4. Distinguish between Scientific Discovery Circumstantial Discovery Occurs when an observation is made based on specific knowledge of time, place, or circumstance • Occurs when a physical or technological observation is made

  5. Areas of entrepreneurial discovery • The introduction of a new good or a new quality of a good • The introduction of a new method of production • The opening of a new market • The conquest of a new source of supply of raw materials or components • The reorganization of any industry

  6. Techniques entrepreneurs can use to recognize opportunities • Analogies – comparing an unfamiliar abstract idea with an already known mental image • Pattern recognition – many problems can be diagnosed and remedied this way • Prototype – a 3-dimensional version of your vision • Reverse engineering – examining a completed product with the intent of understanding the technology and process used in it design, manufacture, or operation

  7. Ways entrepreneurs try to distinguish themselves from their competitors • Determine your product/ideas major selling advantage: what will make a customer buy yours and not a competitors? What makes your product different from the competition? This may be a product feature, type of service provided, etc.

  8. Stages of entrepreneurial processes • Discovery • Evaluation • Exploitation See also: http://ssrn.com/abstract=411668 and http://ssrn.com/abstract=706902

More Related