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Summer Course 2007   Entrepreneurship The World in Your Hands Your company, your ideas, your rules   Faculdade de Ciências...
Stages of the   Entrepreneurship Process Rogério Silveira  ©
Basics: Five Best Ways to Get Rich <ul><li>Inheritance  </li></ul><ul><li>Marry rich  </li></ul><ul><li>Win a state lotter...
Entrepreneurship is the practice of  starting new organizations , particularly  new businesses  generally in response to  ...
Entrepreneurship follows a process: <ul><li>Recognize the entrepreneur in you </li></ul><ul><li>Identify a business opport...
1. Recognize the entrepreneur in you <ul><li>The entrepreneur has an  enthusiastic vision , the driving force of an enterp...
2. Identify a business opportunity <ul><li>Explore  society's change ( think about existing and possible new markets and p...
3. Develop a business concept <ul><li>Define the  business concept  behind your idea </li></ul><ul><li>Have you  tested  i...
4. Identify and gather the resources needed  <ul><li>Plan  into the future </li></ul><ul><li>Human resources  (identify ca...
5. Write a business plan <ul><li>Business planning is about  results : you need to make the contents of your plan match yo...
<ul><li>A normal business plan (one that follows the advice of business experts) includes:  </li></ul><ul><ul><li>Executiv...
6. Make economic/ financial forecasts <ul><li>Make  financial forecasts  to evaluate the  profitability  of the project </...
7. Implement your project/ create your firm <ul><li>Take the needed steps and actions to  start your project or business: ...
8. Manage your project/ firm <ul><li>Does the entrepreneur want to be the manager? </li></ul><ul><li>Define your  manageme...
9. Expand and develop the project or business <ul><li>Keep informed about the market needs (clients, competition, partners...
10. Recognize ending time <ul><li>Recognize the time to end the project or abandon the market before it is to late </li></...
Summary  <ul><li>Phase I: Discovery -- identifying opportunities and shaping them into business concepts;  </li></ul><ul><...
<ul><li>Tank you for your attention! [email_address] fugas-lusas.pt </li></ul>
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Summer Course 2007 - Entrepreneurship Phases

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Transcript of "Summer Course 2007 - Entrepreneurship Phases"

  1. 1. Summer Course 2007 Entrepreneurship The World in Your Hands Your company, your ideas, your rules Faculdade de Ciências e Tecnologia Universidade Nova de Lisboa 29th August, Caparica
  2. 2. Stages of the Entrepreneurship Process Rogério Silveira ©
  3. 3. Basics: Five Best Ways to Get Rich <ul><li>Inheritance </li></ul><ul><li>Marry rich </li></ul><ul><li>Win a state lottery </li></ul><ul><li>Be a show-biz or sports celebrity </li></ul><ul><li>Start a company </li></ul>
  4. 4. Entrepreneurship is the practice of starting new organizations , particularly new businesses generally in response to identified opportunities . Entrepreneurship ranges in scale from solo projects (even involving the entrepreneur only part-time) to major undertakings creating many job opportunities. Entrepreneurial activities are substantially different depending on the type of organization that is being started. http:// en.wikipedia.org/wiki/Entrepreneurship
  5. 5. Entrepreneurship follows a process: <ul><li>Recognize the entrepreneur in you </li></ul><ul><li>Identify a business opportunity </li></ul><ul><li>Develop a business concept </li></ul><ul><li>Identify and gather the resources needed </li></ul><ul><li>Write a business plan </li></ul><ul><li>Make economic/ financial forecasts </li></ul><ul><li>Implement your project/ create your firm </li></ul><ul><li>Manage your project/ firm </li></ul><ul><li>Expand and develop the project or business </li></ul><ul><li>Recognize ending time </li></ul>
  6. 6. 1. Recognize the entrepreneur in you <ul><li>The entrepreneur has an enthusiastic vision , the driving force of an enterprise. </li></ul><ul><li>The entrepreneur's vision is usually supported by an interlocked collection of specific innovative ideas, not available in the marketplace. </li></ul><ul><li>The overall blueprint to realize the vision is clear, however details may be incomplete, flexible, and evolving. </li></ul><ul><li>The entrepreneur promotes the vision with enthusiastic passion . </li></ul><ul><li>With persistence and determination , the entrepreneur develops strategies to change the vision into reality. </li></ul><ul><li>The entrepreneur takes the initial responsibility to cause a vision to become a success. </li></ul><ul><li>Entrepreneurs take prudent risks . They assess costs , market/customer needs and persuade others to join and help. </li></ul><ul><li>An entrepreneur is usually a positive thinker, a decision maker, a risk taker and a leader . </li></ul><ul><li>Are you an entrepreneur? Take a test: http://www.fortytwodegrees.co.uk/issue-2/test.html </li></ul>
  7. 7. 2. Identify a business opportunity <ul><li>Explore society's change ( think about existing and possible new markets and products (services ) </li></ul><ul><li>Be permanently curious and question actual solutions </li></ul><ul><li>Be aware for new opportunities </li></ul><ul><li>Be creative – quantity means quality (but remember: an idea it’s not necessarily an opportunity; test/ evaluate your ideas in terms of technical and financial feasibility)) </li></ul><ul><li>Imitate creatively </li></ul><ul><li>Forecast future needs </li></ul><ul><li>Travel around - experience </li></ul><ul><li>Read </li></ul><ul><li>Talk with as many people you can </li></ul><ul><li>Remember : you cannot create a need but you can wisely pick one; what makes an opportunity its the market: this can be the most longer and challenging phase. </li></ul>
  8. 8. 3. Develop a business concept <ul><li>Define the business concept behind your idea </li></ul><ul><li>Have you tested it? </li></ul><ul><li>Make sure you found an opportunity: is there a market for your idea? Who will want to buy whatever you’re trying to sell? </li></ul><ul><li>Find/ develop the product or service that best fits the opportunity envisaged and your vision </li></ul><ul><li>Create a good and solid business concept </li></ul><ul><li>Make it personal , emotional and sexy </li></ul><ul><li>Consider creating a trade mark ( protect your idea) with powerful values – this will ease communication and customer retention) </li></ul><ul><li>Remember competition </li></ul>
  9. 9. 4. Identify and gather the resources needed <ul><li>Plan into the future </li></ul><ul><li>Human resources (identify carefully the competences you need to build your business idea; try to involve your friends and relatives , building a formal or informal team to act as a supporting net – entrepreneurship is definitely a collective phenomena </li></ul><ul><li>Financial resources (family, friends and fools) </li></ul><ul><li>Consider renting, subcontracting, borrowing, partnerships instead of buying </li></ul><ul><li>Technology </li></ul><ul><li>Physical resources </li></ul><ul><li>… </li></ul>
  10. 10. 5. Write a business plan <ul><li>Business planning is about results : you need to make the contents of your plan match your purpose. </li></ul><ul><li>A business plan works for a business to look ahead , allocate resources , focus on key points , and prepare for problems and opportunities . Keep an up-to-date business plan even after the business is running. </li></ul><ul><li>Make your business model clear - the development of the business concept is a process that requires time and research </li></ul><ul><li>Write it yourself instead of subcontracting anyone else </li></ul><ul><li>A business plan has several targets : investors, potential partners, and, above all, the entrepreneur himself, to whom the plan will act as a guide into the future </li></ul><ul><li>http://www.myownbusiness.org/s2/ </li></ul>
  11. 11. <ul><li>A normal business plan (one that follows the advice of business experts) includes: </li></ul><ul><ul><li>Executive Summary : Write this last. It's just a page or two of highlights. </li></ul></ul><ul><ul><li>Company Description : Legal establishment, history, start-up plans, etc. </li></ul></ul><ul><ul><li>Product or Service : Describe what you're selling. Focus on customer benefits. </li></ul></ul><ul><ul><li>Market Analysis : You need to know your market, customer needs, where they are, how to reach them, marketing mix ... </li></ul></ul><ul><ul><li>Strategy and Implementation : Be specific. Include management responsibilities with dates and budget. </li></ul></ul><ul><ul><li>Management Team : Include backgrounds of key members of the team, personnel strategy, and details. </li></ul></ul><ul><ul><li>Financial Plan : Include profit and loss, cash flow, balance sheet, break-even analysis, assumptions, business ratios, etc. </li></ul></ul>5. Write a business plan
  12. 12. 6. Make economic/ financial forecasts <ul><li>Make financial forecasts to evaluate the profitability of the project </li></ul><ul><li>Pay careful attention to investment and operation costs and cash flows </li></ul><ul><li>Foresee self-financing needs ( under financing is a common problem during business creation) </li></ul><ul><li>Be realistic and avoid excessive optimism </li></ul><ul><li>Do not expect earns in short term </li></ul><ul><li>Remember: you’ll always find unexpected expenses, so be cautious </li></ul><ul><li>Find free software applications that will help trough this stage </li></ul>
  13. 13. 7. Implement your project/ create your firm <ul><li>Take the needed steps and actions to start your project or business: </li></ul><ul><ul><li>Create the firm </li></ul></ul><ul><ul><li>Develop your product or service – involve customers </li></ul></ul><ul><ul><li>Gather the financial resources </li></ul></ul><ul><ul><li>Find a team and train them </li></ul></ul><ul><ul><li>Find the right partners </li></ul></ul><ul><ul><li>Find the complementary services or goods </li></ul></ul><ul><ul><li>Find a local </li></ul></ul><ul><ul><li>Choose the technologies , tools and physical means and develop your competences </li></ul></ul><ul><ul><li>Find the customers and advertise </li></ul></ul><ul><ul><li>Start operations </li></ul></ul><ul><ul><li>Attention you’re starting to shape your firms culture and values </li></ul></ul>
  14. 14. 8. Manage your project/ firm <ul><li>Does the entrepreneur want to be the manager? </li></ul><ul><li>Define your management style (recognize your limitations and ask for help) </li></ul><ul><li>Identify the critical success factors in your activity </li></ul><ul><li>SWOT it </li></ul><ul><li>Evaluate on-going (implement a control system, specially on operations and costs ) </li></ul><ul><li>Think about efficiency , quality and sustainability </li></ul><ul><li>Get feed-back from everybody you can </li></ul><ul><li>Permanently refocus on the market </li></ul><ul><li>Pro management (analyse historical data) </li></ul><ul><li>Reinforce peoples competences and development </li></ul><ul><li>Keep the initial enthusiasm </li></ul><ul><li>Always seek creativity and innovation </li></ul>
  15. 15. 9. Expand and develop the project or business <ul><li>Keep informed about the market needs (clients, competition, partners, suppliers…) </li></ul><ul><li>Draw future possible scenarios (expansion, growth, keep it small but beautiful, diversification, concentration, internationalisation </li></ul><ul><li>Be flexible </li></ul><ul><li>Embrace new challenges (controlled risks) </li></ul><ul><li>Keep researching and learning </li></ul><ul><li>Innovate – you’re clients expect it from you (keep surprising them) </li></ul>
  16. 16. 10. Recognize ending time <ul><li>Recognize the time to end the project or abandon the market before it is to late </li></ul><ul><li>Check costs, revenues, client satisfaction, market needs, team’s commitment… </li></ul><ul><li>Remember: all projects have their life-time and must come to an end </li></ul>
  17. 17. Summary <ul><li>Phase I: Discovery -- identifying opportunities and shaping them into business concepts; </li></ul><ul><li>Phase II: Feasibility analysis and assessment; </li></ul><ul><li>Phase III: Creating your business plan; </li></ul><ul><li>Phase IV: Launching your business; </li></ul><ul><li>Phase V: Growing your business; </li></ul><ul><li>Phase VI: Exiting your business </li></ul>
  18. 18. <ul><li>Tank you for your attention! [email_address] fugas-lusas.pt </li></ul>
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