Understanding Entrepreneurship Mindset

ENTREPRENEU
RIAL MIND
SHAIRA A. ROSETE
Instructor

Lessons for Midterm:
● I. Decision to become an Entrepreneur
a. Introduction to Entrepreneurship
b. Changing Demographic of Entrepreneurs
c. Entrepreneurship Importance
d. The Entrepreneurial Processes
● II. Recognizing Opportunities and Generating Ideas
a. Identifying and recognizing opportunities
b. Finding Gaps in the marketplace
c. Techniques for generating ideas
d. Encouraging and protecting new ideas

• The word Entrepreneur is derived
from the French words entre, meaning
“between” and “prendre”, meaning
“to take”. The word was originally
used to describe people who “take on
the risk” between buyers and sellers
or who “ undertake a task such as
starting a new venture.

• It was a term coined by Richard
Cantillon, a French economist.
Entrepreneurship is a mindset.

• It is not only about the creation
of a business, but rather it
involves seeking opportunities,
taking risks beyond security
and having the tenacity to push
an idea through to reality.

• Entrepreneurship refers to an
individual’s ability to turn ideas into
action. It includes creativity,
innovation and risk taking, as well
as the ability to plan and manage
projects in order to achieve
objectives.

• This supports everyone in day-to-
day life at home and in society,
makes employees more aware of
the context of their work and better
able to seize opportunities, and
provides a foundation for
entrepreneurs establishing a
social or commercial activity.

1. Be their own boss!
2. Pursue Their Own
Ideas!
3. Pursue Financial
Rewards!

Characteristics of Successful
Entrepreneurs
1. Passion for Business
2. Product/customer focus
3. Tenacity Despite Failure
4. Execution Intelligence

1. Passion for the Business
5 Primary Reasons Passion is Important:
1. The ability to learn and iterate
2. A willingness to work hard for an extended
period of time
3. Ability to overcome setbacks and “no’s”.
4. The ability to listen to feedback on the
limitations of your organization and yourself.
5. Perseverance and persistence when the going
gets tough.

2. Product/Customer Focus
● Steven Jobs wrote, “ The Computer is
the most remarkable tool we’ve ever
built… but the most important thing is to
get them in the hands of as many people
as possible”. This sentiment
underscores an understanding of the
two most important elements in any
business – products and customers.

3. Tenacity Despite Failure
● Entrepreneurs are
trying something new
, the failure rate is
associated with their
efforts is naturally
high.

4. Executive Intelligence
● The ability to fashion a solid idea into a
viable business is a key characteristics of
successful entrepreneurs.
● The ability to effectively execute business
idea means developing a business model,
putting together a new venture team,
raising money, establishing partnerships,
managing finances, leading and motivating
employees, and so on.

4. Execution Intelligence
● It also demands the ability to
translate thought, creativity and
imagination into action and
measurable results.

5 COMMON MYTHS ABOUT
ENTREPRENEURS
1. Entrepreneurs are born, not made.
2. Entrepreneurs are gamblers.
3. Entrepreneurs are motivated primarily by
money.
4. Entrepreneurs should be young and
energetic.
5. Entrepreneurs love the spotlight.

Myth 1. ENTREPRENEURS ARE BORN, NOT
MADE
● This myth is based on the mistaken belief that
some people are genetically predisposed to be
entrepreneurs.
● It can interpreted as meaning that no one is
“born” to be entrepreneur and that everyone
has the potential to become one.
● Whether someone does or doesn’t is function
of environment, life experiences, and personal
choices

COMMON TRAIT AND
CHARACTERISTICS OF
ENTREPRENEURS
● A moderate risk taker
● A networker
● Achievement motivated
● Alert to opportunities
● Creative
● Decisive
● Energetic
● A strong work ethic
● Lengthy attention span
● Optimistic disposition
● Persuasive
● Promotor
● Resource assembler/ leverage
● Self-confident
● Self-starter
● Tenacious
● Tolerant of ambiguity
● Visionary

Myth 2. ENTREPRENEURS
ARE GAMBLERS
● Entrepreneurs are usually moderate
risk takers, as are most people.

● Entrepreneurs are gamblers originates from
two sources:
○ First, entrepreneurs typically have jobs that
are less structured, and so they face a more
uncertain set of possibilities than managers
or rank-and-file employees.
○ Second, many entrepreneurs have a strong
need to achieve and often set challenging
goals, a behavior that is sometimes equated
with risk-taking.

Myth 3. ENTREPRENEURS ARE
MOTIVATED PRIMARILY BY MONEY
● Money is rarely the primary
reason entrepreneurs start a
new firms and persevere.

Myth 4. ENTREPRENEURS SHOULD
BE YOUNG AND ENERGETIC
● Entrepreneurial activity is fairly evenly
spread out over ages. According to an
Index of entrepreneurial activity
maintained by the Kauffman Foundation,
26% of entrepreneurs are age 20 to 34,
25% are ages 35 to 44, and 23% ages
55 to 64.

Myth 4. ENTREPRENEURS SHOULD
BE YOUNG AND ENERGETIC
● The increasing number of older-aged
entrepreneurs is a big change in the
entrepreneurial landscapes.
● It is important to be energetic, investors often
cite the strength of the entrepreneurs (or team
of entrepreneurs) as their most important
criterion in the decision to fund new ventures.

Myth 5. ENTREPRENEURS LOVE THE
SPOTLIGHT
● Some entrepreneur are flamboyant;
however, the vast majority of them do
not attract public attention.
● Many entrepreneurs because they are
working on propriety products or
services, avoid public notice.

CATEGORIES OF
ENTREPRENEUR
● Corporate entrepreneurship.
● Technopreneurship.
● Ecopreneurship.
● Social entrepreneurship.

1. Corporate entrepreneurship
It is also referred to as intrapreneurship. This
is entrepreneurship WITHIN existing organizations
or companies. It is observed when the company
organizes its structure to instigate innovation within
the company. The corporate entrepreneurs are
managers or employees who lead the company to
NEW directions.

2. Technopreneurship
● This involves doing business with the use of
technology in transforming ideas into
products; use of new technology in the
enhancement of the existing operations. It is
said that the first use of term technopreneur
was in 1987.

3. Ecopreneurship
● It involves the use of entrepreneurship
principles in crafting businesses that solve
environmental problems or that operate
sustainably. An ecopreneur is an
entrepreneur whose business efforts are not
only driven by profit, but also by a concern
for the environment (Schuyler, 1998).

4. Social entrepreneurship
● This is a new form of entrepreneurship,
which focuses on solving social problems
through innovation and risk taking;
venturing into business in pursuit of a
social mission. This is different from the
concept of corporate social responsibility.

Characteristics of Social Entrepreneurs as
Change Agents are:
● Adoption of a mission to create and sustain social value (beyond
personal value)
● Recognition and relentless pursuit of opportunities for social value
● Engagement in continuous innovation and learning
● Action beyond the limited resources at hand
● Heightened sense of accountability

TYPES OF START-UP FIRMS
● Salary-substitute Firms
● Lifestyle Firms
● Entrepreneurial Firms

SALARY-SUBSTITUTE FRIMS
● Firms that basically provide their
owner or owners a similar level
of income to what they would be
able to earn in a conventional
job.

LIFESTYLE FIRMS
● Firms that provide their owner or
owners the opportunity to
pursue a particular lifestyle, and
make a living at it. This firms are
not innovative, nor do they grow
quickly.

ENTREPRENEURIAL FIRMS
● Firms that bring new products and services
to the market by creating and seizing
opportunities regardless of the resources
they currently control. The essence of
entrepreneurship is creating value and the
disseminating that value to customer.

CHANGING DEMOGRAPHICS OF
ENTREPRENEURS
1. Women Entrepreneurs
2. Minority Entrepreneur
3. Senior Entrepreneurs
4. Young Entrepreneurs

WOMEN ENTREPRENEURS
● Women entrepreneurs are those women who think of
a business enterprise, initiate it, organize and
combine factors of production, operate the enterprise
and undertake risks and handle economic
uncertainty involved in running it. Women are an
instrumental part of entrepreneurship and will
continue to lead change for years to come. Through
their ingenuity, they bring with them economic
growth, innovation, creativity, and productivity

MINORITY ENTREPRENEURS
● Minority entrepreneurship refers to business
owners who belong to a minority group. That
minority status can be religious, ethnic, racial, or
cultural. Sometimes, gender or sexuality plays a
role as well. In some countries and communities,
women entrepreneurs are considered a minority.
An important factor facilitating the growth of
minority entrepreneurs is the number of
organizations that promote and

SENIOR ENTREPRENURS
● The terms 'senior entrepreneur' and
'senior entrepreneurship' are used to
refer to individuals aged 50 or above
who are planning to start a business,
are currently in the process of starting
one or have recently started one.

YOUNG ENTREPRENEURS
● The teaching of entrepreneurship courses is
becoming increasingly common in both public and
private high schools and universities.
● A young entrepreneur is a child or young adult
who assumes risks to start and operate a
business or who finds new ways to do
business better. They are the type of person
who identifies and pursues opportunities without
allowing risks to become barriers.

Why entrepreneur
is important?

Why Entrepreneur is Important?
● Entrepreneurship's importance to an economy and
the society in which it resides was first articulated in
1934 by Joseph Schumpeter, an Austrian
Economist who did the majority of his work at
Harvard University. in his book The Theory of
Economic Development, Schumpeter argued that
entrepreneurs develop new products and
technologies that over time make current products
and obsolete. Schumpeter called this creative

Why Entrepreneur is Important?
● The creative destruction process is initiated most
effectively by start-up ventures that improve on what
is currently available. Small firms that practice this
art are often called “innovators” or “agents of
change”. The process of creative destruction is not
limited to new products and technologies; it can
include new pricing strategies, new distributions
channels, or new retail formats.

Economic Impact of Entrepreneurial
Firms
● 2 Reasons entrepreneurial behavior has a strong impact on an
economy’s strength and ability:
Innovation - is the process of creating
something new, which is central to the
entrepreneurial process.
Job Creation- small businesses are the
creators of most new jobs in the Philippines or other
country, and employ more than half of all private
sector employee. Small business is held in high
regard in this area.

Entrepreneurial Firms’ Impact on
Society
● The innovations of entrepreneurial firms have a
dramatic impact on a society. Think of all the
new products and services that make our lives
easier, enhance our productivity at work,
improve our health, and entertain us.
● Innovations do create moral and ethical issues
with which societies are forced to grapple.

Entrepreneurial Firms’ Impact on a
Larger Firms
● The impact that entrepreneurial firms
have on the economy and society, they
also have a positive impact on the
effectiveness of larger firms. Example,
some entrepreneurial firms original
equipment manufacturers, producing
parts that go into products that larger

Entrepreneurial Firms’ Impact on a
Larger Firms
● The evidence shows that many entrepreneurial firms
built their entire business models around producing
products and services that help larger firms be more
efficient or effective
● In many instances, entrepreneurial firms partners with
larger companies to reach mutually beneficial goals.
Participation in business partnerships accelerates a
firms growth by giving it access to some of its
partner’s resources, managerial talent, and
intellectual capacities.

The Entrepreneurial Process
The Entrepreneurial Process consists of four
steps:
Step 1 Deciding to become an entrepreneur
Step 2 Developing successful business ideas
Step 3 Moving from an idea to an entrepreneurial
firm
Step 4 Managing and growing the entrepreneurial
firm

Basic Model of the Entrepreneurial Process
Decision to
Become an
Entrepreneur
Introduction to
entrepreneurship
Developing Successful
Business Ideas
Recognizing
opportunities and
generating ideas
Feasibility Analysis

Developing Successful Business Ideas
Writing a Business
Plan
Industry & competitor
analysis
Developing an effective
business model

Moving from an Idea to an
Entrepreneurial Firm
Preparing the
proper ethical &
legal foundation
Assessing a new
ventures financial
strength & viability Building a
new venture
team Getting
financing or
funding

Managing and Growing an
Entrepreneurial Firm
• Unique marketing issues
• The importance of intellectual property
• Preparing for and evaluating the
challenges of growth
• Strategies for firm growth
• Franchising

Part 2
Developing
Successful
Business Ideas

Identifying and
Recognizing
Opportunities

● Opportunity
- is a favorable set of circumstances that
creates a need for a new product, service, or
business. Most entrepreneurial ventures are started
in one of two ways.
● Opportunity gap
- An entrepreneur can capture an opportunity
gap by determining a product or service that
individuals need and are willing to purchase and
no one has come up with it. An entrepreneur
recognizes a problem.

-For an entrepreneur to capitalize
on an opportunity, its window of
opportunity must be open.
-The term window of opportunity
is a metaphor describing the time
period in which a firm can
realistically enter a new market.

Three ways to Identify an Opportunity
● Observing Trends
● Solving a Problem
● Finding Gaps in the
Marketplace

OBSERVING TRENDS
● The first approach to identifying
opportunities is to observe trends and
study how they create opportunities for
entrepreneurs to pursue. The most
important trends to follow are economic
trends, social trends, technological
advances, and political action and
regulatory changes.

OBSERVING TRENDS
● When looking at environmental trends to discern new
business ideas, there are two caveats to keep in
mind:
- first, its important to distinguish between trends
and fads. New business typically do not have the
resources to ramp up fast enough to take advantage of
a fad.
- second, even though we discuss each trend
individually, they are interconnected and should be
considered simultaneously when brainstorming new

Economic Forces
● Understanding economic trends is helpful in
determining areas that are ripe for new business ideas
as well as areas to avoid.
● When the economy is strong, people have more money
to spend and are willing to buy discretionary products
and services that enhance their lives.
● It also important to evaluate how economic forces
affect people’s behavior- beyond looking for discounts
and the most value for their money.

Social Forces
● An understanding the impact of social forces on trends
and how they affect new product, service, and business
ideas is a fundamental piece of the opportunity
recognition puzzle.
● The reason that a product or service exists has more to
do with satisfying a social need than the more
transparent need the product fills.

Sample of the social trends that are currently affecting how
individuals behave and set their priorities:
● Aging of baby boomers
● The increasing diversity of the workforce
● Increasing interest in social networks such as
facebook and Twitter.
● Proliferation of mobile phones and mobile apps
● An increasing focus on health and wellness

● Emphasis on clean forms of energy including wind,
solar, biofuels, and others
● Increasing number of people going back to school
and/or retraining for new jobs
● Increasing interest in healthy foods and “green”
products

Technological Advances
● Advances in technology frequently dovetail with economic and social changes
to create opportunities. Advances in wireless technologies made the system

FINDING GAPS IN
THE
MARKETPLACE

FINDING GAPS
It's when you've identified something that customers need,
but it isn't currently available. This could be something that's
completely unique, an improvement on an existing idea, or a way to
introduce something to a different market.

c
FINDING GAPS IN THE MARKETPLACE
Gaps in the marketplace are the third source of business ideas. There are many products that
consumers need or want that aren’t available in a particular location or aren’t available at all.
Part of the problem is created by large retailers, like Walmart and Costco (we have S&R here in
Philippines), which complete primarily on price and most offer the most popular items targetted
toward minstream consumers.

While this approach allows the large retailers to achieve economies of scale, it leaves
gaps in the marketplace. This is the reason that clothing boutiques and specially shops
exist. These businesses are willing to carry merchandise that doesn’t sell in large
enough quantities for Walmart and Costco to carry.
PRODUCT GAPS in the marketplace represent potentially viable business
opportunities.
Example: In 2000, Tish Cirovolo realized that there were no guitars on the market made
specifically for women. To fill this, she started Daisy Rock guitars, a company that
makes guitars just for women. Another company that is filling a gap in the marketplace
is ModCloth.
A common way that gaps in the marketplace are recognized is when people become
frustrated because they can’t find a product or service that they need and recognize
that other people feel the same way.
Finding Gaps in the Marketplace

A related technique for generating new business ideas is to take an existing
product or service and create new category by targeting a completely different
target market. This approach essentially involves creating a gap and filling it.

PERSONAL
CHARACTERISTICS OF
THE ENTREPRENEUR

Personal Characteristics of the Entrepreneur
EARTH
There is an important yet to subtle difference between two key terms pertaining
to this topic. We’ve already defined an opportunity as a favorable set of
circumstances that create the need for a new product, service or business.

• OPPORTUNITY RECOGNITION refers to the process of perceiving the
possibility of a profitable new business or a new product or service.
That is, an opportunity cannot be pursued until its recognized.
• PRIOR EXPERIENCE several studies show that that prior experience in
an industry helps entrepreneurs recognize business opportunities.
• CORRIDOR PRINCIPLE this states that once an entrepreneur starts a
firm, he or she begins a journey down a path where “corridors”
leading to a new venture opportunities become apparent.
• COGNITIVE FACTORS opportunity recognition may be an innate skill a
cognitive process.
• ENTREPRENEURAL ALERTNESS is formally defined as the ability to notice
things without engaging in deliberate search. This is also called as
the “sixth sense”

SOCIAL NETWORKS this refer to any personal relationship such as family, friends, and
family, friends, and business acquaintances connected with entrepreneurs through monetary
entrepreneurs through monetary transactions, shared knowledge and values, emotional ties,
values, emotional ties, or blood ties.
• Solo Entrepreneurs are those who identified their business ideas on their own.
• Network Entrepreneurs are those who identified their ideas through social contacts.
This has more opportunities than solo entrepreneurs but were less likely to describe
themselves as being particularly alert or creative.
The importance of Scial Networks to Opportunity Recognition is the differential impact of
strong-tie versus weak-tie relationships. Relationships with other people are called “ties”.
• Strong-tie Relationships are characterized by frequent interaction and ties between co-
workers, friends, and spouses.
• Weak-tie Relationships are characterized by frequent interaction and ties between
casual acquaintances.

• CREATIVITY is the process of generating a novel or useful idea. on an anecdotal basis, it
is easy to see the creativity involved in forming many products, services and business.
• PREPARATION is the background, experience and knowledge that an entrepreneur
brings to the opportunity recognition process. Just an athlete must practice to excel, an
entrepreneur needs experience to spot opportunities.
• INCUBATION is the stage during which a person considers an idea or thinks about a
problem; its is the “mulling things over” phase. Sometimes its a concious activity, and
sometimes its unconcious and occurs while a person is engaged in another activity.

• INSIGHT is the flash of recognition when the solution to a problem is seen or an idea are
born. Also called “eureka” experience. In a business context, this is the moment an
entrepreneur recognizes an opportunity.
• EVALUATION is the stage of the creative process during which an idea is subjected to
scrutiny and analyzed for its viability. It is particularly challenging stage of the creative
process because it requires an entrepreneur to take a candid look at the viability of an
idea.
• ELABORATION is the stage during which the creative idea is put into a final form. the
details are worked out and the idea is transformed into something value, such as new
product, service or business concept.

THE OPPORTUNITY RECOGNITION PROCESS
Personal Characteristics
of an Entrepreneur
Prior Experience
Cognitive Factors
Social Networks
Crreativity
Environmental Trends
Economic Factors
Social Factors
Technological Advances
Political and Regulatory
Changes
Business, Product,
or Service
Opportunity Gap
Difference between
what’s available and
what’s possible
New Business,
Product, and
Service Ideas

TECHNIQUES FOR GENERATING IDEAS
In general, entrepreneurs identify more ideas than opportunities
because many ideas are typically generated to find the best way
to capitalized on an opportunity. Several technioques can be
used to stimulate and facilitate the genration of new ideas for
products, services and business.

BRAINSTORMING
4. Leapfrogging is
encouraged. This
means using one idea
as a means of
jumping forward
quickly to other ideas.
3. The session moves
quickly, and nothing is
permitted to slow down
its space.
2. Freewheeling, which is
the carefree expression of
ideas free from rules or
restraints, is encouraged;
the more ideas, the better.
1. No criticism is allowed,
including chuckles, raised
eyebrows, or facial
expressions that express
skepticism or doubt.
Criticism stymies creativity
and inhibits the free flow of
ideas.
a common way to generate a new business idea is
through brainstorming. Its is simply the process of
generating several ideas about a specific topic.
RULES FOR A FORMAL
BRAINSTORMING SESSION

Focus Groups is a gathering of 5 to 10 people who a selected because of their relationship to the
issue being discussed. Although focus groups a used for variety off purposes, they can be used to
help generate new business ideas. Focus groups typically involve a group of people who are
familiar with a topic, are brought together to respond to questions, and shed light on an issue
through the give-and-take nature of group discussion.
Library and Internet Research
A third approach to generate a new business idea is to conduct library and internet
research. A natural tendency is to think that an idea should be chosen, and the process of
researching the idea should then begin.
Libraries are often an underutilized source of information for generating business ideas.
The best approach to utilizing a library is to discuss your general area of interest with a reference
librarian, who can point out useful resources, such as industry-specific magazines, trade journals,
and industry reports.
Internet Research is also important. If you are starting from scratch, simply typing "new
business ideas into Google or Yahoo! will produce links to newspaper and magazine articles about
the "hottest" and "latest" new business ideas.
Other Techniques
Firms are use a variety of other techniques to generate ideas. Some companies set up customer
advisory boards that meet regularly to discuss needs, wants, and problems that may lead to new
ideas.

ENCOURAGING AND PROTECTING NEW IDEAS
In many firms, idea generation is a haphazard process. However, entrepreneurial ventures can take
certain concrete steps to build an organization that encourages and protects new ideas.
Establishing a Focal Point for Ideas
Some firms meet the challenge of encouraging, collecting, and evaluating ideas by
designating a specific person to screen and track them-for if it's everybody's job, it may be no one's
responsibility. Another approach is to establish an idea bank (or vault), which is a physical or digital
repository for storing ideas. An example of an idea bank would be a password-protected location on
a firm's intranet that is available only to qualified employees. It may have a file for ideas that are
being actively contemplated and a file for inactive ideas. Other firms do not have idea banks but
instead encourage employees to keep journals of their ideas.
Encouraging Creativity at the Firm Level
Innovation refers to the successful introduction of new outcomes by a firm.
In contrast, creativity is the process of generating a novel or useful idea but does not require
implementation. In other words, creativity is the raw material that goes into innovation. A team of
employees may come up with a hundred legitimate creative ideas for a new product or service, but
only one may eventually be implemented. Of course, it may take a hundred creative ideas to
discover the one that ideally satisfies an opportunity.

Protecting Ideas from Being Lost or Stolen
Intellectual property is any product of human intellect that is intangible but has value in
the marketplace. It can be protected through tools such as patents, trademarks, copyrights, and
trade secrets, As a rule, a mere idea or concept does not qualify for intellectual property protection;
that protection comes later when the idea is translated into a more concrete form. however, there
are three steps that should be taken when a potentially valuable idea is generated:
Step 1 The idea should be put into a tangible form-either entered into a physical idea logbook or
saved on a computer disk-and dated.
Step 2 The idea, whether it is recorded in a physical idea logbook or saved in a computer file,
should be secured.
Step 3 Avoid making an inadvertent or voluntary disclosure of an idea in a way that forfeits your
claim to its exclusive rights.

FEASIBILITY ANALYSIS
1 2 3 4
recognizing a
business idea
testing the
feasibility of
the idea
writing a
business plan,
and
launching the
business
Feasibility analysis is the process of determining if a business idea is viable.
The most effective businesses emerge from a process that includes:

TYPES OF RESEARCH
LEARNING
LAUNCH
PRIMARY RESEARCH SECONDARY RESEARCH
Is a reseach that is collected by the
person or persons completing the
analysis. It normally includes talking to
industry experts, obtaining feedback
from prospective customers,
conducting focus groups, and
administering surveys.
Proves data that is already collected.
The data generally includes industry
studies, Census Bureau data, analyst
forecasts, and other pertinent
information gleaned through library
and Internet research.

4 AREAS OF FEASIBILITY ANALYSIS
1. Product/Service Feasibility Analysis is an assessment of the overall appeal of the product or
service being proposed.
1.1 Product/Service Desirability is to affirm that the proposed product or service is
desirable and
serves a need in the marketplace.
1.2 Product/Service Demand is to determine if there is demand for the product or
service. There are two techniques for making this determination: administering a buying
intentions survey and conducting library, Internet, and gumshoe research.
2. Industry/Target Market Feasibility Analysis is an assessment overall appeal of the industry
and the target market for the product or service being proposed.
2.1 Industry Attractiveness industries vary in terms of overall attractiveness. The top 3
factors are particularly important. Industries that are:
2.1.1 young rather than old
2.1.2 clearly rather than old
2.1.3 early rather than late in their life cycle
2.1.4 fragmnated rather than concentrated are more receptive to new

A firm's target market- is the limited portion of the industry that it goes after or to
which it wants to appeal.
CHARACTERISTICS OF ATTRACTIVE INDUSTRIES
• Are young rather than old
• Are early rather than late in their life cycle
• Are fragmented rather than concentrated
• Are growing rather than shrinking
• Are selling products or services that customers "must have" rather than "want to have"
• Are not crowded
• Have high rather than low operating margins
• Are not highly dependent on the historically low price of a key raw material, like gasoline or
flour, to remain profitable
2.2 Target Market Attractiveness

3. Organizational Feasibility Analysis conducted to determine whether a proposed business has
sufficient management expertise, organizational competence and resources to successfully
launched its business.
Two Primary Issues to Consider:
3.1 Management Prowess
A proposed business should evaluate the prowess or ability of its initial
management team, whether it is a sole entrepreneur or a larger group.
3.2 Resource Sufficiency
The second area of organizational feasibility analysis is to determine whether
the proposed venture has or is capable of obtaining sufficient resources to move forward.

4. Financial Feasibility Analysis for feasibility analysis, a preliminary
financial assessment is usually sufficuient; indeed, additional rigor at
this point is typically required because the specifics of the business
will inevitably evolve making it impractical to spend a lot of time early
on preparing detailed financial forecasts.
Three Components:
4.1 Total Start-Up Cash Needed this first issue refers to the
total cash needed to prepare the business to make its first sale. An
actual budget should be prepared that lists all the anticipated capital
purchases and operating expenses needed to get the business up and
running.
4.2 Financial Performance of Similar Business is estimating a
proposed start-up’s potential financial performance by comparing it to
similar, already established business. First, substantial individual
firms. The easiest data to obtain is on publicly traded firms through
Hoovers or a similar source. these firms are typically too large, however,
for meaningful comparisons to purposed new ventures. The challenge is to
find the financial performance of small, more comparable firms.
4.3 Overall Financial Attractiveness of the Proposed Venture a
number of other factors are associated with evaluating the financial

QUESTION AND ANSWER
WHY DO ENTREPRENEURS NEED
DESIGN THINKING?
Jupiter is the biggest planet in the Solar System and
the fourth-brightest in the night sky
ANSWER
Neptune is the farthest planet from the Sun and the
fourth-largest in the Solar System
01
.
02
.

PARTS AND WHOLE
PARTs OF THE
OBJECT
WHAT WOULD
HAPPEN IF THE
PARTS WERE
MISSING?
What's THE
FUNCTION OF THE
PART?
Venus is the second
planet from the Sun
Mercury is quite a
small planet
Earth is the planet
where we all live on
Mercury
Mars
Saturn
Earth
Neptune
Design thinking

333,000
The Sun’s mass compared to Earth’s
Distance between Earth and the Moon
Jupiter's rotation period
9h 55m
23s
386,000
km

A PICTURE IS
WORTH A
THOUSAND
WORDS

DESIGN THINKING HELPS
COMPANIES INNOVATE
VENUS
Venus is the second
planet from the Sun
JUPITER
It’s the biggest planet
in the Solar System
SATURN
Saturn is a gas giant
and has several rings
20
%
35
%
45
%

SURVEY: Demographics of design
thinking
VENUS
Venus is the second
planet from the Sun
SATURN
Saturn is a gas giant
and has several rings
JUPITER
Jupiter is the biggest
planet of them all

Design thinking
proposal
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“Despite being red,
Mars is actually a
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