The document discusses sources of new business ideas and methods for generating ideas, including trends, consumers, products/services, distribution channels, government, R&D, focus groups, brainstorming, and problem inventory analysis. It also discusses evaluating ideas, the product development process from the idea to commercialization stages, and opportunities for starting an e-commerce business online.
This document discusses sources of new business ideas and methods for generating ideas. Some common sources of ideas include consumers, existing products/services, distribution channels, government, and an entrepreneur's own R&D. Methods for generating ideas involve focus groups, brainstorming, brainwriting, and analyzing problems. The document also covers innovation, including breakthrough, technological, and ordinary innovation. Creativity and creative problem solving techniques can help unlock new ideas.
The document discusses creativity and business ideas. It covers the concept of creativity including the stages of idea germination, preparation, incubation, illumination, and verification. It also discusses trend analysis and common sources for generating new venture ideas. Several methods for generating ideas and solving problems are outlined, including brainstorming, reverse brainstorming, and the Delphi technique. The document also covers types of innovation like breakthrough, technological, and incremental innovation. It defines new products and provides classifications from the consumer and firm perspective. Finally, it discusses opportunity recognition and the product planning and development process.
This document discusses methods for generating new business ideas, including focus groups, brainstorming, problem inventory analysis, observation, research and development, emerging trends analysis, and creative problem solving techniques. It provides details on each method and how entrepreneurs can utilize them to develop new business concepts and opportunities.
Personal factors like personality traits, education level, work experience, and family environment affect a person's entrepreneurial potential. Key competencies for entrepreneurs include initiative, proactivity, perseverance, problem-solving abilities, persuasion skills, self-confidence, learning from mistakes, planning abilities, and risk-taking. Environmental factors like unsatisfying employment conditions can motivate people to start their own businesses. Political stability and reasonable economic policies create an environment conducive to entrepreneurship, while socioeconomic factors like education levels, social mobility, and investment capacity also influence entrepreneurial activity rates. Access to capital, labor, customers and suppliers stimulates entrepreneurship.
Entrepreneurship & New Venture Creation-(3.1)-Module-1VisualBee.com
The document discusses entrepreneurship and what is required to create successful entrepreneurs in India. It defines entrepreneurs as individuals who undertake risks to start new businesses. It outlines four key areas needed to develop entrepreneurs in India: creating the right environment for success, ensuring access to relevant skills, access to startup capital, and networking opportunities. The future of entrepreneurship in India is promising as both central and state governments are increasingly supporting new business creation through incentives and infrastructure development.
This document discusses different aspects of developing an organizational plan for a new business venture, including:
1) Developing the management team to operate the business full-time with modest salaries to demonstrate commitment.
2) The three main legal forms of business - proprietorship, partnership, and corporation - and their characteristics.
3) Factors to consider when choosing a legal structure, such as limited liability, taxes, and regulations.
4) The roles and responsibilities of a board of directors and board of advisors in advising and governing the organization.
The document discusses social entrepreneurship and defines it as recognizing social problems and achieving social change through entrepreneurial principles and processes. It provides examples of social ventures like child rights foundations and women empowerment foundations. The document also discusses prominent social entrepreneurs like Muhammad Yunus, founder of Grameen Bank, and the organization Rang De. It outlines different types of social enterprises such as community enterprises, social firms, cooperatives, and fair trade organizations.
The document discusses entrepreneurship development and entrepreneurship programs. It defines entrepreneurship as identifying opportunities and arranging resources to exploit opportunities for long-term gains. Entrepreneurship requires characteristics like being a risk-taker and goal-setter. The document outlines several government institutions that provide entrepreneurship programs in India and discusses some problems faced by these programs, such as a lack of infrastructure and proper methodology. Overall, the document emphasizes that entrepreneurship development programs play an important role in eliminating poverty, promoting balanced regional development, and fostering economic independence in India.
This document discusses sources of new business ideas and methods for generating ideas. Some common sources of ideas include consumers, existing products/services, distribution channels, government, and an entrepreneur's own R&D. Methods for generating ideas involve focus groups, brainstorming, brainwriting, and analyzing problems. The document also covers innovation, including breakthrough, technological, and ordinary innovation. Creativity and creative problem solving techniques can help unlock new ideas.
The document discusses creativity and business ideas. It covers the concept of creativity including the stages of idea germination, preparation, incubation, illumination, and verification. It also discusses trend analysis and common sources for generating new venture ideas. Several methods for generating ideas and solving problems are outlined, including brainstorming, reverse brainstorming, and the Delphi technique. The document also covers types of innovation like breakthrough, technological, and incremental innovation. It defines new products and provides classifications from the consumer and firm perspective. Finally, it discusses opportunity recognition and the product planning and development process.
This document discusses methods for generating new business ideas, including focus groups, brainstorming, problem inventory analysis, observation, research and development, emerging trends analysis, and creative problem solving techniques. It provides details on each method and how entrepreneurs can utilize them to develop new business concepts and opportunities.
Personal factors like personality traits, education level, work experience, and family environment affect a person's entrepreneurial potential. Key competencies for entrepreneurs include initiative, proactivity, perseverance, problem-solving abilities, persuasion skills, self-confidence, learning from mistakes, planning abilities, and risk-taking. Environmental factors like unsatisfying employment conditions can motivate people to start their own businesses. Political stability and reasonable economic policies create an environment conducive to entrepreneurship, while socioeconomic factors like education levels, social mobility, and investment capacity also influence entrepreneurial activity rates. Access to capital, labor, customers and suppliers stimulates entrepreneurship.
Entrepreneurship & New Venture Creation-(3.1)-Module-1VisualBee.com
The document discusses entrepreneurship and what is required to create successful entrepreneurs in India. It defines entrepreneurs as individuals who undertake risks to start new businesses. It outlines four key areas needed to develop entrepreneurs in India: creating the right environment for success, ensuring access to relevant skills, access to startup capital, and networking opportunities. The future of entrepreneurship in India is promising as both central and state governments are increasingly supporting new business creation through incentives and infrastructure development.
This document discusses different aspects of developing an organizational plan for a new business venture, including:
1) Developing the management team to operate the business full-time with modest salaries to demonstrate commitment.
2) The three main legal forms of business - proprietorship, partnership, and corporation - and their characteristics.
3) Factors to consider when choosing a legal structure, such as limited liability, taxes, and regulations.
4) The roles and responsibilities of a board of directors and board of advisors in advising and governing the organization.
The document discusses social entrepreneurship and defines it as recognizing social problems and achieving social change through entrepreneurial principles and processes. It provides examples of social ventures like child rights foundations and women empowerment foundations. The document also discusses prominent social entrepreneurs like Muhammad Yunus, founder of Grameen Bank, and the organization Rang De. It outlines different types of social enterprises such as community enterprises, social firms, cooperatives, and fair trade organizations.
The document discusses entrepreneurship development and entrepreneurship programs. It defines entrepreneurship as identifying opportunities and arranging resources to exploit opportunities for long-term gains. Entrepreneurship requires characteristics like being a risk-taker and goal-setter. The document outlines several government institutions that provide entrepreneurship programs in India and discusses some problems faced by these programs, such as a lack of infrastructure and proper methodology. Overall, the document emphasizes that entrepreneurship development programs play an important role in eliminating poverty, promoting balanced regional development, and fostering economic independence in India.
The document discusses entrepreneurship, defining key terms like income generation, self-employment, and entrepreneurship. It identifies the four factors of enterprise as land, labor, capital, and entrepreneur. Entrepreneurship is described as taking risks to start a productive venture seeking profit. Internal driving forces within a business and external forces outside its control are discussed. The document also covers classifications of entrepreneurship, barriers to entrepreneurship, and the difference between entrepreneurs and managers.
This document provides an overview of entrepreneurship, defining entrepreneurs as risk-takers who start new businesses. It discusses the mindset of entrepreneurs, including traits like seizing opportunities and always improving. The document also outlines the different forms entrepreneurship can take and reasons why entrepreneurs are important, such as creating most new jobs and solving problems through innovation.
This document discusses different forms of small business ownership and organization. It covers sole proprietorships, partnerships, corporations, franchising, and different types of public and collective business ownership. It also discusses how to organize a corporation, including the types of corporations, where and how to incorporate, corporate charters, and corporate management structures. The key topics covered are the different legal structures for small businesses and an overview of incorporating a business as a corporation.
The document defines entrepreneurship as starting a new business by identifying opportunities, assembling resources, and taking on associated risks and rewards. An entrepreneur determines supply of capital, allocates resources, identifies opportunities, implements plans, and harvests rewards in a flexible manner. Their functions include risk bearing, organization, innovation, management, and decision making. An entrepreneur's performance is affected by factors like personality traits as measured by the Myers-Briggs Type Indicator, which sorts preferences into 16 types based on dimensions of extraversion-introversion, sensing-intuition, thinking-feeling, and judging-perceiving. The Trade Related Entrepreneurship Assistance and Development program aims to empower women through counseling, training,
This document discusses the importance of creativity, innovation, and idea generation for business. It defines key terms like business opportunity, idea generation, and creativity. It also describes approaches to generating ideas like brainstorming and improving existing products. Brainstorming techniques are explained, and entrepreneurship is discussed as being at the core of innovation. The story of Lijjat Papad, a successful women's cooperative in India, is provided as an example of how a small idea can become a large business. Finally, some organizations dedicated to idea generation are listed.
This document discusses various techniques for generating business ideas, including those from technical and market sources. It describes over 20 specific techniques such as brainstorming, forced relationships, reverse brainstorming, trigger sessions, synectics, attribute listing, morphological analysis, focus groups, and others. The techniques can help identify new business opportunities by exploring problems, attributes, parameters, and creative combinations from inside and outside the company.
An entrepreneur performs various functions from developing an idea to establishing and operating a successful business. They recognize commercial opportunities, formulate business policies for production, marketing, and organization. According to economists, an entrepreneur's functions include entrepreneurial, promotional, managerial, and commercial activities such as innovation, risk-taking, and organization building. Entrepreneurs conduct market research and analysis, acquire necessary resources, determine capital structure, and manage production, finance, marketing, personnel, accounting, and other business operations.
The document discusses sources of new business ideas such as trends, consumers, existing products and services, distribution channels, government, and research and development. It also outlines methods for generating new ideas like focus groups, brainstorming, brainwriting, and problem inventory analysis. Finally, it covers evaluating and developing new product and service ideas through the product planning and development process and how entrepreneurs can utilize e-commerce creatively.
The document provides guidance on creating an effective business plan. It discusses key components of a business plan such as an executive summary, marketing plan, financial projections, and risk assessment. It emphasizes that an effective plan helps determine feasibility, provides guidance, and is important for obtaining financing. It also notes that goals should be specific and measurable, and commitment and experience are critical for the plan and business to succeed.
This document summarizes key concepts from Chapter 3 of the textbook about entrepreneurial strategy for new entries. It discusses generating new entry opportunities by creating valuable, rare, and inimitable resource bundles. It also covers assessing new opportunities and deciding whether to exploit them. Additionally, it outlines strategies for exploiting new entries such as being a first mover, reducing environmental uncertainty, and reducing customer uncertainty. Risk reduction strategies like market scope strategies and imitation strategies are also summarized.
Schumpeter's theory of entrepreneurship defines the entrepreneur as an innovator who introduces new products, services, production methods, markets or sources of supply. Their innovations disrupt the existing economy and initiate economic development. McClelland's need for achievement theory sees entrepreneurs as driven by a need to achieve and take responsibility for solving problems rather than external incentives like money. Leibenstein's X-efficiency theory argues entrepreneurs improve resource allocation and reduce inefficiencies. Knight's risk bearing theory views profit as the reward entrepreneurs earn for taking on non-insurable risks.
There are many ways to classify entrepreneurs based on factors such as the type of business, stage of development, motivation, technology used, capital ownership, gender, age, area, and scale. An entrepreneur is defined as a person who undertakes the risk of establishing a new enterprise and running it. Entrepreneurship is seen as the driving force behind economic development as entrepreneurs organize resources to start new business ventures that contribute to industrialization.
This document discusses opportunity recognition and screening new business ideas. It provides sources of ideas such as everyday problems, personal experiences, and changes in the external environment. The document outlines Drucker's 7 sources of innovative opportunities and describes evaluating ideas based on market need, economic viability, competitive advantage, and management capability. It concludes with a screening checklist to assess market factors, competitive advantage, resources, and other considerations to determine if an idea warrants further pursuit.
This document discusses strategies for exiting a business venture, including succession planning, selling the business, and bankruptcy options. It provides details on transferring ownership to family or non-family members, directly selling the business, using an employee stock ownership plan, or pursuing a management buyout. The different types of bankruptcy are explained, including Chapter 7 liquidation, Chapter 11 reorganization, and Chapter 13 extended payment plans. Key considerations for surviving or recovering from bankruptcy are also outlined.
Entrepreneurial Intentions and corporate entrepreneurshipSulman Ahmed
This document discusses entrepreneurial intentions and corporate entrepreneurship. It defines entrepreneurial intentions as the motivational factors that influence individuals to pursue entrepreneurial outcomes. Intention is stronger when an action is perceived as feasible and desirable. It also discusses how education, age, work history, role models, and support systems influence entrepreneurial characteristics and intentions. Additionally, it contrasts managerial and entrepreneurial decision making, and provides steps to establish corporate entrepreneurship within an organization.
The document defines entrepreneurship as launching and running a new business, often a small business, and defines entrepreneurs as those who create these businesses. It discusses the roles of entrepreneurs as initiators, innovators, coordinators, leaders, and social workers. It also covers the characteristics of entrepreneurship such as being an economic activity, involving creativity and innovation, profit-seeking, and risk-bearing. Finally, it discusses the entrepreneurial process of discovery, developing a business plan, resourcing, managing the company, and harvesting.
The document discusses entrepreneurship and introduces key concepts:
1) Entrepreneurship is creating something new of value by devoting time and effort while accepting risks and potential rewards.
2) An entrepreneur actively starts and leads their own business to grow and prosper by recognizing opportunities and managing resources.
3) Entrepreneurship can lead to innovation, job creation, and economic growth through organizing resources and creating new products/services.
This chapter discusses identifying and analyzing opportunities for domestic and international expansion. It covers developing an opportunity assessment plan with sections on the idea, market, management team, and timeline. Information sources for industry, competitors, and governments are provided. International entrepreneurship involves conducting business across borders and dealing with differing economic systems, currencies, regulations, and cultural factors. Strategic considerations for foreign market selection and entry strategies like exporting, licensing, and direct investment are also outlined.
This document discusses entrepreneurial intentions and corporate entrepreneurship. It covers factors that influence entrepreneurial intentions like self-efficacy and desirability of outcomes. It also discusses entrepreneur characteristics like education, age, work history and role models. Finally, it outlines steps to establish corporate entrepreneurship in an organization, including securing commitment, identifying ideas, establishing a support structure and evaluating performance.
This chapter discusses sources of new business ideas and methods for generating ideas, including focusing on consumers, existing products and services, distribution channels, government resources, and research and development. It describes techniques for generating new ideas like focus groups, brainstorming, brainwriting, and problem inventory analysis. Methods of creative problem solving are outlined, such as brainstorming, reverse brainstorming, the Gordon method, checklist method, forced relationships, and the scientific method. The chapter also details the product planning and development process, from establishing evaluation criteria to taking an idea through the idea, concept, development, and test marketing stages.
The document discusses creative strategy techniques used in advertising, including brainstorming, blocking and block busting, attribute analysis, morphological analysis, reversal, analogy, metaphor, and trigger concepts. It also covers the creative process, inputs to creative development like research, and developing an overall creative strategy to guide an advertising campaign around a central theme or big idea. The strategy is based on the target audience, problem to address, key benefit, and supportive information to include in ads.
The document discusses entrepreneurship, defining key terms like income generation, self-employment, and entrepreneurship. It identifies the four factors of enterprise as land, labor, capital, and entrepreneur. Entrepreneurship is described as taking risks to start a productive venture seeking profit. Internal driving forces within a business and external forces outside its control are discussed. The document also covers classifications of entrepreneurship, barriers to entrepreneurship, and the difference between entrepreneurs and managers.
This document provides an overview of entrepreneurship, defining entrepreneurs as risk-takers who start new businesses. It discusses the mindset of entrepreneurs, including traits like seizing opportunities and always improving. The document also outlines the different forms entrepreneurship can take and reasons why entrepreneurs are important, such as creating most new jobs and solving problems through innovation.
This document discusses different forms of small business ownership and organization. It covers sole proprietorships, partnerships, corporations, franchising, and different types of public and collective business ownership. It also discusses how to organize a corporation, including the types of corporations, where and how to incorporate, corporate charters, and corporate management structures. The key topics covered are the different legal structures for small businesses and an overview of incorporating a business as a corporation.
The document defines entrepreneurship as starting a new business by identifying opportunities, assembling resources, and taking on associated risks and rewards. An entrepreneur determines supply of capital, allocates resources, identifies opportunities, implements plans, and harvests rewards in a flexible manner. Their functions include risk bearing, organization, innovation, management, and decision making. An entrepreneur's performance is affected by factors like personality traits as measured by the Myers-Briggs Type Indicator, which sorts preferences into 16 types based on dimensions of extraversion-introversion, sensing-intuition, thinking-feeling, and judging-perceiving. The Trade Related Entrepreneurship Assistance and Development program aims to empower women through counseling, training,
This document discusses the importance of creativity, innovation, and idea generation for business. It defines key terms like business opportunity, idea generation, and creativity. It also describes approaches to generating ideas like brainstorming and improving existing products. Brainstorming techniques are explained, and entrepreneurship is discussed as being at the core of innovation. The story of Lijjat Papad, a successful women's cooperative in India, is provided as an example of how a small idea can become a large business. Finally, some organizations dedicated to idea generation are listed.
This document discusses various techniques for generating business ideas, including those from technical and market sources. It describes over 20 specific techniques such as brainstorming, forced relationships, reverse brainstorming, trigger sessions, synectics, attribute listing, morphological analysis, focus groups, and others. The techniques can help identify new business opportunities by exploring problems, attributes, parameters, and creative combinations from inside and outside the company.
An entrepreneur performs various functions from developing an idea to establishing and operating a successful business. They recognize commercial opportunities, formulate business policies for production, marketing, and organization. According to economists, an entrepreneur's functions include entrepreneurial, promotional, managerial, and commercial activities such as innovation, risk-taking, and organization building. Entrepreneurs conduct market research and analysis, acquire necessary resources, determine capital structure, and manage production, finance, marketing, personnel, accounting, and other business operations.
The document discusses sources of new business ideas such as trends, consumers, existing products and services, distribution channels, government, and research and development. It also outlines methods for generating new ideas like focus groups, brainstorming, brainwriting, and problem inventory analysis. Finally, it covers evaluating and developing new product and service ideas through the product planning and development process and how entrepreneurs can utilize e-commerce creatively.
The document provides guidance on creating an effective business plan. It discusses key components of a business plan such as an executive summary, marketing plan, financial projections, and risk assessment. It emphasizes that an effective plan helps determine feasibility, provides guidance, and is important for obtaining financing. It also notes that goals should be specific and measurable, and commitment and experience are critical for the plan and business to succeed.
This document summarizes key concepts from Chapter 3 of the textbook about entrepreneurial strategy for new entries. It discusses generating new entry opportunities by creating valuable, rare, and inimitable resource bundles. It also covers assessing new opportunities and deciding whether to exploit them. Additionally, it outlines strategies for exploiting new entries such as being a first mover, reducing environmental uncertainty, and reducing customer uncertainty. Risk reduction strategies like market scope strategies and imitation strategies are also summarized.
Schumpeter's theory of entrepreneurship defines the entrepreneur as an innovator who introduces new products, services, production methods, markets or sources of supply. Their innovations disrupt the existing economy and initiate economic development. McClelland's need for achievement theory sees entrepreneurs as driven by a need to achieve and take responsibility for solving problems rather than external incentives like money. Leibenstein's X-efficiency theory argues entrepreneurs improve resource allocation and reduce inefficiencies. Knight's risk bearing theory views profit as the reward entrepreneurs earn for taking on non-insurable risks.
There are many ways to classify entrepreneurs based on factors such as the type of business, stage of development, motivation, technology used, capital ownership, gender, age, area, and scale. An entrepreneur is defined as a person who undertakes the risk of establishing a new enterprise and running it. Entrepreneurship is seen as the driving force behind economic development as entrepreneurs organize resources to start new business ventures that contribute to industrialization.
This document discusses opportunity recognition and screening new business ideas. It provides sources of ideas such as everyday problems, personal experiences, and changes in the external environment. The document outlines Drucker's 7 sources of innovative opportunities and describes evaluating ideas based on market need, economic viability, competitive advantage, and management capability. It concludes with a screening checklist to assess market factors, competitive advantage, resources, and other considerations to determine if an idea warrants further pursuit.
This document discusses strategies for exiting a business venture, including succession planning, selling the business, and bankruptcy options. It provides details on transferring ownership to family or non-family members, directly selling the business, using an employee stock ownership plan, or pursuing a management buyout. The different types of bankruptcy are explained, including Chapter 7 liquidation, Chapter 11 reorganization, and Chapter 13 extended payment plans. Key considerations for surviving or recovering from bankruptcy are also outlined.
Entrepreneurial Intentions and corporate entrepreneurshipSulman Ahmed
This document discusses entrepreneurial intentions and corporate entrepreneurship. It defines entrepreneurial intentions as the motivational factors that influence individuals to pursue entrepreneurial outcomes. Intention is stronger when an action is perceived as feasible and desirable. It also discusses how education, age, work history, role models, and support systems influence entrepreneurial characteristics and intentions. Additionally, it contrasts managerial and entrepreneurial decision making, and provides steps to establish corporate entrepreneurship within an organization.
The document defines entrepreneurship as launching and running a new business, often a small business, and defines entrepreneurs as those who create these businesses. It discusses the roles of entrepreneurs as initiators, innovators, coordinators, leaders, and social workers. It also covers the characteristics of entrepreneurship such as being an economic activity, involving creativity and innovation, profit-seeking, and risk-bearing. Finally, it discusses the entrepreneurial process of discovery, developing a business plan, resourcing, managing the company, and harvesting.
The document discusses entrepreneurship and introduces key concepts:
1) Entrepreneurship is creating something new of value by devoting time and effort while accepting risks and potential rewards.
2) An entrepreneur actively starts and leads their own business to grow and prosper by recognizing opportunities and managing resources.
3) Entrepreneurship can lead to innovation, job creation, and economic growth through organizing resources and creating new products/services.
This chapter discusses identifying and analyzing opportunities for domestic and international expansion. It covers developing an opportunity assessment plan with sections on the idea, market, management team, and timeline. Information sources for industry, competitors, and governments are provided. International entrepreneurship involves conducting business across borders and dealing with differing economic systems, currencies, regulations, and cultural factors. Strategic considerations for foreign market selection and entry strategies like exporting, licensing, and direct investment are also outlined.
This document discusses entrepreneurial intentions and corporate entrepreneurship. It covers factors that influence entrepreneurial intentions like self-efficacy and desirability of outcomes. It also discusses entrepreneur characteristics like education, age, work history and role models. Finally, it outlines steps to establish corporate entrepreneurship in an organization, including securing commitment, identifying ideas, establishing a support structure and evaluating performance.
This chapter discusses sources of new business ideas and methods for generating ideas, including focusing on consumers, existing products and services, distribution channels, government resources, and research and development. It describes techniques for generating new ideas like focus groups, brainstorming, brainwriting, and problem inventory analysis. Methods of creative problem solving are outlined, such as brainstorming, reverse brainstorming, the Gordon method, checklist method, forced relationships, and the scientific method. The chapter also details the product planning and development process, from establishing evaluation criteria to taking an idea through the idea, concept, development, and test marketing stages.
The document discusses creative strategy techniques used in advertising, including brainstorming, blocking and block busting, attribute analysis, morphological analysis, reversal, analogy, metaphor, and trigger concepts. It also covers the creative process, inputs to creative development like research, and developing an overall creative strategy to guide an advertising campaign around a central theme or big idea. The strategy is based on the target audience, problem to address, key benefit, and supportive information to include in ads.
The document discusses creative strategy techniques and processes used in advertising. It covers brainstorming, blocking and block busting, attribute analysis, morphological analysis, reversal, analogy, metaphor, and trigger concepts as techniques. It also outlines Young's and Wallas' models of the creative process, which involve preparation, incubation, illumination, and verification. Inputs to the creative process include research on the target market and competition. The development of a creative strategy guides the campaign theme and messages based on goals, the target audience, key benefits, and supportive information.
This document provides an overview of innovation and creativity. It discusses that passion and motivation lead to innovation, which involves applying ideas, imagination, and initiative to create new value for customers. There are different types of innovation, including product, process, marketing, and management innovation. The document also outlines various techniques for fostering creativity and solving problems innovatively, such as brainstorming, assumption busting, and morphological analysis. It emphasizes that innovation management is crucial for organizations to sustain a competitive advantage in today's unpredictable business environment.
This document discusses various aspects of developing a business plan, including creativity and idea generation, feasibility analysis, and business plan structure. It defines creativity and innovation, and lists questions to spur new ideas. It also describes conducting a feasibility study, including analyzing the industry, market, products/services, and financial feasibility. Finally, it discusses the importance of a business plan for communicating a new venture internally and externally to potential investors and stakeholders. The overall goal is to guide entrepreneurs through developing a successful business concept and plan.
The document discusses various topics related to creativity and innovation including types of creativity, the creative process, barriers to creativity, sources of new ideas, and techniques for creative problem solving. It describes primary and secondary creativity, the five stages of the creative process (preparation, incubation, insight, evaluation, elaboration), common barriers like resistance to change, and brainstorming, heuristics, and synectics as techniques for problem solving creatively.
The document summarizes the key points from the book "The Seeds of Innovation" which discusses how organizations can foster innovation. It outlines three components of innovation - creative thinking, strategic thinking, and transformational thinking. Creative thinking involves techniques for generating new ideas like discovering connections and becoming a visual thinker. Strategic thinking requires seeing the big picture, looking into the future, and identifying strategic ideas. Transformational thinking involves seeking greater awareness of self, teams, and the organization to ignite passion and take action to implement innovations. The integration of these three "seeds" is essential for organizations to achieve success and become innovative.
The document discusses entrepreneurial opportunity identification. It defines an entrepreneur as someone who perceives opportunities, organizes resources, and comes up with new ideas. Entrepreneurial startups bring innovative, value-creating, and growth-oriented products or services to the marketplace. Opportunities can arise from observing changes in the environment like technology, recognizing unmet customer needs, or finding solutions to problems. The key is identifying gaps in the existing market that present opportunities.
Creativity can be described as discovering something novel that is also useful or valuable. There are different types of creativity such as primary, secondary, technical, inventive, innovative, and emergentive. The creative process typically involves preparation, incubation, insight, evaluation, and elaboration. Barriers to creativity include resistance to change, lack of initiative, and resource constraints. New ideas can come from basic research, production workers, salespeople, management, and external sources like magazines or competitors. Techniques for creative problem solving include brainstorming, heuristics, synectics, and value analysis. Entrepreneurs play an important role in innovation by analyzing opportunities, mobilizing resources, and exploiting changes.
1 idea generation in entrepreneurship.pptMukul Shukla
The document discusses various methods for generating new ideas and developing new products, including analyzing trends, gathering input from consumers and distribution channels, reviewing existing products, and conducting research. It describes techniques like focus groups, brainstorming, and problem inventory analysis. It also covers classifying innovations as breakthrough, technological, or ordinary and evaluating new product ideas and concepts at each stage of the planning and development process. Finally, it discusses opportunities for entrepreneurs in e-commerce and considerations for effectively operating an online business.
The document discusses various methods for generating new ideas and developing new products, including analyzing trends, gathering input from consumers and distribution channels, reviewing existing products, and conducting research. It describes techniques like focus groups, brainstorming, and problem inventory analysis. The innovation process and developing new products is also outlined, covering types of innovations, classifying new products, and the product planning and development process. Lastly, the document discusses opportunities for entrepreneurs through e-commerce and considerations for starting an e-business.
The document discusses the first three steps of new product development: idea generation, idea screening, and concept testing tools. It provides details on each step, including sources for generating ideas, characteristics of an effective idea generation process, criteria for screening ideas, and tools that can be used for screening. The key points are that idea generation aims to produce many ideas through creative thinking, idea screening evaluates and selects the most promising ideas to take further, and concept testing tools help translate needs into new product concepts.
The document discusses sources of new business ideas such as trends, consumers, existing products and services, distribution channels, government, and research and development. It also outlines methods for generating new ideas like focus groups, brainstorming, and problem solving techniques. Finally, it covers defining and classifying innovations, the product development process, and opportunities for e-commerce in new ventures.
The document discusses sources of new business ideas such as trends, consumers, existing products and services, distribution channels, government, and research and development. It also outlines methods for generating new ideas like focus groups, brainstorming, and problem solving techniques. Finally, it covers defining and classifying innovations, the product development process, and opportunities for using e-commerce creatively in new ventures.
The document discusses sources of new business ideas such as trends, consumers, existing products and services, distribution channels, government, and research and development. It also outlines methods for generating new ideas like focus groups, brainstorming, and problem solving techniques. Finally, it covers defining and classifying innovations, the product development process, and opportunities for e-commerce in new ventures.
The document discusses sources of new business ideas such as trends, consumers, existing products and services, distribution channels, government, and research and development. It also outlines methods for generating new ideas like focus groups, brainstorming, and problem solving techniques. Finally, it covers defining and classifying innovations, the product development process, and opportunities for e-commerce in new ventures.
The document discusses sources of new business ideas such as trends, consumers, existing products and services, distribution channels, government, and research and development. It also outlines methods for generating new ideas like focus groups, brainstorming, and problem solving techniques. Finally, it covers defining and classifying innovations, the product development process, and opportunities for e-commerce in new ventures.
The document discusses IT infrastructure and its key components. It describes how IT infrastructure includes hardware, software, and services that operate an entire enterprise. The document outlines seven key infrastructure components: computer hardware platforms, operating system platforms, enterprise software applications, data management and storage, networking/telecommunications platforms, internet platforms, and consulting/systems integration services. It provides details on trends within each component area.
This document discusses file organization and database management. It describes the problems with traditional file environments like data redundancy, inconsistency, and lack of flexibility. A database management system is presented as a solution that separates logical and physical data views. Relational databases store data in tables and relate them using common elements. Other database types include hierarchical, network, and object-oriented models. The document outlines database design processes and considerations around centralized versus decentralized structures.
This document discusses different types of information systems used in organizations. It describes transaction processing systems, management information systems, decision support systems, and executive support systems. These systems operate at different levels - operational, management, and strategic. The document also categorizes systems according to their functional areas, such as sales/marketing, manufacturing, and accounting systems. Overall, it provides an overview of major types of information systems and how they support different levels and functions within organizations.
This document discusses perspectives on information systems in the context of managing the digital firm. It covers four key reasons why information systems are important: capital management, the foundation of doing business, productivity increases, and strategic opportunities. It also discusses the three main dimensions of information systems - the organizational, management, and technology dimensions. The organizational dimension involves people, structure, processes and culture while the management dimension focuses on decision making. The technology dimension covers hardware, software, storage and communications networks.
The financial plan provides a complete picture of the projected financial position of a new venture, including cash inflows and outflows. It consists of operating and capital budgets, pro forma income statements, cash flow statements, balance sheets, and break-even analysis. The financial plan explains how the entrepreneur intends to financially manage the venture and meet obligations.
The document discusses the key components and steps in developing an effective marketing plan. It explains that a marketing plan should analyze the internal and external environment, define marketing objectives and strategies, and outline the marketing mix and tactics. The marketing plan development process involves conducting market research, analyzing the customer, competitor and industry landscape, and identifying opportunities and threats. Finally, the marketing plan should define the target market and describe the business situation, objectives and strategies to guide promotional activities.
1) The document discusses different aspects of organizing a business including developing a management team, legal forms of business, designing the organization structure, and establishing boards of directors and advisors.
2) It emphasizes the importance of having a committed full-time management team and outlines the key characteristics of different legal structures like proprietorship, partnership and corporation.
3) Developing job descriptions and specifications, hiring appropriately qualified employees, and establishing an organizational culture aligned with business strategy are identified as important factors for building a successful organization.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms for those who already suffer from conditions like depression and anxiety.
The document provides guidance on creating an effective business plan. It discusses the importance of planning for a new business venture and identifies key components that should be included in a business plan, such as an environmental analysis, description of the business concept, marketing plan, financial projections, and risk assessment. The document also notes that the business plan should be used to guide implementation and progress of the new venture after funding is obtained. Regular monitoring of goals and metrics is important to ensure the plan remains on track.
This document discusses several key legal issues for entrepreneurs, including intellectual property, hiring an attorney, and establishing an organization. It focuses on intellectual property, explaining what patents, trademarks, and copyrights are and providing details on the patent application process. The document emphasizes that intellectual property represents important business assets that entrepreneurs should understand and protect. It also stresses the importance of hiring a lawyer to help navigate legal requirements and avoid risks.
The document discusses various topics related to entrepreneurship including entrepreneurs versus intrapreneurs, characteristics of entrepreneurs, planning to become an entrepreneur, and managing growth pressures. Intrapreneurs work within large companies to drive innovation, often later becoming entrepreneurs themselves. Successful entrepreneurs tend to be creative, take risks, and have strong technical and management skills. Planning a business requires considering motivations, starting or buying an existing company, evaluating the market, and costs. Managing growth can require more formal processes and global expansion presents both opportunities and challenges.
There is growing interest in entrepreneurship in the US and worldwide. Entrepreneurship involves identifying opportunities and assembling resources to transform ideas into businesses. Successful entrepreneurs are passionate about their businesses, focused on customers, able to withstand failures, and can execute ideas effectively. While entrepreneurship involves risk, most entrepreneurs are moderate risk-takers motivated more by independence and ideas than just money. The entrepreneurial process involves deciding to become an entrepreneur, developing business ideas, starting a firm, and managing growth.
The simplified electron and muon model, Oscillating Spacetime: The Foundation...RitikBhardwaj56
Discover the Simplified Electron and Muon Model: A New Wave-Based Approach to Understanding Particles delves into a groundbreaking theory that presents electrons and muons as rotating soliton waves within oscillating spacetime. Geared towards students, researchers, and science buffs, this book breaks down complex ideas into simple explanations. It covers topics such as electron waves, temporal dynamics, and the implications of this model on particle physics. With clear illustrations and easy-to-follow explanations, readers will gain a new outlook on the universe's fundamental nature.
বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
আমাদের সবার জন্য খুব খুব গুরুত্বপূর্ণ একটি বই ..বিসিএস, ব্যাংক, ইউনিভার্সিটি ভর্তি ও যে কোন প্রতিযোগিতা মূলক পরীক্ষার জন্য এর খুব ইম্পরট্যান্ট একটি বিষয় ...তাছাড়া বাংলাদেশের সাম্প্রতিক যে কোন ডাটা বা তথ্য এই বইতে পাবেন ...
তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
Exploiting Artificial Intelligence for Empowering Researchers and Faculty,
International FDP on Fundamentals of Research in Social Sciences
at Integral University, Lucknow, 06.06.2024
By Dr. Vinod Kumar Kanvaria
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UPRAHUL
This Dissertation explores the particular circumstances of Mirzapur, a region located in the
core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
environment for investigating the changes in vegetation cover dynamics. Our study utilizes
advanced technologies such as GIS (Geographic Information Systems) and Remote sensing to
analyze the transformations that have taken place over the course of a decade.
The complex relationship between human activities and the environment has been the focus
of extensive research and worry. As the global community grapples with swift urbanization,
population expansion, and economic progress, the effects on natural ecosystems are becoming
more evident. A crucial element of this impact is the alteration of vegetation cover, which plays a
significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
these activities. As the most crucial natural resource, its utilization by humans results in different
'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
like India, rapid population growth and the emphasis on extensive resource exploitation can lead
to significant land degradation, adversely affecting the region's land cover.
Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
cover is essential for various planning and management tasks related to the Earth's surface,
providing crucial environmental data for scientific, resource management, policy purposes, and
diverse human activities.
Accurate understanding of land use and cover is imperative for the development planning
of any area. Consequently, a wide range of professionals, including earth system scientists, land
and water managers, and urban planners, are interested in obtaining data on land use and cover
changes, conversion trends, and other related patterns. The spatial dimensions of land use and
cover support policymakers and scientists in making well-informed decisions, as alterations in
these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
crucial for coordinated efforts across different administrative levels. Advanced technologies like
Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
structure of plant communities across different temporal and spatial scales. These changes can
occur natural.
How to Fix the Import Error in the Odoo 17Celine George
An import error occurs when a program fails to import a module or library, disrupting its execution. In languages like Python, this issue arises when the specified module cannot be found or accessed, hindering the program's functionality. Resolving import errors is crucial for maintaining smooth software operation and uninterrupted development processes.
Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
How to Build a Module in Odoo 17 Using the Scaffold MethodCeline George
Odoo provides an option for creating a module by using a single line command. By using this command the user can make a whole structure of a module. It is very easy for a beginner to make a module. There is no need to make each file manually. This slide will show how to create a module using the scaffold method.
2. TRENDS
A Trend provides great opportunities for starting a new venture
Seven trends that provide opportunities are:
1. Green Trend 2. Clean Energy
3. Organic Orientation 4. Economic
5. Social 6. Health
7. Web Trend
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
3. SOURCES OF NEW IDEAS
Consumers
Existing Products and Services
Distribution Channels
Federal Government
Research & Development
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
4. METHODS OF GENERATING NEW IDEAS
Even with the wide variety of sources available, coming
up with an idea to serve as the basis for the new venture
can still be a difficult problem.
The entrepreneur can use several methods to help
generate and test new ideas, including focus groups, brain
storming and problem inventory analysis.
Focus groups
Brainstorming
Problem inventory
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
5. METHODS OF GENERATING NEW IDEAS (Continued)
Focus groups
Group of individuals providing information in a
structured format is called a focus group.
The group of 8 to 14 participants is simulated by
comments form other group members in
creatively conceptualizing and developing new
product idea to fulfill a market need.
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
6. METHODS OF GENERATING NEW IDEAS (Continued)
Brainstorming
A group method of obtaining new ideas and solutions is
called brainstorming.
The brainstorming method for generating new ideas is
based on the fact that people can be stimulated to
greater creativity by meeting with others and
participating with organized group experiences.
Although most of the ideas generated from the group have
no basis for further development, often a good idea
emerges.
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
7. Problem inventory analysis
Problem inventory analysis uses individuals in a manner that
is analogous to focus groups to generate new product ideas.
However instead of generating new ideas themselves,
consumers are provided with a list of problems in a general
product category.
They are then asked to identify and discuss products in this
category that have the particular problem.
METHODS OF GENERATING NEW IDEAS (Continued)
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
8. Problem inventory analysis (Continued)
This method is often effective since it is easier to
relate known products to suggested problems and arrive
at a new product idea then to generate an entirely new
idea by itself.
METHODS OF GENERATING NEW IDEAS (Continued)
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
9. Creative problem solving is a method for obtaining new
ideas focusing on the parameters. The following are the
most popular creative problem solving methods:
Brainstorming Reverse brainstorming
Synectics Gordon method
Checklist Free association method
Forced relationship Collective notebook method
Heuristics Scientific method
Value analysis Attribute listing
Matrix charting Big dream approach
Parameter analysis
CREATIVE PROBLEM SOLVING
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
10. Brainstorming
The first technique, brainstorming, is probably the most well known and
widely used for both creative problem solving and idea generation.
It is an unstructured process for generating all possible ideas about a
problem within a limited time frame through the spontaneous contribution of
participants.
All ideas, no matter how illogical, must be recorded, with participants
prohibited from criticizing or evaluating during the brainstorming session.
CREATIVE PROBLEM SOLVING (Continued)
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
11. Reverse brainstorming
Similar to brainstorming, but criticism is allowed and encouraged as a
way to bring out possible problems with the ideas.
Synectics
Synectics is a creative process that forces individuals to solve
problems through one of four analogy mechanisms:i.e personal,
direct, symbolic and fantasy.
This forces participants to consciously apply preconscious mechanisms
through the use of analogies in order to solve problems.
CREATIVE PROBLEM SOLVING (Continued)
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
12. Gordon method
Gordon method is a method of developing new ideas when the
individuals are unaware of the problem.
In this method the entrepreneur starts by mentioning a general
concept associated with the problem.
The group responds with expressing a number of ideas.
Checklist method
Developing a new idea through a list of related issues is checklist
method of problem solving.
CREATIVE PROBLEM SOLVING (Continued)
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
13. Free association method
Developing a new idea through a chain of word association is free
association method of problem.
Forced relationship
Forced relationship is the process of forcing relationship among some
product combination. It is technique that asks questions about objects
or ideas in an effort to develop a new idea.
Collective notebook method
It is method in which ideas are generated by group members regularly
recording ideas.
CREATIVE PROBLEM SOLVING (Continued)
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
14. Heuristics
It is method of developing a new idea through a thought process progression.
Scientific method
This is a more structured method of problem solving, including principles and
rules for concept formation, making observations and experiments, and finally
validating the hypothesis.
Value analysis
Value analysis is developing a new idea by evaluating the worth of aspects of
ideas.
CREATIVE PROBLEM SOLVING (Continued)
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
15. Attribute listing
This is an idea finding technique that requires the entrepreneur to list the
attributes of an item or problem and then look at each from a variety of
viewpoints.
Matrix charting
Matrix charting is a systematic method of searching for new opportunities
by listing important elements for the product area along two axis of chart
and then asking questions regarding each of these elements.
CREATIVE PROBLEM SOLVING (Continued)
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
16. Big dream approach
Developing a new idea by thinking about constraints is big-dream
approach of problem solving.
Parameter analysis
Parameter analysis is developing a new idea by focusing on parameter
identification and creative synthesis.
CREATIVE PROBLEM SOLVING (Continued)
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
17. Once idea emerges from idea sources or creative
problem solving, they need further development and
refinement in to final product or service to be offered.
This refining process- the product planning and
development process – is divided in to five major stages.
Idea stage, concept stage, product development stage,
test marketing stage and commercializing; it result in
the product life cycle.
PRODUCT PLANNING AND DEVELOPMENT PROCESS
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
18. Establishing evaluation criteria
At each stage of product planning and development process, criteria
for evaluation need to be established.
These criteria should be broad, yet quantitative enough to screen the
product carefully in the particular stage of development.
Criteria should be developed to evaluate the new product in terms of
market opportunity, competition the marketing system, financial
factors and production factors.
A market opportunity and adequate market demand must exist.
PRODUCT PLANNING AND DEVELOPMENT PROCESS
(Continued)
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
19. Establishing evaluation criteria (Continued)
Current competing producers, prices, and policies should be evaluated
in their impact on market share.
The new product should be compatible with existing management
capabilities. The product should be able to be supported by and
contribute to the company’s financial structure.
The compatibility of new product’s production requirements with
existing plant, machinery, and personnel should be determined.
Entrepreneurs should formally evaluate an idea throughout its
evolution.
PRODUCT PLANNING AND DEVELOPMENT PROCESS
(Continued)
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
20. Idea Stage
Promising new product ideas should be identified and impractical ones
eliminated in the idea stage allowing maximum use of company’s
resources.
In the systematic market evaluation checklist method, each new
product idea is expressed in terms of its chief values, merits, and
benefits.
This technique can be used to determine which new products should
be pursued.
PRODUCT PLANNING AND DEVELOPMENT PROCESS
(Continued)
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
21. Idea Stage (Continued)
The company should also determine the need for the new product and
its value to the company.
Need determination should focus on the type of need, its timing, the
users involved, the importance of marketing variables, and the overall
market structure and characteristics.
In determining the product’s value to the firm, financial scheduling
should be evaluated.
PRODUCT PLANNING AND DEVELOPMENT PROCESS
(Continued)
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
22. Concept Stage
In the concept stage the refined idea is tested to determine
consumer acceptance without manufacturing it.
One method of testing is the conversational interview in which
respondents are exposed to statements that reflect attributes of the
product.
Features, price, and promotion should be evaluated in comparison
to major competitors to indicate deficiencies or benefits.
The relative advantages of the new product versus competitors
should be determined.
PRODUCT PLANNING AND DEVELOPMENT PROCESS
(Continued)
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
23. Product Development Stage
In this stage, consumer reaction is determined, often through a
consumer panel.
The panel can be given samples of the product and competitors’
products to determine consumer preference.
Participants keep the record of their use of product and comment on
its virtues and deficiencies.
The panel of consumers is also given a sample of product and one or
more competitive product simultaneously.
One test product may already be on the market, whereas the other
test product is new.
PRODUCT PLANNING AND DEVELOPMENT PROCESS
(Continued)
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
24. Test Marketing Stage
Although the results of product development stage provide the
basis of the final marketing plan, the market test can be done to
increase the certainty of successful commercialization.
The last step in the evaluation process, the test marketing stage,
provides actual sales results which indicate the acceptance level of
consumers.
Positive test results indicate the degree of probability of a
successful product launch and company formation.
PRODUCT PLANNING AND DEVELOPMENT PROCESS
(Continued)
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
25. The Internet
The Internet started in the 1970s with a U.S. Defense Department
program named ARPA.
In the early 1990s the concept of World Wide Web pages was
developed.
The Internet is a channel for the creation of profitable companies.
Electronic business (e-business) is any process that a business
organization conducts over a computer-mediated network.
E-Commerce and Business Start-Up and Growth
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
26. The Internet (Continued)
Electronic commerce (e- commerce) is any transaction completed
over a computer-mediated network that involves the transfer of
ownership or rights to use goods or services.
Factors that facilitate the growth of e- commerce are:
The widespread use of personal computers.
The adoption of intranets in companies.
The acceptance of the Internet as a business communications
platform.
E-Commerce and Business Start-Up and Growth
(Continued)
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
27. Starting an E-Commerce Company
The Internet is especially important for small and medium-sized
companies as it lets them minimize marketing costs while reaching
broader markets.
An entrepreneur starting an Internet commerce venture needs to
address many of the same strategic and tactical questions as other
companies plus some specific online issues.
One decision is whether to run the Internet operations within the
company or outsource these operations.
If handled in-house, expensive equipment and software have to be
maintained.
E-Commerce and Business Start-Up and Growth
(Continued)
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
28. Starting an E-Commerce Company (Continued)
There are numerous possibilities for outsourcing the Internet business.
The two major components of Internet commerce are front-end and
back- end operations.
Front-end operations are encompassed in the website’s functionality,
such as search capabilities, shopping cart, and secure payment.
Back-end operations involve integrating customer orders with
distribution channels and manufacturing capabilities.
E-Commerce and Business Start-Up and Growth
(Continued)
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
29. Website
A website is an online connection between the company and its
customers and can be developed in-house or outsourced.
There are several important features of every website.
Each website should have search capabilities.
Other functions include shopping cart, secure server connection,
credit card payment, and customer feedback features.
E-Commerce and Business Start-Up and Growth
(Continued)
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
30. Website (Continued)
Orders and other sensitive customer information should be transferred
only through secure servers.
An Internet company should also obtain a merchant account, which
will allow the acceptance of major credit cards.
A successful website has three characteristics: speed, speed, and
speed.
Short download time should be the primary concern of website
developers.
E-Commerce and Business Start-Up and Growth
(Continued)
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
31. Website (Continued)
A website should be easy to use, customized for specific market target
groups, and compatible with different browsers.
If the company is targeting international markets, then translation and
cultural adaptation need to be considered.
Probably the most difficult aspect of setting up an online business is
advertising and promoting the web pages.
A company can advertise its website through search engines, banner
ads, e-mail, and classifieds.
Banner ads can be targeted to the exact audience of the firm.
E-Commerce and Business Start-Up and Growth
(Continued)
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
32. The entrepreneur should collect e-mail addresses from customers for
targeted e-mail campaigns.
The Internet offers many low-cost or free services for small
businesses, including Internet access, unlimited e-mail accounts,
online calendar, instant messaging, and online conference rooms.
E-Commerce and Business Start-Up and Growth
(Continued)
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
33. Tracking Customer Information
Electronic databases support personal marketing targeted at
individual clients.
The online company can capture customers’ information in many
ways.
The U.S. government has generally maintained a policy of
noninvolvement with Internet regulation, but the Federal Trade
Commission has also pressed for new laws to protect minors.
E-Commerce and Business Start-Up and Growth
(Continued)
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
34. Relationships and Endorsements by Other Companies
The company needs to establish strong connections with other
companies in the supply chain to create an end-to-end value
stream.
The entrepreneur should protect its innovations and its relationship
with other companies.
Another type of relationship is endorsements by prominent Internet
companies and associations.
Participation in merchant networks can bring needed credibility.
E-Commerce and Business Start-Up and Growth
(Continued)
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
35. Doing E-Commerce as an Entrepreneurial Company
The decision to go online should be made on a case-by-case basis.
The products should be able to be delivered economically and
conveniently.
The product has to be interesting for a large number of people.
Online operations have to bring significant cost reductions compared
with brick-and-mortar operations.
E-Commerce and Business Start-Up and Growth
(Continued)
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd
36. Doing E-Commerce as an Entrepreneurial Company
(Continued)
The company must have the ability to economically draw customers
to its website.
Conflict between traditional and online marketing channels can lead
to a hostile, competing position of once partnering companies.
E-Commerce and Business Start-Up and Growth
(Continued)
Chapter: Creativity and the business idea
Source: Entrepreneurship by Hisrich, Peters & Shepherd