1.1 Entrepreneurship An Introduction
1.What is an Entrepreneur?
Entrepreneur: A person who organizes and manages an enterprise, especially a business, usually with considerable initiative and risk.
Initiative: Readiness and ability in initiating action.
Risk: The hazard or chance of loss.
“An entrepreneur is someone who perceives an opportunity and creates an organization to pursue it.”
2.Who is an Entrepreneur?
In the U.S., approximately 4% of the adult population is actively involved in starting a business at any given time.
One out of every two adults has tried to start a business at some time in his or her life.
3.What Does it Take to Be Successful?
“In entrepreneurship, luck is where preparation and opportunity meet.”
“In entrepreneurship; Developing the idea, implementing it, and building a successful business are the important things.”
“Would be entrepreneurs who are unable to name customers are not ready to start a business. They have only found an idea and have not yet identified a market need.”
-Somehow, someday… you are going to have to earn POSITIVE CASH FLOW.
You need more than a revenue model (but you do need that). You need a VALUE model.
-Market share is great, but you can’t pay bills with it.
You can do some financially stupid things to build market share.
4.Where Do You Start?
Think about WHO is going to want your product/service, what they will PAY for it, what you will NEED to carry it off, and how you will MAKE MONEY someday. That is, make a PLAN.
Success depends on positive cash flow, growth, and value creation.
Owners and investors who forget that tend to get “naturally deselected.”
5.The Importance of Value Creation
A successful business is one that delivers value to its customers and creates value for its owners.
-Value is delivered to your customers when you do something for them
Better
Cheaper
Faster
Cooler
Different
However, it is likely that none of these will work for long, so continuous improvement and innovation are essential.
1.1 Entrepreneurship An Introduction1.What is an Entrepreneur?Entrepreneur: A person who organizes and manages an enterprise, especially a business, usually with considerable initiative and risk.Initiative: Readiness and ability in initiating action.Risk: The hazard or chance of loss.“An entrepreneur is someone who perceives an opportunity and creates an organization to pursue it.”2.Who is an Entrepreneur?In the U.S., approximately 4% of the adult population is actively involved in starting a business at any given time.One out of every two adults has tried to start a business at some time in his or her life.3.What Does it Take to Be Successful?“In entrepreneurship, luck is where preparation and opportunity meet.”“In entrepreneurship; Developing the idea, implementing it, and building a successful business are the important things.”“Would be entrepreneurs who are unable to name customers are not ready to start a business. They have only found an idea and have not yet identified a market need.”-Somehow, someday… you are going to have to earn POSITIVE CASH FLOW.You need more than a revenue model (but you do need that). You need a VALUE model.-Market share is great, but you can’t pay bills with it.You can do some financially stupid things to build market share.4.Where Do You Start?Think about WHO is going to want your product/service, what they will PAY for it, what you will NEED to carry it off, and how you will MAKE MONEY someday. That is, make a PLAN.Success depends on positive cash flow, growth, and value creation.Owners and investors who forget that tend to get “naturally deselected.”5.The Importance of Value CreationA successful business is one that delivers value to its customers and creates value for its owners.-Value is delivered to your customers when you do something for themBetterCheaperFasterCoolerDifferentHowever, it is likely that none of these will work for long, so continuous improvement and innovation are essential.
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