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Small Business Management Launching And Growing Entrepreneurial Ventures

Small Business Management Launching And Growing Entrepreneurial Ventures – Longenecker/Petty/Palich/Hoy Small Business Management, 18e © 2017 Cengage Learning. All rights reserved. You may not copy, scan, or otherwise reproduce, in whole or in part, the site for use in connection with a specific product or service or for school use except under a license permitted by the Site’s Privacy Policy.

Chapter 3 © 2017 Cengage Learning. All rights reserved. You may not copy, scan, or otherwise reproduce, in whole or in part, the site for use in connection with a specific product or service or for school use except under a license permitted by the Site’s Privacy Policy.

Small Business Management Launching And Growing Entrepreneurial Ventures

Small Business Management Launching And Growing Entrepreneurial Ventures

3 Learning Objectives: Distinguish the different types and sources of startup ideas. Use new ideas to pitch ideas to potential startups. Explain internal and external analysis affecting opportunity selection. Define strategy based on selection strategy and strategy focus. © 2017 Cengage Learning. All rights reserved. You may not copy, scan, or otherwise reproduce, in whole or in part, the site for use in connection with a specific product or service or for school use except under a license permitted by the Site’s Privacy Policy.

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Screen business ideas to identify those with the greatest potential. Consider the feasibility of the startup idea. © 2017 Cengage Learning. All rights reserved. You may not copy, scan, or otherwise reproduce, in whole or in part, the site for use in connection with a specific product or service or for school use except under a license permitted by the Site’s Privacy Policy.

Advertising Opportunities Introducing new products or services can lead to promising business opportunities. © 2017 Cengage Learning. All rights reserved. You may not copy, scan, or otherwise reproduce, in whole or in part, the site for use in connection with a specific product or service or for school use except under a license permitted by the Site’s Privacy Policy.

What is your product or service? Addresses key customer needs Easily identifies user needs and interests Accessible to large customer groups © 2017Cengage Learning. All rights reserved. You may not copy, scan, or otherwise reproduce, in whole or in part, the site for use in connection with a specific product or service or for school use except under a license permitted by the Site’s Privacy Policy.

Developing a business market for a new product or service Reasons to start a business Using the unique resources available Seeing yourself succeed (or fail) Avoiding unwanted experiences with existing companies © 2017Cengage Learning. All rights reserved. You may not copy, scan, or otherwise reproduce, in whole or in part, the site for use in connection with a specific product or service or for school use except under a license permitted by the Site’s Privacy Policy.

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© 2017 Cengage Learning. All rights reserved. You may not copy, scan, or otherwise reproduce, in whole or in part, the site for use in connection with a specific product or service or for school use except under a license permitted by the Site’s Privacy Policy.

3.2 Common Sources of Startup Ideas Work Experience 45% Personal Interests/Hobbies 16% Life Opportunities 11% Ideas 7% Education/Family Business 6% Friends/Relatives 5% Other 4% © 2017Cengage Learning. All rights reserved. You may not copy, scan, or otherwise reproduce, in whole or in part, the site for use in connection with a specific product or service or for school use except under a license permitted by the Site’s Privacy Policy.

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Get ideas from existing products and services or from other industries. Combine two businesses to open a marketplace. Start with a problem in mind. Discover the hottest trends and ride the wave. Find ways to improve existing products or services. Consider ways to simplify the customer experience. © 2017 Cengage Learning. All rights reserved. You may not copy, scan, or otherwise reproduce, in whole or in part, the site for use in connection with a specific product or service or for school use except under a license permitted by the Site’s Privacy Policy.

Small Business Management Launching And Growing Entrepreneurial Ventures

Change the product or service to meet customer needs in different ways. Consider how you can expand the market for your product or service. Offer products through a subscription service. Money in the Sharing Economy. Study a product or service to see if you can make it “green.” Keep using new technologies. © 2017 Cengage Learning. All rights reserved. You may not copy, scan, or otherwise reproduce, in whole or in part, the site for use in connection with a specific product or service or for school use except under a license permitted by the Site’s Privacy Policy.

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Outside-in Analysis Studying the business situation and identifying business ideas that meet opportunities. The general environment includes factors that affect business in society. INDUSTRY ENVIRONMENT The industry affects the film and all its competitors. Competitive environment Focus on strength, position and potential to move and compete with industry rivals. © 2017 Cengage Learning. All rights reserved. You may not copy, scan, or otherwise reproduce, in whole or in part, the site for use in connection with a specific product or service or for school use except under a license permitted by the Site’s Privacy Policy.

Now who will be the new challenger? What special features do they control? What are their strengths and weaknesses? How will they respond to the new decision to enter the industry? How will the response to the new project be? Who else can access and benefit from the same opportunities? Is there a way to select potential or actual rivals to form alliances with? © 2017 Cengage Learning. All rights reserved. You may not copy, scan, or otherwise reproduce, in whole or in part, the site for use in connection with a specific product or service or for school use except under a license permitted by the Site’s Privacy Policy.

Internal-External Analysis Asset Assessment of a Company’s Internal Competitiveness The primary assets a company uses to run its business Tangible assets: visible and easy to measure. Intangible Resources: Intangible, hard-to-measure processes and procedures that can influence the use of © 2017Cengage Learning. All rights reserved. You may not copy, scan, or otherwise reproduce, in whole or in part, the site for use in connection with a specific product or service or for school use except under a license permitted by the Site’s Privacy Policy.

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A capacity process is a process by which producers can coordinate the use of resources to achieve desired outcomes. Core competencies are the skills that give a film a competitive advantage over its competitors and define its brand. © 2017 Cengage Learning. All rights reserved. You may not copy, scan, or otherwise reproduce, in whole or in part, the site for use in connection with a specific product or service or for school use except under a license permitted by the Site’s Privacy Policy.

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A Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis provides an overview of a company’s operations. It helps in identifying opportunities related to the project. © 2017 Cengage Learning. All rights reserved. You may not copy, scan, or otherwise reproduce, in whole or in part, the site for use in connection with a specific product or service or for school use except under a license permitted by the Site’s Privacy Policy.

Strategy The strategic plan aligns the organization’s resources and responsibilities to achieve optimal performance. A strategic decision is the direction a company will take in relation to its customers and competitors. Competitive advantage A value-creating industry that can last over time. © 2017 Cengage Learning. All rights reserved. You may not copy, scan, or otherwise reproduce, in whole or in part, the site for use in connection with a specific product or service or for school use except under a license permitted by the Site’s Privacy Policy.

Multi-Strategy Choices Multi-Strategy Choices Focus Strategy © 2017Cengage Learning. All rights reserved. You may not copy, scan, or otherwise reproduce, in whole or in part, the site for use in connection with a specific product or service or for school use except under a license permitted by the Site’s Privacy Policy.

Small Business Management Launching And Growing Entrepreneurial Ventures

Reduce focus on one customer base. Advertising of a product or service. Limiting the market to one sector. Focus on the uniqueness of the product or service. © 2017 Cengage Learning. All rights reserved. You may not copy, scan, or otherwise reproduce, in whole or in part, the site for use in connection with a specific product or service or for school use except under a license permitted by the Site’s Privacy Policy.

The Complete 35 Step Guide For Entrepreneurs Starting A Business

A good market protects against direct competition. Concentration allows for the development of exceptional skills. Disadvantages Primary markets can deteriorate quickly if: Competitors imitate the strategy. A part is missing or the request is missing. The episode loses its uniqueness. New firms are shrinking the industry. © 2017 Cengage Learning. All rights reserved. You may not copy, scan, or otherwise reproduce, in whole or in part, the site for use in connection with a specific product or service or for school use except under a license permitted by the Site’s Privacy Policy.

Business Idea Market Strength and Customer Target Industry and Competitive Advantage Business Idea Definition Founders’ Ability Capital Requirements and Project Performance © 2017Cengage Learning. All rights reserved. May not be copied, scanned or reproduced, in whole or in part, except for use

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