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The Entrepreneur’s Guide to Building a Successful Business www.efmd.org Experience and advice from hundreds of small business owners /operators in fourteen countries by Jonathan T. Scott The Entrepreneur’s Guide to Building a Successful Business Everything you need to build your successful business: • Finding a profitable business idea
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your business idea, it will be difficult to spend numerous hours and make major sacrifices to make a go of it. So how do you start the idea process? First, take out a sheet of paper, or open a new file on your computer, and across the top write “Things About Me.” Then, list five to seven things about yourself—
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Definitions of Entrepreneurship. Creation of a new venture (Gartner, 1988) Change implementing innovation through the carrying out of new combinations (Schumpeter, 1934) A way of thinking, reasoning, and acting that is opportunity obsessed, holistic in approach, and leadership balanced (Spinellli & Muller, Jr.)
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- Unit 1: What is Entrepreneurship?
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- Transcript
- Learning Outcomes
- Mitchell
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- Learning Objectives
- Identify, Analyze, and Plan the Market
- Identify, Analyze, and Plan the Entrepreneur & Entrepreneurial Team
- Identify, Analyze, and Plan the Resources
- The Overall Process
- Lesson 3.1.3: Entrepreneurial Planning: Part 1
- Entrepreneurial Plan Communication Principles
- General Entrepreneurial Plan Guidelines
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- 9 Unit 4 Assignment Delivery: Entrepreneurial Plan
- Problem (Identify & Analyze) (approx 100 – 200 words up front + appendix to show analysis)
- Opportunity (Identify & Analyze) (approx 150-250 words up front + appendix to show analysis)
- Technical specifications:
Hello everyone and welcome to the introduction to entrepreneurship course. This course will give you an overview and understanding of what entrepreneurship is all about, as well as understand your own entrepreneurial potential. Regardless of your level of experience with entrepreneurs or entrepreneurial concepts, this course is for you. We will lea...
Begin this unit by watching or reading the content below. Each Unit in this course features an introductory video that summarizes the lessons and assignments to be completed. Try to utilize this information to develop a plan of action for completing unit assignments and related learning activities as you work through the course.
In this Unit, we are going to learn about the nature of Entrepreneurship, and why it maters. Entrepreneurship is a vast concept that is often misunderstood to mean something very narrow, when in fact it is quite broad and can be interpreted in many ways. This unit is built so you can learn about diferent perspectives about what this concept is, as ...
Not everyone wants to be an entrepreneur, and not everyone who is an entrepreneur is successful in their ventures... Why is this? This is a question that has confounded both academics theorists and entrepreneurs alike for decades, and luckily for us, there’s been lots of research done to try and understand what this defining factor is and we are go...
Reflect on entrepreneurial skills and abilities Analyze what leads to entrepreneurial success Debate the role of creativity and innovation in entrepreneurship
One of the components of Mitchell’s (2000) New Venture Template asks whether the venture being examined represents a new combination. To determine this, he suggests considering two categories of entrepreneurial discovery: scientific discovery and circumstance. Scientific Discovery Physical/technological insight new and valuable way Circumstantial D...
Now that we have a sense of what entrepreneurship is and what it means to us individually, as well as who entrepreneurs are and what makes them successful, it’s time to dig into the entrepreneurial process. Now remember entrepreneurial ventures do not have to be for-profit businesses to be entrepreneurial, rather they can be not-for-profit social c...
Identify exciting entrepreneurial opportunities Evaluate exciting entrepreneurial opportunities Model the entrepreneurial process for the exciting entrepreneurial opportunities Create entrepreneurial planning documents Successful ventures are characterized by coherence or “fit” across and throughout these steps. The interests and skills of the entr...
What are you ofering/doing/selling/contributing? New ventures ofer solutions to people’s problems. This concept requires you to not only examine the item or service description but also further understand the group of people whose unmet needs you are meeting (often called market analysis). In any entrepreneurial innovation circumstance you must ask...
The opportunity and the entrepreneur must be intertwined in a way that optimizes the probability for success. People often become entrepreneurs when they see an opportunity. They are compelled to start something to find out whether they can convert that opportunity into an ongoing source of fulfillment and potential financial gain. That means that,...
Successful entrepreneurial processes require entrepreneurs and teams to mobilize a wide array of resources quickly and eficiently. All innovative and entrepreneurial ventures combine specific resources such as capital, talent and know-how (e.g., accountants, lawyers), equipment, and production facilities. Breaking down an opportunity’s required res...
The process of entrepreneurship melds these pieces together in processes that unfold over weeks and months, and eventually years if the business is successful. Breaking down the process into categories and components helps you understand the pieces and how they fit together. What we find in retrospect with successful launches is a cohesive fit amon...
With all of these things in mind, documenting answers to the questions above, and the analysis undertaken to answer them is contained in an entrepreneurial plan. This is a document that you would use to plan out the details for the elements outlined above. Making sure you identify, analyze, and plan these elements is a great starting point, and to ...
As Hindle and Mainprize (2006) note, business plan writers must strive to communicate their expectations about the nature of an uncertain future. However, the liabilities of newness make communicating the expected future of new opportunities dificult (more so than for existing organizations). They outline five communications principles: Expectatio...
Many entrepreneurs must have a plan to achieve their goals. The following are some basic guidelines for entrepreneurial plan development. A standard format helps the reader understand that the entrepreneur has thought everything through and that the returns justify the risk. Binding the document ensures that readers can easily go through it without...
Welcome oficially to your final unit, unit 4. In this unit, we are going to bring everything that you have learned together to develop an entrepreneurial plan to help address 1 of the Sustainable development goals. This is a great opportunity to play and experiment with developing an entrepreneurial plan, and to start geting some experience in anal...
Now that you have identified three of the sustainable development goals (SDGs) that appeal to you the most, and researched some of the challenging root causes associated with them, it’s time to choose one for your entrepreneurial plan. Choose the SDG that gets you the most excited, the one you are the most passionate about. With this SGD in mind, d...
The SDG and the extent of the need for action Key challenges associated with achieving this SDG Outline (at least some of) the root causes
Explain the entrepreneurial opportunity that can be done to help achieve this goal (this could be large or small, but it needs to be entrepreneurial, actionable, and unique (i.e not about changing policies or governance level challenges that are slow and can take decades)? Brainstorm, think creatively, and feel free to start small! Outline clearly ...
Check with your instructor but this could be presented as a proposal document, presentation or something else. You could use Word, Adobe, Canva, PPT, Prezi, WordPress or many other means to bring this together. Check the modality you want to use with your instructor, bearing in mind the approximate section depth guidelines above. For formality, I w...
Our free business planning workbook (PDF) is designed to assist entrepreneurs like you in creating a well-structured and comprehensive business plan. This workbook provides step-by-step guidance and exercises to help you gather and organize the necessary information for your business plan. It covers each of the key aspects of business planning ...
First, there’s the reluctant entrepreneur. The one who’s stumbled on a business idea that’s too perfect to not pursue, but who’s a little less than sure about the whole “owning a business” thing. If that’s you, skip right on ahead, because you don’t need this section. Lucky you. Then there’s the other kind of entrepreneur.
HBR's 10 must reads on entrepreneurship and startups. Collection of articles originally published in the Harvard Business Review focused on helping founders build companies for enduring success. Featured contributors include Clayton Christensen, Marc Andreessen, and Reid Hoffman.
