The concept of entrepreneurship has a wide range of meanings. On the one extreme an entrepreneur is a person of very high aptitude who pioneers change, possessing characteristics found in only a very small fraction of the population. On the other extreme of definitions, anyone who wants to work for himself or herself is considered [...]
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Entrepreneurship
Sample Business Plan Outline
Title PageName of company, date, contact information, etc. Table of Contents Executive Summary Business Concept Company Market Potential Management Team Distinct Competencies Required Funding and its Use Exit Strategy Main Sections I. Company Description Mission Statement Summary of Activity to Date Current Stage of Development Competencies Product or Service Description Benefits to customer Differences from current [...]
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At 15 Sep 2010 - In Entrepreneurship
The Business Model
To extract value from an innovation, a start-up (or any firm for that matter) needs an appropriate business model. Business models convert new technology to economic value. For some start-ups, familiar business models cannot be applied, so a new model must be devised. Not only is the business model important, in some cases the [...]
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At 15 Sep 2010 - In Entrepreneurship, Small scientific office
Attracting Stakeholders
A new business requires resources such as funds for R&D, equipment, marketing, and inventory. These funds are obtained by attracting stakeholders. Financial stakeholders are most at risk – these include banks, bond holders, investors, and venture capital firms. However, employees, customers, and suppliers of a business also are at risk. Employees may not receive some [...]
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At 15 Sep 2010 - In Entrepreneurship
The VC Pitch
Some Tips for Success Acquiring venture capital funding can consume a large amount of valuable time and effort. Here are a few tips that can help you secure funding and get on with the process of building your company. Choose the Right VC Carefully research your potential investors. Learn about their focus areas and their [...]
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At 15 Sep 2010 - In Entrepreneurship
Dealing with the Press
When dealing with the press, it is important to realize that the outcome will not necessarily be like you think it should be. Rather than controlling the press, it is better to think in terms of managing it. The following covers some basics and serves as a primer on managing the press. Know With Whom [...]
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At 15 Sep 2010 - In Entrepreneurship
Open Innovation
Innovation and entrepreneurship are at the heart of “creative destruction”. In his book, Open Innovation, Henry Chesbrough describes a new paradigm of open innovation that is in contrast to the traditional closed model. To understand open innovation, it is worthwhile to review the older model of closed innovation. The Closed Innovation Model Under [...]
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At 15 Sep 2010 - In Entrepreneurship
