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Summary Patterns of Entrepreneurship Management

- Jack M Kaplan, et al
ISBN-10 1118358538 ISBN-13 9781118358535
180 Flashcards & Notes
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A snapshot of the summary - Patterns of Entrepreneurship Management Author: Jack M Kaplan Anthony C Warren ISBN: 9781118358535

  • 1 The Entrepreneurial process

  • What are commonly shared Entrepreneurial Characteristics?
    • Ability to deal with Ambiguity
    • Self-starters, optimist, perseverant, energetic, and action-oriented
    • Persuasive leaders, people-oriented, natural networkers, and communicators
    • Creative and highly imaginative
    • Passionately seek New Opportunities and are always looking for the chance to profit
    • Tolerate Risk
    • Work with Urgency but balance this with a focus on Long-term goals
    • Focus on Execution
    • Open to Change and do not hang on to old plans when they are not working
  • Which subtypes are there within the type of Entrepreneurs?
    • Social entrepreneurs
    • Technology entrepreneurs
  • What are the basic five-stage entrepreneurial process?
    1. Conducting Opportunity Analysis
    2. Developing the Plan and Setting up the Company
    3. Acquiring Financial Partner/Sources of Funding
    4. Determining the Resources required and implementing the Plan
    5. Scaling and Harvesting the venture
  • What are the activities in Stage 1: Conducting opportunity analysis? 
    • Innovative and Create the Vision
    • Develop a Business Model to maximize value retention
    • Conduct Market Analysis and Research
    • Evaluate the Competition
    • Research Pricing and Sales Strategies
  • What are the activities in Stage 2: Developing the Plan and Setting up the Company?
    • Set Goals and Objectives
    • Start writing the Plan 
    • Determine Pricing, Market, and Distribution Channels
    • Prepare the full Business Plan
  • What are the activities in Stage 3: Acquiring Financial Partner/Sources of Funding?
    • "Bootstrap" the company
    • Secure Early-stage Funding
    • Secure Growth Funding
  • What are the activities in Stage 4: Determining the Resources required and implementing the Plan?
    • Manage the Finances
    • Determine value of Licenses, Patents, and Copyright
    • Prepare the Organization for Growth
  • What are the activities in Stage 5: Scaling and Harvesting the venture?
    • Communicate the Opportunity
    • Discuss Options and Alternatives
    • Sell or Merge
    • Transfer Ownership to your family
    • Go Public
    • Form a Strategic Alliance
  • 2 The Art of Innovation

  • What is a business model?
    The frameworks in which a sustainable, high-profit company is constructed.
  • What can Entrepreneur learn from Innovation?
    • It is dificult to build a company around a single porduct idea without strong patent protection.
    • Protective barriers must become part of any business model.
    • Innovation is not a single event.
    • Always imagine that there is someone having the same idea.
    • Entrepreneur needs to solve customers' problems.
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