Please read the article and short answer for questions Please read the article a

Question

Please read the article and short answer for questions

Please read the article and short answer for questions

1.   If you find your passion for a business but don’t have any experience in that business what should you do before you start your business?

2.   What are the four steps in the innovation process used by IDEO, the idea think tank?

3. What are the five major areas you need to fully understand prior to your product/service launch?

4. According to this chapter, what minimum annual revenue does an entrepreneur need to achieve in a new venture to meet the level of foregone salary that the entrepreneur gives up to have a business?

5. The authors say that to fully identify the competition, start with the customer. What question do you ask to identify the competition?

6. What two industries are mentioned where government regulation and involvement are significantly high?

Entrepreneurship Bygrave & Zacharakis 84 CHAPTER3 Opportunity Recognition, Shaping, and Reshaping From Glimmer to Action: How Do I Come Up with a Good Idea? We said in the preceding chapter that most successful ideas are driven by the entreprneur's personal experience. Entrepreneurs gain exposure to their fields through their jobs and use shis experience to identify possible opportunities for a new venture. Considering that many studets have limited work experience, you may not have the knowledge base to generate a new idea. So how, then, does a student find a worthy idca? Srart by looking inside yourself and deciding what you really enjoy. What gives you energy? What can you be passionate about for the many years it will take to start and giow a successful company? For those who lack this professional experience or who find they haven't enjoyed their professional life to date, ir rakes efforr ro find the answers to these questions Finding Your Passion Think long cerm. What are your goals for your degree, and where would you like to be five years and ten years down the road? Most students have difficulty envisioning the future. They know they want an exciting job with lots of potential (and, of course, above-average pay), but they haven't really thought about their careers in detail. Srudenis often have a general idea of which industries and types of jobs are interesting to them (say, "something in finance), but lack a clear sense of what type of company they want to work for after college (culture, customers, and so forth). After all, school is a time of self-discovery, and this self-discovery is critical for both undergraduates and MBAs. In fact, many people enroll in MBA programs with the express goal of swiching careers or industries and use the graduate program as a stepping-stone toward a field they are more passionate about. It can thus pay dividends to spend time thinking beyond the nexi exam, semester, or year Launching an entrepreneurial venture takes a tremendous amount of time and energy. and you wil have difficulry sustaining tha level of en the business. How do you go about finding your passion? There are two primary ways. First, think deeply about all the things that give you joy. What do you do in your spare time What are your hohbies? What types of newspaper and magazine articles or Internet blogs do you read? The reality of our capitalistic society is that all those things you enjay likely have ancillary businesses around them. Some are obvious. Many students have a passion for investment finance. They have been tracking stocks for a number of years and trade them for their personal portfolio. There are many viable businesses associated with personal finance, ranging from directly trading stocks to providing analysis of the industry through a blog, for instance. energy if you aren't passionate a Other passions may nor have as many clear-cut examples of ancillary businesses. You may have a passion for hiking. On the surface, hiking seems like a free endeavor, yet there are numerous ancillary businesses that support this activity, ranging from designing, manufacturing, and disting hiking gear and clothing to providing specialy cours for the extreme hiker. Take World Class Teams,or exmple. This company was founded by Robyn Benincasa, a former i-athlete and adventure racer. After winning the Eco-Challenge she decided to turn her passion for adventure and the out-of-doors into a business. Today World Class Teams provides team building and experiential ucation programs to all kinds of clis Or ake one of the best-known example industry -Yvon Chouinard. One of the Chouinard turned his knack for creating useful climbing tools into a s ne poneers of mountaneering and rock clhmbing bsness that

Explanation / Answer

1. If we have passion for the business and dont have the experience in that business, the best way to overcome this problem is get involved in the business of the same kind to learn the tactics by being a part of it. Getting a job and working in that place is a feasible way. For example, if one os interested in a restaurant business, he can work in a restaurant even as a waiter to understand what it takes to operate a business like that. Being in the workplace he can himself research on ideas and get in conversation with the management and staff to get a full idea of the business.

2. The four steps in the innovation process used by IDEO are:

Gather stimuli- gathering ideas and information from the customers about their needs.

Multiply stimuli- getting a feedback on the information gathered and setting course of action accordingly.

Create customer concepts- making a mock-up of the product that has to be created according to the data collected in above steps.

Optimize practicality- understanding what is the only requirement of the product and getting away with anything that seems expensive, unnecessary or impractical to use.

3. The five major areas we need to fully understand prior to the launch are:

Customers- the market we are targeting for our customers, their needs and demands, how ready they are to spend on a product and upto what extent. The behaviour of the customers towards the product will have to be analyzed.

Competitors- after launching the product in the market it will have to make its place to bring profits. Recognising the competitors in the market already supplying the same type of product and how to rise above that competition has to be determined.

Suppliers and vendors- who are the suppliers through which the product will be launched in the market, understanding their strategies and mindset and accordingly working on making business terms with them.

Government- reviewing the laws and norms set by the government for the market of the place. Launching the product in lieu with the government policies is essential.

The broader global environment- understanding the business environment on a global level. Not just making a study on small scale by analyzing the local factors that can effect the product positioning but this requires learning the threats and opportunities that the global environment can bring to the product.

4. The minimum annual revenue that an entrepreneur needs to achieve in a new venture to meet the level of foregone salary that the entrepreneur gives up to have a business is $600,000.

5. The question we ask to identify the competition is how is the customer fulfilling the need or demand that we intend to fill with our product?.

6. The two industries where government regulation and involvement is significantly high are pharmaceuticals and medical devices.

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.