Introduction¶
Entrepreneurship Types¶
| SME | IDE | |
|---|---|---|
| Meaning | Small-Medium Entrepreneurship | Innovation Driven Entrepreneurship |
| Focus Market | Local | Global |
| Risk | Lower | Higher |
| Clustered (meaning??) | ❌ | ✅ |
| Usually | Service-Based | |
| Annual cashflow with time | Stable and then levels off |  |
Innovation¶
Innovation \(\ne\) Invention
- Innovation generates value
- Invention = any new idea
\[ \text{Innovation} = \text{Invention} \times \text{Commercialization} \]
Types¶
- Technology
- Process
- Business Model
- Position
- Other
Categories¶
- Disruptive
- Incremental
- Lateral
Ways to Start a Company¶
| Tech push | Market Pull | Passion | |
|---|---|---|---|
| Possess | Technological advantage | Problem | |
| Solution looking for a market | Market looking for a solution | ||
| Not enough You need to go to other 2 |
Myths of Entrepreneurship¶
| Myth | Truth |
|---|---|
| Entrepreneurs are the most successful and highest achievers | Usually good at only few things |
| Entrepreneurs are individualist | Good team is required |
| Entrepreneurs are born | Entrepreneurs are made |
| Entrepreneurs love risk | Entrepreneurs take calculated risk in advantageous areas |
| Entrepreneurs are charismatic | Entrepreneurs create change through leadership - Vision - Sense-making capability - Network/Relationships - Innovation engineering - Personal signature |
| Entrepreneurs are undisciplined | Entrepreneurs are disciplined - Explorative spirit of a pirate - Execution discipline of a Navy Seal Team Six |
IDK¶
- Identify the problem
- 5 whys
Market Segmentation¶
-
Primary market research
-
What problem
-
What they think of idea
-
Understand needs of customer
- Rational
- Emotional
- Social
-
Limit to a few consumer segments
-
Secondary research
-
Select a Beachhead Market: market that can be captured easily, and also facilitates growth into other markets
Do not trust online, always do your own research
Requirements of Starting¶
- Knowledge
- Capability/Skills
- Connections
- Financial Assets
- Name Recognition
- Credibility, from past work experience
- Passion
- Commitment
What makes a business¶
Until you have paying customers, you do not have a business