Unit 6

Business model

captures how you create, deliver, and capture value to customers through your products and as a company

Crowdfunding

raising funds from people online

Incubators

environments that support to grow ideas and how to manage a business

Intrapreneurship

someone who is able to launch new products or evolve processes using the company's existing resources and reputation

Value proposition

the benefits customers expect from using the products of an organization

Being entrepreneurial

being able to manage uncertainty, take risks, be creative, and problem solve

examples of incubators

coaching
management/operations assistance
networking opp.
access to financing

traits of an entrepreneur

passion
motivation
tolerant of uncertainty
learning/growth mindset
confidence

reasons to be an entrepreneur

own boss
flexibility
define their own success

factors that pushed entrepreneurship mainstream

education
tech
social acceptance
support systems

3 stages of entrepreneurial venture

birth/intro
breakthrough/growth
maturity/exit

explain the birth/intro stage

define the business model
initial customers
focus on survival

explain the breakthrough/growth stage

focus on managing growth

explain the maturity/exit stage

keep business relevant
remain competitive
maintain and grow market share
continued financial stability
an exit strategy

ways to grow

a growth strategy/plan
invest
increase productivity
advice
become a better leader

challenges in launching an idea

getting customers
managing time
abiding by local rules

ways to get into business

buy an existing one
franchising

resources to start a business

incubators
industry/government supports
financing

what percentage of financing is from personal savings?

84%

what percentage of financing is from bank loans?

37%

what percentage of financing is from angel investors/venture capitalists?

about 2%

what do you reflect on before a value proposition?

the customers jobs, pains, gains

what do business plans aim to capture

nature of the business
target market
competition/industry
qualifications of people involved

common mistakes in a business plan

ignore competition
relying on a few customers
procrastinating
too optimistic