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    New Venture Creation

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    Faith
    New venture creation involves identifying opportunities, evaluating their potential, and developing a business model and plan. The process begins with generating ideas, recognizing opportunities through alertness and networks, and evaluating ideas using outside-in and inside-out analysis. Successful entrepreneurs have a mindset of continuously seeking opportunities and act proactively to mobilize resources and accomplish goals. The entrepreneurship process involves developing a team, strategy, business model, and plan to launch, manage growth of, and harvest rewards from the new venture.

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    New Venture Creation

    Uploaded by

    Faith
    50 views7 pages
    New venture creation involves identifying opportunities, evaluating their potential, and developing a business model and plan. The process begins with generating ideas, recognizing opportunities through alertness and networks, and evaluating ideas using outside-in and inside-out analysis. Successful entrepreneurs have a mindset of continuously seeking opportunities and act proactively to mobilize resources and accomplish goals. The entrepreneurship process involves developing a team, strategy, business model, and plan to launch, manage growth of, and harvest rewards from the new venture.

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    New venture creation

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    New venture creation involves identifying opportunities, evaluating their potential, and developing a business model and plan. The process begins with generating ideas, recognizing opportunities through alertness and networks, and evaluating ideas using outside-in and inside-out analysis. Successful entrepreneurs have a mindset of continuously seeking opportunities and act proactively to mobilize resources and accomplish goals. The entrepreneurship process involves developing a team, strategy, business model, and plan to launch, manage growth of, and harvest rewards from the new venture.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    50 views7 pages

    New Venture Creation

    Uploaded by

    Faith
    New venture creation involves identifying opportunities, evaluating their potential, and developing a business model and plan. The process begins with generating ideas, recognizing opportunities through alertness and networks, and evaluating ideas using outside-in and inside-out analysis. Successful entrepreneurs have a mindset of continuously seeking opportunities and act proactively to mobilize resources and accomplish goals. The entrepreneurship process involves developing a team, strategy, business model, and plan to launch, manage growth of, and harvest rewards from the new venture.

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    New venture creation

    Origin of new venture


    Identfying & recognizing opportunity
    • OBJECTIVES
    1. Develop a mind-set of continuously seeking ideas
    and opportunities
    2. Explain the sources of business ideas
    3. Explain characteristics of those who excel at
    recognizing opportunities
    4. Explain the opportunity recognizing process
    Terminologies
    • Idea – thought, impression, notion. May or may not be an
    opportunity. E.i feel need
    • Opportunity – Favourable set of circumstances that create the
    need for a new product, service or business
    • Opportunity recognition – process of perceiving a profitable
    new business or a new product or service
    • Entrepreneurial alertness – The ability to notice things without
    engaging in deliberate search
    • Solo entrepreneur - Entrepreneur who identify business ideas
    on their own
    • Network entrepreneur – identifying ideas through social
    contact
    • Creativity – process of generating novel or useful ideas
    New Venture Creation as a Process

    Stages in setting-up firm


    Business financing
    Opportunity
    Idea/opportubity evaluation
    Business Model • Personal funds
    • Attactive • Outside – in & • Equity
    & Business
    • Unchored in product Inside – out • Debt
    Plan
    or adds value analysis • Bootstrapping
    • Durable • Feasibility • Creative sources
    study
    Entrepreneure encompass
    • Mind-set - Ccontinuously seeking ideas & opportunities that
    can be commercialized, focus on innovating, doing things
    better, adding, creating & delivering unique value to
    customers & to all stakeholders, & want to be rewarded for
    their success
    • Action - are proactive to the extreme, once on the
    opportunity trail, they move mountains to mobilize the
    resources to accomplish their goals, & in Nike words, they
    just ‘do it’ & they do it their own way
    • Process - Entrepreneurship is a dynamic, continuous process.
    The process is driven by the entrepreneur, the founder, the
    champion – i.e.
    Entrepreneurship process
    • Generating ideas increasingly
    • Selecting the real opportunity from the heap of ideas
    • Build & empower the team
    • Mobilize and control necessary resources, whether or not you own them
    • Develop an astute strategy to capture customers & to generate sales &
    sustainable profit
    • Develop business model
    • Develop a compelling business plan
    • Assess personal & business risks – acceptance, rejection
    • Launch the venture
    • Manage the growing venture and
    • Harvest the reward of success by selling your business, taking your
    business public, or continue to build your venture and pay yourself
    generous compensation
    End of session
    • Thank you

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