concept of entrepreneurship

• Entrepreneurial Development Stages

  The stages include: Vision of Opportunity, Evaluating Opportunity, Business Plan, Developing Resources, Raising Capital, Entrepreneurial Management, Changing role of CEO, Exit Strategies
• Start-up Process

  Part of Entrepreneurial Management
• Evaluating Opportunity

  • Market size: The number of individuals in a certain market who are potential buyers and/or sellers of a product or service
  • Competitive advantage: a condition or circumstance that puts a company in a favorable or superior business position
  • Value proposition: It describes your target buyer, the problem you solve, and why you're distinctly better than the alternatives
• Business Plan


  • A business plan is a document that summarizes the operational of a business model and contains the detailed operational plans, pro forma financials and budgets showing how the objectives are to be realized. It is the road map to the success of your business
• Vision of Opportunity

  • Technical know-how: knowledge of choosing the best technology to be used in business
  • Management know-how: knowledge of choosing the right people/workers for the job or business
  • The knowledge economy is the use of knowledge to generate tangible and intangible values
  • Business process knowledge means the operations management that focuses on improving corporate performance by managing and optimizing a company's business processes
  • Product positioning is a form of marketing that presents the benefits of your product to the user
• If the business is not successful, an exit strategy enables the entrepreneur to limit losses
• You will need to ask practical questions, some of which will relate specifically to the market that your idea would be interacting with
• Developing a business idea involves looking for opportunities to find a problem with or a gap in services that already exist
• Entrepreneurial Development Stages

  1. Growth

  2. Time

  3. Vision of Opportunity

  4. Evaluating Opportunity

  5. Business Plan

  6. Developing Resources

  7. Raising Capital

  8. Entrepreneurial Management

  9. Changing role of CEO

  10. Exit Strategies
• An entrepreneur’s strategic plan to sell his or her investment in a company he or she founded
• Source of information for developing business ideas

  • Ask the Experts
  • Recent Startups
  • Tips
  • Learning from Entrepreneur
  • Academic Entrepreneur
  • Organization, Societies and Clubs
  • Case Study
  • Literatures
• Describes the importance of solving a problem with your business idea, whether it is a problem that has not yet been solved, or a problem that has been solved but that you would like to solve in a new, hopefully better way
• To some, an exit strategy sounds negative. In fact, the best reason for an exit strategy is to plan how to optimize a good situation
• An exit strategy gives a business owner a way to reduce or eliminate his or her stake in the business and, if the business is successful, make a substantial profit
• Exit Strategies

  • Initial Public Offer (IPO)
  • The Acquisition
  • Selling to a Friendly Buyer
  • Make it your passive income
  • Liquidation and close
• Find the experts. They can help you learn to identify problems that can present you with a business opportunity or suggest some ways to increase the creativity of your business
• Once you have generated several ideas and solutions, you will need to go through them and decide which are viable and which aren't
• Case Studies

  1. Learn from entrepreneurs who started a business elsewhere

  2. See what troubles they faced and how they overcame them

  3. How they were able to capitalize on a unique idea

  4. How they stood out from the competition
• Recent Startups

  1. Research recent startup companies and see what business ideas they had

  2. This will inform you of what opportunities are out there and show you what opportunities have already been capitalized on
• Learning from Entrepreneurs

  1. Discover pointers and advice from successful entrepreneurs and discover organizations and events that can help broaden your network

  2. Other entrepreneurs have the same drive that you do, but their own set of trials and experiences

  3. Whether your mentor or someone you meet anywhere, another entrepreneur can help to double your knowledge

  4. Take the successful side and find out anything that can make a room for improvement from them
• Valuable Tips

  • Ask people what you are good at
  • Make a priority list of what you want to do
  • Make an existing process easier
  • Find and analyze market leaders
  • Listen to the customer / ask people what they want
  • Document any ideas
  • Don't follow up wacky ideas – make sure to have a revenue stream
  • Find someone who would buy the business / have an exit strategy
• Literatures

  1. Read detailed accounts of some of the world's most successful entrepreneurs, as well as books and articles outlining crucial skills and processes for entrepreneurship

  2. A wealth of free resources available online, find a small selection of books and articles that will help you specifically and buy them
• Organizations, Societies & Clubs

  1. Bring together like-minded people to network and discuss ideas, experiences, and advice

  2. Some are internationally based like the Entrepreneurs' Organization, while others are national organizations or local groups helping you succeed as you launch and nurture your venture
• Learning From

  1. Find the experts who can help you learn to identify problems that can present you with a business opportunity or suggest ways to increase the creativity of your business ideas

  2. The experts are usually experts in their respective fields and have more knowledge about it
• Academic Entrepreneurs


  1. Academic entrepreneurs facilitate the transfer of academic knowledge into the commercial domain

  2. Defined as a university scientist, most often a professor, sometimes a PhD student or a post-doc researcher, who sets up a business company to commercialize the results of his/her research
• vision of opportunity:

  • technical know-how: choose the best technology
  • management know-how: choosing the right people for the job
  • product positioning
  • business process knowledge: improves corporate by optimizing a company's business processes.
• evaluating opportunity:

  • market size
  • competitive advantage
• what is pro forma ?

  method by which financial results are calculated.
• developing resources:

  • recruiting top management team
  • facilities and equipment
  • legal and accounting
  • board of directors
  • advisors
• raising capital:

  • how much money and how it should be raised
  • when should it be raised and from whom
• entrepreneurial management:

  • how to compete (know your competitor, diffrentiation and niches, innovation in product development, value proposition)
  • how to distribute and deliver (direct vs indirect, manufacturing inside vs outside, customer service as a strategy)
• changing role of ceo?

  • focus on opportunities
  • morale
  • succession issues
  • corporate culture
• exit strategies:

  • make it your passive income (if in stable condition, sell off to someone trustworthy to run for it, retain ownership and enjoy annuity)
  • liquidate and close