BU111 Lecture Notes - Lecture 3: Small Business, Voice Of The Customer, On The Hour
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BU111 Full Course Notes
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Entrepreneurship - identifying an opportunity and accessing resources to capitalize on it: any business less than 5 years is a new venture. Small business - less than 100 employees, non-dominant: new ventures can be larger than small businesses i. e. tesla. Importance of entrepreneurship: 98. 1% of businesses are small (canada, 30% annual gdp, provide most jobs, new venture lead in new p/s. Successful only when entrepreneur, opportunity, and resources fit: begins with identifying resources and then accessing resources. Connection to diamond e: opportunity --> environment, resources --> resources, entrepreneur --> managerial preferences/organization. Ideas: paradigm shifts, originate in life events (work/life/hobbies) 3 component screening process: creates or adds value for customer, solves problem/meets need, wtp, competitive/sustainable advantage, unique in a valuable way. Listen to frustrations: what consumers wish they had, play mix & match. Sources: savings, love money, investments, v. c. (venture capitalists) Investors require dividends from profits: voice in the business, crowd funding: initiator (business)+ backer(donators) + platform(website, rewards-based, equity.
