BU111 Lecture Notes - Lecture 5: Jay Rock
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BU111 Full Course Notes
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Document Summary
Must keep looking for new opportunities as they come up through the external environment. Pest exists in the environment category in diamond-e. Successful only when entrepreneur, opportunity and resources match. Diagram of the entrepreneurial process, all three categories must be aligned. Begins with entrepreneur identifying an opportunity the accessing resources. Paradigm shift: realize new ways of doing old things when going about your daily life. It"s not a good idea unless you can turn it into dollars. Weed out the bad ideas through research so you don"t waste time and money. Ensure you have a viable idea with a competitive advantage. Solves a problem, meets a need or want. Idea provides a competitive advantage that can be sustained. Something unique in a valuable way that is better than others. Safety point: does the idea have low exit costs? longer time to profitability or greater up-front investment needed = riskier venture.
