BU111 Lecture Notes - Lecture 8: Lead Generation, Income Statement
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3 key elements in the entrepreneurial process, and the way they interact: entrepreneur (main focus, opportunity, resources. As the 3 key elements interact, they may be mismatched or well matched the entrepreneurial process is successful only when the 3 key elements match begins with entrepreneur identifying an opportunity then accessing resources. Identify an opportunity generating ideas for new/improved products, processes, or services involves abandoning traditional assumptions about how things work and how they should be, and seeing what others don"t see paradigm shifts. Most new ventures don"t emerge from a deliberate search for viable business ideas. Work experience is the most common source of ideas. Identify and discuss how key trends in the environment and the industry affect your idea use pest to assess environment and if it supports idea. Use 5 forces to determine the ease of entry and profitability of industry. Use research to evaluate how big the market is; if it"s growing, shrinking, stagnant .
