BBA220 Lecture Notes - Lecture 13: Deflation, Quality Control, Guerrilla Marketing
8 Jun 2018
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Why become an entrepreneur?!
Desire to be their own boss!
Desire to pursue their own ideas!
Financial rewards!
What is an opportunity?!
1. Attractive!
2. Timely!
3. Durable!
4. Anchored, in a product, service or business that creates values!
—> identity by "
#- observing trends!
#- solving a problem!
#- finding gaps!
What is a business model?!
-plan or recipe for how a firm creates, delivers and captures value for its stakeholders!
-A firm’s business model is integral to its ability to succeed both in the short and long term!
Look on barringer/ Ireland business model template!
How Industry and Firm-Level Factors affect performance !
1. Firm level factors: assests, products, culture teamwork, employees reputation !
2. Industry level factors . New entrants rivalry firms, power of buyers!
3. Conclusion !
Industry Trends !
Environmental Trends!
-economic trends, social trends, technology advances, political and regulatory changes!
Business Trends:!
-other trends that impact an industry, profit margins, innovation accelerating input costs!
Porters 5 Forces Modell!
-Threat of Substitutes!
-Threat of New Entrants!
-Rivalry among existing firms!
-Bargaining Power of Suppliers!
-Bargaining Power of Buyers!
Business Model Questions:"
1. Opportunity with real potential!
2. Viable, significant value add!
3. An exciting, growing industry!
4. Well defined target market!
5. Points of differentiation!
6. Sound marketing plan!
7. Sound management team 8. Sound business operation 9. Realistic financial!
10. Financials project a bright future!
Initial Ethical and Legal Issues Facing a New Firm!
-choose an attorney for your firm!
-Founders agreement !
-Avoid legal disputes!
-Choose a form of business ownership!
-Sole proprietship, partnership, limited liability Company, Corporation !
4 Keyforms of Intellectual Property!
-Patents!
-Trademarks!
-Copyrights!
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
What is an opportunity: attractive, timely, durable, anchored, in a product, service or business that creates values. Plan or recipe for how a rm creates, delivers and captures value for its stakeholders. A rm"s business model is integral to its ability to succeed both in the short and long term. How industry and firm-level factors a ect performance: firm level factors: assests, products, culture teamwork, employees reputation. Economic trends, social trends, technology advances, political and regulatory changes. Other trends that impact an industry, pro t margins, innovation accelerating input costs. Business model questions: opportunity with real potential, viable, signi cant value add, an exciting, growing industry, well de ned target market, points of di erentiation, sound marketing plan, sound management team 8. Realistic nancial: financials project a bright future. Initial ethical and legal issues facing a new firm. Sole proprietship, partnership, limited liability company, corporation.
