BUSI 1600 Lecture 9: Start-Up Process – Resources
29 Mar 2017
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Document Summary
After completing this part of the session students should be able to: Identify a variety of methods for overcoming resource gaps in a new venture. Identify advantages and disadvantages associated with each method: recommend to a firm the most appropriate methods for strengthening its resource base given the outcomes of an analysis of its resource needs and the resources it has available. Few ventures, especially ambitious ones, begin life with all of the resources they need. In this section, we examine a variety of tactics entrepreneurs use to strengthen their existing resource base: these methods include the use of teams, mentors, board of directors, advisory boards, incubators and alliances. Refers to a personal developmental relationship where a more experienced and knowledgeable person helps someone who is less experienced. Many successful entrepreneurs indicate that mentors were extremely valuable to them during their early development. If a business is incorporated it is required to have a board of directors.
