BU111 Lecture Notes - Lecture 3: Paradigm Shift, Voice Of The Customer, Switching Barriers
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Importance of entrepreneurship: contributes significantly to the economy, 98. 1% are small, new and/or small businesses contribute +30% annually to gdp, new ventures are a larger provider of jobs than the big businesses, lead in products and services innovation. That"s why big corporations buy the smaller businesses to improve themselves. Entrepreneur process resources fit. and the entrepreneur sees it and chases it. They take advantage of the opportunity they see. Evaluating your business opportunity: the business opportunity needs to have recurring revenue (meaning that people need to be able to come back to make you more profit. Buying something only once isn"t maximizing profit and means you may have to rethink your design. Ideal is few substitutes that are lower quality and higher priced. For example to economy goes into the economy but because your good isn"t luxury, it still is able to make profit during that time. They need to prove that they have enough orders to produce.
