SOCSCI 2EN3 Chapter Notes - Chapter 2: Section 25, Inside Out Music, Bargaining Power
22 Oct 2016
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2-1 the start-up: creating a new business (cid:494)start-up fever(cid:495: because the want the challenge of success (or failure, avoid undesirable features of existing companies. High risk: b/c no definite model or success to follow, must be unique, better than others currently available. If initial idea turns out bad, its best to fail fast + fail cheap. Class 2 (cid:498)new benefit ideas(cid:499) = start-up ideas to provide customers with improved. Represent concepts for performing old functions in product better + new ways. Sources of start-up ideas: personal/work experience, hobbies + personal interest, accidental discovery. Prospective entrepreneurs: thinking about new business ideas tend to be more receptive to new ideas from any source. 2-3 using internal & external analysis to identify and assess new. 2 general approaches to help find business ideas: Examine the needs in marketplace and then determine how to use their own capabilities to pursue those opportunities.
