Stages of Entrepreneurship Dr. Milton Silver. Outline Critical Stages of Entrepreneurship Critical...
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Transcript of Stages of Entrepreneurship Dr. Milton Silver. Outline Critical Stages of Entrepreneurship Critical...
Outline
Critical Stages of EntrepreneurshipCritical Stages of Entrepreneurship Major Activities along the stagesMajor Activities along the stages Transition to next classTransition to next class
Basics: Five Best Ways to Get Rich InheritanceInheritance Marry richMarry rich Win a state lotteryWin a state lottery Be a show-biz celebrityBe a show-biz celebrity Start a companyStart a company
–From Stolze, From Stolze, Start upStart up
Major Stages of Entrepreneurship
Converging on the ideaConverging on the idea Business PlanBusiness Plan Business FormationBusiness Formation Growth/ exitGrowth/ exit Going publicGoing public
Women’s Women’s ShampooShampoo
Alternative Alternative Greeting Greeting CardsCards
Solid state Solid state still camerastill camera
Clothes for Clothes for professional professional womenwomen
Overnight Overnight package package deliverydelivery
Specialty Specialty sports carsports car
Mobile pet Mobile pet grooming grooming devicedevice
Personal Personal ComputersComputers
Laser discsLaser discs
Existing Products
Modified Products New Products
Existing Markets
Identifiable Markets
New Markets
1. Converging on the idea
In many cases, the decision start a business In many cases, the decision start a business precedes the ideaprecedes the idea
Many ideas fall by the way side, since they are Many ideas fall by the way side, since they are either either technically not feasibletechnically not feasible or or financially not financially not viableviable or both or both
So you need to do enough ‘research’ to converge So you need to do enough ‘research’ to converge on the ideaon the idea DocumentaryDocumentary ExperienceExperience
Ideas: Intellectual Property The meaning of the termThe meaning of the term Four forms of legal defenseFour forms of legal defense
PatentPatent CopyrightCopyright TrademarkTrademark Trade SecretTrade Secret
Confidentiality AgreementsConfidentiality Agreements
In many cases, you will need legal help!
2.Business Plan Development
Four major elements:Four major elements: New product/ service developmentNew product/ service development Business ModelBusiness Model Financial ModelFinancial Model Operating planOperating plan
3.Business Formation
Type of company: legal form, registrationType of company: legal form, registration Financing new product development:Financing new product development:
Family and friendsFamily and friends SBIR grantsSBIR grants NCIA awards/ Ben Franklin grantsNCIA awards/ Ben Franklin grants AngelsAngels
Frugal: This is the time for extreme frugality
Example – BAIDA EntrepreneursTo be announced…To be announced…
IncubatorIncubator SBDCSBDC CollegesColleges
4.Growth/exit
Difference between life style and growth Difference between life style and growth companiescompanies
Growth will require Growth will require infusion of capital through internally generated infusion of capital through internally generated
fundsfunds Sometimes employment of venture capitalistsSometimes employment of venture capitalists Passive investorsPassive investors
Growth will also require organization, as taught in Growth will also require organization, as taught in business schools (Michael Dell story)business schools (Michael Dell story)
5. Going Public
Initial Public OfferingInitial Public Offering
Probably the point in time the entrepreneur extracts the value of his/her efforts
Major Stages of Entrepreneurship
Converging on the ideaConverging on the idea Business PlanBusiness Plan Business FormationBusiness Formation Growth/ exitGrowth/ exit Going publicGoing public