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Part I: Venture Opportunity, Concept, and Strategy
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Entrepreneurs have important roles in creating new businesses that fuel progress in societies worldwide. The entrepreneur uses a combination of innovation and technology to foster new, effective means of activity in all facets of life. The capable entrepreneur learns to identify, select, describe, and communicate the essence of an opportunity that has attractive potential to become a successful venture. The entrepreneur is able to describe the valuable contributions of a venture and create the design of a business model that can be sustained by a competitive advantage. The venture team creates a road map (strategy) that can, with good chance, effectively lead to the commercialization of the new product or service in the marketplace. Finally, the venture team builds an innovation strategy that fosters the sustainable advantage of the technology venture.
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Chapter 1: Capitalism
and the Technology Entrepreneur
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The entrepreneur provides the creative force capitalism needs
to work. Entrepreneurs strive to make a difference in our world and contribute
to its betterment. In this chapter, we describe the characteristics of the people called entrepreneurs and the process they use to create new enterprises.
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Chapter 2: Opportunity
and the Business Summary
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Entrepreneurs identify and evaluate opportunities while
striving to find one that fits their capabilities, interests, and resources.
Examining social, technological, and economic trends can lead to the
identification of important emerging needs.
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Chapter 3: Building
a Competitive Advantage |
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A new business is defined by the wants or needs customers satisfy when they buy
a product or service. To create a theory of a new business, the entrepreneur mus
cogently and clearly describe the customers and their needs and how the venture
will satisfy those needs. To describe the business, the entrepreneur prepares a
series of statements and propositions that clearly outline the business.
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Chapter 4: Creating
a Strategy |
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Every new venture has a strategy or approach to achieve its goals. This strategy
is in response to its plan to implement a solution to an important problem or
opportunity.
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| Chapter 5: Innovative Strategies |
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| The decision to be the first
mover needs to be addressed by all entrepreneurs. The entrepreneur
needs to maintain a sense of urgency but avoid being too early or too late to
market. Entrepreneurs seek to build an innovation strategy that involves new technologies, ideas, and creativity that lead to invention and ultimately commercialization. A firm that encourages creativity and inventiveness can create the ingredients of sustained innovation. |
