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Part II : Venture Formation and Planning
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| The venture team seeks to build a plan that will mitigate the associated risks while using innovation to create the potential for disruptive applications. Furthermore, if possible, a business design will seek to ensure the attainment of economies of scale and scope as growth is experienced. The creation of a formal business plan will provide a valuable tool for investors, the venture team, and allies. This plan is a description of the opportunity, product, strategy, team, needed resources, and potential financial outcomes. The venture techniques described in this book can be used by entrepreneurs to build an independent business as well as a corporate venture emerging within an established firm. Large corporations can learn to confront the innovators’ dilemma and build a viable corporate venture. Knowledge management is a powerful tool for an entrepreneur building an important, innovative new business. Furthermore, product design and prototype methods can foster the creation of outstanding products. The new venture organization carefully selects its legal form and protects its intellectual property. |
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Chapter 6: Risk and Return
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A new venture that creates a novel solution to a problem will be subject to uncertainty of outcome. An action in an uncertain market is sure to experience a risk of delay or loss. It is the entrepreneur’s task to reduce and manage all risks as much as possible. Attractive new ventures can be designed to grow as demand for their products increases.
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Chapter 7: Venture Creation and the Business Plan
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Entrepreneurs respond to attractive opportunities by forming new ventures. In this chapter, we consider the five-step process for establishing a new enterprise. One particularly noteworthy step in the process is the development of a business plan. We describe the task of creating and writing a business plan, which is a significant and challenging effort for most entrepreneurs.
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Chapter 8: Independent Versus Corporate Ventures |
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The appropriate legal and organizational format used to organize a new venture will vary according to several factors such as context, people, legal and tax consequences, and cultural and social norms. In this chapter, we consider the various organizational and legal forms that entrepreneurs employ to achieve their objectives.
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Chapter 9: Knowledge, Learning and Design |
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Knowledge is power. Knowledge assets and intellectual capital are potential sources of wealth. The creation and management of knowledge can lead to new, novel applications and products. Sharing knowledge throughout a firm can enhance the firm’s processes and core competences, thus making the firm more innovative and competitive.
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| Chapter 10: Legal Formation and Intellectual Property |
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| When entrepreneurs establish a new business, they must make some critical decisions about the detailed elements of the firm. The choice of a legal form, name, logo, and other formal elements are critical to a successful future. Furthermore, there should be a plan to build and protect the intellectual property of the new venture. |
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