Abdm4223 lecture week 5 010612 part 1

From Opportunities From Opportunities to to

Feasibility AnalysisFeasibility Analysis

From Opportunities From Opportunities to to


ABDM4233 ENTREPRENEURSHIPABDM4233 ENTREPRENEURSHIP

byStephen OngStephen Ong

Principal Lecturer (Specialist)Principal Lecturer (Specialist)Visiting Professor, Shenzhen UniversityVisiting Professor, Shenzhen University

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From ideas to opportunitiesFrom ideas to opportunities

Linking supply and demand approachesLinking supply and demand approaches Is there a match between a social Is there a match between a social

entrepreneur’s idea and a need?entrepreneur’s idea and a need? According to Maslow, people address their According to Maslow, people address their

needs in orderneeds in order From the most basic physiological needsFrom the most basic physiological needs To higher order needsTo higher order needs

Social entrepreneurs can recognize when Social entrepreneurs can recognize when

lower level needs have lower level needs have NOTNOT been met been met

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Maslow’s hierarchy of needs, Maslow’s hierarchy of needs, and and social entrepreneurship potentialsocial entrepreneurship potential

physiological

safety and security

belongingess

self-esteem

cognitive

aesthetic

self-actualization

self-transcendence

Proper nutrition

School and neighborhood safety

Community programs

Empowerment programs

Academic programs

The arts

College scholarships

Programs to create mentors

Maslow’s hierarchy Example programs that meet different needs

physiological

safety and security

belongingess

self-esteem

cognitive

aesthetic

self-actualization

self-transcendence

Proper nutrition

School and neighborhood safety

Community programs

Empowerment programs

Academic programs

The arts

College scholarships

Programs to create mentors

Maslow’s hierarchy Example programs that meet different needs

What is An Opportunity?What is An Opportunity?1 of 21 of 2

Opportunity DefinedAn opportunity is a favorable

set of circumstances thatcreates a need for a new

product, service, or business.

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What is an Opportunity?What is an Opportunity?2 of 22 of 2

Four Essential Qualities of an Opportunity

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Three Ways to Identify an OpportunityThree Ways to Identify an Opportunity

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First Approach: Observing TrendsFirst Approach: Observing Trends1 of 21 of 2

Observing TrendsObserving Trends Trends create opportunities for entrepreneurs to Trends create opportunities for entrepreneurs to

pursue.pursue. The most important trends are:The most important trends are:

Economic forcesEconomic forces Social forcesSocial forces Technological advancesTechnological advances Political action and regulatory changePolitical action and regulatory change

It’s important to be aware of changes in these areas.It’s important to be aware of changes in these areas.

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First Approach: Observing TrendsFirst Approach: Observing Trends2 of 22 of 2

Environmental Trends Suggesting Business or Product Opportunity Gaps

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Sources of opportunitiesSources of opportunities

Technological changeTechnological change Using the internet for political fundraisingUsing the internet for political fundraising

Change in public policyChange in public policy New opportunities for faith-based groupsNew opportunities for faith-based groups

Changes in public opinionChanges in public opinion Opposition to wars (Vietnam and Iraq)Opposition to wars (Vietnam and Iraq)

Changes in tastesChanges in tastes E.g., higher education adapts to student interestsE.g., higher education adapts to student interests

Demographic changesDemographic changes Serve immigrants and help them assimilateServe immigrants and help them assimilate

Trend 1: Economic ForcesTrend 1: Economic Forces

Economic trends help determine areas that are

ripe for new start-ups and areas that start-ups should

avoid.

Example of Economic Trend Creating a Favorable Opportunity

• A weak economy favors start-ups that help consumers save money.• An example is GasBuddy.com, a company started to help consumers save money on gas.

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Trend 2: Social ForcesTrend 2: Social Forces

Social trends alter how people and businesses behave and set their

priorities. These trends provide opportunities for

new businesses to accommodate the

changes.

Examples of Social Trends

• Aging of baby boomers• The increasing diversity of the workplace• Increasing interest in social networks such as Facebook and Twitter• An increasing focus on health and wellness• Increasing interest in “green” products

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Trend 3: Technological AdvancesTrend 3: Technological Advances1 of 21 of 2

Advances in technology frequently create business

opportunities.

Examples of Entire Industries that Have Been Created as the Result of Technological Advances

• Computer industry• Internet• Biotechnology• Digital photography

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Trend 3: Technological AdvancesTrend 3: Technological Advances2 of 22 of 2

Once a technology is created, products often emerge to advance it.

Example: H20Audio

An example is H20Audio, a company started by four former San Diego State University students, that makes waterproof housings for the Apple iPhone and iPod.

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Trend 4: Political Action and Regulatory Trend 4: Political Action and Regulatory ChangesChanges

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Political action and regulatory changes also

provide the basis for opportunities.

General Example

Laws to protect the environment have created opportunities for entrepreneurs to start firms that help other firms comply with environmental laws and regulations.

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Trend 4: Political Action and Regulatory Trend 4: Political Action and Regulatory ChangesChanges

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Company created to help other companies comply

with a specific law.

Specific Example

The No Child Left Behind Act of 2002 requires states to develop criterion-based assessments in basic skills to be periodically given to students in certain grades. Kim and Jay Kleeman, two high school teachers, started Shakespeare Squared, a company that helps high schools comply with the act.

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Second Approach: Solving a ProblemSecond Approach: Solving a Problem1 of 21 of 2

Solving a ProblemSolving a Problem Sometimes identifying opportunities simply involves Sometimes identifying opportunities simply involves

noticing a problem and finding a way to solve it.noticing a problem and finding a way to solve it. These problems can be pinpointed through observing These problems can be pinpointed through observing

trends and through more simple means, such as trends and through more simple means, such as intuition, serendipity, or change. intuition, serendipity, or change.

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EmbraceEmbrace

THE PROBLEMTHE PROBLEM 20,000,000 low-birth 20,000,000 low-birth

weight pre-mature weight pre-mature babiesbabies

Hypothermia (Loss of Hypothermia (Loss of body heat) kills 4,000,000 body heat) kills 4,000,000 within first monthwithin first month

16,000,000 survivors 16,000,000 survivors face diabetes, heart face diabetes, heart disease and low IQ risks.disease and low IQ risks.

THE SOLUTIONTHE SOLUTION New affordable New affordable

innovative products for innovative products for medicalmedical

Product Costs 1% of Product Costs 1% of Western baby incubatorWestern baby incubator

Second Approach: Solving a ProblemSecond Approach: Solving a Problem2 of 22 of 2

• A problem facing the U.S. and other countries is finding alternatives to fossil fuels.• A large number of entrepreneurial firms, like this solar farm, are being launched to solve this problem.

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Third Approach: Finding Gaps in the Third Approach: Finding Gaps in the MarketplaceMarketplace

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Gaps in the MarketplaceGaps in the Marketplace A third approach to identifying opportunities is to find A third approach to identifying opportunities is to find

a gap in the marketplace.a gap in the marketplace. A gap in the marketplace is often created when a A gap in the marketplace is often created when a

product or service is needed by a specific group of product or service is needed by a specific group of people but doesn’t represent a large enough market to people but doesn’t represent a large enough market to be of interest to mainstream retailers or manufacturers.be of interest to mainstream retailers or manufacturers.

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GrameenPhone BangladeshGrameenPhone Bangladesh

““Stay Close”Stay Close”Market GapMarket Gap Low incomes of the Low incomes of the

rural poor unable to rural poor unable to afford mobile afford mobile communicationscommunications

Disconnected rural Disconnected rural communitiescommunities

High middlemen costs High middlemen costs in trade denying income in trade denying income improvementsimprovements

http://tedblog.typepad.com/tedblog/2006/10/iqbal_quadir_on.html

Village Phone Fills the GapVillage Phone Fills the Gap 400,000 GP women 400,000 GP women

operators in rural villagesoperators in rural villages Microfinance loan Microfinance loan

USD200 from Grameen USD200 from Grameen bankbank

Universal access to Universal access to mobile communications mobile communications for 55,000 villages(2006) for 55,000 villages(2006) … 100,000,000 users… 100,000,000 users

Improved personal and Improved personal and village incomesvillage incomes

Third Approach: Finding Gaps in the Third Approach: Finding Gaps in the MarketplaceMarketplace

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Product gaps in the marketplace represent

potentially viable business opportunities.

Specific Example

In 2000 Tish Cirovolv realized there were no guitars on the market made specifically for women. To fill this gap, she started Daisy Rock Guitars, a company that makes guitars just for women.

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Get information for socially-Get information for socially-entrepreneurial ideasentrepreneurial ideas

Stocks of knowledge Intelligence and alertness

Education

Networks

Life experience

Work experience

Access to information Utilization of information

Creative process of ideas and opportunities

Personal Characteristics of the Personal Characteristics of the EntrepreneurEntrepreneur

Characteristics that tend to make some people better at recognizing opportunities than others

Prior Experience Cognitive Factors

Social Networks Creativity

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Prior ExperiencePrior Experience

Prior Industry ExperiencePrior Industry Experience Several studies have shown that prior experience in an Several studies have shown that prior experience in an

industry helps an entrepreneur recognize business industry helps an entrepreneur recognize business opportunities. opportunities.

By working in an industry, an individual may spot a market By working in an industry, an individual may spot a market niche that is underserved.niche that is underserved.

It is also possible that by working in an industry, an individual It is also possible that by working in an industry, an individual builds a network of social contacts who provide insights that builds a network of social contacts who provide insights that lead to recognizing new opportunities.lead to recognizing new opportunities.

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Cognitive FactorsCognitive Factors

Cognitive FactorsCognitive Factors Studies have shown that opportunity recognition may Studies have shown that opportunity recognition may

be an innate skill or cognitive process.be an innate skill or cognitive process. Some people believe that entrepreneurs have a “sixth Some people believe that entrepreneurs have a “sixth

sense” that allows them to see opportunities that others sense” that allows them to see opportunities that others miss.miss.

This “sixth sense” is called entrepreneurial alertness, This “sixth sense” is called entrepreneurial alertness, which is formally defined as the ability to notice things which is formally defined as the ability to notice things without engaging in deliberate search.without engaging in deliberate search.

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Social NetworksSocial Networks1 of 31 of 3

Social NetworksSocial Networks The extent and depth of an individual’s social network The extent and depth of an individual’s social network

affects opportunity recognition. affects opportunity recognition. People who build a substantial network of social and People who build a substantial network of social and

professional contacts will be exposed to more professional contacts will be exposed to more opportunities and ideas than people with sparse networks.opportunities and ideas than people with sparse networks.

Research results suggest that between 40% and 50% of Research results suggest that between 40% and 50% of people who start a business got their idea via a social people who start a business got their idea via a social contact.contact.

Strong Tie Vs. Weak Tie RelationshipsStrong Tie Vs. Weak Tie Relationships All of us have relationships with other people that are All of us have relationships with other people that are

called “ties.” (See next slide.)called “ties.” (See next slide.)

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Nature of Strong-Tie Vs. Weak-Tie RelationshipsNature of Strong-Tie Vs. Weak-Tie Relationships Strong-tie relationship are characterized by frequent Strong-tie relationship are characterized by frequent

interaction and form between coworkers, friends, and interaction and form between coworkers, friends, and spouses.spouses.

Weak-tie relationships are characterized by infrequent Weak-tie relationships are characterized by infrequent interaction and form between casual acquaintances.interaction and form between casual acquaintances.

ResultResult It is more likely that an entrepreneur will get new It is more likely that an entrepreneur will get new

business ideas through weak-tie rather than strong-tie business ideas through weak-tie rather than strong-tie relationships. (See next slide.)relationships. (See next slide.)

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Strong-Tie Relationships Weak-Tie Relationships

These relationships, which typically form between like-minded individuals, tend to reinforce insights and ideas that people already have.

These relationships, which form between casual

acquaintances, are not as apt to be between like-

minded individuals, so one person may say something

to another that sparks a completely new idea.

Why weak-tie relationships lead to more new business ideas than strong-tie relationships

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CreativityCreativity1 of 21 of 2

CreativityCreativity Creativity is the process of generating a novel or useful Creativity is the process of generating a novel or useful

idea.idea. Opportunity recognition may be, at least in part, a Opportunity recognition may be, at least in part, a

creative process.creative process. For an individual, the creative process can be broken For an individual, the creative process can be broken

down into five stages, as shown on the next slide.down into five stages, as shown on the next slide.

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CreativityCreativity2 of 22 of 2

Five Steps to Generating Creative Ideas

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Full View of the Opportunity Full View of the Opportunity Recognition ProcessRecognition Process

Depicts the connection between an awareness of emerging trends and the personal characteristics of the entrepreneur

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Techniques for Generating IdeasTechniques for Generating Ideas

Brainstorming Focus Groups

Library andInternet Research

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BrainstormingBrainstorming

BrainstormingBrainstorming Is a technique used to generate a large number of ideas Is a technique used to generate a large number of ideas

and solutions to problems quickly.and solutions to problems quickly. A brainstorming “session” typically involves a group of A brainstorming “session” typically involves a group of

people, and should be targeted to a specific topic.people, and should be targeted to a specific topic. Rules for a brainstorming session:Rules for a brainstorming session:

No criticism.No criticism. Freewheeling is encouraged.Freewheeling is encouraged. The session should move quickly.The session should move quickly. Leap-frogging is encouraged.Leap-frogging is encouraged.

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Focus GroupsFocus Groups

Focus GroupFocus Group A focus group is a gathering of five to ten people, who A focus group is a gathering of five to ten people, who

have been selected based on their common have been selected based on their common characteristics relative to the issues being discussed.characteristics relative to the issues being discussed.

These groups are led by a trained moderator, who uses These groups are led by a trained moderator, who uses the internal dynamics of the group environment to gain the internal dynamics of the group environment to gain insight into why people feel the way they do about a insight into why people feel the way they do about a particular issue.particular issue.

Although focus groups are used for a variety of Although focus groups are used for a variety of purposes, they can be used to help generate new purposes, they can be used to help generate new business ideas.business ideas.

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Library and Internet ResearchLibrary and Internet Research1 of 31 of 3

Library ResearchLibrary Research Libraries are an often underutilized source of Libraries are an often underutilized source of

information for generating new business ideas.information for generating new business ideas. The best approach is to talk to a reference librarian, The best approach is to talk to a reference librarian,

who can point out useful resources, such as industry-who can point out useful resources, such as industry-specific magazines, trade journals, and industry specific magazines, trade journals, and industry reports.reports.

Simply browsing through several issues of a trade Simply browsing through several issues of a trade journal or an industry report on a topic can spark new journal or an industry report on a topic can spark new ideas.ideas.

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Library and Internet Research Library and Internet Research 2 of 32 of 3

Large public and university libraries

typically have access to search engines and

industry reports that would cost thousands of dollars to access on your own.

Examples of Useful Search Engines and Industry Reports

• BizMiner• ProQuest• IBISWorld• Mintel• LexisNexis Academic

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Library and Internet ResearchLibrary and Internet Research3 of 33 of 3

Internet ResearchInternet Research If you are starting from scratch, simply typing “new If you are starting from scratch, simply typing “new

business ideas” into a search engine will produce links business ideas” into a search engine will produce links to newspapers and magazine articles about the to newspapers and magazine articles about the “hottest” new business ideas.“hottest” new business ideas.

If you have a specific topic in mind, setting up Google If you have a specific topic in mind, setting up Google or Yahoo! e-mail alerts will provide you with links to a or Yahoo! e-mail alerts will provide you with links to a constant stream of newspaper articles, blog posts, and constant stream of newspaper articles, blog posts, and news releases about the topic.news releases about the topic.

Targeted searches are also useful.Targeted searches are also useful.

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Other TechniquesOther Techniques

Customer Advisory BoardsCustomer Advisory Boards Some companies set up customer advisory boards that Some companies set up customer advisory boards that

meet regularly to discuss needs, wants, and problems meet regularly to discuss needs, wants, and problems that may lead to new ideas. that may lead to new ideas.

Day-In-The-Life ResearchDay-In-The-Life Research A type of anthropological research, where the A type of anthropological research, where the

employees of a company spend a day with a customer.employees of a company spend a day with a customer.

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Encouraging New IdeasEncouraging New Ideas

Establishing a Focal Point for IdeasEstablishing a Focal Point for Ideas Some firms meet the challenge of encouraging, Some firms meet the challenge of encouraging,

collecting, and evaluating ideas by designating a specific collecting, and evaluating ideas by designating a specific person to screen and track them—for if it’s everybody’s person to screen and track them—for if it’s everybody’s job, it may be no one’s responsibility.job, it may be no one’s responsibility.

Another approach is to establish an idea bank (or Another approach is to establish an idea bank (or vault), which is a physical or digital repository for vault), which is a physical or digital repository for storing ideas.storing ideas.

Encouraging Creativity at the Firm LevelEncouraging Creativity at the Firm Level Creativity is the raw material that goes into innovation Creativity is the raw material that goes into innovation

and should be encouraged at the organizational and and should be encouraged at the organizational and individual supervisory level. individual supervisory level.

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Protecting Ideas From Being Lost or Protecting Ideas From Being Lost or StolenStolen

Step 1Step 1 The idea should be put in a tangible form such as The idea should be put in a tangible form such as

entered into a physical idea logbook or saved on a entered into a physical idea logbook or saved on a computer disk, and the date the idea was first thought computer disk, and the date the idea was first thought of should be entered.of should be entered.

Step 2Step 2 The idea should be secured. This may seem like an The idea should be secured. This may seem like an

obvious step, but is often overlooked.obvious step, but is often overlooked. Step 3Step 3

Avoid making an inadvertent or voluntary disclosure of Avoid making an inadvertent or voluntary disclosure of an idea, in a manner that forfeits the right to claim an idea, in a manner that forfeits the right to claim exclusive rights to it. exclusive rights to it.

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Entrepreneurs do not lack creative Entrepreneurs do not lack creative ideas, but …ideas, but …

Is a particular idea a viable foundation Is a particular idea a viable foundation for creating a successful business? for creating a successful business?

Feasibility study addresses the Feasibility study addresses the question: “Should we proceed with question: “Should we proceed with this business idea?”this business idea?”

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A feasibility study:A feasibility study: IsIs not not the same as a business plan. the same as a business plan. Serves as a filter, screening out ideas that Serves as a filter, screening out ideas that

lack the potential for building a successful lack the potential for building a successful business business beforebefore an entrepreneur commits an entrepreneur commits the necessary resources to building a the necessary resources to building a business plan. business plan.

Is an investigative tool.Is an investigative tool.


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Industry and Industry and Market FeasibilityMarket Feasibility

Product or ServiceProduct or ServiceFeasibilityFeasibility

FinancialFinancialFeasibilityFeasibility

Elements of a Feasibility AnalysisElements of a Feasibility Analysis

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Industry and Market Feasibility

Product or ServiceProduct or ServiceFeasibilityFeasibility



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Industry and Market Industry and Market Feasibility AnalysisFeasibility Analysis

Two areas of focus:Two areas of focus:

1.1. Determining how attractive an Determining how attractive an industry is overall as a “home” for a industry is overall as a “home” for a new business.new business.

2.2. Identifying possible niches a small Identifying possible niches a small business can occupy profitably. business can occupy profitably.

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Five Forces ModelFive Forces Model

Five forces interact with one another to Five forces interact with one another to determine the setting in which companies determine the setting in which companies compete and, hence, the attractiveness of compete and, hence, the attractiveness of the industry:the industry:

1.1. Rivalry among companies in the industryRivalry among companies in the industry

2.2. Bargaining power of suppliersBargaining power of suppliers

3.3. Bargaining power of buyersBargaining power of buyers

4.4. Threat of new entrantsThreat of new entrants

5.5. Threat of substitute products or servicesThreat of substitute products or services

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Industry Competitors

Rivalry among existing firms

Buyers

Bargaining PowerBargaining Powerof Buyersof Buyers

Suppliers

Bargaining PowerBargaining Powerof Suppliersof Suppliers

Substitutes

PotentialEntrants

Threat ofThreat ofNew EntrantsNew Entrants

Threat of SubstituteThreat of SubstituteProducts or ServicesProducts or Services

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Buyers


Suppliers


Substitutes

PotentialEntrants



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Rivalry Among CompaniesRivalry Among Companies

Strongest of the five forcesStrongest of the five forces Industry is more attractive when:Industry is more attractive when:

Number of competitors is large, or, at Number of competitors is large, or, at the other extreme, quite smallthe other extreme, quite small

Competitors are not similar in size or Competitors are not similar in size or capacitycapacity

Industry is growing fastIndustry is growing fast Opportunity to sell a differentiated Opportunity to sell a differentiated

product or service existsproduct or service exists

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Buyers


Suppliers


Substitutes

PotentialEntrants



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Bargaining Power of Bargaining Power of SuppliersSuppliers

The greater the leverage of suppliers, The greater the leverage of suppliers, the less attractive the industry.the less attractive the industry.

Industry is more attractive when:Industry is more attractive when: Many suppliers sell a commodity Many suppliers sell a commodity

productproduct Substitutes are availableSubstitutes are available Switching costs are lowSwitching costs are low Items account for a small portion of Items account for a small portion of

the cost of finished productsthe cost of finished products

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Buyers


Suppliers


Substitutes

PotentialEntrants



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Bargaining Power of Bargaining Power of BuyersBuyers

Buyers’ influence is high when number of Buyers’ influence is high when number of customers is small and cost of switching to a customers is small and cost of switching to a competitor’s product is low. competitor’s product is low.

Industry is more attractive when:Industry is more attractive when: Customers’ switching costs are highCustomers’ switching costs are high Number of buyers is largeNumber of buyers is large Customers want differentiated productsCustomers want differentiated products Customers find it difficult to collect information Customers find it difficult to collect information

for comparing suppliersfor comparing suppliers Items account for a small portion of customers’ Items account for a small portion of customers’

finished products finished products

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Buyers


Suppliers


Substitutes

PotentialEntrants



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Threat of New EntrantsThreat of New Entrants The larger the pool of potential new entrants, The larger the pool of potential new entrants,

the less attractive an industry is.the less attractive an industry is. Industry is more attractive to new entrants Industry is more attractive to new entrants

when:when: Advantages of economies of scale are absent.Advantages of economies of scale are absent.

Capital requirements to enter are lowCapital requirements to enter are low

Cost advantages are not related to company sizeCost advantages are not related to company size

Buyers are not loyal to existing brandsBuyers are not loyal to existing brands

Government does not restrict the entrance of new Government does not restrict the entrance of new companies companies

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Buyers


Suppliers


Substitutes

PotentialEntrants



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Threat of SubstitutesThreat of Substitutes Substitute products or services can turn Substitute products or services can turn

an industry on its head.an industry on its head. Industry is more attractive to new entrants Industry is more attractive to new entrants

when:when: Quality substitutes are not readily Quality substitutes are not readily

availableavailable Prices of substitute products are not Prices of substitute products are not

significantly lower than those of the significantly lower than those of the industry’s productsindustry’s products

Buyers’ switching costs are highBuyers’ switching costs are high

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Five Forces MatrixFive Forces Matrix

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Business PrototypingBusiness Prototyping

Entrepreneurs Entrepreneurs test their business test their business models on a small scale models on a small scale before before committing serious resources to committing serious resources to launch a business that might not work. launch a business that might not work.

Recognizes that a business idea is a Recognizes that a business idea is a hypothesis that needs to be tested hypothesis that needs to be tested before taking it full scale. before taking it full scale.

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Product or ServiceFeasibility



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Product or Service Product or Service Feasibility AnalysisFeasibility Analysis

Determines the degree to which a Determines the degree to which a product or service idea appeals to product or service idea appeals to potential customers and identifies the potential customers and identifies the resourced necessary to produce it. resourced necessary to produce it.

Two questions:Two questions:1.1. Are customers willing to purchase Are customers willing to purchase

our product or service?our product or service?

2.2. Can we provide the product or Can we provide the product or service to customers at a profit? service to customers at a profit?

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Product or Service Product or Service Feasibility AnalysisFeasibility Analysis

Primary research: Collect data firsthand Primary research: Collect data firsthand and analyze it.and analyze it. Customer surveys and questionnairesCustomer surveys and questionnaires Focus groupsFocus groups

Secondary research: Gather data that Secondary research: Gather data that already has been compiled and analyze it. already has been compiled and analyze it.

PrototypesPrototypes In-home trialsIn-home trials

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Product or ServiceProduct or Service FeasibilityFeasibility

FinancialFeasibility


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Financial Feasibility AnalysisFinancial Feasibility Analysis

Capital requirements –an estimate of how Capital requirements –an estimate of how much start-up capital is required to much start-up capital is required to launch the business.launch the business.

Estimated earnings – forecasted income Estimated earnings – forecasted income statementsstatements

Return on investment – Combining the Return on investment – Combining the previous two estimates to determine how previous two estimates to determine how much investors can expect their much investors can expect their investments to return. investments to return.

Further ReadingFurther Reading Scarborough, Norman, M. 2011. Scarborough, Norman, M. 2011. Essentials of Essentials of

Entrepreneurship and Small Business Management.Entrepreneurship and Small Business Management. 66thth edition. Pearson. edition. Pearson.

Brooks, Arthur C. (2006) Social Entrepreneurship : A Brooks, Arthur C. (2006) Social Entrepreneurship : A Modern Approach to Social Value Creation. Pearson Modern Approach to Social Value Creation. Pearson

Barringer, Bruce R. & Ireland, R. Duane, 2011 Barringer, Bruce R. & Ireland, R. Duane, 2011 Entrepreneurship – Successfully launching new Entrepreneurship – Successfully launching new ventures ventures 44thth edition, Pearson. edition, Pearson.

Schaper, M., Volery, T., Weber, P. & Lewis, K. 2011. Schaper, M., Volery, T., Weber, P. & Lewis, K. 2011. Entrepreneurship and Small Business.Entrepreneurship and Small Business. 3 3rdrd Asia Asia Pacific edition. John Wiley.Pacific edition. John Wiley.