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Stages of Entrepreneurship

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Outline

Critical Stages of Entrepreneurship

Major Activities along the stages

Transition to next class

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Basics: Five Best Ways to Get Rich

Inheritance

Marry rich

Win a state lottery Be a show-biz celebrity

Start a company

From Stolze, Start up

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Major Stages of Entrepreneurship

Converging on the idea

Business Plan

Business Formation Growth/ exit

Going public

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Existing

ProductsModified

ProductsNew Products

Existing

Markets

IdentifiableMarkets

New

Markets

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WomensShampoo

Alternative

Greeting

Cards

Solid state

still camera

Clothes forprofessional

women

Overnightpackage

delivery

Specialtysports car

Mobile petgrooming

device

PersonalComputers

Laser discs

Existing

Products

Modified

Products New Products

Existing

Markets

Identifiable

Markets

NewMarkets

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1. Converging on the idea

In many cases, the decision start a business precedesthe idea

Many ideas fall by the way side, since they are either

technically not feasible orfinancially not viable orboth

So you need to do enough research to converge on

the idea

Documentary

Experience

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Ideas: Intellectual Property

The meaning of the term

Four forms of legal defense

Patent

Copyright

Trademark

Trade Secret Confidentiality Agreements

In many cases, you will need legal help!

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2.Business Plan Development

Four major elements:

New product/ service development

Business Model Financial Model

Operating plan

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3.Business Formation

Type of company: legal form, registration

Financing new product development:

Family and friends

SBIR grants

NCIA awards/ Ben Franklin grants

Angels

Frugal: This is the time for extreme frugality

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Example BAIDA Entrepreneurs

To be announced

Incubator SBDC

Colleges

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Exit

Various reasons

Story ofLands End

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5. Going Public

Initial Public Offering

Probably the point in time the entrepreneur extracts

the value of his/her efforts

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Major Stages of Entrepreneurship

Converging on the idea

Business Plan

Business Formation Growth/ exit

Going public

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