Creating New Businesses. Entrepreneurial Orientation EO refers to the processes, practices, and decision-making styles of organizations that act entrepreneurially.

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Presentation transcript:

Creating New Businesses

Entrepreneurial Orientation EO refers to the processes, practices, and decision-making styles of organizations that act entrepreneurially. What are the key characteristics of people or organizations that think entrepreneurially? Autonomy. Competitive aggressiveness. Innovativeness. Proactiveness. Risk taking

Elevator Pitch Initial Considerations Customer Competition Market Market Research Direct Indirect Learn the industry

Great Elevator Pitches What’s your “big hook”? Start off with a bang Finish with a flurry Think big But be realistic!

Where do ideas come from? Existing companies. Improve existing organizations. Doing something better. Prior experience (50%) Filling a need (e.g. you would be a customer) Leveraging a novel technology. Convenience. Making things more accessible. Research markets and people. Changes in regulation Emerging markets. Creating new markets. Societal changes Combine multiple ideas or break them apart. Solving a problem.

Internal vs External Which is better? Why? A. Outside-In. Looking for needs in the marketplace and then relating those opportunities to your own capabilities as an entrepreneur. B. Inside-Out. Evaluating your own capabilities and then looking at what new products or services you might be able to offer to the market.

The Value Proposition Differentiated product/service Production Pricing Marketing Sales Distribution Customer Service