1. CFA 201: The Entrepreneurial Mindset in Communications and Fine Arts
Professor Edward Lee Lamoureux, Ph.D.
Bradley University
College of Communications and Fine Arts
CLASS SIX

2. Entrepreneurial Process Part 1

3. The Environment Changes EVERYTHING
Ideation
Creativity
Problem/Need
Opportunity
Solution
Innovation
Execution
Results
Entrepreneurial
Enterprise
The Environment
Changes EVERYTHING
Although we will examine the entire Entrepreneurial process through the next two sessions, the course focuses on (only) the early phases.

4. Framework of Frameworks For Entrepreneurship
Dr. Michael Morris, OK. St. Univ.

5. Organization Contexts
Entrepreneurial
Enterprise #1
Organization Contexts
Opportunities
#2 & 3
The Entrepreneur
#4 & 5
The Concepts
Resources
Find (2)
Evaluate (3)
Types of Ventures (11)
Life cycles/stages (12)
Types of Entrepreneurs (4)
Type(s) of investments they make (5)
Types and strategies (9)
Prioritizing sources (10)
Types of Innovation
(6)
Competitive Entry Wedge (7)
Economic models
(8)

6. We examined the totality that Morris lists as #1, the Entrepreneurial Enterprise, in our last class.

7. #1 Solution Innovation The Environment Changes EVERYTHING Ideation
Creativity
Problem/Need
Opportunity
Solution
Innovation
Execution
Results
The Environment
Changes EVERYTHING #1
Entrepreneurial
Enterprise

8. We will examine #2: Find Opportunities and #3: Analyze Opportunities in detail in classes 10 & 11 respectively.

9. Organization Contexts
PHASE 4
Find (2)
Evaluate (3)
Opportunities
#2 & 3
Types of Ventures
(11)
Types of Entrepreneurs (4)
Entrepreneurial
Enterprise #1
Organization Contexts
The Entrepreneur
#4 & 5
Life cycles/stages
(12)
Type(s) of investments they make (5)
The Concepts
Resources
Types of Innovation
(6)
Prioritizing sources (10)
Competitive Entry Wedge (7)
Types and strategies (9)
Economic models
(8)

10. #4: Types of Entrepreneurs
Personal Achievers
Strong commitment; internal locus of control; but needs feedback too.
Super-sales-people
Empathic with others; Strong social skills & relationship building
Expert Idea Generators
Desire to innovate; works well with high tech; intelligence as competitive advantage
Corporate Managers
Take charge/compete/stand out; Wants power and corporate prestige; OK with authority-based relations.

11. Organization Contexts
PHASE 5
Find (2)
Evaluate (3)
Opportunities
#2 & 3
Types of Ventures
(11)
Types of Entrepreneurs (4)
Entrepreneurial
Enterprise #1
Organization Contexts
The Entrepreneur
#4 & 5
Life cycles/stages
(12)
Type(s) of investments they make (5)
The Concepts
Resources
Types of Innovation
(6)
Prioritizing sources (10)
Competitive Entry Wedge (7)
Types and strategies (9)
Economic models
(8)

12. #5: Entrepreneur’s Investment Models
Income Model
Initial Investment
+/- deficient income
+ income
Growth Model
Initial Investment
No Income
+/- deficient income
+/- deficient income + more investment
Major Capital Gain
Speculative Model
Initial Investment
No Income
Marginal Income
Capital Gain

13. Organization Contexts
PHASE 6
Find (2)
Evaluate (3)
Opportunities
#2 & 3
Types of Ventures
(11)
Types of Entrepreneurs (4)
Entrepreneurial
Enterprise #1
Organization Contexts
The Entrepreneur
#4 & 5
Life cycles/stages
(12)
Type(s) of investments they make (5)
The Concepts
Resources
Types of Innovation
(6)
Prioritizing sources (10)
Competitive Entry Wedge (7)
Types and strategies (9)
Economic models
(8)

14. #6: Innovation Types Products/Services
New to the world
New to the market
New product or service line that at least one competitor is offering
Addition to existing product or service line
Product/service improvement/revision (including new feature, or option, or change)
New application of existing product or service
Significant cost reduction of an existing product or service

15. #6: Innovation Types Processes
New administrative system or procedure
New production method
New marketing or sales approach
New customer support system
New distribution channel or method
New logistical approach
New financing method
New pricing approach
New purchasing approach
New organizational form or structure

16. Organization Contexts
PHASE 7
Find (2)
Evaluate (3)
Opportunities
#2 & 3
Types of Ventures
(11)
Types of Entrepreneurs (4)
Entrepreneurial
Enterprise #1
Organization Contexts
The Entrepreneur
#4 & 5
Life cycles/stages
(12)
Type(s) of investments they make (5)
The Concepts
Resources
Types of Innovation
(6)
Prioritizing sources (10)
Competitive Entry Wedge (7)
Types and strategies (9)
Economic models
(8)

17. #7 Competitive Entry Wedges
Exploiting Partial Momentum
Geographic Transfer
such as franchising; X exists, but not here
Supply Shortages
Knapp String Shop & Band Instruments in Galesburg rents out band instruments, short term, that are only available long term in Peoria.
Tapping Un-utilized Resources
ArcLight theatre (local rural theatre group), started a business based o their ability to use school district facilities when empty.

18. #7 Competitive Entry Wedges
Customer Sponsorship
Customer Contract
For example, if the school district hired the people at ArcLight to teach all of their theatre classes
Becoming a Second Source
If a local music store started renting band instruments short term.

19. #7 Competitive Entry Wedges
Parent Company Sponsorship
Joint Ventures
Licensing
Market relinquishment
Selloff Division

20. #7 Competitive Entry Wedges
Governmental Sponsorship
Favored Purchasing (minorities/gender-based contracting/set asides)
Rule Changes

21. Next time Paper 1 (Your creative cycle) is due today
Read, Morris, et al. “Toward Integration Frameworks” (.pdf file on Sakai), .pdf pages 4-12, article pages 38-46, especially .pdf pages 4-8, article pages  
In class 7: Entrepreneurial Process Part 2

22. CFA 201: The Entrepreneurial Mindset in Communications and Fine Arts
Professor Edward Lee Lamoureux, Ph.D.
Bradley University
College of Communications and Fine Arts
CLASS SIX