Professional Documents
Culture Documents
Entrepreneur: A person who maximises their utility. Utility = What you want.
o Entrepreneur has good management skills and good networks along with being highly creative and
innovative.
Entrepreneurial activity can be Productive, Unproductive or Destructive (eg. Crime, robbery, trafficking drugs
or people).
For entrepreneurship, Access to resources is important not ownership
Behavioural Model
Belief Structures
Self-Image
Perceived societal
norms
Fear of failure
Psychological
Heuristics
Ethical values
state
Motivation
Self-efficacy
Aptitude
Intelligence (IQ, EQ)
Education
Training
Personality Ability Experience
Entrepreneurial Opportunities
Types of opportunities
Needs (Problem)
Unidentified Identified
New
C D
Market
Essential/ A B
Existing
Essential/Existing New
Products
Market Assessment
1. Market Segmentation: Identify Niche market
2. Gather Market info: quantitative and qualitative
3. Sales strategy: milestones and decisions
Technology led: Technology customer
Market led: customer (market research)Product
New players have to follow Market led strategy.
Entrepreneurial team
Importance of team
Very difficult to raise funds without a team
Contribution of capital
Diversity of perspectives
Mix of functional skills
Social and psychological support
Personality: Thinking styles
Clarifier
1. Clarifies the need/pain
2. Focuses on details to identify the exact need to be fulfilled
3. Detailed analysis of problem
4. Does not rush to find a solution
Ideator
1. Looks at the bigger picture
2. Innovative thinking to come up with workable solutions
3. May not be detailed or thorough about solution
Developer
1. Assemble workable solutions
2. Weighs the pros and cons of each solution
3. Plans a strategy for implementation
4. May be a perfectionist and may get stuck developing a perfect solution
Implementor
1. Gives structures to ideas
2. Focuses on workable solutions implements solution with a just-do-it (JDT) approach
3. May jump to actions too quickly
Integrator
1. Responsible for team performance
2. Is usually clear about roles and responsibilities
3. Understands team dynamics
4. Give equal energy across all thinking styles and bridges the differences
Value Chain
Value Chain: shows all the stages involved in making and delivering the product/service to the customer
Complementary Assets: Assets needed to translate an innovation in to commercial returns (teece,1986)
Value Chain Analysis
1. Plot the Value Chain around the business
2. Identify the position of the product/service/idea in the chain
3. Identify where the value is created
4. Analyse the chain: what is the weight/power of the business in relation to the upstream (Technological)
and downstream (Distribution) players in the chain
5. Identify the economic and operational impact of the chain on the business
Teece Framework
Complementary Assets
Freely available /
Tightly held & important
unimportant
Holder of Complementary
Appropriability