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Entrepreneurial Creativity
5 Action Areas |
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Personal Development
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Building Enterprise
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Discovering and Pursuing
Opportunities
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Effective Competing
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Winning Customers...
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10 Commandments for Building a
Growing Business |
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The Customer is King.
Define the business of the
enterprise in terms of what is to be bought, precisely by whom,
and why. Avoid disaster by testing the market prior to development of a product...
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What Is Entrepreneurship?
Entrepreneurship is
first and foremost a mindset. It
is the art of finding profitable solutions to
problems. Every successful entrepreneur, every successful businessperson has
been someone who's been able to identify a problem and come up with a
solution to it before somebody else did.
Who Is the Entrepreneur?
Entrepreneur is a person who
habitually creates and innovates to build something of recognized value
around perceived opportunities.1
In this definition, all words are key words:
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'Entrepreneur'
can be an individual
entrepreneur, but also an entrepreneurial team or even
entrepreneurial organization
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'A person'
emphasizes a personality
rather than a system
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'Habitually' - just cannot stop being an
entrepreneur
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'Creates'
starts from scratch and brings into being something that was not there
before
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'Innovates'
able to overcome obstacles that would stop most people;
turns problems and risks into opportunities; delivers - sees ideas
through to final application
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'Builds something'
describes the
output of the creation and innovation
process
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'Of recognized value'
encompasses
economic, commercial, social, or aesthetic value
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'Perceived opportunities'
spotting the opportunity to exploit an idea that may or may not be
original to the entrepreneur; seeing something other miss or only see in
retrospect1
What Entrepreneurs Are Like?1
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Personality factors
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born/made ratio
50/50, a synergy of genetic and environmental influence
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motivation and emotion
independence, competitive spirit,
challenge, wealth
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behavioral characteristics
perseverance, determination,
orientation to clear
goals, need to achieve, opportunity
orientation, creativity,
persistent
problem-solving, risk-taking,
integrity, honesty, internal locus on control
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personality attributes
preferred styles: extrovert/introvert; sensor/intuit;
thinker/feeler; and judger/perceiver
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Environmental factors
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family background
entrepreneurial heritage
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age and education
begin entrepreneurial activity early; are
not over-educated
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work experience
most entrepreneurs first gain some work
experience in the line of business they later start up
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Action factors
The Critical Role of Your
Business Model
Business model converts innovation to economic value for the
business.
The business model spells-out how a company makes money by specifying where
it is positioned in the value chain. It draws on a multitude on business subjects including
entrepreneurship,
strategy, economics, finance,
operations, and marketing...
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The Art of Innovation: 9 Truths
By: Guy Kawasaki
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Break down the barriers. The way life should work is that
innovative products are easy to sell. Dream on. Life isn't fair. Indeed, the
more innovative, the more barriers the status quo will erect in your way.
Entrepreneurs should understand this upfront and not get flustered when
market acceptance comes slowly. I've found that the best way to break
barriers is enable people to test drive your innovation: download your
software, take home your hardware, whatever it takes....
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DOs and DON'Ts of a Successful Innovator
By: Peter Drucker
DOs
Start small try to do one
specific thing...
DON'Ts
Don't undershoot, or you
will simply create an opportunity for competition...
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Inspirational Business Plan: Successful Innovation
Growth Strategy:
"Innovation is the specific instrument of
entrepreneurship. The act that endows resources with a new capacity to create
wealth."
Peter Drucker...
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Case in Point
Steve
Jobs
Steve Jobs is
one of the most successful entrepreneurs of our generation. His success story is
legendary.
Put up for
adoption at an early age, dropped out of college after 6 months, slept on
friends floors, returned coke bottles for 5 cent deposits to buy food, then
went on to start Apple Computers and Pixar Animation Studios.
On June 12th
2005, Steve Jobs gave the commencement address at Stanford University. He
revealed the two secrets of his great success:
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Steve Jobs' 12 Rules of Success
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Make
SWOT analysis. As soon as you join/start a
company, make a list of strengths and weaknesses of yourself and your
company on a piece of paper...
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Venture Financing
Technology ventures
demand an unbroken financing chain, from pre-seed capital to stock market.
The financing chain is no stronger than its weakest link.
High-tech start-ups
usually go through
multiple funding
rounds. Equity financing conventionally follows the below trajectory:..
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Find a New Business Idea
"How do you find a new product or service, recognizing that 80
percent or more will be new in five years? Here's a series of
ideas. Number one, begin with yourself," advises Brian Tracy. "Begin with your own
talents, your abilities, your experience,
knowledge, interest, background, education, and so on. Look
carefully at your current work, your current business, your
current position, or your current product or service. Seek for
what is called your own acres of diamonds. Look under your own
feet."...
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SWOT Analysis:
Questions To Answer
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What is your strongest business asset?
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What do you offer that makes you stand out
from the rest?
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Do you have any specific marketing
expertise?...
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Two Rules for Business Start-Ups
Entrepreneurship is the art of finding profitable solutions
to problems. Every successful
entrepreneur, every successful businessperson has been a
person who has been able to identify a problem and come up with
a solution to it before somebody else did. Here are the five
rules for entrepreneurship...
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7 Simple Steps to Small Business
Success
Many businesspeople
achieve their greatest successes in unexpected areas. They begin a business and
then they find that it isn't as profitable as they had anticipated, so they
change direction, using their experience and their momentum, and strike paydirt
in something else. The most important thing is to begin.
To take action. To move
forward one step at a time, learning and growing as you go. There is enough
information available in virtually every field for you to become knowledgeable
enough to achieve success. But action is necessary....
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12 Reasons Why Start-Up Companies Fail
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Inadequate
planning of the business
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Inadequate
planning
of the business
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Inadequate
planning
of the business
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Insufficient initial capital for start-up period
and development stages due to inadequate planning ...
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Guidelines for Getting (and Keeping)
Funding in Today's Market


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