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Entrepreneurship & Small Businesses

Entrepreneurship & Small Businesses. Distinguish between entrepreneurial and small businesses Some characteristics of entrepreneurs. New ventures have small chances of success. How to improve the odds? D&B study: Technical competence Marketing competence Financial competence

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Entrepreneurship & Small Businesses

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  1. Entrepreneurship & Small Businesses

  2. Distinguish between entrepreneurial and small businesses • Some characteristics of entrepreneurs

  3. New ventures have small chances of success. How to improve the odds? • D&B study: • Technical competence • Marketing competence • Financial competence • Management skills • Make appropriate use of a strategic management process

  4. Strategic Management inNew & Small Businesses *** K.I.S.S. *** • For new business, center around a business plan • Many aids available (books, software, examples) • For small business, use same SM process, but simplify

  5. Capitalize on sources of innovation • The unexpected • An incongruity or discrepancy between what is and what ought to be • A problem or need in an existing process • Changes in the underlying industry or market structure • Changes in demographics • Changes in society's attitudes, beliefs, priorities • New knowledge or technology that can be applied creatively

  6. Some suggestions for generating new ideas • Hobby or personal interest • Why isn't there a... • Shortcomings in existing products/services • Extraordinary uses for ordinary things

  7. Some environment factors that improve the chances of a new venture's success • Rapidly changing industry • Early, high-growth stages • One big, dominant competitor • Product is not vital to buyers' success

  8. Use the Growth Vector Matrix in Considering Expansion

  9. Three Traps to Avoid in a New Venture • Don't try to be too clever • Don't try to do many things • Don't try to innovate for the future …it is hard enough to excel in meeting an established need, without also trying to create both the need and the solution

  10. Family-owned Businesses • Power and transfer of power • Watch financials • Tied with family dynamics • Family systems therapy

  11. Recap Ways to Improve Odds • Have more technical, marketing, financial, & management competence • Use SM process, including business plan • Use sources for ideas and innovation • Manage product/market risks • Avoid major traps

  12. …and try to have more money than you think you need!

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