A Framework for Entrepreneurship Dr. Stan Abraham MHR 423 Spring 2005

Entrepreneurship Defined  “The pursuit of opportunity without regard to resources currently controlled” (Stevenson et al)  “The creation of an innovative economic organization for gain or growth under conditions of risk and uncertainty” (Dollinger)  “_________” (Allen)

Obstacles to Entrepreneurship Your ideas…

A Framework for Entrepreneurship NEW VENTURE CREATION Individual Characteristics Environmental Resources and Enablers Organizational Strategies and Programs Environmental Constraints – Barriers to Entry

Selecting a Business What makes for a good choice?  An opportunity to work with an entrepreneur developing a business plan for his company — I have two candidates  Talk to Ray Wells in the NASA Commercialization Center—a company there may be looking for a business plan  Try to avoid restaurants—very difficult to start one without experience or having been a chef

The Three Questions  Is there a demand for the product? –Where is the evidence?  Can the product (company) compete in the marketplace? –How do you know?  Can the company make money? –Will the enterprise be profitable and be able to sustain a positive cash flow?

Evidence for Demand Your ideas…

Evidence that It Can Compete Your ideas…

Evidence of Profitability Your ideas…

By Next Week... You will have to move fast!  Find a business idea or company on which to do your business plan –Get it approved by me (via )  Look over the Allen assigned text, and do the readings regularly –Also download and read the handouts for the course on my website  Get to know your group (forming, norming, storming) before “performing”

Any Questions?