Welcome to MGT 3783 Built by Stambaugh/2009 Jeff Stambaugh Dillard College of Business/Rm 257A

My BHAG* for This Course *Big Hairy Audacious Goal Built by Stambaugh/2009 ■You will consider this your most enjoyable course upon graduation, and five years from now you will consider it to have been your most valuable undergraduate course

Introductions Built by Stambaugh/2009 ■ A little about me ■ PhD from Texas Tech in strategy/entrepreneurship ■ BSAE from USAF Academy, ■ night-school masters, 1 yr Harvard fellowship ■ 24 years of flying jets and management positions ■ A little about you (my assumptions) ■ You’re busy ■ You’re interested in business ■ You’re excited about your future

Quick Look Built by Stambaugh/2009 ■ Five years from now do you see yourself owning / operating a business? ■ Ten years?

Brief Introductions Built by Stambaugh/2009 ■ Name ■ Major ■ Expected Graduation ■ What do you want to do upon graduation ■ One “fun fact” about you And then fill out the information sheet (and the questions)

What is Entrepreneurship? Built by Stambaugh/2009 ■ Uncertainty ■ Adjustments ■ It depends ■ It’s everything!

Vesper’s View of E-ship Built by Stambaugh/2009 ■ Searching ■ Screening ■ Planning ■ Financing ■ Setup ■ Startup ■ Growth

Why Study Entrepreneurship? Built by Stambaugh/2009 ■ You have always wanted to be an entrepreneur ■ Skills are useful across the board … especially for the future ■ You may end up as an entrepreneur even though you didn’t expect to ■ Jeff Hawkins: Inventor of the PalmPilot (started Handspring) clip clip

What You Will Learn Built by Stambaugh/2009 ■ What is an entrepreneurial opportunity and how can you generate one ■ How to evaluate feasibility of an opportunity ■ How to plan and establish a new venture ■ How to resource that new venture ■ Communication skills paramount!

Syllabus Review Built by Stambaugh/2009 ■ Course web page and WebCT is vital ■ Communications—make sure I can you ■ Course overview ■ Lots of hands-on stuff! ■ Big Ideas: ■ Idea Generation ■ Feasibility ■ Planning ■ Finances

Culminating Point ■ Business plan project with a real world venture ■ The entrepreneur will evaluate your plan Built by Stambaugh/2009

One Last Point Built by Stambaugh/2009 ■ “Why are you here?” ■ So, why are you here?

My BHAG* for This Course *Big Hairy Audacious Goal Built by Stambaugh/2009 ■You will consider this your most enjoyable course upon graduation, and five years from now you will consider it to have been your most valuable undergraduate course

What is Entrepreneurship? Built by Stambaugh/2008 From Katz & Green 2e

Types of ENT Ventures Built by Stambaugh/2008 From Katz & Green 2e

Distinctiveness Built by Stambaugh/2008 From Katz & Green 2e

What is Success Built by Stambaugh/2008 ■ Yourself ■ Family ■ Firm (Investors) ■ Community

Begin with End in Mind Built by Stambaugh/2008 From Katz & Green 2e

Innovation = New Combination Built by Stambaugh/2008 ■ New product or good ■ New method of production ■ New market ■ New materials ■ Overall industry reorganization Creative Destruction: Out with the old and in with the new!

What do you get when you combine? Built by Stambaugh/ Skateboard Snow-covered Hills

You Get Built by Stambaugh/2008

What do you get when you combine? Built by Stambaugh/ Business Jets Time-Share Concept

You Get Built by Stambaugh/2008

What do you get when you combine? Built by Stambaugh/ Flea MarketInternet

You Get Built by Stambaugh/2008

New Combos = Value Built by Stambaugh/2008 ■ Think “Customer Value,” not features! ■ How did each of these new combinations create value for the customer ■ More radical = more convincing (legitimacy)

E’s Speak on Innovation Built by Stambaugh/2008 ■ Alison Gerlach (Serial Ent) clip clip ■ Arcadia Kim (EA COO / Game Designer) clip clip

E Firm Success Built by Stambaugh/2008 ■ The Story of Eclipse clip clip Firm Success is ƒ ( Quality of Opportunity + Quality of Execution)

Class Takeaways Built by Stambaugh/2008 ■ Many different types of Ent businesses ■ Different characteristics / needs ■ New combinations at heart of innovation ■ Success = Idea + Execution