Vernon’s Razor ©2008 Patrick Vernon BUSI 701 Artistic Entrepreneurship 1 st Class.

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Presentation transcript:

Vernon’s Razor ©2008 Patrick Vernon BUSI 701 Artistic Entrepreneurship 1 st Class

Vernon’s Razor ©2008 Patrick Vernon How We’ll Navigate this Class In Class Vernon’s Razor –Lectures –Profiles Applied Improv Coordination of projects Guests Out of Class Readings Profiles Industry analysis Venture feasibility or startup plan

Vernon’s Razor ©2008 Patrick Vernon Danger Focus –In the classroom –Working on your project –Course WebsiteCourse Website Expectations –Relevant “data” hard to find –Analysis only goes so far

Vernon’s Razor ©2008 Patrick Vernon Imagine: Medieval Europe Weather Zillow

Vernon’s Razor ©2008 Patrick Vernon Definitions: Quick Intro: Vernon’s Razor

Vernon’s Razor ©2008 Patrick Vernon Venture An undertaking involving chance, risk, or danger; especially a speculative business enterprise Speculation: an investment that is very risky but could yield great profits; A commercial undertaking that risks a loss but promises a profit

Vernon’s Razor ©2008 Patrick Vernon Entrepreneurship 18th century: bearing the risk of buying at certain prices and selling at uncertain prices Today (my definition): taking good ideas, assessing the value they could create, and building an organization (people and systems) to distribute that value

Vernon’s Razor ©2008 Patrick Vernon Entrepreneurship Taking good ideas, assessing the value they could create, and building an organization to distribute that value Begs the questions: what value can you create? And is it enough to sustain a new venture? Opportunity Risk

Vernon’s Razor ©2008 Patrick Vernon Go or No-Go? Vernon’s Razor

©2008 Patrick Vernon Go or No-Go?

Vernon’s Razor ©2008 Patrick Vernon Vernon’s Razor 1.Value Proposition 2.Market Potential 3.Return 4.Team 5.Competitive Advantage 6.Business Model 7.Customer Pain Defining Opportunity Minimizing Risk

Vernon’s Razor ©2008 Patrick Vernon Vernon’s Razor Defining Opportunity Minimizing Risk 1.What is my value proposition? 2.How big could this get? 3.What’s in it for me? 4.Why me? 5.Can I compete? 6.Can this thing make money? 7.How bad do they want it?