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

2. 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)

3. Obstacles to Entrepreneurship Your ideas…

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

5. 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

6. 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?

7. Evidence for Demand Your ideas…

8. Evidence that It Can Compete Your ideas…

9. Evidence of Profitability Your ideas…

10. 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 email)  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”

11. Any Questions?