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EEE 2023 Semester Notes

by: Malik Miller

EEE 2023 Semester Notes EEE 2023

Malik Miller
OK State
GPA 3.92

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About this Document

These notes cover the entire semester worth of material in the intro entrepreneurship course. The notes are divided up between the midterm and the final acting as a great resource to obtain an 'A' ...
Intro to Entrepreneurship
Bruce Baringer
Entrepreneurship, Entrepreneurship class, business
75 ?




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This 4 page Bundle was uploaded by Malik Miller on Sunday August 21, 2016. The Bundle belongs to EEE 2023 at Oklahoma State University taught by Bruce Baringer in Spring 2016. Since its upload, it has received 26 views. For similar materials see Intro to Entrepreneurship in Entrepreneurship at Oklahoma State University.

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Date Created: 08/21/16
EEE 2023 This class is divided into 2 sections, Midterm and Final MIDTERM:  3 parts entrepreneurship: innovation, risk taking, and productivity  Reasons to be Entrepreneur­ OWN BOSS, PURSUE OWN IDEAS, $ Reward o Characteristics  Passion for business  Product/customer focus  Tenacity  Execute intelligence o Myths:  Born, not made entrepreneur  They are gamblers   Motivated by $  Should be Young  Love the Spotlight o Mindset  Opportunity Recognition  Creativity  Responsible Risk takers  Self­Awareness o CHARACTER FOR TEST  Prior Exp, Cognitive Factors, Creativity, Social Networks  Risk Taking o Endowment Effect: place more value on things owned than not o Risk Aversion: tendency to avoid losses  Opportunity Recognition: o Qualities: Attractive, Timely, Durable, Anchored product or service o 3 identifiers: observe trends, solve a problem, find market gaps o Trends are found in economic, social, technological, political, and regulatory  changes  Social Networking o Strong vs. Weak tie relations­ WEAK TIES ARE BETTER  IDEA GENERATION o Brainstorming­generate several ideas on topic o Focus Groups­ 5­10 people gather for relation to topic o Library/Internet Research o Others  Customer Advisory Boards­discuss needs, wants, and probs of new  ideas  Day in the life research  Feasibility Analysis o Confirmation Bias­think only info that supports your choices is right o Primary Research: collected by persons taking analysis o Secondary Research: data collected previously, industry data, Census  Bureau o Product/Service Analysis: desirability vs. demand o Target Market Analysis: appeal within the industry market o Organizational Analysis: management expertise and successful launch  self­assessment. o Financial Analysis: money needed to start, perform, and sustain  operations  Business Model Development: o Standard: depict existing plans or recipes can use to create, deliver, and  capture value o Disruptive: rare model used that change the way industry conducts  exchanges. (like Uber) o Templates  Core Strategy: mission, target market, scope, differentiation  Resources: competencies and assets  Financials: revenue streams, costs, funding  Operations: partners, channels, production  PORTER’S FIVE FORCES: o Threat of substitutes o Threat of new entrants o Rivalry among existing firms o Bargaining power suppliers o Bargaining power buyers  Business Plan o 25­35 pg long document about purpose document o Summary BP is short o Full BP is long and in­depth o Operational BP is workplace depth and rules  Ethics: o Lead by example for organization  Legality: o Business Name: Trademark search, domain name registry o Choosing attorney: helps register TM or contracts o Intellectual Property: patents, TMs, copyrights, and trade secrets o Founder’s Agreement: split equity of founders, “Sweat equity” compensation,  Buyback Clause to justify when someone wants to leave o Noncompete and Nondisclosure Agreement: if people leave they can’t  compete against you and tell trade secrets o Licensing and Permits: check local, state, and federal guidelines  4 Types Business Ownerships o Sole Proprietorship: owner=business so if sued goes to you not business o Limited Liability: seperates you and business. MOST COMMON o Partnership: general gets liability on owners, liability cannot lose more than  investment o Corporations: managed by board of directors.  Financial Mgmt:  o Startup budget  Capital purchases  One­time purchases  Ramp up expenses o Break even analysis: volume of business to break even o 4 objectives of firms: profitability, liquidity, efficiency, and stability o Income statement: record revenue/losses o Balance Sheet: snapshot liabilities, assets, and owner equity o Cash Flow: change in firm cash position.   Liability of Newness: high propensity failure because new venture  New Venture Team: o Key employees o Management o Advisors o Board o Professionals FINAL:  Why Ventures need funding: o Cash Flow o Capital Investments o Lengthy Development Cycles  Equity Funding: venture capitalists (group investors) , business angels (ppl who  invest in startups), initial public offerings (public stock)  Crowdfunding: o Reward­based: free product for backing venture o Equity­based: raise $ for equity in business  Marketing: act of creating, communicating, delivering, value to customers to benefit  its stakeholders o Sales Funnel: concept of lots of money in marketing at the top down to bottom  4 Ps of Marketing: Price, Product, Promotion, Place  Promotion: adwords, PR, viral marketing, guerilla marketing  Intellectual Property:  o Patents­grants from fed for invention  Utility­20 yrs application of product or improvement (95%  patents in this category)  Design­14 yrs original design for product  Plant­ 20yrs variety of plants o Trademarks­logo or symbol etc. o Copyrights­artistic property o Trade Secrets­formula, pattern, idea process: protected by Federal  Economic Espionage Act of 1996  Reasons to grow: o Economies of Scale­ increase production=decrease costs o Economies of Scope­range of operation increase effiencies o Market leadership o Life Cycle: intro, early, cont’d growth, maturity, and decline  Challenges to growth o Managerial Capacity­ unable to grow because of limitations of a person o Day­to­Day challenges­ cash flow, price stability, quality control, capital  constraints  Growth strategy­ Internal (international or product development) External  (mergers, licensing, franchising)  #1 reason products fail= overestimate potential market  Licensing o Technology­ license tech by utility patent o Merchandise and Character­ license brand/TM  Strategic Alliance o Tech Alliance­ coop engineering/manufacturing o Marketing Alliance­ distribution  Franchising: license for exchange fee and ongoing loyalty o Individual agreement­ one location sold for use o Area Franchise Agreement­ multiple franchises in geographic area o Master Franchise Agreement­own franchises allowed to subfranchise o Used because it is a set of instructions on how to operate and own an  established business. o Must be supplied before a sale is the FRANCHISE DISCLOSURE  AGREEMENT: 23 categories of background and financial info on the  franchisor in a document. This is a pretty easy course. Make sure you do the discussion board projects and take a  couple extra credit opportunities. I got like a 99 in this course due to extra credit and  relatively easy exams. Here to help if needed!


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