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New Venture Creation Notes: Week 1

by: Ashley Watts

New Venture Creation Notes: Week 1 ENFB 4190

Marketplace > Auburn University > Entrepreneurship > ENFB 4190 > New Venture Creation Notes Week 1
Ashley Watts
GPA 3.85

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About this Document

All of the notes for the first 2 classes
New Venture Creation
James Franklin Corman
Class Notes
25 ?




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This 1 page Class Notes was uploaded by Ashley Watts on Wednesday August 10, 2016. The Class Notes belongs to ENFB 4190 at Auburn University taught by James Franklin Corman in Fall 2016. Since its upload, it has received 14 views. For similar materials see New Venture Creation in Entrepreneurship at Auburn University.


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Date Created: 08/10/16
Class 1: 8/16/17  You’re starting a company. What do you need? o Money o Product o People ­ management team  With product development, there’s a pre idea, then an idea, then a feasibility  study/business model, then a full fledged business plan, then a prototype, then MVP  (minimum viable product), then a build/measure/learn cycle, then a proven model, then  expanded model  Difference between MVP and prototype ­ an MVP is something people are actually  willing to buy  Who’s involved in the pre­idea/idea stage? o Most likely, one person ­ the entrepreneur  At some point, usually the feasibility study/business model stage, your initial  management team is also involved  By the prototype stage, usually you have outside sources/vendors who are involved   When you get to the MVP, you no longer have an initial management team, you have a  minimum management team o This is the smallest management team you can functionally have, but it is enough to launch your company  Later, as you start to grow, you will have an expanded management team Class 2: 8/18/17  CL #1: “Think big, start small, fail quickly, grow fast”  CL #2: “Solve a problem, don’t just come up with an idea”  Why should we think big? o Bigger rewards $$$ o Big ideas motivate people o Big ideas have the same risk as small ideas  When is an idea an opportunity? o It creates or adds value by solving a problem  Does it have a compelling competitive advantage? o It has a robust market  High growth potential  Large market  High margins o It has attractive risk vs. reward ratio  If it doesn’t have an attractive risk to reward ratio, kill the project


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