Notes for Intro to Entrepreneurship
Notes for Intro to Entrepreneurship 27056-002
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This 14 page Class Notes was uploaded by Jessica Donohue on Friday September 4, 2015. The Class Notes belongs to 27056-002 at Kent State University taught by Tatiana Stettler in Fall 2015. Since its upload, it has received 50 views. For similar materials see Introduction to Entrepreneurship in Marketing at Kent State University.
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Date Created: 09/04/15
Fashion Marketing 09042015 Research 0 The systematic process of inquiry Research helps us to make informed decisions Retail sales are falling l consumers are spending more money on experiences entertainment travel food oDesign as Problem Solving Tool oTakes the view that human problems can be resolved by designing the right system or product o Everything is design store layout POS mannequins Shopping at stores you dislike but like the product Walmart store connotationconvenient amp cheap 0 Forever 21 confusing store layouttrendy merchandise Websites that you dislike but like the merchandise oJCrew confusing online setupquality merchandise oCoke and Popcorn too many adds and popupsfree tv shows Shopping used to be an event oWomen used to dress up and make a day of shopping o Coffee shop lunch shop dinner Objective of This Course 0 Investigate ways to know what marketers want to know about consumers The Marketing Research Process 1 De ne Problem 2 Plan Design Primary Data 3Specify Sampling Process 4Coect Data 5Anayze Data 6Present Report 7 Follow Up Research History 0 20th Century Research as a science tool 0 Social bringing people to a higher standard 0 Management ef ciency o Consumer Behavior why people buy what they buy when they buy 21st Century research is collaborative o focused on problem solving 0 interdisciplinary o more practice ed approaches Relationship of This Cass to Others Fashion The Past History of Costume Why people wear what they wore What in uences those choices 0 O The Future Fashion Forecasting What we expect people will want Colors fabrics silhouettes O O The Current Fashion Marketing 0 Focuses on today o What people are buying and wearing in today s times Marketing is in the middle of the two courses and focusing it s teachings on the current times SyHabus Available online NO TEXT Available online A LOT of bbearn work DO NOT Email professor emails from students often are lost Friday classes are online DO NOT COME IN o Readings along with a 200250 word discussion post 0 Due by Friday at 5 PM More than welcome to attend any class or exam time Sartorialist Project 0 No handout given to give practice to boss like assignments 6 picturesno words presentation Explain why photos are important Explain why Macy s needs to include this style garment in its next collection Due September 14 Why Do We Need Research Keeps us from guessing what customers want Justi es decisions oAvoids mistakes and reinventing the wheel Categorizes of Research Questions and Answer 0 Basic research with perhaps no speci c action attached 0 Question Answer and Use 0 Determine the answer to a speci c question 0 Question Answer and Effect 0 Extends to include social consequences and human interactions Digital Technologies 0 Have made research far more important 0 Many ways to design produce products and services Innovative ways of shopping 0 New working models that allow people to be in remote loca ons o How do we know which ones are good for our business 0 De ning the Problem 0 What is interesting and important 0 Con rms used information generated 0 Focus clear de nition of problem Pervious work in area 0 Data availability can you even get the info Generating Ideas 0 Generally for business a problem generates the ideas 0 Ideas are needed to de ne approaches 0 How can we do this 0 Can we gure out the answer substantially Ways to Generate Ideas 0 Brainstorming 0 Finding connections what in uenced what 0 Example turning down AC during summer months in uenced decrease in retail sales People do not want to try on clothes when they are sweating People who do not try on clothes are less likely to purchase 0 Example Changing the oor layout May be exciting or confusing Changes the primary entrance to space 0 Movement Laddering 0 Used for inspiration to solve a problem Create a list of issues that are part of the problem Find the idea behind the issue 0 Random Word 0 Choose a random word and associate it with your problem Not for all problems needs control to make it work Example Blackberry Mind Maps 0 No need explaining Butter y Effect 0 This is brainstorming activity What effects what 0 Problem we need to decrease turnover of employees 0 Why do employees leave Pay hours management lack of community lack of company cultures commuting not a good t lack of growth opportunities 0 Why do employees stay Bene ts pay respect friends Research Philosophy Epistemology 0 Theory of knowledge Ontology 0 Nature of being of existence Objectivism social entities exist Subjectivism social phenomena created from perceptions and consequent actions highly related to fashion Axiology 0 Quality and value Ethics Highly important in business What bias does your own view bring to research Paradigms 0 Then lens through which researchers view the world 0 Positivism 0 Knowledge stems from human experience 0 Atomistic anthological view Discrete observable elements React in a regular observable manner Scienti c objective 0 lnterpretism 0 Associated with idealism o Umbrella for a number of approaches 0 Knowledge arises from our experiences Not necessarily one answer Persons interpretation gives meaning lnterpretivist Research Method Narrative inquiry 0 Stories that reveal how people understand their lives Example Diamonds and engagement rings Artsbased 0 using various art techniques to tell of human experience Discourse analysis 0 Use texts to reveal how people make meaning Example Blogs How we decide which words are added to the dictionary 0 Ethnography o Immersion in everyday life to target groups 0 Action Research 0 Participants collaborate in nding practical changes Intro to Entrepreneurship 09042015 De nition of Entrepreneurship Is a mindset that is opportunityfocused innovated and growth oriented A set of behaviors where entrepreneurs recognize opportunity gather resources to act on that opportunity and drive the opportunity to completion When internet was invented the group who had access was very limited For the development of Apps the access of the internet over a large mass of people was crucial for its success Why be an entrepreneur Own boss schedule make money Bene t society environment 0 Make change What is the failure rate of a starting entrepreneur 80 o Entrepreneurs have success due to buyouts POs and large returns Downside in the beginning Risk but keep in mind the chance of high returns Majority says their success is driven by passion and motivation not necessarily income gain The wildcard in entrepreneurship is PASSION New Venture Creation Process 0 The entrepreneurial process is not linear Creative process Trial and error o Is affected by three major aspects 1 The INDIVIDUAL ENTREPRENEUR and what heshe brings to the table 2 The ENVIRONMENT which includes all external variables like industrials markets and resource availability 3 The ORGANIZATION which is all of the strategic aspects of a new venture including resources gathered and strategic partnerships Outcomes of Entrepreneurship Economic Growth 0 Technological innovation is the primary engine of US economic growth and entrepreneurs drive technological innovannL Job Creation 0 The SBA has established two widely used size standards 500 employees for most manufacturing and mining industries and 75 million in average annual receipts for many nonnumber of exceptions Most US employers are small businesses 0 New Industry Formation 0 internet industry Bluetooth Net ix automobile industry customization racing entertainment food industry frozen food refrigerator media industry news movies entertainment social media industry 0000 Job Creation 0 Annual data indicates that small businesses created about 2 million net new jobs per year as compared to about 1 million for large rms Product Life Cycle Rtedrawn from the book Universal Principles Bf Designquot 133123 Rneltipen Publishers Life Cycle Frau r Basic Stages llinitraductii rm Growth Maturity Decline m 2 E 15 1 E Di Audience 39 Eairlgiir Adinapeers Mainstream Latehdnpters Market Small Gmlwing Large Ebntrracti g Sales i Law Higlh attening Madame Campetitinn Piladerate lHighi Mnderate Business Facus 39 mreness Mairleer Shane Custamer Retention Transition Design Facus Tuning Scaling Suppnr t Tmmsitjain idea sanidbczxc m Industry Life Cycle Mimics the product life cycle Birth Phase 0 A new industry is born examples horseless carriagequot and cerhones Growth and Adaption Phase 0 Many entrepreneurs create new companiesnew products based on the fundamental aspects of the new industry Differentiation and Competition Phase 0 Competition and the need for a clear competitive advantage intensify Shakeout o Marginal ventures fail o The strongestlargest companies acquire their competition Maturity and Decline The Nature of Entrepreneurial Start Ups The difference between a typical small business and an entrepreneurial venture 0 An entrepreneurial venture brings something NEW to the marketplace The three primary characteristics of an entrepreneurial venture 1nnovann 2 Valuecreating Hostels weren t created in Moscow but became established after value was created in this type of service for travelers 3 Growthoriented A Brief History of the Modern Entrepreneurial Landscape 0 1960 s 0 big companies thrived 0 job security was at its historical height 1970 s 0 international competition 0 economic turmoil 0 resulting in massive turnovers 1980 s 0 the modern decade of entrepreneurship 0 continued deregulation o talented people were unemployed 1990 s 0 internet 0 increase in number of service rm vs product rms 2000 s 0 mass use of internet and related technologies 0 world much smaller place 0 more competitive business environment Entrepreneurial Trends 0 Women and minorityowned businesses 0 Comprise 13 of all entrepreneurship activity globally o 15 of all US businesses 0 The internet 0 Certain to be the center of major entrepreneurial trends for a long time to come 0 Globalization 0 Brings global competition 0 Opportunity to compete globally Social Responsibility 0 Important to companies their employees and their customers Global Competitiveness Report 0 Global Top Ten Switzerland Singapore United States Finland Germany Japan P P FPUNE Opw E PPOFP P HEPUN 10 10 Innovation Top Ten 1 PPOFP P HEPUN Hong Kong Netherlands United Kingdom Sweden gher Education and Training Top Ten Finland Singapore Netherlands Switzerland Belgium United Arab Emirates United States Norway New Zealand Demark Infrastructure Top Ten Hong Kong Singapore United Arab Emirates Netherlands Switzerland Japan Germany France Spain United Kingdom Finland 2 Switerland 3 Israel 4Japan 5 United States 6 7 8 9 1 Germany Sweden Netherlands Singapore 0 Taiwan
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