Entrepreneurship

Editorial Team
entrepreneurship

Welcome to the Entrepreneurship course at New World University.

In this course you’ll learn what is involved in starting a new business. Being an entrepreneur is a very special kind of businessperson. It requires leadership skills, management skills, creativity, and above all, flexibility. An entrepreneur is a person who perceives a need and then brings together manpower material and capital required to meet that need.

This course relies with our gratitude on the first edition of Developing New Products and Services edited by our friends at the Saylor Academy, and as such its long form readings are released under the Creative Commons Attribution-NonCommercial-ShareAlike 3.0 License.

 

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Introduction to Entrepreneurship

Introduction to Entrepreneurship
The Dueling Mantras
Learning-by-Doing as the Basis for Competitiveness and Sustainability
The Big Aha and Learning-by-doing

Monopolistic Competition

Dominant Types of Markets
Monopolistic Competition Defined
The Importance of Being Entrepreneurial and Being a Short-Term Monopolist
Entrepreneurship Can Be Found in Large and Small Companies
The Kingpins of Product Differentiation and Entrepreneurial Innovation Activity
Radical and Incremental Innovation
Product and Technology Life Cycles
Diffusion of a Technology Usually Lags Performance
Discontinuities, Chasms, and Hype in the Diffusion Process
The Bridge Model of Technology Life Cycle
Technologies Do Not Necessarily Fall Into the Abyss: They Become Embedded in New Technology
There is Power in Numbers: Network Effects and Metcalfe’s Law
The Role of R&D Process in Innovation
Search and the Role of Learning-About in Developing Ideas for New Products and Services
Building Things and the Role of Learn-By-Doing in Developing Ideas for New Products and Services
The Role of the Supply Chain and the Brand in Product Differentiation
Introduction to Entrepreneurship Summary

Product and Price Differentiation

The Demand Curve
First-Degree Price Discrimination: Personalized Pricing
Second-Degree Price Discrimination: Versioning
Third-degree Price Discrimination: Group Pricing
Legal Issues Related to Price Discrimination and Product Differentiation
Product and Price Differentiation Summary

Differentiation in Action

Joan’s Handcrafted Jewelry Boxes
Price and Product Differentiation and Enlightenment
Generating Additional Revenues: Willingness-to-Pay
Demand and Differentiation Dashboards
Monopolistic Competition at Work
Independent, Complement, and Substitute Goods and Services
Price Discrimination and Price Differentiation
Irritating Consumers
Waves of Innovation Fueled by Substitutes and Complements
Differentiation in Action Summary

Dynamic Tension in Versioning and PD Curves

Product Differentiation Curves
Versioning and Goldilocks Pricing
Using Dynamic Tension Differentiation to Develop Products and Services for the Entire Demand Curve
Midas, Atlas, and Hermes Versions
Versioning Restaurants, Hotels, and Motels
Versioning Commodity and Standardized Products
Versioning Strategies
Version Rollout Strategies
Customer Segments and Midas, Atlas, and Hermes Versions
Pricing and Product Differentiation Strategies
Dynamic Tension in Action at Singapore Airlines
Product Differentiation Curves Summary

Examples of Product Differentiation & Versioning Curves

New Lesson
Versioning at Dell
Versioning at Microsoft
Versioning Wireless Communications
Versioning at Apple
Versioning e-Books
Versioning Digital Content
Versioning Digital Entertainment
Versioning Disease Treatments
Product Differentiation & Versioning Curves Summary

Facilitating Creativity and Innovation

The Driving Force Behind Research and Development
The Creative Process is Inherently Nonlinear
Environmental Factors Affecting Creativity and Innovation
Creativity Techniques
Facilitating Creativity and Innovation Summary

Conceptualizing Products/Services Using FAD

Features, Attributes, Form, Design, Function, and Meaning are Interrelated Concepts
Meaning and Product Design
Identifying Key Meanings, Attributes, and Features
Design Products and Services that Facilitate Control
Categorizing the Importance of Product Attributes
The FAD Template
Avoid the Swiss Army Knife Approach to Product Differentiation
Conceptualizing Products/Services Using FAD Summary

Strategic Planning and Ten–Ten Planning

Planning Concepts
The Planning Process
Analytical Approaches for Strategic Planning 
Strategic Planning and Ten–Ten Planning Summary

The Ten–Ten Planning Process: Crafting a Business Story

Ten–Ten Planning Process
Organizational and Industry Analysis Template
Business Plan Overview Template (Mantra, Mission, Money, Goals, Objectives, and Tactics) 
Developing an Executive Summary: Crafting a Business Story 
The Ten–Ten Planning Process Summary
Appendix: Illustrations of Completed Ten–Ten Templates and an Executive Summary for the AddVintner Star 
Appendix: Sample Business Plan
Appendix: Executive Summary (first draft not for distribution) 

Lock-In and Revenue Growth

Lock-In Leads to Network Effects and Increased Product Performance
Switching Costs are Everywhere
A Lock-In Index
Outsourcing and Lock-in
Lock-In and Revenue Growth Summary

Valuing the Business

Valuing the Business
Why are Businesses Bought and Sold? 
Overview of Business Valuation Techniques
Controlling and Noncontrolling Interests
Specific Valuation Techniques
Valuing Start-Up Businesses
Examples of Valuation
The Importance of Growth Rate on Firm Value
Valuing the Business Summary

Developing a Business Plan

Developing a Business Plan
Approaches for Developing Business Plans
Prototyping the Product or Service
Business Plan Template
Writing, Organization, and Formatting: Helping the Reader to Read
Business Presentation
Identifying Potential Investors
Venture Capital Funds and Venture Capitalists
Contingency Planning and Risk
Due Diligence in Business Plans
Legal Issues with Business Plans
Developing a Business Plan Summary

Project Management for New Products and Services

Building-the-Business Phase
Why Project Management is Beneficial
What is a Project? 
Launching the Business or Project
Growing Up and Professional Management
Project Management for New Products and Services Summary

Re-priming the Business Using Real Options Concepts

Investment Decisions
Real Options
The Role of Real Options in Investment Decisions
The Influence of Interaction Effects on Investment Decisions
The Influence of Competitor’s Response on Investment Decisions
The Strategic Actions Model: Combining Interaction Effects and Competitor Response
The Project Selection Model: Considering Risk and Reward 
Real Options Concepts Summary

Entrepreneurship Wrap-Up

Entrepreneurship Wrap-Up