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Chapter
Summary
Entrepreneurs identify and evaluate opportunities while striving to find one that fits their capabilities, interests, and resources. Examining social, technological, and economic trends can lead to the identification of important emerging needs. Entrepreneurs seek to build new ventures and act on a good opportunity when it has the potential to provide independence and a good economic return while requiring a reasonable work effort and modest risk. The entrepreneur must make a difficult decision to act or not act on a good potential opportunity. With the decision to act, the entrepreneur prepares a business summary for the venture that is used to test the new venture with potential investors, employees, and customers. |
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Biodiesel Inc.
Biodiesel Inc. is a mini-case study that involves three UC Davis students exploring an opportunity in biodiesel, an renewable organic product that can replace or complement original diesel fuel. The students come up with a business model starting with local producer’s cooperatives.
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Model E: An Incubated Enterprise
Provides a close-up view of an entrepreneurial search for opportunity, the role of incubators in the process, and the development of a viable business concept. Also depicts the changes made to the business concept as new people (with new expertise and experience) are added to the team. The challenge of blending "old economy" automotive veterans with "new economy" Internet employees is another important issue raised. Teaching Purpose: Developed to illustrate: 1) alternative paths to entrepreneurship (incubator route), 2) the development of an organizing idea (Internet auto delivery) into a business concept (high-end, one-touch subscription service), and 3) challenges of implementation.
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Dr. John's Products Ltd.
Describes an entrepreneur's attempts to invent, manufacture, and distribute an inexpensive electric toothbrush. Students are expected to advise the entrepreneur how to finance the venture, how to exploit the opportunity, and how to work with a large corporate partner. Teaching Purpose: To gain insights into innovation, entrepreneurship, intellectual property, and corporate partnering. |
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Guy Kawasaki: Ideas: What makes them successful?
What is the difference between a brilliant idea that is successful and a brilliant idea that is not successful? Kawasaki believes that luck, timing and karma are the keys to success. Karma has to do with whether your product will ultimately make the world a better place, and he believes that the best technologies really do survive.
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Vinod Khosla: Any Big Problem is a Big Opportunity
Any big problem is a big opportunity. I there is no problem, there is no solution, and no reason for a company. No one will pay you to solve a non-problem. |
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Po Bronson: What should I do with my life?
An article extracted from Po Bronson's book 'What should I do with my life', written after the dotcom bust. Bronson defines a new era and presents his perspective on the real meaning of success and how to find it. At the root of success are those dedicated to answering a life question that has great meaning to them. |
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