Category: Next Steps

15.1 Launching Your Venture Before launching a venture, the entrepreneurial team should ensure its members agree on the vision and then develop a founder’s agreement. The company culture should be defined, and a code of conduct developed. The team should identify all operational tasks needed to launch the venture and their associated time requirements and dependencies.…

Learning Objectives By the end of this section, you will be able to: Figure 15.13 Taking the time to record your thoughts and activities provides new learning opportunities. (credit: “Journaling” by Vic/Flickr, CC B 2.0) Consider the journey of learning about entrepreneurship and of becoming an entrepreneur. What new knowledge have you gained about the world of…

Learning Objectives By the end of this section, you will be able to: Depending on your experience as a first-time entrepreneur, you have a new set of choices in front of you. If you enjoyed the experience, felt the thrill and excitement of taking an idea from launch through to the successful harvesting of the…

Learning Objectives By the end of this section, you will be able to: You’ve learned about some of the challenges in starting the venture and the types of decisions that the entrepreneurial team must make, as well as the importance of recognizing when you don’t know something or that you have encountered a problem. Facing…

Learning Objectives By the end of this section, you will be able to: Now that you are prepared to launch your business venture, let’s look at your business plan and the assumptions you made while preparing it. Did you keep a list of assumptions? Did you update assumptions as new data and information suggested “retiring”…

Learning Objectives By the end of this section, you will be able to: The big day has arrived. Your opportunity recognition process noted that your idea solves a significant problem or need, you double-checked that the target market is large enough for potential profitability, you have a method to reach this target market, you have…

Figure 15.1 Consider the importance of having a source of light when the sky is dark, or when disaster strikes and electricity is lost, or for some people, when the infrastructure for electricity doesn’t exist. Andrea Sreshta and Ana Stork identified this situation as an opportunity to create a new product that provides light when the infrastructure…