Mindblown: a blog about philosophy.
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Summary
12.1 Building and Connecting to Networks Entrepreneurial networking is interacting with other people who have a common interest that eventually leads to the exchange of goods and services for payment. You must be comfortable approaching, talking to, and working with other individuals in order to build the circle of associates, colleagues, and professionals that you will…
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Designing a Startup Operational Plan
Learning Objectives By the end of this section, you will be able to: From the start, every entrepreneur needs a business plan. Your business plan will keep you focused on the very early stages of the business, when it is easy to be distracted. A written business plan can help redirect you back to your original idea.…
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Building the Entrepreneurial Dream Team
Learning Objectives By the end of this section, you will be able to: Over the weekend of July 4, 1970, Casey Kasem started American Top 40, a radio broadcast that played songs listed in Billboard magazine’s top 100 singles. What started as a simple compilation of popular songs that were played in ascending order of popularity ended thirty-nine years later…
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Building and Connecting to Networks
Learning Objectives By the end of this section, you will be able to: When you begin thinking about your new and exciting entrepreneurial venture, you may feel somewhat like the citizens of Key West did many years ago—isolated. No matter which way you turn, you eventually come to the end of your limited community, and…
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Introduction
Figure 12.1 US 1 is the route into and out of the Florida Keys that residents and visitors alike take to their intended destinations. But more importantly, US 1, a physical structure of steel-reinforced concrete, is the artery through which economic exchanges are created and enhanced. (credit: modification of “Seven mile bridge” by Tinsley Advertising/Wikimedia Commons, CC…
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Summary
11.1 Avoiding the “Field of Dreams” Approach Business models and business plans are tools involved in the strategic process of charting a path for your entrepreneurial venture. When starting a company, it’s best to avoid the Field of Dreams approach of building a business and hoping that customers will just show up. Innovation has been linked to entrepreneurship…
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The Business Plan
Learning Objectives By the end of this section, you will be able to: Unlike the brief or lean formats introduced so far, the business plan is a formal document used for the long-range planning of a company’s operation. It typically includes background information, financial information, and a summary of the business. Investors nearly always request a formal…
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Conducting a Feasibility Analysis
Learning Objectives By the end of this section, you will be able to: As the name suggests, a feasibility analysis is designed to assess whether your entrepreneurial endeavor is, in fact, feasible or possible. By evaluating your management team, assessing the market for your concept, estimating financial viability, and identifying potential pitfalls, you can make an informed…
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Designing the Business Model
Learning Objectives By the end of this section, you will be able to: According to Alexander Osterwalder and Yves Pigneur, the authors of Business Model Generation, a business model “describes the rationale of how an organization creates, delivers and captures value.” Nevertheless, there is no single definition of this term, and usage varies widely.29 In standard business usage, a business…
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