Welcome to MGT 3783

Welcome to MGT 3783

Built by Stambaugh/2009

Jeff StambaughDillard College of Business/Rm 257A

[email protected]://faculty.mwsu.edu/business/jeff.stambaugh

My BHAG* for This Course*Big Hairy Audacious Goal


■ You will consider this your most enjoyable course upon graduation, and five years from now you will consider it to have been your most valuable undergraduate course

Introductions


■ A little about me■ PhD from Texas Tech in

strategy/entrepreneurship■ BSAE from USAF Academy, ■ night-school masters, 1 yr Harvard fellowship■ 24 years of flying jets and management positions

■ A little about you (my assumptions)■ You’re busy■ You’re interested in business■ You’re excited about your future

Quick Look


■ Five years from now do you see yourself owning / operating a business?

■ Ten years?

Brief Introductions


■ Name■ Major■ Expected Graduation■ What do you want to do upon graduation■ One “fun fact” about you

And then fill out the information sheet (and the questions)

What is Entrepreneurship?


■ Uncertainty■ Adjustments■ It depends■ It’s everything!

Why Study Entrepreneurship?


■ You have always wanted to be an entrepreneur■ Skills are useful across the board … especially for

the future■ You may end up as an entrepreneur even though

you didn’t expect to■ Jeff Hawkins: Inventor of the PalmPilot (started

Handspring) clip

What You Will Learn


■ What is an entrepreneurial opportunity and how can you generate one

■ How to evaluate feasibility of an opportunity■ How to plan and establish a new venture■ How to resource that new venture

■ Communication skills paramount!

Syllabus Review


■ Course web page and WebCT is vital■ Communications—make sure I can email you■ Course overview

■ Lots of hands-on stuff!Lots of hands-on stuff!■ Big Ideas:

■ Idea Generation■ Feasibility■ Planning■ Finances

Culminating Point

■ Business plan project with a real world venture■ The entrepreneur will evaluate your plan


One Last Point


■ “Why are you here?”■ So, why are you here?

My BHAG* for This Course*Big Hairy Audacious Goal


■ You will consider this your most enjoyable course upon graduation, and five years from now you will consider it to have been your most valuable undergraduate course

What is Entrepreneurship?


From Katz & Green 2e

Types of ENT Ventures



Distinctiveness



What is Success


■ Yourself■ Family■ Firm (Investors)■ Community

Innovation = New Combination


■ New product or good■ New method of production■ New market■ New materials■ Overall industry reorganization

Creative Destruction: Out with the old and in with the new!

What do you get when you combine?


+

Skateboard Snow-covered Hills

You Get




+

Business Jets Time-Share Concept

You Get




+

Flea Market Internet

You Get


New Combos = Value


■ Think “Customer Value,” not features!■ How did each of these new combinations create

value for the customer■ More radical = more convincing (legitimacy)

E’s Speak on Innovation


■ Alison Gerlach (Serial Ent) clip

■ Arcadia Kim (EA COO / Game Designer) clip

E Firm Success


■ The Story of Eclipse clip

Firm Success is ƒ ( Quality of Opportunity + Quality of Execution) Firm Success is ƒ ( Quality of Opportunity + Quality of Execution)

Class Takeaways


■ Many different types of Ent businesses■ Different characteristics / needs

■ New combinations at heart of innovation■ Success = Idea + Execution

Documents

Welcome to MGT 3783