Mississippi State University MGT 3323 Entrepreneurship Daniel T. Holt Assistant Professor of Management The peoples university -- Dr. Mark Keenum
Administrative Issues Class meeting on Monday, 6 Feb Guest speaker from MSU Career Center, Kelly Atwood Provide skills to search for industry and firm information (useful for your job search as you prepare for interviews & your feasibility analysis) Class will be held in the Computer Lab, Room 218 Materials posted on MISWEB (at least I can see them) Grades are posted
Download First screen assignment off the websiteDUE 13 Feb (electronic version due the following morning) Teams may do the First Screen, discussed today Team Identification Team member sign up sheets are due to me todaysee the syllabus for the sheet that must be submitted with each members signature Planning Process Bug Report
Thoughtspoints were taken off for redundancies Im irritated by how long. it takes to check out at Krogers it takes me to be waited on at a bank Im on hold when I call a customer service number Bottom lineIm irritated by inefficient queues
As you develop business ideas, strongly consider those that dont exist I might be irritated by not being able to read after dark I might not suggest a business at this point to develop electricity so that I can have lights after dark Planning Process
Checklists Do you know this person. First Item on the Engine Failure Checklist FLY THE AIRPLANE First Screen First Screen An entrepreneurs first pass at assessing the feasibility of a business idea
Main parts in a First Screen Part One: Strength of the business idea Part Two: Industry-related issues Part Three: Market- and customer-related issues
Part Four: Founder-related issues Part Five: Financial issues Consider the following business idea Open a bank offering Loans and other financial tools in Sub-Saharan Africa Loans will be given at approximately 10% interest per day (or over 3,000% interest per year) The goal is to
Help develop small businesses Increase economic stability Improve healthcare and housing The environment 75 % of the population lives off of less than $2 a day Strength of the Business Idea The strength of the business idea is based on Its timeliness in market introduction
An open window of opportunity The added value for the buyer The successfulness of replacing an existing product that consumers are satisfied with The likelihood that product will cause consumers to make meaningful changes in behavior
Industry-related Issues Industry-related issues account for 8 to 30% in firm profitability
Number of competitors Current life cycle stage of industry Growth rate of industry Relative importance of product to customers Average operating margins New Ventures Four-year survival rate
is 38 percent in the information sector 55 percent in the education sector 55 percent in the health services sector Market- and Customer-related Issues Market and Customer-related
Issues include Identification of the target market A target market is a place within a larger industry or market segment that represents a narrower group of customers with similar interests
Market and Customer-related Issues Barriers to entry--a condition that creates a disincentive for another firm to enter the companys niche market Economies of scale Cost advantages independent of scale (intellectual property) Product differentiation Unique access to distribution channels Contrived deterrence Switching costs (e.g., cell phone service plans)
Market- and Customer-related Issues Additional market and customer-related issues include Purchasing power of potential customers The ease of making customers aware of the new product Growth potential of a firms target market Founder-related Issues Attributes of a strong founding team
Experience in the industry Skills related to the new product Social and professional networks Personal goals and aspiration Likelihood the team can grow and launch the new venture
Financial Issues Initial capital investment with growth estimates Average small business is started for about $10,000 from owners personal savings Number of revenue drivers Time needed to break even or recoup initial investment Assess financial performance of similar firms
Fund initial product development and start-up expenses Entrepreneur Profile Geoff Davis Founder and CEO of Unitus Unitus is a worldwide microfinance program that began work in central Mexico. http://ecorner.stanford.edu/authorMaterialInfo.html?mid=1377
Planning Process What next? Creatively think of a business idea Consider a few that your group might explore like CJs pizza delivery & franchise opportunities An opportunity to put a business in the Union in the space vacated by the UPS store Any ideas among the class that individuals would like to form a team around?
Come discuss ideas with me if you are having problems Conduct a first screen of a business idea See the assignment sheet This should be done with your team (or as an individual if you have not joined a team) Questions, Comments, or Criticisms? 23
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