As it is well known, start-up companies in their early stages must have few important key features such as being founded on unique capabilities that are rooted in innovative combination of resources. An entrepreneur plays the most important role, meaning that he or she must have the capacity to generate and exploit novel and creative ideas, pitch them into the correct market through targeting and positioning, in order for the new venture to create and capture value. In today’s market place change is inevitable, therefore gaps can create, allowing the entrepreneurs to discover opportunities and take advantage of them. “The goal of the entrepreneur is to grab as much of the existing universe as possible.” (Kotler, 1991)
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Herbert (1999, p.33) suggested that “…the next stage of the evolution of the entrepreneurship field may include a more holistic orientation, to include relevant concepts, topics, and selected information from the fields of creativity, change, and innovation.”. Not only there is a strong relationship between creativity and entrepreneurship, some may argue that they cannot go one without another.
There is a great deal of importance in creativity when it comes to new venture outcomes, but there are multiple key factors that have to be present in order for those outcomes to be attained. Thus, one must have intellectual abilities, knowledge in multiple fields, outstanding thinking styles, a distinctive personality, high level of motivation and last but not least, a great interest for the environment.
Entrepreneurship and design are both working towards achieving the same goal of shaping the future and they are indispensable. An enterprise that only has a designer lacks in entrepreneur skills, and on the other hand, an entrepreneur without a designer lacks in creativity.
Design is not only bringing a new product into the market place, but is also destroying the old product while defining new competencies and qualifications in that market place. Furthermore, in a design idea, conceptualization, production and marketing are fundamental for a company’s survival and growth.
Simultaneously, design thinking is largely nonlinear and fluid, and has a distinctive approach to the conventional problem solving, challenging it through its circuitous traits; whilst perfectly combining and balancing the creative thought process with the analytical one.
An entrepreneur is the person in charge of the idea creation, that has to be novel, innovative and, above all, must be in perfect sync with the customer needs and wants. One critical step in creating value is knowing and understanding customer needs, therefore looking through their “lenses”. The “lens” model (Brunswick, 1952) suggests that customers see products through the lenses of their perception, their needs, and filter them according to their past experiences. It is argued that this perception may not be the most accurate, but customers’ thoughts about a certain product are mostly based on the image created in their minds through packaging, advertising, social contexts, word of mouth, customer service, in a few words: the overall experience that the company is creating.
New venture creation requires from an entrepreneur a broad understanding and knowledge in disciplines such strategic planning, accounting, market research, marketing promotion and advertising, human resource management, and lastly, knowledge in operating environment. Furthermore, through past work experiences an entrepreneur must know how to carefully select its’ employees in order to develop an entrepreneurial team that pursues the same goal. On the same note,
Moreover, people buy products or services in order for them to provide some perceived benefits.
Having this said, we can address the question “What is the customers’ need?”.
· 3 business venture concept summaries and one business model
In today’s world, coming up with an absolutely novel and groundbreaking idea seems like an impossible mission, though on the other hand, there are a million possibilities and opportunities that the today’s world is offering.
All advanced countries are aging rapidly, therefore
· New era wheelchair – ”
· More than just a car – ”
· Phone of the future – ”
The scope and scale of marketing knowledge has greatly changed in the past years and major external forces are to blame. The ones that stand out are the adoption of the Internet and the web-based communication, but also the augmenting developments in terms of technology.
The phone of the future is more than a device, more than a phone, is the freedom to communicate, the beauty of the design, but the foremost important, the overall experience and the value delivered to the customer.
When talking about design and features, this phone will be much
A business model defines how the enterprise creates and delivers value to the customers and converts payments received to profits. Thus, a good business model yields value propositions that are compelling to the customer, achieves risk structures and advantageous cost and also enables significant value capture.
· step-by-step explanation of the business model design process
Identifying and going for the resources needed is a key factor in tackling the opportunity that arose and to further develop unique advantages, that ultimately lead to wealth creation.
Perhaps the most tremendous challenge that an entrepreneur has to face is attracting resources into a fledging venture. The venture’s lack of reputation and track records creates an intense perception of risk in terms of potential resource providers. Thus, in order for the company to attract social relationships and potential partnerships, there must be a strong relation between founder and resource providers, apart from just having a feasible venture concept.
Even though start-ups are deprived of money, technical skills and a professional management team, it can compensate through forming an advisory board, that has broad knowledge in many fields such as law, management, technology, advertising, sales and also customer service. In pursuance of those aforementioned, seeking help in colleagues from Alliance Manchester Business School, as well as using the network of undergraduate and graduate school contacts, we can heighten our sales force and build powerful partnerships, and aspire to obtain a private angel funding.
In this case, the entrepreneurs’ main job is, therefore, to sustain a trustworthy attitude in order to achieve access to further resources, as the vast majority of the new ventures have little to none initial resource endowments. Through creating this image of cleanness and success, investor may get interested and consider committing resources in the proposition.
High uncertainty is a major factor of risk when it comes to financing. Thus, in order to establish a new venture, each and every partner of the start-up, including myself, would have to bring in its’ personal savings and asset along with the help of other third parties.
When it comes to financial health, accounting is the one that
· critical reflection of the business model design process
Concluding, entrepreneurs should have an extraverted attitude, with a high degree of confidence and optimism, have the ability to take risks while maintaining the focus on achieving the ultimate goal.