Entrepreneurship

I-Definitions
Small business : a business with high growth potential , limited resources , and small effectif.

Start up : new established business

Entrepreurship: process of pursueing opportunities without regards to resources ( boostrap = doing the most
with what u have ) its turning an idea into a business

Corporate entrepreneurship : organization that develops new buniesses that don’t already exist ( blue space)

Green entreprneurship : entreprurship in activities that don’t harm the environnement or try to protect it

Intrapreneurship: behaving like an entrepreneur while working within a large organization. (moral risk vs
financial risk)

Social entrepreneurship: a for-profit enterprise that has the dual goals of achieving profitability and attaining
social returns

Entrepreneurship process: includes all the functions, activities, and actions that are part of perceiving
opportunities and creating organizations to pursue them

II-What is an entrepreneur?
someone who recognizes an opportunity to start a business that fulfills a consumer need other people may
not have noticed and jumps on it

III-Why be an entrepreneur ?
■ Be your own boss

■ Pursue your own ideas

■ Financial rewards

■ Control over time

■ Control over working conditions

IV- Benefits and Costs of Becoming an Entrepreneur

Benefits :

Independence, satisfaction,contribution to society

Costs:

Business failure, loneliness, financial insecurity , strain on personal relashionships

Cost/Benfit analysis : comparing cots to benefits

Opportunity cost : the value of must be given p in order to obtain smtg else

V-myths about entrepreneurship

■ Myth 1: entrepreneurs are Born, not made

■ Myth 2: entrepreneurs are gamblers

 ■ Myth 3: entrepreneurs are motivated primarily by money

■ Myth 4: entrepreneurs Should Be young and energetic

■ Myth 5: entrepreneurs love the Spotlight

THE ENTREPRENEURIAL PROCESS

Innovation  triggering events implemntation  Growth
ps : personal , environemental and organizational factors come into play

 Serial entrepreurship phenomenon

 80% of successful businesses owners have experience in the fiels they start the
business in

VI-Factors that come into play

 Environmental factors : entourage , funds
 Social factors :family responsibility , contact and network ,entreupreusrial
associations
 Role models
Key elements

 The opportunity( when the idea comes to you develop it it doest have to be
revolutionary
 The Customer : define a market and a target , theres no market if there is no real
need
 The Timing : it’s a window of opportunity
 The Entrepreneur and the Management Team: invest in great partners with
strong management skills
 Resources: Successful entrepreneurs are frugal with scarce resources
Low overhead
High productivity

Minimal ownership of capital assets

 Acquiring resources

VI-Ingridients for a successful new business

Fouders,focused,fast,flexible ,forever-innovating, flat,frugal,friendly,fun.

Opporutuinty recognition , shaping and reshaping

 market tests (is your idea attractive)
 escalation of commitment to launch the new venture
 combines thought and action to take the idea from formulation to execution

How to come up with a good idea

 Finding your passion
Picture the future 5 YRS to 10 YRS
School is a time of self-discovery
How do you go finding the passion?
What you enjoy, hobbies, topics you enjoy reading
Talk to your “sphere of influence”, be aware of biases

Idea multiplication
Gather Stimuli

Multiply Stimuli: brain-writing

Create Customer Concepts:

Optimize Practicality

How Big Is the Market?

You need to be certain that you can survive (2YRS) the startup, and that means you need to be
confident of your base demand.

Market Size Today and into the Future

Frequency and Price

Margins

Reaching the customer

The competition

■ The Government
– Morocco is trying hard lately to encourage entrepreneurship (doing business)
but also depending on the industry

■ The Global Environment

– What international customers fit within your PTA, STA, and TTA?
– How easy is it to reach them? When might you go international?
– Be aware of your international competitors

The Business Model

Building a Powerful Bootstrap Marketing Plan!

Marketing is the process of creating and delivering desired goods and services to customers
Bootstrap marketing strategies: unconventional, low-cost, creative marketing strategies
designed to give small companies an edge over their larger, richer, more powerful rivals.
 ■ A Seven-Sentence Bootstrap (Guerrilla) Marketi What is the purpose of your
marketing? In other words, what action do you want customers or prospective
customers to take as a result of your marketing efforts? Should they visit your store?
Go to your company’s Web site? Call a toll-free number for more information?
■ What primary benefit can you offer customers? What is your company’s competitive
advantage, and what does it do for customers?
– Bootstrap marketers express their companies’ competitive advantage as a
solution to a customer’s problem, which is easier to market than just a
positive benefit
■ Who is your target market? At whom are you aiming your marketing efforts?
■ Which marketing tools will you use to reach your target audience? This list should
include only those tools your company understands, knows how to use effectively,
and can afford.
■ What is your company’s niche in the marketplace? How do you intend to position
your company against your competition?
■ What is your company’s identity in the marketplace? A company’s identity is a
reflection of its personality, its DNA.
■ How much money will you spend on your marketing? What is your marketing
budget?

A bootstrap marketing plan should accomplish three objectives:

1-It should pinpoint the specific target markets the small company will serve.
2-It should determine customer needs and wants through market research.
3- It should analyze the firm’s competitive advantages and build a bootstrap
marketing strategy around them to communicate its value proposition to the
target market.

Pinpointing the target market

Entrepreneurs must identify a specific market niche that has a specific need or “pain
point” and tailor a solution, be it a product or a service, to address this need.
 Most successful businesses have well-defined portraits of the customers they are
seeking to attract. From market research, they know their customers’ income
levels, lifestyles, buying patterns, likes and dislikes, and even their psychological
profiles
Determining customer needs and wants through market research
How ?
The goal of market research is to reduce the risks associated with making business
decisions.
 For the entrepreneur, there is no bigger decision than the one to start or not start
a new business.
Market research can replace misinformation and assumptions with facts.

Successful market research consists of four steps:

– Customer surveys and questionnaires.

– Focus groups.
– Social media conversations and monitoring
– Test market Other ideas

Plotting a Bootstrap Marketing Strategy ,How to Build a Competitive Edge

 USE THE POWER OF PUBLICITY
 DON’T JUST SELL; ENTERTAIN
 STRIVE TO BE UNIQUE
 BUILD A COMMUNITY WITH CUSTOMERS
 CONNECT WITH CUSTOMERS ON AN EMOTIONAL LEVEL
 CREATE AN IDENTITY FOR YOUR BUSINESS THROUGH BRANDING
 EMBRACE SOCIAL MARKETING
 BE DEDICATED TO SERVICE AND CUSTOMER SATISFACTION
 BE DEVOTED TO QUALITY
 ATTEND TO CONVENIENCE
 CONCENTRATE ON INNOVATION
 EMPHASIZE SPEED