Read the summary and the most important questions on Patterns of Entrepreneurship Management | 9781118358535 | Jack M. Kaplan; Anthony C. Warren

• 1 The Entrepreneurial process

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• What are commonly shared Entrepreneurial Characteristics?

  • Ability to deal with Ambiguity
  • Self-starters, optimist, perseverant, energetic, and action-oriented
  • Persuasive leaders, people-oriented, natural networkers, and communicators
  • Creative and highly imaginative
  • Passionately seek New Opportunities and are always looking for the chance to profit
  • Tolerate Risk
  • Work with Urgency but balance this with a focus on Long-term goals
  • Focus on Execution
  • Open to Change and do not hang on to old plans when they are not working

• Which subtypes are there within the type of Entrepreneurs?

  • Social entrepreneurs
  • Technology entrepreneurs

• What are the basic five-stage entrepreneurial process?

  1. Conducting Opportunity Analysis
  2. Developing the Plan and Setting up the Company
  3. Acquiring Financial Partner/Sources of Funding
  4. Determining the Resources required and implementing the Plan
  5. Scaling and Harvesting the venture

• What are the activities in Stage 1: Conducting opportunity analysis? 

  • Innovative and Create the Vision
  • Develop a Business Model to maximize value retention
  • Conduct Market Analysis and Research
  • Evaluate the Competition
  • Research Pricing and Sales Strategies

• What are the activities in Stage 2: Developing the Plan and Setting up the Company?

  • Set Goals and Objectives
  • Start writing the Plan 
  • Determine Pricing, Market, and Distribution Channels
  • Prepare the full Business Plan

• What are the activities in Stage 3: Acquiring Financial Partner/Sources of Funding?

  • "Bootstrap" the company
  • Secure Early-stage Funding
  • Secure Growth Funding

• What are the activities in Stage 4: Determining the Resources required and implementing the Plan?

  • Manage the Finances
    
  • Determine value of Licenses, Patents, and Copyright
  • Prepare the Organization for Growth

• What are the activities in Stage 5: Scaling and Harvesting the venture?

  • Communicate the Opportunity
  • Discuss Options and Alternatives
  • Sell or Merge
  • Transfer Ownership to your family
  • Go Public
  • Form a Strategic Alliance

• 2 The Art of Innovation

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• What is a business model?

  The frameworks in which a sustainable, high-profit company is constructed.

• What can Entrepreneur learn from Innovation?

  • It is dificult to build a company around a single porduct idea without strong patent protection.
    
  • Protective barriers must become part of any business model.
  • Innovation is not a single event.
  • Always imagine that there is someone having the same idea.
  • Entrepreneur needs to solve customers' problems.