Posted: September 16th, 2017
business engineering and entrepreneurship
Chapter 1
imagine:
“What is the company I would work for?” Or
“What is the company I would create?” Or
“As a founder, what do you want and what do you not want of your company?” Or
“What do I want and what do I not want from a corporation as a founder?”
As this semester progresses and you develop your idea and try to imagine it within an entrepreneurial context, your idea, goals and ideals for what you feel a company should represent might change.
Please document all of this, your thoughts, changes or lack of them.
This is one thread you can build on.
Chapter 2 – How do I go about getting ideas that will turn out be more than just ideas.
I proposed “The irritation process,” list all the things you encounter in reality and in your mind that irritate you and come up with something ad hoc (i.e. right then and there) to deal with it.
The many other ways to get ideas include brainstorming with leapfrogging and freewheeling. This is an uncritical process and an exercise in listening.
I also proposed the brainreactions.com but not the brainreactions.net website. The first has been inactive for three years but contains a lot of useful reference material.
Chapter 3 – How we went about whittling down our ideas.
In other words how do you reduce your ideas and discover which are in fact opportunities?
This is the first step of your informal market research. You talk to people in your entourage, you find people of similar/parallel interests and you talk to them as well.
Remember, all of this is interesting ONLY insofar as you document it!
Even on Facebook…in fact if you can disguise your idea enough to protect it, using the Social Networks might be a way to draw useful attention your way in the form of comments, suggestions, comparisons, a sort of informal brainstorming…
Chapter 4 – Describe how you went about dividing your group up into a team:
The boss as the decider or CEO
The Finance person or CFO
The master of the process of the COO
And eventually a marketing person.
Since you will describe the process, you will have to discern each other’s qualities
Since you are few in number you should be multitaskers all, but when the crunch comes, when things need deciding, you should put that in the hands of your boss/CEO. Entrepreneurship is not a democratic process. It requires deciders who are allowed to overrule majority opinion. Even in Democracies leaders decide, and once they have decided they discover the means to make their decision come true.
“What is the company I would work for?” Or
“What is the company I would create?” Or
“As a founder, what do you want and what do you not want of your company?” Or
“What do I want and what do I not want from a corporation as a founder?”
As this semester progresses and you develop your idea and try to imagine it within an entrepreneurial context, your idea, goals and ideals for what you feel a company should represent might change.
Please document all of this, your thoughts, changes or lack of them.
This is one thread you can build on.
Chapter 2 – How do I go about getting ideas that will turn out be more than just ideas.
I proposed “The irritation process,” list all the things you encounter in reality and in your mind that irritate you and come up with something ad hoc (i.e. right then and there) to deal with it.
The many other ways to get ideas include brainstorming with leapfrogging and freewheeling. This is an uncritical process and an exercise in listening.
I also proposed the brainreactions.com but not the brainreactions.net website. The first has been inactive for three years but contains a lot of useful reference material.
Chapter 3 – How we went about whittling down our ideas.
In other words how do you reduce your ideas and discover which are in fact opportunities?
This is the first step of your informal market research. You talk to people in your entourage, you find people of similar/parallel interests and you talk to them as well.
Remember, all of this is interesting ONLY insofar as you document it!
Even on Facebook…in fact if you can disguise your idea enough to protect it, using the Social Networks might be a way to draw useful attention your way in the form of comments, suggestions, comparisons, a sort of informal brainstorming…
Chapter 4 – Describe how you went about dividing your group up into a team:
The boss as the decider or CEO
The Finance person or CFO
The master of the process of the COO
And eventually a marketing person.
Since you will describe the process, you will have to discern each other’s qualities
Since you are few in number you should be multitaskers all, but when the crunch comes, when things need deciding, you should put that in the hands of your boss/CEO. Entrepreneurship is not a democratic process. It requires deciders who are allowed to overrule majority opinion. Even in Democracies leaders decide, and once they have decided they discover the means to make their decision come true.
Chapter 5 – Concept Statement
See enclosed examples
See enclosed examples
The Followingisfrom
FROM BARRINGERChapter 3 pages 76-77
FROM BARRINGERChapter 3 pages 76-77
¦A Description of the Product or Service BeingOffered: This section details the features of the product or service and mayinclude a sketch of it as well.
A computer-generated simulation of the functionality of the product or service isalsohelpful.
¦The Intended Target Market: This section lists the businesses or people who are expected to buy the product or service.
¦The Benefits of the Product or Service: This section describes the benefits of the product or service and includes an account of how the product or service adds value and/or solves a problem.
A computer-generated simulation of the functionality of the product or service isalsohelpful.
¦The Intended Target Market: This section lists the businesses or people who are expected to buy the product or service.
¦The Benefits of the Product or Service: This section describes the benefits of the product or service and includes an account of how the product or service adds value and/or solves a problem.
Validate the UnderlyingPremise of the Product or Service Idea
This isaccomplished by showing the concept test to potentialcustomers and askingthem to complete a short questionnaire and offercomments and suggestions on how the ideacanbestrengthened.
This isaccomplished by showing the concept test to potentialcustomers and askingthem to complete a short questionnaire and offercomments and suggestions on how the ideacanbestrengthened.
Help Develop the Idea
Based on the results of the initial concept test, many entrepreneurs tweaktheiridea and then show a revised concept statement to another group of potentialcustomers.
This processcanberepeatedseveral times to help develop and strengthen the idea.
Based on the results of the initial concept test, many entrepreneurs tweaktheiridea and then show a revised concept statement to another group of potentialcustomers.
This processcanberepeatedseveral times to help develop and strengthen the idea.
Try to Estimate Sales
Some type of buying intention question appears in almostevery concept test to try to determine how many people willactuallybuy the product or service.
Some type of buying intention question appears in almostevery concept test to try to determine how many people willactuallybuy the product or service.
ThreePrimaryPurposes for a Concept Test
Explain a concept statement and its contents.
Statement
¦A Description of How the Product willbePositioned Relative to SimilarOnes in the Market: A company’s position describes how itsproduct or service issituated
relative to competitors.
¦A Description of How the Product or Service willbeSold and Distributed: This section specifieswhether the productwillbesolddirectly by the manufacturer or throughdistributors or franchisees.
Explain a concept statement and its contents.
Statement
¦A Description of How the Product willbePositioned Relative to SimilarOnes in the Market: A company’s position describes how itsproduct or service issituated
relative to competitors.
¦A Description of How the Product or Service willbeSold and Distributed: This section specifieswhether the productwillbesolddirectly by the manufacturer or throughdistributors or franchisees.
Chapter 6- Overview
1. What are my goals?
2. Do I have the right strategy?
3. Can I execute the strategy?
4. How do I characterize the business I have started?
5. How to pursue the opportunities in daily life?
2. Do I have the right strategy?
3. Can I execute the strategy?
4. How do I characterize the business I have started?
5. How to pursue the opportunities in daily life?
Below is an expansion of these five categories
1. How to develop your idea
a) Not first but rather second, once you have an idea, focus on or rather imagine the process that your idea entails. Ex. My idea involves home appliances, therefore I should think about talking with the people who use these appliances and assure myself that my work will be of interest.
b) Gather group members to talk about the process (incidentally, not formally)
a) Not first but rather second, once you have an idea, focus on or rather imagine the process that your idea entails. Ex. My idea involves home appliances, therefore I should think about talking with the people who use these appliances and assure myself that my work will be of interest.
b) Gather group members to talk about the process (incidentally, not formally)
2. How to present your idea on short notice
a) Record , Observe what needs to be explained about your idea so that it is clear to others, not only yourself, It’s salient, special details
b) Be able to sum it up in a paragraph
c) Think about how to illustrate it as an image and as a process
a) Record , Observe what needs to be explained about your idea so that it is clear to others, not only yourself, It’s salient, special details
b) Be able to sum it up in a paragraph
c) Think about how to illustrate it as an image and as a process
3. How to execute the strategy in order to achieve the goals?
(NaoBai Jin case)
a) Setting intensive advertising in prime time of TV may help you promote the products and brand.
b) Use advertorials to promote the brand.
c) Create good image for customers which helps capture the loyalty of customers.
d) Combination of rebranding and intensive advertising may help company promote products.
(NaoBai Jin case)
a) Setting intensive advertising in prime time of TV may help you promote the products and brand.
b) Use advertorials to promote the brand.
c) Create good image for customers which helps capture the loyalty of customers.
d) Combination of rebranding and intensive advertising may help company promote products.
4. How to control the expansion of the company?
a) Find a reliable and a ‘reasonable’ investor.
b) Control the company resources
c) Satisfy customers within reason.
d) Imagine the scale of the company at the moment entrepreneurs think of creating it. Depending on the type of business the entrepreneur wishes to create, (s)he should always keep in mind the capacities of the company and its employees
e) Maintaining a stable workplace environment is sometimes not the most helpful approach, maintaining the spirit of awareness by competing with other companies – real and imagined – and reevaluating one’s own goals are what maintains the liveliness of the company. Evaluate the risks and have strong faith and even passion in the virtues of adversity
f) If you find that you lack sufficient internal or external resources( social relationships, funds or employees ), you might consider even drastic solutions: Contingency plans, escape clauses and plans,
g) With time as your judge, setting explicit goals and changing goals as needed should always be considered by entrepreneurs..
a) Find a reliable and a ‘reasonable’ investor.
b) Control the company resources
c) Satisfy customers within reason.
d) Imagine the scale of the company at the moment entrepreneurs think of creating it. Depending on the type of business the entrepreneur wishes to create, (s)he should always keep in mind the capacities of the company and its employees
e) Maintaining a stable workplace environment is sometimes not the most helpful approach, maintaining the spirit of awareness by competing with other companies – real and imagined – and reevaluating one’s own goals are what maintains the liveliness of the company. Evaluate the risks and have strong faith and even passion in the virtues of adversity
f) If you find that you lack sufficient internal or external resources( social relationships, funds or employees ), you might consider even drastic solutions: Contingency plans, escape clauses and plans,
g) With time as your judge, setting explicit goals and changing goals as needed should always be considered by entrepreneurs..
5. How to pursue the opportunities in daily life?
1) Analyse the profile of the business.
2) Distinguish the customers.
3) Understand how you make decisions.
4) Set reasonable level for the product and service.
5) Set reasonable pricing strategy.
6) Understand the segmentation.
7) Timing to deal with decisions.
8) Understand costs of all the things (products, management fees, debts and so on).
9) Consider the concepts of correction and substantiate them. (thanks to MU LI)
Chapter 7 – How far am I from being somewhere?
For your concluding chapter I would like you to describe how far along the path you have comewith your idea and try and project and how much still needs to be done to realize this project.
1) Analyse the profile of the business.
2) Distinguish the customers.
3) Understand how you make decisions.
4) Set reasonable level for the product and service.
5) Set reasonable pricing strategy.
6) Understand the segmentation.
7) Timing to deal with decisions.
8) Understand costs of all the things (products, management fees, debts and so on).
9) Consider the concepts of correction and substantiate them. (thanks to MU LI)
Chapter 7 – How far am I from being somewhere?
For your concluding chapter I would like you to describe how far along the path you have comewith your idea and try and project and how much still needs to be done to realize this project.
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