Entrepenaurship?
A process by which individuals or orgnisations identify and exploit opportunities for new products or services
What are the steps in a entrepenaurial process?
- Opportunity recognition
- Feasability analysis
- Business plan
- Industry and competitor analysis
- Business model and strategy
- Financin and funding
The entrepenaurial life cycle?
Accordning to the book almost 66% go bankrupt in the first 6 years
- Start-up
- Growh
- Maturity
- Exit
Succesful entrepenaurs do it again and become serial entrepenaurs
Social entrepenaur?
Try to solve social and environmental problems. More leaning towards the non-profit basis
Innovation
Turns new knowledge into a new product or process
Technology-push
Technology creates demand
Demand-pull
Demand leads to new innovation.
Product innovation?
Creating a new product
Process innovation
New ways to create products.
For example Henry Ford with the assembly line
Open innovation?
“Not all smart people work for us”
External parties are allowed to come up with new ideas
Innovation ecosystems
A group of mutually dependent and collaborative partners that need to interact to innovate and create value for all
Diffusion
How fast innovations are spread amongst users
Diffusion s-curve?
Shows the process of diffusion:
1. Slow start
2. Rapid accelaration
3. Maturing point (stagnation)
First-mover advantage?
Theoretically a monopolist who sets the playing field regarding price
Second-mover advantage?
Can learn from the first movers mistakes
Disruptive innovation
Innovation that can turn previous innovations go obsolete
Like the digital camera crushed Kodak
Sustaining innovation
Improving existing products, typical for incumbents
