Implementation
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Stage 8
Entrepreneurs must recruit a team and lead it in achieving initial goals while
doing this with maximum efficiency (as funds are often in short supply).
Idea Assessment
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, Looking at a proposed new product or service and considering its relative
level of innovation (how novel the idea is), what the likely market response
will be, and what level of financial risk is involved. Asking whether there are
competing products or services is another key part of the assessment.
Financial Planning Steps
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Estimate revenue and expenses
Project cash flow
Estimate initial investment required
Establish sources of funds
Sole Proprietorship Disadvantages
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Unlimited liability
Lack of continuity
Less available capital
Long-term financing difficult to get
Equity Financing Disadvantages
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, Diluted ownership of company:
Reduced incentive for entrepreneurs and initial managers
Potential control issues between investors and entrepreneurs
Funding the Venture
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Stage 7
Savings
Credit cards
Friends and family
Banks
Venture capitalists
Discovery Stage Questions
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Stage 1
Does this product or service address unmet needs?
Does this product or service fit in a market niche?
Can an old product or service be altered and reintroduced to address
unmet needs?
Who can help me think through a new venture idea?
What is the potential for this product or service?
What level of investment is needed?
How long will it take to earn an appropriate return-on-investment?
Am I excited about this product or service?
Is this new venture something I would enjoy starting?
Give this one a try later!
Stage 8
Entrepreneurs must recruit a team and lead it in achieving initial goals while
doing this with maximum efficiency (as funds are often in short supply).
Idea Assessment
Give this one a try later!
, Looking at a proposed new product or service and considering its relative
level of innovation (how novel the idea is), what the likely market response
will be, and what level of financial risk is involved. Asking whether there are
competing products or services is another key part of the assessment.
Financial Planning Steps
Give this one a try later!
Estimate revenue and expenses
Project cash flow
Estimate initial investment required
Establish sources of funds
Sole Proprietorship Disadvantages
Give this one a try later!
Unlimited liability
Lack of continuity
Less available capital
Long-term financing difficult to get
Equity Financing Disadvantages
Give this one a try later!
, Diluted ownership of company:
Reduced incentive for entrepreneurs and initial managers
Potential control issues between investors and entrepreneurs
Funding the Venture
Give this one a try later!
Stage 7
Savings
Credit cards
Friends and family
Banks
Venture capitalists
Discovery Stage Questions
Give this one a try later!
Stage 1
Does this product or service address unmet needs?
Does this product or service fit in a market niche?
Can an old product or service be altered and reintroduced to address
unmet needs?
Who can help me think through a new venture idea?
What is the potential for this product or service?
What level of investment is needed?
How long will it take to earn an appropriate return-on-investment?
Am I excited about this product or service?
Is this new venture something I would enjoy starting?
