Aspiring entrepreneurs may have plenty of ideas, but not all of them are necessarily good ones. To make an idea worth pursuing, it must first be determined if the idea can be translated into a business opportunity. A business opportunity is when identifiable consumer demand meets the viability of satisfying the requested product or service. In the field of entrepreneurship, there are certain criteria that must be met to move from an idea to an opportunity.
It starts with developing the right mindset, where the aspiring entrepreneur sharpens their senses to the needs and desires of consumers and conducts research to determine if the idea can become a successful venture. It's not easy to start a company, but it doesn't have to be complicated either. This course will dramatically improve your chances of starting a viable business by providing a framework for identifying large and attractive opportunities. Every student will leave with a viable business opportunity and a valuable, repeatable skill set that will be an asset in any business environment.
Many entrepreneurs start their business after working for someone else and seeing a better way to operate that business, and then start their own competing business. In the 20th century, economist Joseph Schumpeter stated that entrepreneurs create value “by exploiting a new invention or, more generally, an unproven technological possibility to produce a new product or produce an old one in a new way, by opening up a new source of supply of materials or a new point of sale of products, through the reorganization of an industry or similar means”. Students must also be able to select the appropriate corporate structure for a variety of companies, negotiate and establish basic shareholder governance, calculate capitalization tables, and estimate the value of a business company. Another businesswoman, Sara Blakely admits that during the seven years she spent selling fax machines in the 1990s, she was often so scared to approach sales prospects that she burst into tears and then would have to drive around the block to collect before she could complete the next call of sales. In this course, you will be exposed to disruptive, influential and respected entrepreneurs, venture capitalists and business leaders, and learn about their personal experiences founding, financing and managing a start-up company.
You'll learn how to use various business and innovation tools to identify opportunities, build a business model, and assess your funding capacity so you can bring your ideas to life in a sustainable and scalable way. Some of the recent drivers of change in the entrepreneurial space include new financing options, technological advances, globalization and industry-specific economics. Whether you simulate a venture capitalist, entrepreneur or corporate employee, this process is the first step in determining whether the idea has sufficient merit to go ahead as a business or investment; this framework will also help you communicate the idea (trait) by providing a final presentation of your findings; Due to the reduced time from this short course, students will have an idea of the speed at which most entrepreneurs should operate. This class will target new companies, companies and existing entrepreneurs in the Carbon Dioxide Utilization (CO2U) space to find the most advanced technologies and what is on the horizon in the next 3 to 5 years. Regardless of what Schumpeter paths entrepreneurs follow, before investing time and money into their venture they must conduct extensive research into their industry to see if there is actually a viable business opportunity.
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