Subject category:
Entrepreneurship
Published by:
Harvard Business Publishing
Version: 1 June 2024
Revision date: 5-Aug-2024
Length: 56 pages
Data source: Published sources
Abstract
Core Curriculum in Entrepreneurship is a series of Readings that cover fundamental concepts in Entrepreneurship. Readings include Interactive Illustrations which help readers master complex concepts quickly. This Reading is accompanied by a Teaching Note, test bank, and exhibit slides. The latest revision (June 2024) features updated cases and exercises, examples of entrepreneurship around the world, and additional content on the impact of technological and industry disruptions, regulatory change, and trends in venture support and financing. Having an idea is just the first step in an entrepreneurial journey. Turning that idea into a compelling opportunity requires analytical capabilities, passion, and determination. Successful entrepreneurs know how to take their ideas and shape them into opportunities to create value for all stakeholders. Beginning with the stories of 3 entrepreneurial journeys, this Reading examines that process of identifying and shaping opportunities. Opportunity recognition and shaping comprise 3 distinct activities: (1) perceiving an unmet market need, or a capability that could meet a need that has yet to be identified; (2) discovering the fit between market needs and the capabilities and resources available to the entrepreneur; and (3) creating a product, service, or solution that can be delivered to a specific market to address a specific need while generating value for all stakeholders. The novelty of an entrepreneurial opportunity - whether in market need or in skills needed to execute - influences the level of uncertainty in the assumptions that the entrepreneur must make in shaping the opportunity, which, in turn, influences the level of risk. After sharing the journeys of 3 entrepreneurs, this Reading explores how entrepreneurs identify opportunities and ends by discussing how they shape them by crafting business models and identifying risks and uncertainty. Although entrepreneurial ventures are usually formed in an iterative rather than a sequential manner, and founders are engaged in multiple parts of the new-venture-formation process simultaneously, this Reading lays out sequential steps for simplicity. This reading includes 2 Interactive Illustrations. 'Identifying Growth Opportunities' demonstrates how ventures make strategic growth decisions. 'SalesLogic Business Model Comparison' dynamically compares three business models a company is considering as it contemplates how best to grow. The reading concludes with two Supplemental Readings. 'Designing an Entrepreneurial Apprenticeship,' identifies approaches entrepreneurs can use to develop the experience and networks needed to recognize and shape opportunities. 'Comparing Business Models,' includes the second interactive exercise.
About
Abstract
Core Curriculum in Entrepreneurship is a series of Readings that cover fundamental concepts in Entrepreneurship. Readings include Interactive Illustrations which help readers master complex concepts quickly. This Reading is accompanied by a Teaching Note, test bank, and exhibit slides. The latest revision (June 2024) features updated cases and exercises, examples of entrepreneurship around the world, and additional content on the impact of technological and industry disruptions, regulatory change, and trends in venture support and financing. Having an idea is just the first step in an entrepreneurial journey. Turning that idea into a compelling opportunity requires analytical capabilities, passion, and determination. Successful entrepreneurs know how to take their ideas and shape them into opportunities to create value for all stakeholders. Beginning with the stories of 3 entrepreneurial journeys, this Reading examines that process of identifying and shaping opportunities. Opportunity recognition and shaping comprise 3 distinct activities: (1) perceiving an unmet market need, or a capability that could meet a need that has yet to be identified; (2) discovering the fit between market needs and the capabilities and resources available to the entrepreneur; and (3) creating a product, service, or solution that can be delivered to a specific market to address a specific need while generating value for all stakeholders. The novelty of an entrepreneurial opportunity - whether in market need or in skills needed to execute - influences the level of uncertainty in the assumptions that the entrepreneur must make in shaping the opportunity, which, in turn, influences the level of risk. After sharing the journeys of 3 entrepreneurs, this Reading explores how entrepreneurs identify opportunities and ends by discussing how they shape them by crafting business models and identifying risks and uncertainty. Although entrepreneurial ventures are usually formed in an iterative rather than a sequential manner, and founders are engaged in multiple parts of the new-venture-formation process simultaneously, this Reading lays out sequential steps for simplicity. This reading includes 2 Interactive Illustrations. 'Identifying Growth Opportunities' demonstrates how ventures make strategic growth decisions. 'SalesLogic Business Model Comparison' dynamically compares three business models a company is considering as it contemplates how best to grow. The reading concludes with two Supplemental Readings. 'Designing an Entrepreneurial Apprenticeship,' identifies approaches entrepreneurs can use to develop the experience and networks needed to recognize and shape opportunities. 'Comparing Business Models,' includes the second interactive exercise.