Enterprenuerhsip can be learnt
1. More founders = better odds of success
2. entrepreneurs need to be effective communicators, recruiters, and salespeople
3. real skills that increase the odds of success, such as people management, sales skills, product conception and delivery
Two type of entreprenuership
SME Entrepreneurship IDE Entrepreneurship
Innovation can come in many varieties including technology, process, business model, positioning, and more.
• Knowledge: What was the focus of your education or career?
• Capability: What are you most proficient at?
• Connections: Who do you know that has expertise in different industries? Do you know other
entrepreneurs?
• Financial assets: Do you have access to significant financial capital, or will you be relying on a
meager savings account to start out?
• Name recognition: What are you or your partners well-known for? Skills in engineering?
Understanding fiber optics?
• Past work experience: In previous jobs you’ve held, what inefficiencies or “pain points” existed?
• Passion for a particular market: Does the idea of improving healthcare excite you? How about
education? Energy? Transportation?
• Commitment: Do you have the time and effort to devote to this endeavor? Are you ready to
make a new venture your primary (or only) focus?
Step 1: market segmentation
• Brainstorm a wide array of potential customers and markets for your business.
• Narrow your list down to your top 6–12 markets.
• Gather primary market research on your top 6–12 markets.
The single necessary and sufficient condition for a business is a paying customer.
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