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BUSI 701 Artistic Entrepreneurship. 1 st Class. How We’ll Navigate this Class. In Class Vernon’s Razor Lectures Profiles Applied Improv Coordination of projects Guests. Out of Class Readings Profiles Industry analysis Venture feasibility or startup plan. Danger. Focus - PowerPoint PPT Presentation
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Vernon’s Razor©2008 Patrick Vernon
BUSI 701Artistic Entrepreneurship
1st Class
Vernon’s Razor©2008 Patrick Vernon
How We’ll Navigate this Class
In Class• Vernon’s Razor
– Lectures– Profiles
• Applied Improv• Coordination of projects• Guests
Out of Class• Readings
• Profiles
• Industry analysis
• Venture feasibility or startup plan
Vernon’s Razor©2008 Patrick Vernon
Danger
• Focus– In the classroom– Working on your project– Course Website
• Expectations– Relevant “data” hard to find– Analysis only goes so far
Vernon’s Razor©2008 Patrick Vernon
Imagine: Medieval Europe
WeatherZillow
Vernon’s Razor©2008 Patrick Vernon
• Definitions:
Quick Intro: Vernon’s Razor
Vernon’s Razor©2008 Patrick Vernon
Venture
• An undertaking involving chance, risk, or danger; especially a speculative business enterprise
• Speculation: an investment that is very risky but could yield great profits;
• A commercial undertaking that risks a loss but promises a profit
Vernon’s Razor©2008 Patrick Vernon
Entrepreneurship
• 18th century: bearing the risk of buying at certain prices and selling at uncertain prices
• Today (my definition): taking good ideas, assessing the value they could create, and building an organization (people and systems) to distribute that value
Vernon’s Razor©2008 Patrick Vernon
Entrepreneurship
• Taking good ideas, assessing the value they could create, and building an organization to distribute that value
• Begs the questions: what value can you create? And is it enough to sustain a new venture?
Opportunity
Risk
Vernon’s Razor©2008 Patrick Vernon
Go or No-Go?
Vernon’s Razor
Vernon’s Razor©2008 Patrick Vernon
Go or No-Go?
Vernon’s Razor©2008 Patrick Vernon
Vernon’s Razor1. Value Proposition2. Market Potential3. Return4. Team5. Competitive Advantage6. Business Model7. Customer Pain
DefiningOpportunity
MinimizingRisk
Vernon’s Razor©2008 Patrick Vernon
Vernon’s Razor
DefiningOpportunity
MinimizingRisk
1. What is my value proposition?
2. How big could this get?
3. What’s in it for me?
4. Why me?
5. Can I compete?
6. Can this thing make money?
7. How bad do they want it?