Summary SV introduction to entrepreneurship

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Introduction to entrepreneurship
INTRODUCTION 4

WHAT IS ENTREPRENEURSHIP? 4
WHAT DOES THE AVERAGE ENTREPRENEUR LOOK LIKE? 4
TYPES OF ENTREPRENEURSHIP 4
OPPORTUNITY-DRIVEN ENTREPRENEURSHIP 4
NECESSITY-DRIVEN ENTREPRENEURSHIP 4
WHY BE AN ENTREPRENEUR? 5
HAPPINESS 5
MONEY 5
SOCIETY 5
SME’S 6
TYPES OF ENTREPRENEURSHIP 6
ENTREPRENEURSHIP IN FLANDERS 6
WHAT WILL THE FUTURE HOLD? 7
INTRAPRENEURSHIP 7

IDEAS AND PROTECTION OF THE PRODUCT 8

IDEA GENERATION 8
CREATIVE THINKING TECHNIQUES 8
PPCO 8
IDEA GENERATION TECHNIQUES 8
Look at successful start-ups or companies 8
Trend watching (hype cycle) 8
Thinking outside the box 9
Look beyond industry boundaries 9
Slipstream thinking 9
Thinking in terms of business/revenue model 9
Think smaller 9
PROTECTION OF IDEAS 10
PRINCIPLES OF IPR 10
Trade secrets 10
Copy rights 11
Trade name 11
Trademark 11
Designs/models 12
Patents 12
IDEA OR OPPORTUNITY 13
MARKET ASSESSMENT 13
THREE LEVELS OF A PRODUCT/ SERVICE 13
MARKET SEGMENTATION 14
TYPES 14



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MARKET ASSESSMENT 15
MACRO LEVEL ASSESSMENT 15
MICRO LEVEL ASSESSMENT 15
Empathic design 16
Focus groups 16
Lead users 16
Concept testing 16
Interviews and surveys 17
MARKET SIZE ESTIMATION 17

INDUSTRY AND TEAM COMPOSITION 18

INDUSTRY ASSESSMENT 18
WHAT IS AN INDUSTRY? 18
MICRO AND MACRO INDUSTRY ASSESSMENT 18
Macro level analysis 18
Micro level analysis 21
VALUE CHAIN & COMPLEMENTARY ASSETS 22
COLLABORATION STRATEGIES 22
TEECE MODEL 23
TEAM COMPOSITION 24
HUMAN CAPITAL 24
ENTREPRENEURIAL TEAM 24
Members 24

FINANCIAL PLANNING 25

BUILDING BLOCKS 25
INVESTMENT BUDGET 25
LIQUIDITY PLANNING / CASH-FLOW PLANNING 25
J-curve 25
BALANCE SHEET 26
Assets 26
Liabilities and equity 26
PROFIT AND LOSS STATEMENT 27
1st difference: timing 27
2nd difference: expenses vs. costs, receipts vs. revenues 27
BREAK-EVEN ANALYSIS 28
SENSITIVITY ANALYSIS 29
TAKE-AWAYS 29

SOURCES OF FINANCE 30

BANK LOANS 30
3F MONEY 30
CROWDFUNDING 30



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BUSINESS ANGELS 31
EXPECTATIONS AND TARGETS 31
DETERMINANTS OF INVESTORS 31
VENTURE CAPITAL 31
TYPES OF VC FUNDS 32
A VC DEAL 32
LARGE CORPORATION / STRATEGIC PARTNER 33
GOVERNMENT MEASURES (INCLUDING SUBSIDIES) 34
INITIAL PUBLIC OFFERING (IPO) 34
FINANCING SOURCES IN FLANDERS 34

VALUATION 35

NPV 35
DCF 35
FORECASTED PERIOD 35
TERMINAL VALUE 35
TOTAL COMPANY VALUE 35
GROWTH 36
ANSOFF MATRIX 36
Example: Facebook 36
SCALABILITY, SCALING AND SCALE-UPS 36
REVENUE MODEL 37




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Introduction
What is entrepreneurship?
- Create new ideas/products with value
- Change the environment with these new ideas
- Invest money and take risks
o Also social/psychological risk if the company fails
- Dedicate time and effort
- Receive rewards (monetary, satisfaction and independence)

With this definition, a baker is not an entrepreneur. These people are self-employed.

What does the average entrepreneur look like?
It is not genetically determined, but these people have certain personality traits such as:

- Self-confidence
- Dealing with risk
- Flexibility
- Strive for success
- Strive for independence
- High energy levels

Types of entrepreneurship
Opportunity-driven entrepreneurship
The entrepreneur founds a company because he/she spotted an excellent opportunity.

70% of entrepreneurs in Flanders start a company because they see a certain opportunity. These
people have enjoyed a higher education.




Necessity-driven entrepreneurship
The entrepreneur founds a company in order to make a living

30% of entrepreneurs in Flanders start a company because they have no other way to provide for
their family.




Introduction to entrepreneurship Introduction