The current week's reading on "Assessment of Entrepreneurial Opportunities" was a good read for anyone considering moving forward with their entrepreneurial idea.
I was surprised to read the definitions of the three phases the venture goes through. Who knew prestart-up is the beginning of an idea through the time the doors open for business. Start-up phase is the sales activity and ends when the business is firmly established. The poststart-up phase lasts until the venture is terminated or no longer controlled by the entrepreneur. I always considered the definition of start-up as the first year or two of the business venture.
Only one part of the reading was a bit confusing and that is the example given of "Importing Good Ideas" as an entrepreneurial venture. The book's example under this heading was an already established business in Germany who was exporting to other countries but not the US, so an individual familiar with the lighting gained an exclusive contract to distribute those lights in the United States. I guess I am confused how this is entrepreneurial if the idea existed?
A few questions I would ask:
1. What did the author find in researching as to why the failures occurred in ventures failing surrounding product design? Meaning, did the ventures not test the product with end customers?
2. Since my idea includes several service offerings (home construction, rental properties lower income, and financial review service as well as leg work to find homes). Is this doomed for failure because "too aggressive" with so many offerings? I ask because I see ventures fail due to unclear business definitions.
3. Are product based businesses a better entrepreneurial venture than service oriented businesses?
There really was not anything I disagreed with the author or thought he was wrong about. I actually enjoyed this particular chapter.
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