busi 701 artistic entrepreneurship

Vernon’s Razor©2008 Patrick Vernon

BUSI 701Artistic Entrepreneurship

1st 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– In the classroom– Working on your project– Course Website

• Expectations– Relevant “data” hard to find– Analysis only goes so far


Imagine: Medieval Europe

WeatherZillow


• Definitions:

Quick Intro: Vernon’s Razor


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


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


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


Go or No-Go?

Vernon’s Razor


Go or No-Go?


Vernon’s Razor1. Value Proposition2. Market Potential3. Return4. Team5. Competitive Advantage6. Business Model7. Customer Pain

DefiningOpportunity

MinimizingRisk


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?

busi 701 artistic entrepreneurship

Documents