CODE Corp

Lecture Topics

Posted by CODE Corp on 08:35

1.Intro to Entrepreneurship

The word “entrepreneur” derives from the French words entre, meaning between,” and prendre, meaning “to take.” The word was originally used to describe people who “take on the risk” between buyers and sellers or who “undertake” a task such as starting a new venture. Entrepreneurship is the process by which individuals pursue opportunities without regard to resources they currently control. Entrepreneurship is the art of turning an idea into a business.

Corporate Entrepreneurship is the conceptualization of entrepreneurship at the firm level. All firms fall along a conceptual continuum that ranges from highly conservative to highly entrepreneurial.

Three main reasons people decide to become entepreneurs:

Four main characteristics of successful entrepreneurs:

The Entrepreneurial Process Consists of Five Steps

Step 1: Deciding to become an entrepreneur.

Step 2: Developing successful business ideas.

Step 3: Moving from an idea to an entrepreneurial firm.

Step 4: Managing and growing the entrepreneurial firm.

Step 5: Exiting the venture.

2.How to choose a good company name
Thing to consider before named a company:

• a name which are connected to your nature of business

• a name which is meaningful

• a name which is easy to pronounce or remember

• a name which is very unique / different / extraordinary

• a name which is connected to future

• a name which should not be used by others

• a name which brings luck

• a name is combination of directors names

• a coined word which sound nice

• name of place connected to business

• a name which is extraordinary

• a name which is different of others

• a name which is futuristic sounding

• a name which is easy to spell

• a name which sounds good in different languages but has a meaning

• a name which bring power

3.Creativity in Technopreneurship

Creativity is the ability to see the same things as everyone else but think something different. Creativity involves the translation of our unique gifts and talents into something that is both new and useful. Creativity is an important element in finding new ways to do old things and ways to do things yet undone.

Components of Creativity

Creative Thinking refers to the ability to form new combinations of ideas to fulfil a need, or to get original or otherwise appropriate results by the criteria of the domain in question.

Being creative is the ability to think outside the box.

4.Innovation in Technopreneurship

• What is Innovation?

a new idea, method or device.

the process of making improvements by introducing something new.

the process of translating new ideas into tangible product.

the successful exploitation of new ideas.

A creative idea that is realized.

change that creates a new dimension of performance.

• Creativity & Innovation

• Creativity – coming up with ideas.

• Innovation – bringing the ideas to life.

• Creativity – displayed by individuals.

• Innovation – occurs in the organisational and societal context.

• Innovation Vs Invention

• Invention - the creation of new tools or the novel compilation of existing tool.

• Innovation occurs when someone uses an invention - or uses existing tools in a new way - to change how the world works, how people organize themselves, and how they conduct their lives.

Types of Innovation

5.Blue Ocean Strategy
Creating New Market Space

To win in the future New Market Space, companies must stop competing with each other. Because the only way to beat the competition is to stop trying to beat the competition.

Red Ocean Vs Blue Ocean

Business Idea Competition

Posted by CODE Corp on 15:16

Business Model

Posted by CODE Corp on 15:13

Business Model

Zara is one of the largest international fashion companies. It belongs to Inditex, one of the world’s largest distribution groups.

The customer is at the heart of their unique business model, which includes design, production, distribution and sales through their extensive retail network.

Zara’s Business model is characterized by a high degree of Vertical integration compared to other models developed by their International competitors. It covers all phases of the fashion process: design, manufacture, logistics and distribution to its own managed stores. It has a flexible structure and a strong customer focus in all its business areas.

The Zara’s business model is unique, comprising each and every stage of the fashion retail business: design, manufacture, distribution and sale of fashion in own-operated stores.
The key to this model is the ability to adapt the offer to customer desires in the shortest time possible. For Zara, time is the main factor to be considered, above and beyond production costs. This signifies there clear cut policy of valuing time even more then money.

Business Model

Vertical integration enables them to shorten turnaround times and achieve greater flexibility, reducing stock to a minimum and diminishing fashion risk to the greatest possible extent.

Zara’s team of designers, made up of more than 200 professionals, continuously assessing the customers´ preferences, wishes and demands offering each year comprised some 12,000 different models for sale in its stores. The availability of the factories owned by the company, together with a wide range of highly experienced external suppliers who have a solid commercial relationship with the format, allow Zara to manufacture a model and to have it for sale in its stores worldwide within the average term of approximately two weeks.

Garments, both the in-house manufactured and those purchased from external suppliers, arrive at the hubs Zara has in Spain, wherefrom they are dispatched to the stores worldwide. Clothes are dispatched twice a week, and this frequency allows a continual renewal of our fashion offer.

Zara sells three lines of items, for women, men and children. Each of them has its own independent creative team who carries out the fashion proposals for each campaign. That is why their customers may find in Zara stores, located at the major shopping streets of more than 500 cities in the world, a high quality fashion proposal that takes into account the latest trends at affordable prices.

Business Plan

Posted by CODE Corp on 15:12

Business Plan

3.1 Objectives

CODE Technologies has identified three types of objectives that will serve as challenging but attainable goals for the organization.

3.2 Business Objectives

To become the premier vendor in the new and evolving Personal Locator Device industry.
To reach profitability within one year of the company's launch.
To develop additional profit centers such as programming, training, seminars, ancillary equipment, etc. within the first two years.

3.3 Financial Objectives

Increase product sales to several million dollars annually by the end of the second year.
Bring gross margin up and maintain that high level by the third year.
Improve inventory turnover on an ongoing basis, until "just-in-time" inventory is standard by the third year.

3.4 Marketing Objectives

Focus on target marketing to increase market penetration and domination.
Expand target markets with controlled growth.
Establish brand awareness for the CODE Technologies' name and products.
Position ourselves as the leading Personal Locator Device company in the world.

3.5 Keys to Success

The keys to success in this business are:

Product quality and efficacy in real-life situations.

Utilizing next-generation technology in order to improve upon current systems, while differentiating ourselves from our competition.

Marketing: either dealing with channel issues and/or barriers to entry, or solving problems with major advertising and promotion budgets in order to penetrate our target markets.

Management: products delivered on time, costs controlled, marketing budgets managed. There is a temptation to increase growth at the expense of profits; we will keep a close eye on this temptation in order to live up to our plan.

Sustaining controlled growth in order to manage start-up costs more efficiently.

To maintain these key factors,CODE Technologies' needs include start-up funding, partnering with value-added investor/partners, aggressive marketing, quality sales professionals, accomplished C-Level management, product branding, increasing reach into target markets, affiliating with the right channel partners, competitive intelligence and appropriate use of evolving technologies.

3.6 Start-up Summary

Our plan begins with a two month start-up period during which we will focus primarily on setting up our offices and developing our system designs, but also including significant initial marketing work. Our start-up expenses for these first months will be used for further product development, legal costs, payroll, marketing and typical expenses associated with opening our first office. The founders will provide the first round financing to launch the company, initiate a small production run of our product, and initiate further product development, while marketing and pre-selling.

In addition, we will need another investor/partner to provide funds to cover the cash necessary to see us through our first year in business, as we begin to make and sell our products. We plan to fund future growth from sales revenues.

Initially, we will be leasing a relatively small office space for administrative functions and an electronics bench lab in order to keep our first year expenses to a minimum, as we continue product development while marketing and pre-selling our product prior to production. We will consider a larger office space only when we have outgrown our current facility, dependent on sales, budgets and personnel needs.