New Venture Creation

This book is structured around the idea that innovation is at the core of successful entrepreneurship, a necessary first step before writing a business plan or developing a financial model. The beginning of the book is devoted to helping students get the innovative concept down pat. Part I guides students through six elements that comprise a clearly focused venture: defining your target industry, defining your target customers, defining the needs and wants of your target customers, defining your solutions for customers, defining the business model and defining the positioning for your solutions and your business model. After walking students through the venture concept process, the book then dives into the mechanics of implementing the venture concept. Part II focuses on: creating realistic financial projections, creating a concise but powerful business plan, organizing your venture team and creating a compelling pitch. The book concludes with several compelling case studies from the real-world, illustrating the application of ideas presented in the text. The book includes a robust set of pedagogical features: learning objectives help students navigate chapter material; spotlight on Innovation boxes highlight engaging examples of successful entrepreneurs; exercises allow students the opportunity to apply chapter material; tips give students practical advice for succeeding in today's marketplace; and numerous examples, tables, and figures.