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Challenges
!!! New business
formation: move into a competitive business world requires specific type of
knowledge, expertise, resources and personal business skills.
!!!
Launching a venture without
playing
Innoball
is like starting a football game naively believing that the
opposing team does not exist.
Actions
● Know
10 Keys to Success of a High-Growth Venture and
→
7 Routes To
High Profits
●
Prepare schedule, define and describe
milestones,
and prepare the
milestone chart
● Do
venture planning to assess the feasibility of your venture
● Develop a
business model for your radical innovation project,
compare various
→
business
models
● Play
entrepreneurial games, such as
Innovation Football and
Innovation Chess; use
KoRe 10 Innovative Thinking Tools
to test your business idea and strengthen your team,
business model and
business strategies
● Develop your
→
competitive and
→
differentiation
strategy and a strategy map
● Avoid the
10 deadly small business mistakes; be aware of
the deal-killer
entrepreneurial personality traits
●
Prepare a focused and scalable
→
business plan
that provides clear direction
>>>
● Make a Strength – Weaknesses – Opportunities
–
Threats (SWOT)
analysis
● Do
business, cash and technology forecasting
● Take outside
professional advice and services
● Study and employment and regulatory requirements
● Select
legal
structure of your new company
● Study
startup company
intellectual property (IP) strategies.
Register your
trademark - the legal
● protection
for your company, your
business
name, your
brand, and your domain name
● Explore opportunities for starting up your
business in an enabling environment such as a technology
business incubator
or S&T
park
● Start developing
strategic alliances
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