So you are considering starting a new venture or joining an early venture! This document is intended as a set of guidelines to help you organize your work. It's aim is to be a comprehensive outline of the major considerations in conceiving, launching and growing a new venture. There is never a complete guarantee of success, but if you follow the steps outlined in this document in a self-critical and thorough way, you will certainly improve your chances for success. This document is a dynamic collection of the thoughts and insights of the community of scholars and entrepreneurs who make up the Duke Entrepreneurship community. Additional insights and perspectives can be found at the companion site: Duke Entrepreneurship Research. First principles An entrepreneurial opportunity when you can match a compelling solution to an unsolved problem or unsatisfied need. A problem without a solution or a solution without a problem are not foundations for a new venture.The first step in an entrepreneurial venture is to identify a real opportunity. Next you create a plan to address that opportunity. Then you execute that plan. This yields the simplest model of entrepreneurship:  In reality, these steps are ongoing, dynamic and iterative. That is, your initial idea of the opportunity is just an hypothesis. You can test your hypothesis by formulating a plan and testing elements of it. This process has already led you some way down the path of execution. But you should be continually adjusting your plans and also continuing to evaluate critically your opportunity. As you work to establish and grow your venture, you will continually refine your understanding of the opportunity you are pursuing and adjusting the plans that drive your company.  Another way to conceive the development of your venture is a continual outward spiral through the basic activities that comprise any business.  How this document is organizedThis document is a tool to aid the entrepreneur. It may be helpful to think of the material as being organized two main sections. What to do: This material covers the basic steps of entrepreneurship: identifying & evaluating an opportunity, planning and execution. How to do it This section is organized according to the main functional areas of a business. This material cuts across the
phases in the sense that these activities (e.g., market research,
people management, financing) need to be performed continually
throughout the phases of the development and growth of a firm. It's focus is on execute those functional disciplines in an entrepreneurial context.Product or solution focused: Some related materialFuqua "Program for Entrepreneurs:A new initiative helping students participate in starting ventures while they are getting their MBA.For students of the Duke New Ventures Clinic, Management 490 For students of Entrepreneurial Execution and Planning, Management 491 Some suggested readings
Useful and thoughtful research on many aspects of entrepreneurship from Duke faculty can be found at Duke Entrepreneurship Research.
The reader may also find material of interest on the Duke Strategy Research Advantage site. |
Guidelines for Creating and Growing Ventures |