We will use observation and creation to explore the integration of functional areas of business from simple to elaborate models. You will also need to come up with your own unique ideas for a potential business and analyze the appropriate business model for that business. This is an engaged, experience-based course and will challenge students to think and apply concepts discussed in class.
Notes
Business Model Canvas → Replaces the traditional Business Plan
Entrepreneurship
The Best Parts:
- Learning
- Hopeful for the future
- Creating something new
The Worst Parts:
- Having to close down (Walk Away)
- Affecting people's lives
- Advertising the product
Design Thinking
A human-centered, iterative process for creative problem-solving that focuses on deeply understanding user needs to create innovative solutions.
- Empathize
- Define
- Ideate
- Prototype
- Test
- Implement
Key Principles:
- Human-centered
- Iterative and non-linear
- Hands-on and action-oriented
- Collaborative
Leadership Considerations:
- Transactional ($$$) vs. Human-centered (Emotion)
- Management Support
- Emotional trouble of change
- Unanchor from the norm
Why Business Needs a Rethink
- People: Do we have the right people involved? (Decision Makers & those Impacted)
- Systems: Can our systems handle the change?
- Cost: Can the company handle the expense?
- Evidence: Do we have data to support the design?
- Finance: Will it produce cash flow?
Starting a Business
Philosophy: Who Not How! Who do I know that can fill in my gaps?
Hurdles:- Time & Money (Debt vs. Equity risk)
- Knowledge & Communication
- Fear/Risk (Assessing the worst-case scenario)
Local Resources:
- Convoi Ventures: Trent
- CB Vault: Central Bank
- Startup Ignition: John/Tyler
- Commerce Catalyst: Matt Holman
- Silicon Slopes: Utah Tech Hub
Assignments
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