Success of MIT Alumni in Entrepreneurship

30,000 Active Companies - Employees 4.6 Million - Revenue $2 Trillion

As of 2014, there were over 30,000 active companies founded by living MIT alumni, employing 4.6 million people and generating annual world revenues of nearly $2 trillion.

The revenue of these 30,000 companies, is higher than the GDP of the 10th-largest economy in the world (the country is India).

The report was written by Professor Edward Roberts, the Martin Trust Center's founder and chair, Fiona Murray, Associate Dean for Innovation at the MIT Sloan School of Management, and doctoral student J. Daniel Kim  and was published in 2015. It continues the work started in Entrepreneurial Impact: The Role of MIT which was first published in 2009 by the Kauffman Foundation. An updated version of the study was published in 2011 by the journal "Foundations and Trends in Entrepreneurship."

All three reports can be downloaded from:
https://entrepreneurship.mit.edu/impact


http://news.mit.edu/2015/report-entrepreneurial-impact-1209

Entrepreneurship - Starting and Growing New Businesses - Online Book

Contents

 Role of Entrepreneurs in Mixed Economies

 Rewards for the Entrepreneur

 Risks to be Born and Managed by Entrepreneurs

 Strategic Management Decisions for the New Business

 Form of Ownership Decision

 Franchising Business Opportunity

 Buying an Existing Business

 Marketing Plan

 Operations Plan

 Financial Plan

 Business Plan Presentation for Funding

 Marketing

 Operations

 Efficiency Improvement

 Quality Improvement

 Technology Management

 Human Resource Management

 Information Systems

 Ethics and Social Responsibility

 Policy, Development and Regulation of Small Business Enterprises



Bibliography

50 Steps for Every Enterpreneur Should Take to Build a Business
http://www.entrepreneur.com/article/252811

Crowdfunding Platform - Website Development and Marketing

Crowdfunding Platform Services

http://crowdsunite.com/start-your-own-crowdfunding-site/

Using Paypal for Crowdfunding
https://developer.paypal.com/docs/classic/lifecycle/crowdfunding/

Open Source Crowdfunding Platforms
http://seedingfactory.com/2013/04/list-of-open-source-crowdfunding-platforms/

LaunchT Crowdfunding Platform Solution for NonProfits
http://www.launcht.com/crowdfunding-features/

SaaS Crowdfunding Engine -  https://www.thrinacia.com/


Starting a Crowdfunding Platform - Articles

http://www.launcht.com/blog/2013/03/14/starting-a-successful-crowdfunding-platform-part-1/



Crowdfunding Platforms  - Revenue sources




Out of 452 crowdfunding sites only 21 are in Asia
http://www.fundator.asia/roi_project/fundator-phase-2-building-best-crowdfunding-platform-asian-market

1776 - Washington D.C. Business Incubator - Global Startup Competition for Funds

A Washington D.C. business incubator called 1776 on Friday, 9 May 2014 kicked off its Challenge Festival, the culmination of a months-long search of the world’s most-promising and ambitious start-ups in highly regulated sectors such as education and health care. The event Consists of a week full of panels, parties and networking events at embassies and other venues across the city,  and the festival has a  final round of a pitch tournament next Saturday, 17 May 2014 at the Chamber of Commerce.

http://www.washingtonpost.com/business/on-small-business/dozens-of-the-worlds-rising-entrepreneurs-descend-on-dc-for-global-competition/2014/05/09/af4e2996-d79e-11e3-8a78-8fe50322a72c_story.html

Market Literacy for Subsistence Businessmen

For subsistence businessmen, financial resources and market access or channels to reach the markets are important. But equally important is market literacy and entrepreneurial literacy.

Madhu Viswanathan and his associates are advocating this idea and taking various initiative to test their theoretical conjecture in real life situations.


http://online.wsj.com/article/SB125187240878878743.html

http://business.illinois.edu/subsistence/docs/EnablingMarketplaceLiteracy.pdf

Policy, Development and Regulation of Small Business Enterprises - Chapter Contents

Impact of the Financial Crisis on New Business Registrations in 102 Economies - 2010 Study Report
Google Full View Book
http://books.google.co.in/books?id=Ntc-DviZ28cC

India has only 0.12% limited liability companies new registrations for 1000 working population in year 2009.

Legal Environment for Business in USA

Small Business Entrepreneurship and Management - Bulletin - Information Board

April 2012

eJournal on Small Business - 2006 Issue - interesting articles in it.

Small Business Management - Scarborough  - Various chapters

You want to develop a Business Plan for a New Business?

Do you know what Joseph Schumpeter of Harvard said about entrepreneurship?

 

According to Schumpeter, the main task of the entrepreneur is to reform or revolutionize the pattern of production by exploiting an invention, or an untried technological possibility for producing a new commodity or an old one in a new way, by opening up a new source of supply or materials or a new outlet for products, by reorganizing an industry, and so on.

 

 

What is your idea?

 

New product developed by you?

New product developed by others?

New technology developed by you?

Implementing new technology developed by others?

You found a new source of supply of raw materials?

Somebody else found a new source of supply of raw materials. You want commercialize it?

You are creating a new market?

You have developed a new type of sales distribution outlet?

You have a new type of organizing the business that gives more efficiency?

You found an under serviced market area and want to service it?

 

 

You need to come out with an answer to one of the questions above or similar questions to justify your entrepreneurial ambition. Ambition alone is not sufficient. The opportunity has to be there. You have to develop capabilities in various areas of business and search and identify the opportunity ideal for you to venture.

 

If entrepreneurship is a hobby, one can start something based on interest and ambition. The expenditure on the venture can be treated like consumption expenditure. You have to money to spare and spend and hence you spend it.

 

When entrepreneurship is professional activity, through which you want to earn your bread and butter, you have to be on firmer ground. Don’t leave your present professional activity till you find a venture that gives good odds of success.

 

Don’t believe when somebody says I took the risk and benefited. Don’t believe, if you take the risk, only return will come. Then it is not risk at all. If you take the risk return may come or loss may come. Hence first of all take a risk with proper odds of success. Then have plan for coping with failure.

 

If you come to the conclusion based on your answers to entrepreneurial opportunity questions, you have to develop a business plan to gather resources from your own property and wealth, wealth of parents, relatives or friends, and professional investors like angels and VCs.

 

What need to be the contents of a business plan?

 

Description of the product/service to be produced and marketed

Market research information that supports launch or growth of the product/service

Production model

Model for generating awareness in the market

Sales model

Competitor analysis and scope for success of the business in the industry

Management capabilities of the team

Growth plan

Financial projections

Financing model

 

Web References 

http://knol.google.com/k/shankar-avsb/business-plan-writing-guide/1it0a1hcgdgne/2

 

___________________________________________________________________________________________

Knol Directory - Main Categories

 

Arts, Business, Countries, Democracy, Education, Engineering, Food, Hotels and Restaurants

 

Games, Health, Industry, Information Technology, Knol, Management, Machines,

 

Office and Factory, Political/Social/Economic Issues, Police/Military

 

Recreation, Religion and Philosophy, Science - Natural, Science-social,

 

Special Situations, Travel, Wise Persons

 

New Knols Directory

___________________________________________________________________________________________

Original knol - http://knol.google.com/k/narayana-rao/you-want-to-develop-a-business-plan-for/2utb2lsm2k7a/44

5% of Full Time MBA Students Becoming Entrepreneurs - 2012

According to a survey of administrators, career-services advisors and published reports from top-tier MBA programs, roughly 5% of full-time 2011 business school students founded their own companies right after graduation, with notable jumps at places like Wharton, Stanford and MIT-Sloan. That's up from around 3% in 2010.

http://www.huffingtonpost.com/2012/04/12/the-rise-of-the-mba-entrepreneur_n_1421910.html

You want to develop a Business Plan for a New Business?

Entrepreneurship
What is your idea for the new business?
________________________________________________________________________________

Do you know what Joseph Schumpeter of Harvard said about entrepreneurship?

 

According to Schumpeter, the main task of the entrepreneur is to reform or revolutionize the pattern of production by exploiting an invention, or an untried technological possibility for producing a new commodity or an old one in a new way, by opening up a new source of supply or materials or a new outlet for products, by reorganizing an industry, and so on.

 

 

What is your idea?

 

New product developed by you?

New product developed by others?

New technology developed by you?

Implementing new technology developed by others?

You found a new source of supply of raw materials?

Somebody else found a new source of supply of raw materials. You want commercialize it?

You are creating a new market?

You have developed a new type of sales distribution outlet?

You have a new type of organizing the business that gives more efficiency?

You found an under serviced market area and want to service it?

 

 

You need to come out with an answer to one of the questions above or similar questions to justify your entrepreneurial ambition. Ambition alone is not sufficient. The opportunity has to be there. You have to develop capabilities in various areas of business and search and identify the opportunity ideal for you to venture.

 

If entrepreneurship is a hobby, one can start something based on interest and ambition. The expenditure on the venture can be treated like consumption expenditure. You have to money to spare and spend and hence you spend it.

 

When entrepreneurship is professional activity, through which you want to earn your bread and butter, you have to be on firmer ground. Don’t leave your present professional activity till you find a venture that gives good odds of success.

 

Don’t believe when somebody says I took the risk and benefited. Don’t believe, if you take the risk, only return will come. Then it is not risk at all. If you take the risk return may come or loss may come. Hence first of all take a risk with proper odds of success. Then have plan for coping with failure.

 

If you come to the conclusion based on your answers to entrepreneurial opportunity questions, you have to develop a business plan to gather resources from your own property and wealth, wealth of parents, relatives or friends, and professional investors like angels and VCs.

 

What need to be the contents of a business plan?

 

Description of the product/service to be produced and marketed

Market research information that supports launch or growth of the product/service

Production model

Model for generating awareness in the market

Sales model

Competitor analysis and scope for success of the business in the industry

Management capabilities of the team

Growth plan

Financial projections

Financing model

 

Web References 

http://knol.google.com/k/shankar-avsb/business-plan-writing-guide/1it0a1hcgdgne/2

 

___________________________________________________________________________________________

DIV>

http://knol.google.com/k/narayana-rao/you-want-to-develop-a-business-plan-for/ 2utb2lsm2k7a/ 44

You are an Entrepreneur If

You’re an entrepreneur if you feel you have a product or an idea or a vision that stands out among the business firms or people who are presently serving that need.


Based on


You’re an entrepreneur because you feel you have a product or an idea or a vision that stands out among your competitors (if you don’t stand out, pack it in and come up with a new idea).

http://techcrunch.com/2012/01/28/why-every-entrepreneur-should-self-publish-a-book/

Information Websites - Revenue Modelling

8 Online Revenue Model Options for Information Websites
http://www.smartinsights.com/blog/digital-marketing-strategy/online-revenue-model-options-internet-business/


1. Subscription income
2. Pay per view access income
3. CPM display of advertisements
4. CPC advertisements
5. Sponsorship of site content types or sections
6. Affiliate sales commissions
7. email list sharing revenue
8. Survey facilitation revenue


Internet content revenue models
http://arnoldit.com/articles/pricing.pdf

Online Revenue Models 
2008 MBA University of Twente Report
http://essay.utwente.nl/59335/1/scriptie_T_Boerrigter.pdf

CEOS and Successful Entrepreneurs Have to Coach Aspiring Entrepreneurs

Many steps of enterprise starting can be taught through formal courses. But success as an entrepreneur depends on a fairly unusual combination of personality traits and innovative skills, most of which can be honed on the job only (Richard Bronson). Hence most novice entrepreneurs need the kind of guidance that the successful CEOs and entrepreneurs provide in the role of mentors. There can be even knowledge, traits and skills particularly relevant to the current environment and these can be articulated better by the currently successful businessmen and the persons willing to start new ventures can benefit by being aware of them. Then only they can start attempts to know more about them and use available learning opportunities. Even persons who are in the business of coaching new entrepreneurs may come to know about new knowledge, traits and skills through the conversations with the successful business people.

Richard Bronson is right in stating that where existing successful business persons are willing to share their thoughts regarding successful business with the rest of the community especially with the segments most relevant, community success will be more prominent.

The thought by Richard Bronson

http://www.businessday.co.za/Articles/Content.aspx?id=154353

Originally posted at
http://knol.google.com/k/narayana-rao/ceos-and-successful-entrepreneurs-have/2utb2lsm2k7a/5838#

Entrepreneurial Orientation Construct

The essential act of entrepreneurship is new entry.

Entrepreneurial orientation in a person is presence of knowlege, skill and behavior in activities when done in combination lead to new business ventures or new entry into the business landscape.

The entrepreneurial orientation is described by five dimensions in the paper by Lumpkin and Dess.

Autonomy
Innovativeness
Risk taking
Proactiveness
Competitive aggressiveness

Lumpkin and Dess (1996) expanded the dimensions of entrepreneurial orientation. The construct initially started with innovativeness, pro-activeness and openness towards risk (Miller, 1983; Covin and Slevin, 1986,1989).

Lumpkin and Dess explained that EO represents key entrepreneurial processes and is concerned with how new ventures are undertaken, whereas entrepreneurship refers to the content of decisions taken: what is undertaken.

Most empirical studies of entrepreneurial orientation have utilized the instrument
developed by Miller (1983) and extended by Covin and Slevin (1986; 1988; 1989).
This instrument has been criticized on the grounds of mixing perceptual or
subjective evaluations, such as current attitudes held by CEOs, with self-reporting
of more objective information relating to past organisational behaviour (Brown et.
al. 2001). (Quince and Whittaker, 2003)


Thelma Quince and Hugh Whittaker, http://www.cbr.cam.ac.uk/pdf/wp271.pdf

Entrepreneurial Leadership

Entrepreneurship refers to the ability to apply innovative ideas and unexplored perspectives to business processes. An entrepreneurial organization is always ahead of its times with new products and ideas.

Entrepreneurial leadership is a leadership type like that of tranformational leadership.

Entrepreneurial leadership is leadership that is based on the attitude that the leader is self employed even though some body is employed in an organization.

Leaders of this type:
􀁺 take initiative and act as if they are playing a critical role in the organization and energize their people,
􀁺 demonstrate entrepreneurial creativity, search continuously for new opportunities and pursue them,
􀁺 take risk, venture into new areas and provide strategic direction and inspiration to their people,
􀁺 take responsibility for the failures of their team (willing to bear the loss that come due to failure), learn from these failures and use them as a step to ultimate success and strategic achievement.


Source;
ENTREPRENEURIAL LEADERSHIP: CERTAINLY A TOOL
NOT A MEANS TO ORGANIZATIONAL SUCCESS
http://armef.org/pdfs/SEYED_ABBAS_MOUSAVI_TATFI.pdf