2.3 Summary
The major point in this chapter is to demonstrate that unique business opportunities are derived from the unique knowledge, skills, and abilities of the founders. Successful ventures emerge when there is a match between customer needs and desires and the things the founders knew how to and wanted to do. The companies profiled in this chapter share three things in common: (1) the proposed product or service leveraged the knowledge, skills, abilities, and work ethic of the entrepreneurs; (2) it was possible to prove that the business model works without spending a lot of money, and; (3) the venture began to generate cash flow rapidly.
Discussion Questions
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How did the individuals that started these companies develop their unique mix of knowledge and skills?
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Which of the preceding companies required the most start-up capital? Why?
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How was it possible for these companies to prove the business model?
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How did these companies generate cash flow rapidly?
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Why is it important for start-up companies to generate cash flow rapidly?
Exercise
Interview an entrepreneur. Ask them about how they came up with the business idea that they used to launch the business. To what degree is the business idea uniquely suited to the individual?