1 E-Entrepreneurship Chapter 1 Basics of the Net Economy Faculty of Computer Sience, Profesship Business Infomatics, esp. Multimedia Marketing Outline 1 Basics of the Net Economy 1.1 Characteristics of a foundation of an enterprise 1.2 Areas of a foundation of an enterprise 1.3 Players of a foundation of an enterprise 1.4 Success factors of a foundation of an enterprise 1.5 Development stages of a foundation of an enterprise 2 Ideas Generation 2.1 Conditions and requirements of the founder 2.2 Methods of limitation, the identification and evaluation of the idea 2.3 Identification and specification of processes 2.4 Identification of market presence and market structure 2.5 Base of corporate finance and the possibilities of pre-seed financing Folie 2 von 65
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1
E-Entrepreneurship
Chapter 1
Basics of the Net Economy
Faculty of Computer Sience, Profesship Business Infomatics, esp. Multimedia Marketing
Outline
1 Basics of the Net Economy1.1 Characteristics of a foundation of an enterprise1.2 Areas of a foundation of an enterprise1.3 Players of a foundation of an enterprise1.4 Success factors of a foundation of an enterprise1.5 Development stages of a foundation of an enterprise
2 Ideas Generation2.1 Conditions and requirements of the founder2.2 Methods of limitation, the identification and evaluation of the idea2.3 Identification and specification of processes2.4 Identification of market presence and market structure2.5 Base of corporate finance and the possibilities of pre-seed financing
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1 Basics of the Net Economy1.1 Characteristics of a foundation of an enterprise
• terms of the concept of a foundation of an enterprise are in the literature avariety of related issues known: start-ups
dependent formation
derivative formation
original formation
different types of formation:
derivative original
dependent transformation of a company formation of a company
self business start-up foundation of an enterprise
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• Foundation of an enterprise
creating an original and independent legal economic entity
the companys founder offers specific products
innovative formation: new combination of input factors
imitated formation: follows existing an well-know business concepts andund cied the use of input factors or takes slight modifications
1 Basics of the Net Economy1.1 Characteristics of a foundation of an enterprise
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• Net Economy economically utilized area of electronic data (E-Business) allowed on different electronic platforms a direct or indirect handling or
manipulation of information, communication and transaction processes
• three key areas of employment: E-Procurement E-Shop E-Marketplace
• two other platforms are part of the expanded group of E-Business: E-Community E-Company
1 Basics of the Net Economy1.1 Characteristics of a foundation of an enterprise
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• Which of the following companies belong to the Net Economy and how theycreate value added?
1 Basics of the Net Economy1.1 Characteristics of a foundation of an enterprise
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• in addition to the product with an electronic value added are for thefoundation of an enterprise in the net economy following issues of relevance: management with specific skills on the links in the network economy
risk regarding future developments of information technology andacceptance on the customer side
Net Economy and its underlying technology is a key growth area
investment in information technologies require capital for their initialdevelopment and/or establishment and because of the constant changesand developments
1 Basics of the Net Economy1.1 Characteristics of a foundation of an enterprise
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• E-Entrepreneurship
creating an original and independent legal economic entity in the NetEconomy (E-Venture)
the companys founder offers specific products
• E-Venture
Is a young company founded with an innovative business idea within theNet-Economy.
It offers an electronic platform in its data products and/or services on the basis of a purely electronic value added.
This offer has been made possible by the developments in information technology.
1 Basics of the Net Economy1.1 Characteristics of a foundation of an enterprise
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Examples of foundations of an enterprise in the Net Economy
• What are the underlying their business ideas? What value added is realized? What is the current value?
1 Basics of the Net Economy1.1 Characteristics of a foundation of an enterprise
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1.2 Areas of a foundation of an enterprise
• development and content of the Web 1.0, Web 2.0 and Web 3.0• Web 1.0: application systems
Application-oriented information, communication and transactionprocesses in the Net Economy, where the starting point of the offeror orthe offer on object-oriented databases is.
Conditions to the entrepreneurs in the Net Economy
• personality, motivation and skills
• personality
control belief
independence
problem orientation
risk appetite
resilience
emotional stability
enforcement readiness
social adaptability
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• motivation
push factors pull-factors
features motives features motives
current situation is perceived as unattractive
(threat of) unemployment
self-employment is perceived as attractive
can determine
negative meaning to the person
dissatisfaction with previous working conditions
positive meaning for the person themselves realize
triggers in theenvironment
dissatisfaction with previous job content triggers in the person stimulus of the task
present based
independence of friends or family members
salary cuts
future-oriented
curiosity to try something new
financial incentive
2.1 Conditions and requirements of the founder
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• skills
qualification „Sum of existing and/or selectable gain knowledge, skillsand behaviors, which in socialization and education processes arepurchased by individuals“
competencies of successful entrepreneurs are reflected in soft skillsrather contradictory
„No“ can say
dealing with errors
stress management
leadership
communicative competence
strategic competence
2.1 Conditions and requirements of the founder
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Requirements of entrepreneurs in the Net Economy
• technical and specialized knowledge
computer science
business informatics
business administration
• Team skills
integral part of the founding
especially in the Net Economy has been the most cases
most prominent example : google.com
2.1 Conditions and requirements of the founder
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business idea platform founder teamsize
foundingyear
google.comdeveloping a search engine
technologyE-Community Larry Page,
Sergey Brin 2 1998
webmiles.com online bonussystem E-Community
Loretta Würtemberger,
Patrick Boos, Dominik von Riibentrop
3 1999
delticom.detires and
automobile spare parts trade
E-ShopRainer Binder, Dr. Andreas Prüfer, Timon Samusch
3 1999
pixum.de online-photoshop E-ShopDaniel Attalah,
Christian Marsch, Michael Ziegert
3 2000
mobile.de trade in used cars over the Internet E-Marketplace
Ralph Prehn, Rüdiger Bartholatus, Vijay Sapre, Thorsten
Schmidtke
4 1996
2.1 Conditions and requirements of the founder
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2.2 Methods of limitation, the identification and evaluation of the idea
Factor of success „product“: Limitation of methods to search idea
• business opportunities for the new company for the following situations ariseout :
unexpected changes in the environment of firms (successes / failures)
identification of gaps or inconsistent
demand gaps or requirements solve
information gaps, information gain or information advantage
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• promising business opportunity must
interesting, timely and sustainable
based on a product that an additional benefit for customers
• How can the know-how potentials are determined to build a competitiveproduct innovation to create?
Competence analysis
• search of new business ideas is based primarily on the basis of their abilitiesthe founder or founding team
• Step 1: Know-how of the founder, to determine potential
2.2 Methods of limitation, the identification and evaluation of the idea
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• competences: skills and abilities that form the basis of problem-solving potential in the enterprise
• core competencies are bundled or individual abilities and skills
the access to a wide range of (new) product applications and markets,
the significant contribution to the objective merits of a productapplication provide and
accordance with objective criteria to the company over the competitioncan provide an advantage
• central question: What can we really better future than our competitors?
2.2 Methods of limitation, the identification and evaluation of the idea
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Scenario technique
• goal: based on different assumptions, development of alternative images ofthe future to develop
As a future situation will gradually come about?
What alternatives exist at every step to ensure the progress of a processto prevent or him in a different direction?
• peculiarity of the scenario technique: processing of quantitative andqualitative information and inclusion of interference in reflection
2.2 Methods of limitation, the identification and evaluation of the idea
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• Benefits of the scenario technique :
• steering of attention to a greater variety of possibilities for futuredevelopments into account
• dealing with unknown and highly dynamic environment subject
• interdependencies between different environmental factors to understand
• identify problems and issues that are often forgotten or overlooked
2.2 Methods of limitation, the identification and evaluation of the idea
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Factor of success „product“: Methods for identification of the idea
• previously: setting the strategic direction of the search for new businessideas
• now: find the concrete idea
Creativity techniques
• represent heuristics that by the hit probability can be increased
• four basic principles in creative thinking:
Association principle
Decomposition principle
Principle of abstraction
Analogy principle
2.2 Methods of limitation, the identification and evaluation of the idea
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Expert Interviews
Interview Preparation
Interview conduct
Post Interview
Initiation of the interviewProfessional
Preparation for the interviews
Development of an interview guide
Opening of the Intervies(objectives, benefits)
Extraction of information (questions, counter
questions, descriptions, ...)
Conclusion of the interview (summary, open issues, the
way forward)
Analysis of the interview
Evaluation of the informations
Documentation ofinformation
Formal completion of the interview
2.2 Methods of limitation, the identification and evaluation of the idea
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Factor of success „product“: Methods for evaluation of the idea
• the aim of the idea generation: generate as many innovative ideas
• idea of assessment is an outstanding importance
• discussion of two assessment procedures
scoring Model
economic analysis
The scoring model
• first assessment of the business, how they called K O. criteria
• usually have a dichotomous nature, or with certain minimum requirementsassociated
2.2 Methods of limitation, the identification and evaluation of the idea
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• scoring models: point assessment, which the e-venture idea, based onpredefined characteristics using numerical values of assessed
• at a high level of abstraction can first evaluation carried out a business idea
• the evaluation criteria used may vary depending on the purpose of thescoring model to be flexible
• the particular importance of the criteria for success is determined by theappropriate weighting parameters recorded
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• scoring models only lead to reliable results when the application subject toconditions to be, that
used the appropriate criteria and complete,
the criteria are independent of each other,
the criteria than can be balanced or the criteria were weighted in anappropriate manner,
the appraisers as risk neutral can be described and
the distances between the point values of the respective assessors asequal in size to be interpreted
2.2 Methods of limitation, the identification and evaluation of the idea
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The economic analysis
• provides information on whether the remaining business ideas also undereconomic aspects should be pursued further
• at the time of brainstorming made estimates of the cost-effectiveness inparticular two aspects:
Is there a market? If yes, which offers the sales potential new productand how will the revenues over time to develop?
What costs are associated to the actual formation and what cost is intime for the launch and marketing to?
• for e-ventures should be due to market uncertainty in two directions arecalculated:
first estimate of the best-case scenario
then the calculation of the Worst-Case Scenarios
2.2 Methods of limitation, the identification and evaluation of the idea
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• Distinguishing between two cost units:
the first block contains the estimate of the start-up costs directly relatedto the constituent connected
the second block contains the estimate of the cost of doing business andthus the revenue and expenditure of continuing operations
2.2 Methods of limitation, the identification and evaluation of the idea
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• starting from the infrastructure and transaction partners is to clarify theelectronic value for the customer is
• relevant aspects of the electronic value:
overview
selection
mediation
settlement
cooperation
exchange
2.2 Methods of limitation, the identification and evaluation of the idea
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The electronic value creation process
• electronic value creation process: describes the information activities and thesequence of information activities, which together made an added value forour customers
• core processes: have real value
• service processes: support the processes in the value chain
• ideal typical value-added process :
collection of information
processing of information
transmission of information
2.3 Identification and specification of processes
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Examples of the electronic value chain
collection ofinformation
processing of information
transmission of information
Google.com Data to web pages and queries (= input)
Delticom.de Data on tires and customer requests (= input)
Matching of supply and demand
List of matching offers and online ordering (= Output)
Guenstiger.de Data on product prices and customer inquiries (= input)
Structuring of product prices, From line of inquiry and offer
Product information, pricing information, customer information (= Output)
Travelchannel.deData to target travel, booking and travel
opportunities (= input)
Matching of supply and demand, structuring of travel
offers
Offers trips, information about the destination,
reports on trips (= Output)
2.3 Identification and specification of processes
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Specification of processes in the Net Economy
• refined development and presentation of the concrete processes of work
• parallel design of business processes in enterprises
• business processes: implementation of electronic commerce value chain withthe help of real resources in an e-venture
• variety of business models in the Net Economy is based on the exploitationof “economies of scale-effects “
2.3 Identification and specification of processes
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• errors within electronic processes impact greatly on the success of theenterprise
• the quality of the process also influences the usage behavior of customers
• the customer is assessed according to its process safety
The event-driven process chain
• in the process initially restricted to the essential, value-added processes
• for the identification and description of core processes, there are a numberof computer-based tools
• a form of process description Concept of "event-driven process chain"
2.3 Identification and specification of processes
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• basic principle of event-driven process chain consists of a number ofelements to which certain attributes are assigned to description:
results (When should something be done?)
functions (What should be done?)
organizational unit (Who should do something?)
property information (What information is this necessary?)
2.3 Identification and specification of processes
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The customer-driven process chain
• definition of contact points with the customer within the Net Economy is veryimportant
• without information input by the user / customer, many services are notpossible autoscout24: no inquiry = no matching
• internal structure and identification of business processes and workflows canalso extend beyond the customer/user shall
• the objective of the customer oriented process:
distortion-free transfer of information between customer and company
identifying and overcoming weaknesses
2.3 Identification and specification of processes
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2.4 Identification of market presence and market structure
Identification of market presence in the Net Economy
• Company or brand name is often reflected directly in the resist webaddress(web.de; amazon.com; yahoo.de etc.)
• Domain is the brand name of the company
The brand and domain name
• first, the brand name is an integral part of the domain will be this is theidentification with the company
• this approach is in many e-Ventures to observe, e. g. web.de, mobile.de orgoggle.de
• Counter-example : reifen-direkt.de companie is delticom; ere rupturebetween trademarks, business and domain names
• How does the brand discovery process held in the Net Economy?
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• incorporating the following aspects of the election to the domain namefinding :
length of domain
product Name or Company Name
reference to the region
creations
wording
• pursuing different strategies to brand on the Internet :
single brand strategy
2.4 Identification of market presence and market structure
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multi-brand strategy
brand family
2.4 Identification of market presence and market structure
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The company positioning
• temporal appearance of the E-ventures on the market can be done twoways:
founders put in a market already established business idea and imitatethese more or less (imitator)
introduction of an entirely new business system (Innovator)
innovator busy with a new business idea or market must first developthis
• two risks are to be observed :
market too early: development or the occurrence of risk
late entry: high opportunity costs of missed market opportunities
2.4 Identification of market presence and market structure
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• imitator can on the market developments of the build innovators
• allegation in the market as a successor can be successful if the imitation withinnovation which is further
• imitative company must own path of growth to define
• following strategic approaches are possible :
adjustment (adaptation), with improvement
imitation
deceptively genuine replica (clone)
counterfeiting or piracy
2.4 Identification of market presence and market structure
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Identification of market structure in the Net Economy
• market participants and multipliers can be e-Venture at the entry to supportor enable
Market participants
• be considered depending on the founding idea of different technology andservice partners
• power supplier: assume for the subsequent realization of the idea of aparticular function
• assistance: in the environment
the technological infrastructure,
the transaction and
market communication
2.4 Identification of market presence and market structure
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Multipliers
• refer to the support of contacts with know-how, customers and other marketparticipants
• multiplier function, mostly through the Internet portals, or communitiescovered
• core aspect of the communities: communication from user to user, but thisregularly to exchange information on a virtual platform meet
• relevant government portals and communities:
Bundesministerium für Wirtschaft und Technologie (www.bmwi.de)
Statistisches Bundesamt Deutschland (www.destatis.de)
Statistische Landesämter (www.statistik-sh.de)
2.4 Identification of market presence and market structure
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2.5 Base of corporate finance and the possibilities of pre-seed financing
Base of corporate finance
• distinctive in two key funding models
strategy-determining
strategy-fulfilling
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Startegy-determining financing
• founder accept their limited financial resources as a given
• they opt for a business that in the context of the opportunities can berealized
• registration: congestion in the financing adversely affects the freedom ofthe founder, and influenced the design of the founding idea of a massive
• financing models : „No-Budget-Modell“ or „Low-Budget-Modell“
further distinction in pure self-financing for non-existing equity (selffeeding business) and
self-financing with the existing equity (boot-strap financing)
2.5 Base of corporate finance and the possibilities of pre-seed financing
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• establishment „No-Budget-Modell“:
free-lance web designer
information Broker
smaller agencies
• establishment „Low-Budget-Modell:
company guenstiger.de has less than 500 € invested in marketingactivities
acquisition of own risk clarifies one's own conviction about the validity ofthe business dell.de started his business in this context
2.5 Base of corporate finance and the possibilities of pre-seed financing
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strategy-fulfilling financing
• founder develop their business, regardless of their financial ability
• foundation funding is a strong trust
• start-up projects can only be used with the predefined equipment resources(financial, management team composition, input of knowledge, existingrelationships in the market, etc.)
• financing model: „Big-Budget-Modell“
activities of the company are "top-down” design
derivation of financial planning with capital requirements businessplan or investment summary
negotiations for Venture Capital pure equity financing
Immobilienscout24.de investment from Wellington Partners VentureCapital
2.5 Base of corporate finance and the possibilities of pre-seed financing