Anh Tuan Nguyen

Summary
Chapter 6
The process of starting up a new venture or business includes:
a.Generating a business idea
b.Developing product or MPV
c. Determining or creating market
d. Operating organization
e. Expertise: know-how or in-house knowledge
f. Group motivation
g. Customer relation/other relation: sale/relationship, feedback
Process: business plan--> customer information--> finanical projection --> legal
entity-->secure intellectual property--> seek finance--> marketing

Regarding how to find a business idea, discovery is concerned with discovering a

new idea. There are two approaches: systematic or fortuitous discovery.
Regarding how to deploy their idea to the customer, the process brings product
idea/MPV to customers called exploitation.

Chapter 7
There are various concepts of opportunity, such as:
a. Systemic level
b. Individual level
Due to the creative nature of generating a venture idea, there are some suggestions
that individual characteristics may have various impacts on the process of
finding/seeing an opportunity. Personality, intrinsic motivation, knowledge, cognitive
skills, and abilities are some parts. These elements under opportunity recognition will
create many ideas or business models.

Chapter 8
Five key elements assist entrepreneurial expertise in overcoming the chaos of the
business environment to achieve their target.
a. Entrepreneurial expertise
b.Effectuation:
+bird in the hand
+affordable
+crazy quilt
+lemonade
+Pilot in the plane
c.effectual logic
d.affordable loss
e. self-selected stakeholders
f. non-predictive control
Article:
The research shows the essence of having the developing definition of opportunity
concepts. However, there is a lack of concurrence in discussing the meaning of
opportunity concepts duet to various research contexts. Then, the field of
entrepreneurship makes a bridge to fill the gap in resource-based theory.