Corridor principle is which states that once an entrepreneur starts a firm and becomes immersed in an industry, “corridors” leading to new venture opportunities become more apparent to the entrepreneur than to someone looking in from the outside.
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A common way to generate new business ideas is through brainstorming. In general, brainstorming is simply the process of generating several ideas about a specific topic.
Forecasts are an estimate of a firm’s future income and expenses, based on its past performance, its current circumstances, and its future plans.
- First-to-invent rule
First-to-invent rule, meaning that first person to invent an item or process is given preference over another person who is first to file a patent application.
- SBIR program
The SBIR (The Small Business Innovation Research) program is a competitive grant program that provides over $1 billion per year to small businesses for early stage...
- Primary Research
Primary research is research that is collected by the person or persons completing the analysis. It normally includes talking to industry experts, obtaining feedback from...
- Product/Customer focus
Products and Customer are the two most important elements in any business. Product/ Customer focus, it is a defining characteristic of successful entrepreneurs that...
- Moderate Risk Takers
Moderate risk takers are those entrepreneurs who are often characterized as willing to assume a moderate amount of risk in business, being neither overly conservative...