Difference Between an Idea and an Opportunity
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Difference Between an Idea and an Opportunity

Tom Byers, professor at Stanford University and founder and a faculty director of the Stanford Technology Ventures Progr
4.5 (2 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
124 students enrolled
Created by Tom Byers
Published 1/2010
English
Difference Between an Idea and an Opportunity
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Description
Tom Byers, professor at Stanford University and founder and a faculty director of the Stanford Technology Ventures Program (STVP), stresses that "Entrepreneurs are not born, they are made". He discusses a framework that elaborates the difference between an idea and an opportunity.
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Tom Byers, professor at Stanford University and founder and a faculty director of the Stanford Technology Ventures Program (STVP), stresses that "Entrepreneurs are not born, they are made". He discusses a framework that elaborates the difference between an idea and an opportunity.
Difference Between an Idea and an Opportunity
ImportContent

Byers strongly believes that entrepreneurs have to evolve with their organization. He uses a metaphor to compare entrepreneurs to three kinds of dogs: retriever, bloodhound, and husky, as they evolve into the role of CEOs.
Why do Ventures Require Dynamic Leaders?
ImportContent

Byers believes there are various events that are not within the control of a management team. Good entrepreneurs are those who find a way to navigate and deal with this 'context,' he adds.
Role of Context in High-Tech Venturing
ImportContent

Byers believes that the impact of marketing is often underestimated by companies. He talks about how partnering is one of the keys to crossing the chasm between the early market and the mainstream market.
Market Positioning and the Importance of Partnerships
ImportContent

Byers talks about how a great business plan can be developed. He uses Sahlman's alignment model to explain that an opportunity has to be in alignment with resources, people and context for deals to get completed.
Purpose of a Business Plan
ImportContent

Byers explains that smaller companies need to pay extra attention on how they spend their cash because if they run out of cash, it is game over for them. Byers uses the example of Palm Inc. to show how well the company managed their cash flow.
Importance of Cash Flow
ImportContent

Byers goes over the essentials of a venture finance process: angel investors, corporate venture capital, boot strapping and the public. He also discusses the pros and cons of each of these pieces in this process.
What are the Essentials of the Venture Finance Process?
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Along with being audacious, courageous, patient, and adaptive, Byers believes that entrepreneurs should be exceptionally good at sales.
Characteristics of Entrepreneurs
ImportContent

Byers gives his perspective on how ethics played a role in high-tech entrepreneurship in the late 90's. He strongly believes that it is okay to fail but at the end of the day, it is character that matters.
Role of Ethics in High-Tech Entrepreneurship
ImportContent
About the Instructor
Tom Byers
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Stanford Technology Ventures Program
Tom Byers is a professor at Stanford University where he focuses on high-technology entrepreneurship education. He is founder and a faculty director of the Stanford Technology Ventures Program (STVP), which serves as the entrepreneurship center for the engineering school. STVP includes the Mayfield Fellows work/study program, Educators Corner website of teaching resources, and global Roundtable on Entrepreneurship Education conferences. Tom is also a faculty director of the AEA/Stanford Executive Institute, a general management program for technology executives. Tom is co-author of the textbook called "Technology Ventures: From Idea to Enterprise" (McGraw-Hill, 2005). Tom also holds a visiting professor appointment at the London Business School and University College London.

Tom currently serves as a director on the boards of Reactivity and Flywheel Ventures. In addition, he serves on advisory boards or committees of the American Society for Engineering Education's Entrepreneurship Division, Harvard Business School's California Research Center, and the National Foundation for Teaching Entrepreneurship (NFTE) for inner-city youth. Previously, Tom lectured at the Haas School of Business at the University of California, Berkeley. Tom has a range of business experience including executive vice president of Symantec Corporation and founder/president of Slate Corporation. Tom started his professional career at Accenture.

For his efforts at Stanford, Tom holds an endowed chair known as the McCoy University Fellow in Undergraduate Education. Tom was given the 2005 Gores Award for excellence in teaching (the university's highest award) and the 2002 Tau Beta Pi Award for excellence in undergraduate teaching (the engineering school's highest award). He is a recipient of three recent national teaching awards: the 2005 ASEE Kauffman Award for excellence in engineering and technology entrepreneurship education, the 2005 USASBE Entrepreneurship Educator of the Year Award, and the 2003 Leavey Award for excellence in private enterprise education. In 2004, STVP was named the NASDAQ Entrepreneurship Center of the Year. In the past, Tom was named Northern California Entrepreneur of the Year in Ernst & Young's competition and was given the Academy of Management's Innovation in Entrepreneurship Teaching Award and Price-Babson's Appel Prize for bringing entrepreneurial vitality to academia.

Tom holds a BS in Industrial Engineering and Operations Research and an MBA from UC Berkeley. He also earned a PhD in Business Administration (Management Science) at UC Berkeley.