PART 1

To determine the following:

name and description of the venture

1. Entrepreneur’s name

2.. Describe the product /service

business name and type of venture

1. The official business name: Vision/Mission /Goals/ Core Values/ Age of Business/Number

of Employees

2. . A business type is a company's legal structure. Most businesses are one of the

following:

Sole Proprietorships

General Partnerships

Limited Partnerships

Limited Liability Partnerships

Limited Liability Companies

S Corporations

C Corporations

Nonprofit Organizations

Cooperatives
 nature of the business

Nature of venture (The nature of a business defines its primary activities, how it operates, and

its role in the market. Whether it's converting raw materials, selling products, offering

expertise, or providing essential services, each business nature has its unique challenges and

opportunities)

venture location

-official location (could also be found as secondary data collection)

characteristics of the entrepreneur

DO NOT ASK WHAT ARE THEIR CHARACTERISTICS

INSTEAD:

Ask from the angle of the definition eg.

Can you describe what your typical work day is like? (applies for hardworking)

How have you dealt with a challenge /threat that faced the business ( applies for

persistence)

background of the entrepreneur prior to starting the venture

Age:

Education:
 Work Experience:

Family influences:

Influencing culture/traditions:

• Dreams/Aspirations:

Skills/special aptitudes:

the key factors that contributed to the success of the entrepreneur

Ask questions about some of the following (same approach as characteristics)

Including but not limited to:

(a) having an in-depth knowledge of the business;

(b) building a viable business model;

(c) using lean start-up principles;

(d) knowing when to pivot;

(e) having a solid business plan;

(f) effective management of financial resources;

(g) understanding financial statements;

(h) having the right team;

(i) effective management of people;

(k) maintaining a positive attitude.

PART 2

To determine the following:

the idea generation process used by the entrepreneur

the opportunity identification source used by the entrepreneur

ask about the source of their opportunity for them starting the business

key historical events in the start and existence of the venture

Historical events can be both positive, as well as, negative.

• Events can include: launch of a market entry strategy; gaining market share; failure/success

of strategy; development of linkages; profitability/losses; change; new markets; innovation;

government influence; market share etc.

Achievement of objectives: Growth, profitability, market share, personal development and

fulfilment

• Strengths and weaknesses of the venture such as, brand, competitive advantage, customer

loyalty, processes, managerial capability, market position; human resources etc.

major present and future challenges

ask about threats facing the organization/venture

Factors include: Legal/political, economic, social, environmental, technological, customer,

competitors, globalization, protectionism

emerging opportunities (growth and/or harvesting)

Factors include: Legal/political, economic, social, environmental, technological, customer,

competitors, globalization, protectionism

Do they have plans to harvest the business (if not suggest one) eg.

family succession;

(d) go public (IPO);

(e) employee share ownership plan (ESOP);

(f) liquidate (Shut down) venture;

(h) management buy-out (MBO); and,

(i) mergers and acquisitions.

PART 3

why was the venture started

was it To:

- meet a demand on the market

-provide a unique product

- exploit opportunities e.g. Government initiatives, new international markets

-fulfil a dream

- To continue a tradition

- utilize a skill
 - For enjoyment

- To maintain lifestyle

-Other

what was the source of innovation for the venture

clarify that you want to know what inspired them or provided the opportunity for them to

produce the creative good/ service that can add value to people's lives. eg. Sources of

innovation:

(a) new markets;

(b) new technologies;

(c) new political rules;

(d) running out of roads (limited options);

(e) change in sentiments or behaviours;

(f) deregulations;

(g) changes in the business models;

(h) global trends; and,

(i) new knowledge.

the role of creativity and innovation in starting and managing the venture

● Asking about what impact did creativity and innovation have on the business
Examples include:
● Optimal utilization of employee potential: An entrepreneur utilizes full employee

potential by encouraging creativity in workplace. There might be an ocean of

ideas which are being dormant and ready to be utilized. By tapping on such

creativities, an entrepreneur can reap results in the form of profitability, financial

strength, and effective decision making.

● Competitive advantage: Creativity leads to generation of novel and innovative

ways of doing business. Exploring new niches and generating new ideas lead to

efficiency and eventually give an entrepreneur the required edge over the

competition.

● Product development: Creativity encourages new ways of developing an existing

product or service, thereby optimizing business activities in the organization. A

creative entrepreneur knows how to make improvements in the deliverables of an

enterprise.

● Changing the status quo: Creativity enables an entrepreneur to get new

perspectives towards business processes or financial/operational problems. It is

creativity that helps an entrepreneur to abandon status quo and follow a path of

immense discoveries. Creativity ignores ‘’usual’’ or ‘’normal’’, and lets an

entrepreneur think outside of the box. Traditional solutions are shut and new,

interesting, & versatile options are explored. It leads to ‘’Thinking the

Unthinkable’’.

● Developing new niches: It is also very important for an entrepreneur to analyze

the traditional business approach and come up with new aspects of doing

business activities. This can lead to a change in the methods of manufacturing or

potential business and leads to success.

current conditions for nurturing innovation in the venture

break down the question to ask what did they do to encourage the innovation eg.

(a) incentives for innovating;

(b) internal policy; and,

(c) organisational culture:

(i) inspiration;

(ii) observation;

(iii) listening to consumer; and,

(iv) organisational structure.

any existing intellectual property rights

Intellectual property rights include:

(i) Trademarks;

(ii) Patents;
(iii) Copyright;

(iv) Registered Industrial Design;

(v) Geographical Indications;

(vi) Traditional cultural expression and traditional knowledge; and,

(vii) Trade secrets (processes, techniques, confidential disclosure agreemen