The Entrepreneur’s Toolkit

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Topic Professional

The Entrepreneur’s Toolkit Course Guidebook Professor Michael G. Goldsby Ball State University

Subtopic Leadership Skills

PUBLISHED BY: THE GREAT COURSES Corporate Headquarters 4840 Westfields Boulevard, Suite 500 Chantilly, Virginia 20151-2299 Phone: 1-800-832-2412 Fax: 703-378-3819 www.thegreatcourses.com

Copyright © The Teaching Company, 2014

Printed in the United States of America This book is in copyright. All rights reserved. Without limiting the rights under copyright reserved above, no part of this publication may be reproduced, stored in or introduced into a retrieval system, or transmitted, in any form, or by any means (electronic, mechanical, photocopying, recording, or otherwise), without the prior written permission of The Teaching Company.

Michael G. Goldsby, Ph.D. Stoops Distinguished Professor of Entrepreneurship Ball State University

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rofessor Michael G. Goldsby is the Stoops Distinguished Professor of Entrepreneurship and Executive Director of the Entrepreneurship Center in the Miller College of Business at Ball State University. Professor Goldsby earned his undergraduate degree in Business Economics and Public Policy from the Kelley School of Business at Indiana University, his master’s degree in Economics from Indiana State University, and his doctorate in Strategic Management and Business Ethics from the Pamplin College of Business at Virginia Polytechnic Institute and State University (Virginia Tech). While at Virginia Tech, he was awarded the Jack Hoover Award for Teaching Excellence. Professor Goldsby’s current research interests focus on recognition and development of opportunities, design, innovation, and applied creativity. He specializes in offering guidance during times of creation, change, and growth. As such, he is a frequent speaker to companies, communities, and universities and offers consulting and workshop services. Professor Goldsby also is a member of many management professional organizations. He has served as vice president and a member of the board of directors for the United States Association of Small Business and Entrepreneurship (USASBE), from which he received a distinguished service award. In addition, he serves on the advisory board of the Indiana Small Business Development Center. Professor Goldsby has produced 35 refereed journal articles and coathored Innovation Acceleration: Transforming Organizational Thinking. His research has been reported by major international media outlets, including ABC, NBC, CBS, MSNBC, CNN, and the Associated Press. His study on HQWUHSUHQHXUVKLS DQG ¿WQHVV ZDV FRYHUHG E\ Runner’s World, Prevention magazine, Muscle & Fitness, and Health magazine, among others. His article in the Journal of Applied Management and Entrepreneurship won the Paul i

Hershey Award for best paper in the journal. He also received the Editor’s Choice Award for best overall paper from the Journal of Small Business Management at the 2014 USASBE national conference. In his spare time, Professor Goldsby enjoys athletic pursuits, such as UXQQLQJWULDWKORQFRPSHWLWLRQZHLJKWOLIWLQJURFNFOLPELQJJRO¿QJVNLLQJ and cycling. He has run 25 marathons, including 8 Boston Marathons, and FRPSOHWHGKLV¿UVW,5210$17ULDWKORQLQŶ

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Table of Contents

INTRODUCTION Professor Biography ............................................................................i Course Scope .....................................................................................1 LECTURE GUIDES LECTURE 1 How to Come Up with a Great Business Idea ....................................3 LECTURE 2 Understanding Your Market ................................................................8 LECTURE 3 Prototypes—Making Your Idea a Reality ..........................................15 LECTURE 4 'H¿QLQJ