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A METHODOLOGICAL APPROACH TO IDENTIFIED BUSINESS OPPORTUNITIES IN AN ENTREPRENEURSHIP PROJECT: A CASE OF INDUSTRIAL ENGINEERING STUDENTS
Universidad del Bío-Bío (CHILE)
About this paper:
Appears in: INTED2020 Proceedings
Publication year: 2020
Pages: 1087-1091
ISBN: 978-84-09-17939-8
ISSN: 2340-1079
doi: 10.21125/inted.2020.0390
Conference name: 14th International Technology, Education and Development Conference
Dates: 2-4 March, 2020
Location: Valencia, Spain
Abstract:
Students should be able to apply the knowledge previously acquired about entrepreneurship concepts and to develop a pilot-scale entrepreneurship project, considering all aspects to develop an engineering project. For this task, they must understand the problems faced by an entrepreneur when starting a company, making a thorough analysis of the most common mistakes that are made, and exploring the components that allow us to define a business model, including the most common formats and key components, as well as how to design and rethink them. It is essential to understand the new company as an integrated whole and the relationships between its components.

It is also relevant to understand the aspects associated with the creation of new companies in a more agile and close way to the customer. When creating a company, you do not know what the customer’s response will be, so building a product or service based on a hypothesis always involves a high level of risk. Therefore, it is necessary to create a company based on customer feedback, institutionalizing learning as an authentic guide to startup development.

In the proposed methodology, the student is supported in all this work through explanatory-illustrative classes and collaborative work, supporting them through the development of guidance that allows them to identify business opportunities step-by-step using different tools to move from analysis to market validation that corresponds to the new business idea. Steps include the analysis of the technologies associated with the business idea; the application of methodologies for market research; specialized readings; the recognition of the different forms of companies; the identification of commercial, technical, and financial components; the creation of prototypes; and the consideration of different sources of financing available in the market. With all the above, a complete business model must be formulated, with all the associated support projects, for the formation of the tech-based company.
Keywords:
business opportunities, startup, entrepreneurship, engineering project.