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goods or services and exhibits the initiative to develop that for fiurther development.
idea by making plans and mobilizing the necessary resources to Good ideas – ideas that fit a genuine opportunity or
convert the idea to reality need in the marketplace.
Entrepreneurial mindset – which enables
Entrepreneurship and small business entrepreneurs to look at situations in new ways
SOURCES OF POTENTIAL OPPORTUNITIES
Entrepreneurs are also small business managers 1. Trends: large-scale, ongoing patterns
Fixed cost – business expenses that do not vary with 2. Industry changes
the quantity of organizational output 3. Unexpected events
Economies of scale – cost savings that arise from 4. Gaps: demands and needs that are not being met
producing a large volume of output in the best way
Liability of smallness – small organization’s greater 5. Personal experience
chance of failing compared to larger organizations in STEP 2: TEST THE IDEA
the same industry or situation Elevator pitch – succint description of the
Liability of newness – new organizations’s greater entrepreneur’s plan and the value it offers
chance of failing compared to older organizations in Identify the problem you propose to address
the same industry or situation Describe your proposed solution
Recognized the major challenge or obstacle
Entrepreneurship and Family Business Have a solution for the challenge
Explain how your plan benefits the customer
Family business – controlled by two or more members of Be 30 to 60 long
a single family, cooperation or succession Be focused, clear, and delivered in compelling and
Family – group of people—typically connected by enthusiastic fashion.
marriage or kinship ties—who have shared history Persuasive – most effective pitches and idea; they will
Hallmark of Family business – strong interpersonal change the audience thinking or motivate them to take
relationships associated with being family members. some action; pitch must have goal.
ADVANTAGES STEP 3: DEVELOP A PLAN
1. Family members are often highly motivated to see Business plan – written document that describes the
the organization succeed. key features, actions, structure and system for a
2. Family firm can help attracting customers and proposed new organization that is designed to take
partners advantage of an entrepreneurial opportunity.
3. The higher level of trust and cooperation in families Entrepreneurial Start-Up Plan (ESUP) – subset of a
can simplify management and reduce the financial business plan
cost of control o Includes the elements of a business plan that are
Agency cost – expenses that owners pay to ensure that relevant for general management, but does not
managers act in the interest in the firm rather than their focus on aspects related to specific functional areas
own self-interest, like marketing, finance and operations.
Moral hazard – risk that managers might use the firm’s BUSINESS PLAN ELEMENT
resources to benefit other interest to the detriment of 1. Summary of the plan
owners’ financial gain.
Arises when: 2. Description of the new venture
Managers and owners have misaligned The opportunity
incentives Target market
There is information asymmetry between Market – group of people or organanization
managers and owners that are, or could be, interested in in using
Nepotism – preferential treatment of relatives and friends your particular product or service.
esp. by giving them jobs for which they are not the most Mission and vision – ch8, ongoing purpose of
qualified. the organization, as well as your vision of that
FBL, TBL AND SET MGT IMPLIFICATIONS organization will look like in 5 yrs
ANG HABA ARALIN NIYO NALANG =) Business strategy – ch8 and 9, new venture’s
THE FOUR STEP ENTREPRENEURIAL PROCESS strategy is based on having low financial cost
STEP 1: IDENTIFY THE OPPORTUNITY Legal form (4)
o Sole proprietorship – owned and operate 2. They did not have entrepreneurial qualities called
by one entrepreneur who is responsible for to put their plans into action.
all or its debts 3. Unable to find the necessary financial resources to
o Partnership – established when two or launch their new org
more entrepreneurs own and operate the Qualities of Entrepreneurs
firm and are responsible for all of its debts Self-efficacy – which one’s confidence and belief that they
o Corporation – legal entity separate from its can accomplish a task successfully
Managerial social skills
owners that has many legal rights of a
Leadership
person and limits the financial liabity of the
Being able to build and maintain a cohesive team
owner to the amount of their investment in Ability to communicate with others
the corporation.
o Co-operative – jointly owned and run by its
owners, primarily to provide goods and
services for their own benefit
3. Description of product and competitors
Competitors – other organizations that offer
similar products or services, or offer products or
services that meet the same customer need.
4. Management
5. Staffing
6. Marketing
Total Available Market(TAM) – includes everyone
who could potentially benefit from product or
service
Service Available Market (SAM) – includes
everyone in the TAM who is likely to actually use
the product or service.
Target market – includes everyone in the SAM that
the organization will intentionally try to make into
a customer or client in the near future.
First mover advantage – performance advantage
enjoyed by the first organization or product to
reach a large portion of the potential market.
7. Operations
8. Finances
Debt financing – entrepreneurs borrow money
that must paid back at some future date.
Equity financing – venture receive shares and
become part owners of the organization
Venture capitalists – companies or individuals that
invest money in an organization in exchange for a
share of ownership and profits
9. Timeline and contingency plans