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My son is now an entrepreneur. Thats what youre called when you dont have a job. -Ted Turner Entrepreneurship is a management style that involves pursuing pursuit of opportunity without regard to resources controlled.
Any attempt at new business or new venture creation, such as self-employment, a new business organization, or the expansion of an existing business, by an individual, a team, or an established business.
A way of thinking and acting that is opportunity obsessed, holistic in approach and leadership balanced for the purpose of value creation. A Way of Managing and Leading!
Who is an entrepreneur?
High
Inventor Promoter
Entrepreneurial Profile
Some common characteristics: A desire for responsibility A preference for moderate risk Confidence in their ability to succeed Desire for immediate feedback A high energy level A future orientation Skill at organizing A value of achievement over money
e.g. Michael Dell of Dell Inc.; Pierre Omidyar of eBay Inc.; Herb Kelleher of Southwest Airlines
Communication Opportunity Resources Business Plan Ambiguity Fits & Gaps Exogenous factors Creativity
Leadership
Team
Think cash last!!!!! Understand and Marshall resources, dont be driven by them Doing more with less is a powerful competitive weapon
Reference Books
Entrepreneurship By: Hisrich, Peters, & Shepherd TMH 6th (Special Indian) Edition Essentials of Entrepreneurship and Small Business management By: Zimmerer & Scarborough Pearson Education 4th (Low Price) Edition
Entrepreneurship Strategies & Resources By: Marc J. Dollinger Pearson Education 3rd (Low Price) Edition
BEGINNING CONSIDERATIONS
1. 2. Observations: Most entrepreneurs find the process of developing a strategy dull and unnecessary; Tendency is to start a business, try several approaches and see what works. Strategic management the process of developing a game plan to guide a firm as it strives to accomplish its vision, mission, goals, & objectives and to keep it from staying off course. Strategically, a firms intellectual capital is likely to be the source of its competitive advantage.
3.
4.
Intellectual Capital
Comprised of three components: 1. Human Capital: Talent, skills, and abilities of firms work force. 2. Structural Capital: Accumulated knowledge and experience that a firm possess- Can take many forms including processes, software, patents, copyrights; the knowledge & experience of people. 3. Customer Capital: Established customer base, positive reputation, ongoing relationships & goodwill.
5. 6.
vii.
Entrepreneurs quickly realize the need to control actual results that deviate from plans.