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Introduction to Entrepreneurship

Introduction to Entrepreneurship

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Published by wsenelwa7132

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Published by: wsenelwa7132 on Jun 10, 2011
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06/10/2011

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Notes on Entrepreneurship
 
 
Entrepreneur: A person who maximises their utility. Utility = What you want.
o
 
Entrepreneur has good management skills and good networks along with being highly creative andinnovative.
 
Entrepreneurial activity can be Productive, Unproductive or Destructive (eg. Crime, robbery, trafficking drugsor people).
 
For entrepreneurship, Access to resources is important
not 
ownership
 
Behavioural Model
 
Difference between Entrepreneurial and Managerial behaviour (Stevenson 1998)Entrepreneur Manager
Opportunity Driven
Strategic Orientation Resources Driven
Quick and Short
Commitment to Opportunity Long and Slow
Minimal, Multi-Stage
Commitment of Resources Single Stage
Use or Rent
Control of resources Own or Employ
Networks, non-hierarchical
Management Structure Formalised Hierarchical
Value & team based
Compensation and Rewards Individual, Hierarchical
Entrepreneurial Opportunities
 
Types of opportunities
Needs (Problem)
Unidentified Identified
   S   o    l   u   t   i   o   n   s
Undefined
Fantasy Market Pull
Defined
Technology Push Business Opportinity
PsychologicalstateAbilityPersonality
Belief Structures
Self-Image
Perceived societalnorms
Fear of failure
Heuristics
Ethical values
MotivationSelf-efficacyAptitudeIntelligence (IQ, EQ)EducationTrainingExperience
 
 
Ansoff’s Growth Vectors
 A)
 
Market Penetration:
Risk
o
 
Customer Service
o
 
Quality
o
 
MarketingB)
 
Product Development:
Risk
o
 
New products for existing customers
o
 
New Product Development (NPD)
o
 
Latent customer needsC)
 
Market Development:
Risk
o
 
Existing products for new markets
o
 
Marketing
o
 
Geography
o
 
Type of customerD)
 
Diversification:
Risk
o
 
New product to new customer
 
Customer Activity Cycle1.
 
‘PRE’ –
before purchase, use of purchase service, research into product2.
 
‘DURING’ –
while product/service is in use3.
 
‘POST’ –
Aftercare, future needs
 
PEST(EL) Analysis: Political, Economic, Social, Technological, Environmental, Legal
Market Assessment 
1.
 
Market Segmentation: Identify Niche market2.
 
Gather Market info: quantitative and qualitative3.
 
Sales strategy: milestones and decisions
ACBD
Essential/Existing NewNewEssential/Existing
Products
   M   a   r    k   e   t
 
 
Technology led: Technology
customer
 
Market led: customer
(market research)
Product
 
New players have to follow Market led strategy.
 
Market Segmentation is very important: 3 segmentation factors:1.
 
Characteristics of the customer
 
Who is the customer?2.
 
Purchase/Use
 
How will the customer purchase and use the product/service?3.
 
Needs and Preferences
 
What are the customer
s needs and preferences?
Entrepreneurial team
 
Importance of team
 
Very difficult to raise funds without a team
 
Contribution of capital
 
Diversity of perspectives
 
Mix of functional skills
 
Social and psychological support
 
Personality: Thinking styles
 
Clarifier1.
 
Clarifies the need/pain2.
 
Focuses on details to identify the exact need to be fulfilled3.
 
Detailed analysis of problem4.
 
Does not rush to find a solution
 
Ideator1.
 
Looks at the bigger picture2.
 
Innovative thinking to come up with workable solutions3.
 
May not be detailed or thorough about solution
 
Developer1.
 
Assemble workable solutions2.
 
Weighs the pros and cons of each solution3.
 
Plans a strategy for implementation4.
 
May be a perfectionist and may get stuck developing a perfect solution
 
Implementor1.
 
Gives structures to ideas2.
 
Focuses on workable solutions implements solution with a
 just-do-it
(JDT) approach3.
 
May jump to actions too quickly
 
Integrator1.
 
Responsible for team performance2.
 
Is usually clear about roles and responsibilities3.
 
Understands team dynamics4.
 
Give equal energy across all thinking styles and bridges the differences
Value Chain
 
Value Chain: shows all the stages involved in making and delivering the product/service to the customer
 
Complementary Assets: Assets
needed to translate an innovation in to commercial returns
(teece,1986)

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