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International Business Management and Entrepreneurship Lecture Notes [2]

International Business Management and Entrepreneurship Lecture Notes [2]

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Published by: Arun Kumar on May 13, 2011
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Manufaturability and value engineering activities concern improvement of design
and specifications at the research, development, design, and production stages of
product development.

Definition 6.3.5 (Manufacturability and Value Engineering) Activities that help
improve a product’s design, production, maintainability, and use.

The goals of manufacturability and value engineering are

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See definition 6.3.4.

6.3. PRODUCT DEVELOPMENT

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1. Cost reduction,

2. Reduced complexity of the product,

3. Standardization of components,

4. Improvement of functional aspects of the product,

5. Improved job design and job safety,

6. Improved maintainability (serviceability) of the product, and

7. Robust design.

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CHAPTER 6. DESIGN OF GOODS AND SERVICES

Part II

Entrepreneurship

89

Chapter 7

Introduction to

Entrepreneurship

Although starting a business is usually a complex, difficult undertaking, doing it is
simple. As a Chinese philosopher once said, “Every journey ...must begin with a
single step.” At its core, starting a business simply involves taking the first step,
then taking another step, then another.

However, taking that first step can be extremely daunting. In fact, fear of failure
and other insecurities dissuade most people from ever starting a business.

Side Note 7.0.6 (Business Failures) A friend and former colleague, Matt McAdams,
who has started two businesses and been CEO of three startups once told me, “None
of the other CEOs respect you until you’ve driven a couple of businesses into the
ground.” He was joking, but the humor in the statement lay in the fact that there
is some truth to it.

If you start a small business, you should be confident, but also realistic. Most
businesses fail within the first 18 months. See also sidenote 7.0.7.

The best way to overcome that fear is to address any concerns or uncertainties by
preparing as much as possible before “taking the plunge.” However, ultimately, you
will have to decide that you have done as much as you can do and simply take
action.

Side Note 7.0.7 (Confidence vs. Realism) Most people perceive those who start
businesses as risk-takers; that is, people who can tolerate a high degree of risk.

While it is important to be realistic about risks when starting a business, studies
have found that most successful entrepreneurs are actually unrealistically confident

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CHAPTER 7. INTRODUCTION TO ENTREPRENEURSHIP

about their prospects. They may not have a realistic assessment of the risks they
are undertaking when they start their businesses.
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In our discussion of entrepreneurship, we will discuss how to prepare to start a small
business as well as manage a business early in its life. Hopefully, you will finish
the course with the confidence that if you decide to start a small business, you will
maximize your chance of success.

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