Reflection
Ghan566
week_9_entrepreneurial_strategy.pptxEntrepreneurial Strategy
MAN-401
Entrepreneurship
Entrepreneurship
the creation of new value by an existing organization or new venture that involves the assumption of risk.
Opportunities
New value can be created in:
Start-up ventures
Major corporations
Family-owned businesses
Non-profit organizations
Established institutions
Ideas for Start-ups
Start-ups
Current or past work experiences
Hobbies that grow into businesses or lead to inventions
Suggestions by friends or family
Chance events
Change
Established Institutions?
Established firms
Needs of existing customers
Suggestions by suppliers
Technological developments that lead to new advances
Change
To Start or Not to Start-up
What kinds of things should a person do before making the decision to start-up a business from scratch?
How do you know it will be a viable business?
To Start or Not to Start-up
Opportunity evaluation phase
involves analyzing an opportunity to determine whether it is viable and strong enough to be developed into a full-fledged new venture.
Talk to potential target customers
Discuss it with production or logistics managers
Conduct feasibility analysis
Sources of Capital for Start-ups
Where does start-up capital generally come from?
Sources of Capital for Start-ups
Entry Strategies for Entrepreneurs
Pioneering
Brand new product
Highly innovative
Imitative
Monkey see – Monkey do
Good marketing
Adaptive
Modifying existing products
Entrepreneurial Leadership
What specific leadership qualities do entrepreneurs need?
Entrepreneurial Leadership
Launching a new venture requires a special kind of leadership
Courage
Belief in one’s convictions
Energy to work hard
Three characteristics Rhonda Sciortino, Insurance entrepreneur
Vision
Dedication and drive
Commitment to excellence
Vision
Vision may be entrepreneur’s most important asset
Ability to envision realities that do not yet exist
Exercise a kind of transformational leadership
Able to share with others
Drive
Dedication and drive are reflected in hard work
Patience
Stamina
Willingness to work long hours
Internal motivation
Intellectual commitment to the enterprise
Strong enthusiasm for work and life
Commitment to Excellence
To achieve excellence, entrepreneurs must
Know the customer
Provide quality products and services
Pay attention to details
Continuously learn
Surround themselves with good people
