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Texas State - MGT 3303 - Class Notes - Week 6

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Texas State - MGT 3303 - Class Notes - Week 6

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background image Chapter 6: Entrepreneurship
Entrepreneurship­ the process by which enterprising individuals initiate, manage, and assume 
the risks and rewards associated with a business value
Entrepreneur­ individuals who establish a new organization without the benefit of corporate 
sponsorship; is a manager with additional responsibility
Must have a Idea:
A great product, a viable market, and good timing are essential ingredients in any recipe  for success Must have an Opportunity: Opportunities may be created by­
­ Technological discoveries 
­ Demographic changes
­ Lifestyle and taste changes
­ Economic dislocations
­ Calamities
­ Government initiatives and rule changes
Franchising: ­ An entrepreneurial alliance between two parties ­ Proven (but not failure­proof) business concept
­ Advantage of the franchisor’s expertise
­ Over 782,00 franchised business in the U.S What does is take, personally? 1. Commitment and determination
2. Leadership
3. Opportunity obsession 
4. Tolerance of risk, ambiguity, and uncertainty 
5. Creativity, self­reliance, and the ability to adapt
6. Motivation to excel
Failure Happens but You Can Improve the Odds of Success Anticipate risk Consider the role of the economic environment Utilize business incubators Realize there are common management challenges 8 Common Management Challenges for Entrepreneurs
background image May not like it   Survival   Growth   Delegation   Misuse of funds   Poor controls    Mortality   Going public Planning: Opportunity Analysis­ a description of the good or service, an assessment of the  opportunity, an assessment of the entrepreneur, specification of activities and resources  needed to translate your idea into a viable business, and your source(s) of capital Business Plan­ a formal planning step that focuses on the entire venture an describes all  the elements involved in starting it 5 Key Factors in Planning: 1. The People 2. The Opportunity
3. The Competition
4. The Context
5. Risk and Reward
Nonfinancial Resources: Legitimacy Networks Top­management teams Advisory boards Partners Social capital Corporate Entrepreneurship­ even established companies try to find and pursue profitable new
ideas­ and they need in­house entrepreneurs (often called intrapreneurs) to do so
Build Support for Your Ideas:
Clear the investment with your immediate boss Make cheerleaders who will support your idea Employ horse trading for support, time, money, and other resources Get the blessing of relevant higher­level officials Managing Intrapreneurship is Risky: Failing to foster intrapreneurship Overreliance on a single project Spreading entrepreneurial efforts over too many projects

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School: Texas State University
Department: Business Management
Course: MGT of Organization
Professor: A. Konopaske
Term: Fall 2015
Tags: Management
Name: MGT3303, Week 6
Description: Chapter 6 notes that will be on exam 2.
Uploaded: 02/21/2018
3 Pages 44 Views 35 Unlocks
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