MAN 337 Class 4 Notes
MAN 337 Class 4 Notes MAN 337
Popular in Entrepreneurship and Innovation
Popular in Business
verified elite notetaker
This 3 page Class Notes was uploaded by Dylan Wood on Friday February 19, 2016. The Class Notes belongs to MAN 337 at University of Texas at Dallas taught by Dr. John Butler in Winter 2016. Since its upload, it has received 25 views. For similar materials see Entrepreneurship and Innovation in Business at University of Texas at Dallas.
Reviews for MAN 337 Class 4 Notes
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 02/19/16
1/28/2016 MAN 337: Class 4 Chapter 1: Capitalism and the Technology Entrepreneur The entrepreneur and the Challenge o Entrepreneurship Wealth Creation and Job Creation o Entrepreneur creates a new organization that makes a positive change o Successful entrepreneurs will create a service or product that satisfies the everyday needs of individuals 90% of all teams argue and reconstitute themselves Everything has a history. we need to understand the history of business to create a business Elements of the ability to overcome a challenge o handle tough issues o create solutions and work to perfect them o handle many tasks simultaneously o resilient in the face of setbacks o willing to work hard and not expect easy solutions all you need is an opportunity o a favorable juncture of circumstances with a good chance for success or progress Entrepreneurship o identification and exploitation of previously unexploited opportunities o can consist of innovation or the intro of creative change Three factors comprise entrepreneurial action: o a person /group who is responsible for the enterprise o the purposeful enterprise o initiation and growth of the enterprise Four types of entrepreneurship GOOD TEST QUESTION o incremental venture the founding & management of routine business exhibiting modest novelty o innovative venture the initiation and operation of a business based on an innovation FB whatever you do there will be knock off For every kind of innovation you need to know the rules and regulations If it makes some money people will sue you o imitative venture the identification and imitation of a novel business or venture o rent seeking venture the founding of a business that utilizes standards, regulations, and laws to share in some of the value of an existing enterprise a snowball stand has the same value structure as FB Four steps to starting a business 1/28/2016 o The founding team or individual has the necessary skills or acquires them o the team identifies the opportunity that attracts them and matches their skills. They create a solution for the opportunity o They acquire or possess the financial and physical resources necessary to launch the business by locating investors and partners o They complete an arrangement or contract with their partners, investors, and within the founder team to launch the business and share the ownership and wealth creation Attactive opportunity interest passions and capabilities commitmen t Will they solve a problem and have revenue? 5 characteristics of an attractive opportunity o timely a current need or problem o solvable a problem that can be solved in the near future with accessible resources o important the customer deems their problem or need important o profitable the customer will pay for the solution and allow the enterprise to profit o context a favorable regulatory and industry solution Eight elements of entrepreneurship o Initiate and operate a purposeful enterprise 1/28/2016 o Operate within the context and industrial environment at the time of initiation o Identify and screen timely opportunities o ability to accumulate and manage knowledge and technology o ability to mobilize resources o ability to assess and mitigate uncertainty and risk o ability to provide an innovative contribution or at least as contribution that encompasses novelty or originality o _______________ Entrepreneurial capital is is a combination of competence and ________ Butler rules o Entrepreneurial Terror no way to prepare for entrepreneurial terror Uncertainty what do you do? 1. Spit on terror 2. spit means you study and prepare o The third market: Engines of America the third market is the entrepreneur market, it is ignored by corporate America and government Big companies that make up corporate America must make sure their marketing plans include the Third market, the entrepreneurial companies that give the American economy its life o the secret revolt the third market buys almost half of all business-to-business products and services; creates almost all of lthe new jobs and is different in mindset fro small and large o Are entrpreneurs born or made? the literature says they are born but thirsts for freed is the spark that ignites o Thisi s all about you and transition four different phases in an entrepreneurial life 1. The genius 2. benevolent dictator 3. disassociated director 4. visionary leader Beware of phase three, most entrepreneurs don’t make it through that potentially disastrous stage
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'