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Principles of Management: MAN2021: Week 5

by: Emma Asinas

Principles of Management: MAN2021: Week 5 MAN2021

Marketplace > Valencia College > Business Administration > MAN2021 > Principles of Management MAN2021 Week 5
Emma Asinas
GPA 3.57

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These notes covers the first half of Week 5. This chapter talks about the nature of entrepreneurship, small businesses (why and how to get started), New Venture Creation.
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This 3 page Class Notes was uploaded by Emma Asinas on Wednesday September 28, 2016. The Class Notes belongs to MAN2021 at Valencia College taught by in Fall 2016. Since its upload, it has received 75 views. For similar materials see PRINCIPLES OF MANAGEMENT in Business Administration at Valencia College.

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Date Created: 09/28/16
CHAPTER 6: Entrepreneurship and New Ventures Entrepreneurship: risk-taking behavior that results in new opportunities Classic entrepreneur: pursues opportunities others view as problems Serial entrepreneur: tarts and runs business and nonprofits over and over again First-mover advantage: first to exploit a niche or enter a market Intrapreneurs: display entrepreneurial behavior as employees of larger firms WHO ARE THE ENTREPENUERS? Classic Entrepreneur: someone who is willing to pursue opportunities in situations others think as problems or threats Serial Entrepreneur: starts and runs business and nonprofits over and over again First-mover advantage: comes from being first to exploit a niche or enter a market TYPICAL CHARACTERISTICS AND TRAITS OF ENTERPRENEURS: Internal Locus of Control- believe they are in control High energy level- persistent, hard-working High need of achievement- motivated, thrive on performance feedback Tolerance for ambiguity- risk takers, Self-confidence- feel competent, believe in themselves Passion and action orientation- try to act ahead of problems Self-reliance and desire for independence- want to be their own bosses and not work for others Flexibility- willing to admit problems and errors and willing to change actions when things are not going to as planned Social entrepreneurship: unique form of ethical entrepreneurship that seeks new ways to solve pressing social problems  Take risks to find new ways to solve pressing social problems such as poverty, literacy, illness, homelessness Starting a small business – Franchise: one business owner sells to another the right to operate the same business in another location – Business model: plan for making a profit by generating revenues that are greater than costs – Startup: new and temporary venture that is trying to establish a profitable business model – Lean startups: use open source software and free web services to contain costs while staying small and keeping operations simple Internet entrepreneurship- direct use of Internet to pursue startup activities  Types of web-based business models o Advertising model o Brokerage model o Community model o Freemium model o Infomediary model o Merchant model o Referral model o Subscription model Small business development – Business incubator: offers space, shared services and advice to get small businesses started – Small Business Development Centers: founded with U.S. Small Business Administration to provide advice to new and existing small businesses Business plan – Describes the direction for a new business and the financing needed to operate it – Road map for business success – Describes the nature of business, target market, competitive advantage, resources and owner’s qualifications. FORMS OF OWNERSHIP – Sole Proprietorship: an individual or married couple pursuing business for a profit. This does not involve incorporation – Partnership: two or more people agree to contribute resources to start and operate a business together – Corporation: a legal entity that exists separately from its owners; ability to raise more money for investment; double Taxation – Limited Liability Company (LLC); a combination of sole proprietorship, partnership, and corporation; protects owners against personal loss other than what is invested in the company FINANCING – Debt Financing • involves borrowing money from another person, a bank, or a financial institution – Equity Financing • involves exchanging ownership shares for outside investment monies – Venture Capitalists • Involves making largeinvestments in new ventures in return for an equity stake in the business – Angel Investor • An investor who provides financial backing for small startups or entrepreneurs. Mostly found among an entrepreneur’s family and friends. • They invest in the person rather than the viability of the business • Exact opposite of a venture capitalist – Initial Public Offering (IPO) • An initial selling of shares of stock to the public at large


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