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Chapter 8 notes MGT 490

by: Briana Notetaker

Chapter 8 notes MGT 490 Management 490

Briana Notetaker
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These notes cover what will be on our next exam
Business Strategy
Yin-Chi Liao
Class Notes
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This 3 page Class Notes was uploaded by Briana Notetaker on Sunday March 6, 2016. The Class Notes belongs to Management 490 at Western Illinois University taught by Yin-Chi Liao in Winter 2016. Since its upload, it has received 49 views. For similar materials see Business Strategy in Business, management at Western Illinois University.

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Date Created: 03/06/16
MGT 490 Chapter 8 Entrepreneurial Strategy  Entrepreneurial: The creation of new value by an existing organization or new ventures that involves the assumption of risk An entrepreneur that engages in entrepreneurship  Recognizes a valuable idea  Organizing necessary resources  Assumes financial and legal risks  Receives the financial rewards Value can be created in many different contexts including:  Start-up ventures  Major corporations  Family-owned businesses  Non-profit organizations  Established institutions Opportunity recognition: The process of identifying, selecting, and developing potential opportunities that can be exploited. Ways to identify an opportunity:  Observing trends:  Solving a problem: Think of your own problems, Observe people’s challenges, Listen to people’s complaints  Finding gaps in the marketplace: A gap in the marketplace is often created when a product or service is needed by a specific group of people but doesn’t represent a large enough market to be of interest to mainstream retailers or manufacturers For an opportunity to be viable, it needs to have four qualities:  Attractive: Market demand created by meeting the unmet needs, solving a pain point, or the gaps in the market  Achievable: Practical and physically possible  Durable: The window of opportunity must be open long enough to achieve market- required returns  Value creating: Robust margin and profitability Opportunity analysis framework:  Create value  Potential margin  Financial resources  HR, organizational resources Financing for Entrepreneur:  Debt Financing, money that must be repaid  Personal resources  Personal savings  Family and friends  Bank loans/Finance companies: Offer lines of credit  Government loans: Small Business Administration (SBA)  Crowdfunding (peer-to-peer lending): A system of linking those in need of capital with lenders Equity Financing, money invested by owners or those purchasing stock  Angel financing: Typically wealthy individuals (often former corporate executives)  Venture capital firms Positives  Professional help and experience  Large network of contacts  Unbiased expertise  Creditability Negatives  Dilution and control  Return expectation  Not irreversible Entry Strategies: Pioneering new entry A radical new product or highly innovative service that changes the way business is conducted. Imitative new entry Products or services that capitalize on proven market successes and that usually has a strong marketing orientation. Adaptive new entry A product or service that is somewhat new and sufficiently different to create value for customers by capitalizing on current market trends.


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