Strama Reviewer
CHAPTER 8: ENTREPRENEURIAL STRATEGY & COMPETITIVE DYNAMICS
I. RECOGNIZING ENTREPRENEURIAL OPPORTUNITIES
* Entrepreneurship – the creation of new value by an existing organization or new venture that involves the assumption of risk. * New value can be created in many different contexts including:
- Start-up ventures
- Major Corporations
- Family – Owned Business
- Non – profit Organizations
- Established Institutions A. ENTREPRENEURIAL OPPORTUNITIES * Opportunity Recognition – process of discovering and evaluating changes in the business environment, such as a new technology, socio cultural trends, or shifts in consumer demand that can be exploited. * From new business start-ups, opportunities comes from many sources: * Current or past work experience * Hobbies that grow into business or lead to inventions * Suggestions by friends or family * Chance event that makes an entrepreneur aware of an unmet need * For established firms, new buss. Opportunities comes from: * Need of existing customers * Suggestions by suppliers * Technological developments that lead to advancements. * Major factor: Change – creates opportunities * For an opportunity to be viable, needs to have four quality: * Attractive * Achievable * Durable * Value Creating B. Entrepreneurial Resources * Financial Resources: Types of financial resources that may be needed depend on 2 factors: * Stage of venture development * Scale of venture * Human Capital * Social Capital * Government Resources C. Entrepreneurial Leadership * Special kind of leadership: includes courage, belief in one’s conviction, and energy to work hard even in difficult circumstances * Characteristics of leadership: * Vision – may be an entrepreneur’s most important asset. * Dedication and Drive – are reflected in hard work. Drive involves internal
I. RECOGNIZING ENTREPRENEURIAL OPPORTUNITIES
* Entrepreneurship – the creation of new value by an existing organization or new venture that involves the assumption of risk. * New value can be created in many different contexts including:
- Start-up ventures
- Major Corporations
- Family – Owned Business
- Non – profit Organizations
- Established Institutions A. ENTREPRENEURIAL OPPORTUNITIES * Opportunity Recognition – process of discovering and evaluating changes in the business environment, such as a new technology, socio cultural trends, or shifts in consumer demand that can be exploited. * From new business start-ups, opportunities comes from many sources: * Current or past work experience * Hobbies that grow into business or lead to inventions * Suggestions by friends or family * Chance event that makes an entrepreneur aware of an unmet need * For established firms, new buss. Opportunities comes from: * Need of existing customers * Suggestions by suppliers * Technological developments that lead to advancements. * Major factor: Change – creates opportunities * For an opportunity to be viable, needs to have four quality: * Attractive * Achievable * Durable * Value Creating B. Entrepreneurial Resources * Financial Resources: Types of financial resources that may be needed depend on 2 factors: * Stage of venture development * Scale of venture * Human Capital * Social Capital * Government Resources C. Entrepreneurial Leadership * Special kind of leadership: includes courage, belief in one’s conviction, and energy to work hard even in difficult circumstances * Characteristics of leadership: * Vision – may be an entrepreneur’s most important asset. * Dedication and Drive – are reflected in hard work. Drive involves internal