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In this paper we are going to start with a background on the demography of Iran and the pharmaceutical industry. Then we will move forward to expand this subject in terms of the different issues we might face in order to outsource drive thru services. Finally some recommendations will be provided in the conclusion.

In this paper we are going to start with a background on the demography of Iran and the pharmaceutical industry. Then we will move forward to expand this subject in terms of the different issues we might face in order to outsource drive thru services. Finally some recommendations will be provided in the conclusion.

Steve jobs
Steve jobs DRIVE THRU PHARMACIES IN IRAN DRIVE THRU PHARMACIES IN IRAN

Innovation distinguishes between a leader and a follower Innovation distinguishes between a leader and a follower

Abstract Abstract business plan: outsourcing drive thru services to iran by: dorna shakoory asl

business plan: outsourcing drive thru services to iran by: dorna shakoory asl

Pharmacy as the last unit in the pharmaceutical supply chain is responsible for providing and delivering medicines to the patients and giving necessary advices to them, according to their needs and prescriptions based on standard health conventions of the country. Beside of this concern, which is primarily on pharmacies, this unit is considered as a small business unit and should have economical viability and acceptable profit, so that its main responsibility will not be negatively affected by recessions or any difficult economic situation.

In this paper, the productivity of pharmacies, in case of outsourcing the drive thru systems in Iran in order to supply and fast pace delivery of medicine, has been put into consideration. We will focus on the cost-effectiveness and feasibility of inserting drive thru systems in Iranian pharmacies. In a way that Iranian pharmacies simply can supply and deliver medicines to patients. They will be economical and time-effective for consumers and will encourage them to improve and increase their sustainability. We are going to start with a background on the demography of Iran and the pharmaceutical industry. Then we will move forward to expand this subject in terms of the different issues we might face in order to outsource drive thru services. Finally some recommendations will be provided in the conclusion.

Pharmacy as the last unit in the pharmaceutical supply chain is responsible for providing and delivering medicines to the patients and giving necessary advices to them, according to their needs and prescriptions based on standard health conventions of the country. Beside of this concern, which is primarily on pharmacies, this unit is considered as a small business unit and should have economical viability and acceptable profit, so that its main responsibility will not be negatively affected by recessions or any difficult economic situation.

In this paper, the productivity of pharmacies, in case of outsourcing the drive thru systems in Iran in order to supply and fast pace delivery of medicine, has been put into consideration. We will focus on the cost-effectiveness and feasibility of inserting drive thru systems in Iranian pharmacies. In a way that Iranian pharmacies simply can supply and deliver medicines to patients. They will be economical and time-effective for consumers and will encourage them to improve and increase their sustainability. We are going to start with a background on the demography of Iran and the pharmaceutical industry. Then we will move forward to expand this subject in terms of the different issues we might face in order to outsource drive thru services. Finally some recommendations will be provided in the conclusion.

Demography of Iran…………………………………………………………………5
Introduction………………………………………………………………………….6
Strengths
Weaknesses
Host Country Characteristics………………………………………………………...7
Health Care in Iran
How to Start a Business in Iran?..................................................................................9
High Rate of Inflation
Pharmaceutical Industry in Iran
Problem Definition
Business Plan………………………………………………………………………..15
Benefits and Obstacles………………………………………………………………16
Organizations……………………………………………………………………......17
Recommendations………………………………………………………………….17
Tables and Charts………………………………………………………………….18
Appendix…………………………………………………………………………..22

Demography of Iran…………………………………………………………………5
Introduction………………………………………………………………………….6
Strengths
Weaknesses
Host Country Characteristics………………………………………………………...7
Health Care in Iran
How to Start a Business in Iran?..................................................................................9
High Rate of Inflation
Pharmaceutical Industry in Iran
Problem Definition
Business Plan………………………………………………………………………..15
Benefits and Obstacles………………………………………………………………16
Organizations……………………………………………………………………......17
Recommendations………………………………………………………………….17
Tables and Charts………………………………………………………………….18
Appendix…………………………………………………………………………..22

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Nullam et risus at urna dictum posuere. Lorem ipsum dolor sit amet, consectetur adipiscing elit. In sed augue nec felis mollis lacinia suscipit vel metus. In hac habitasse platea dictumst. Aliquam erat volutpat. Suspendisse potenti. Maecenas imperdiet ullamcorper justo, vitae cursus mi tempus a. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Integer ultricies dictum sapien, eget molestie aliquam eleifend. Pellentesque semper massa sed arcu tempus vulputate. Aenean feugiat, eros quis lacinia ornare, enim neque vehicula nunc, eget vestibulum sem orci at arcu. Fusce lobortis nisl sed ante mattis dapibus et a orci.
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Demography of Iran Iran is a country located in the Middle East bordering the Gulf of Oman, the Persian Gulf, and the Caspian Sea. It has a strategic location on the Persian Gulf and Strait of Hormuz, which are vital nautical routes for crude oil export. Neighboring countries include Afghanistan, Armenia, Azerbaijan, Iraq, Pakistan, Turkey, and Turkmenistan. The government system is a theocratic republic. The head of the country is the Ultimate Leader. The country is based on the presidency. Iran has a largely controlled economic system in which the central government guide the economy regarding the production, supply and delivery of goods but there is some private sector imports and exports. The provided pie chart shows some of these private sectors. | |

Introduction
The annual population growth per percent in Iran was last reported at 1.11 in 2011, according to a World Bank report published in 2012(Appendix). Iran's economy is the sixteenth largest in the world by purchasing power parity (PPP). The country has a large public segments. The private sector activity is naturally limited to small plants, farming, and services because price controls, subsidies and frauds discourage private investments. Iran's main source of foreign trade is oil and gas which constitute 60% of the government revenue.
Iran’s population increased dramatically during the later half of the 20th century, reaching about 75 million by 2011. In recent years, however, Iran’s birth rate has dropped significantly. Studies project that Iran's rate of population growth will continue to slow until it stabilizes above 100 million by 2050. More than half of Iran's population is under 35 years old (2012).

Strengths * Second largest OPEC oil producer * Large natural gas reserves * Very low foreign debt

Weaknesses * Nuclear program the cause of UN sanctions, toughened by USA and EU * Economic and financial situation still dependent on petroleum revenues * Unfavorable business climate and insufficient investment * Political and social tensions
Host Country Characteristics

Healthcare in Iran
Health care in Iran and medical sector's market value was almost US $24 billion in 2002 and was predicted to rise to US $31 billion by 2007. With a population of 75 million (2012), Iran is one of the most overcrowded countries in the Middle East. The country faces the common issue of other young demographic nations in the area, which is keeping pace with growth of an already massive demand for various public services such as pharmaceutical, department store and other industries drive thru.

The young population will soon be old enough to start new families, which will increase the population growth rate and subsequently the need for public health infrastructures and services. Total healthcare spending has been predicted to rise from $24.3 billion in 2008, to $51 billion by 2013, mirroring the increasing demand on medical and pharmaceutical services. Total health spending was corresponding with 4.2% of GDP in Iran in 2005 (Tables and Charts). 73% of all Iranians have health care coverage.

Unemployment, a major problem even before the revolution, has continued to be a major issue for the country. However, unemployment is just a small part of the problems--underemployment continues to affect a large portion of Iran’s young, educated population. Although Iran’s poorer, rural population initially enjoyed a psychological improvement from the consideration given them by the new Islamic government, they are only slightly better off in economic terms.

Iranian Unemployment Rate

The government has made some progress on rural development, including electrification, road building, and increased access to education. Inflation and the unemployment rate continue to be in the very high. Common underemployment including Iran’s educated youths has convinced many to look employment abroad. While Iran’s economic dilemma looks unattractive, Iran has fared worse notably during their war with Iraq.

The World Health Organization (WHO) in the last report on health systems ranked Iran's performance on health level 58th, and its total health system performance 93rd between the world's nations. The health status of Iranians has developed over past couple decades. Iran has been able to cover public health defensive services through the organization of an extensive Main Health Care Services (MHCS). As a result child and maternal death rates have decreased significantly, and consequently the life probability at birth has increased.

How to Start a Business in Iran?

Business is personal in Iran. Many businesses are owned and run by large families for many years. Even within Pharmacies. Building a relationship with Iranian businessmen is a very serious. First meetings mostly focus exclusively on getting to know each other (Overcoming people issues). Once a relationship has been accomplished, we can move on to business matters. Iranians are sensitive businesspeople. They enjoy bargaining and getting creativities. They enjoy originalities of any product.

Implementing decisions is very low pace with Iranians. Iran's formalities and layered government and organization are unpleasant in order to pursue a business in the country in terms of time efficiency. This problem is mirrored with a pressure in a non-confrontational way, which can help speeding matters up, although the most successful way to do is to use influential people or someone with authorities to help you.

In negotiations, they will start at high and unreal prices in order to gage your response. Before starting any negotiations, we have to know our target figure and work slowly towards it through important dispensations. It may not always be necessary to focus on financial benefits when negotiating. It is just as useful to point to areas such as power, influence, honor, respect and other non-monetary encouragements.

High Rate of Inflation
Recession in Iran is increasing everyday, which has caused by the tightening of international sanctions.
The rise in oil prices in 2011 enabled moderate growth to be argued, so did the expansion of natural gas production.

Growth was predicted to be lackluster in 2012. However with the tightening of international sanctions the economy is going to enter into a huge recession. Industrial and retail activity is vulnerable by the tougher international sanctions mainly from US and European countries. Also by the Iran’s limited ability to increase its own oil production, while domestic consumption (Gross Domestic Product) is hit by the cuts in terms of subsidies, growing unemployment (15% of the workforce and especially severe among the younger generations) and strong inflationary pressures. High inflation rate and unemployment percentage are the main results of strong sanctions against Iran. These price pressures will remain high mainly because of the steady removal, begun at the end of 2010, of subsidies on some basic products and the collapse of the Rial.

Iran is currently suffering from a fiscal deficit and sharp drop. The budget, following the reduction in its surplus in 2011, would have just been balanced in 2012 thanks to petroleum revenues, which account for two-thirds of income taxes, and a policy of increasingly phasing out expensive subsidies (10% of the Gross Domestic Product) This process has been spread over several years with the goal of avoiding a impulsive inflations in prices and social tensions.

A fiscal deficit is nevertheless expected to emerge in 2012, as a result of the decline in economic activity and the negative impact of international sanctions on hydrocarbon exports. However, for the time being, the level of public debt will probably remain sustainable. Moreover, the country has a Reserve Fund for future generations.

Nevertheless, Iran’s external financial position should remain relatively comfortable, reflecting the very low level of external debt (3% of GDP) and the relatively high level of foreign exchange reserves (equal to 12 months of imports), although the very sharp, sanctions-related, drop of the Rial, and the possibility of capital flight linked to the political uncertainties, are all significant elements of country’s weakness.

Internal political tensions and further compression of international sanctions effect the business environment consequently. The parliamentary elections in March 2012 were won by the ultra-conservative elements supporting the supreme leader Ayatollah Ali Khamenei, the ultimate religious and political authority.

In addition, the international sanctions were tightened even further at the end of 2011, following a report from the International Atomic Energy Agency (IAEA) on the Iranian nuclear program. Western governments and Europe also strengthened their sanctions notably with a prohibition on most financial transactions with Iran and by instituting an oil restriction.
Nevertheless, the new sanctions will have an even greater impact on the various economic sectors and on a business environment that is already suffering from the weakness of the political climate and from institutional shortcomings. This context could also strengthen the tendency towards economic self-sufficiency and lead to increased pressures on local banks to provide funding for the economy.

Following the interruption of the business activities of Western firms, Iran is developing its trade with China, India and Turkey. These countries are interested in starting different businesses with Iran and may contribute to the investments required in the different sectors. However, Iran’s trading partners seem to be trying to take advantage of the sanctions by increasing the pressure on their Iranian suppliers in order to gain better terms and conditions. Furthermore, consequently the sanctions are also leading to increasing payment defaults, especially relating to imports of public service products.
Now the question is how can we pursue our business plan in Iran with the difficult economy situation? Is it a wise move to even start a business or it will be better to pursue a joint venture with other pharmaceutical companies? The answer is with the appropriate knowledge about Iranian business characteristics, formalities and bureaucracies, influences and finally a wise business plan we can pursue the drive thru business not only for pharmaceutical industries also in other business environments of the country.

Pharmaceutical Industry in Iran
Pharmacy in Iran considers as the end of pharmaceutical supply chain as a retailer and a small business unit (SBU) is responsible for providing medicines to the patients, directly. Therefore, direct contact with clients and patients is being carried out in these units. Pharmacist in drugstores is responsible to present the required information to the clients and provide the required advice. Thus pharmacies are considered strategic technical and business unit in this industry.

Patients' expectation regarding this unit is receiving medicine, consumption guideline and related services as quick as possible. Since pharmacies' activities and responsibilities with required quality is tightly related to their economic situation, analyzing its profitability and evaluating whether the pharmacies have reasonable financial output to be able to provide technical services or not, is very useful to health system’s decision makers.

Normally, from the point of view of public and governmental organizations, pharmacies seem as one of the most profitable units; this vision occurs for two main reasons:

1. Pharmaceutical products do not comprise major prices 2. Many clients refer to pharmacies every day

According to the fact that prices are fixed in pharmacies, negotiation on prices or bargaining is impossible and patients are supposed to pay the exact mentioned price. Choosing products is normally not on the patient but on whether the physician who has prescribed the medicine or the pharmacist who might give them some advice. Therefore, because it is generally considered that pharmacies are extremely profitable, regularly the rules toughen their business and new pharmaceutical business turn to be harder.

However, increasing number of pharmacies makes patients' accessibilities to the medicines easy and convenient. However, the growing population of Iran made this accessibility very slow inside the pharmacies. With that being said, pharmacies in Iran can take advantage of a new drive thru systems to not only increase their profits also to grow in terms of customer satisfaction. Drive thru services not only will satisfy consumers and patients in terms of time efficiency also will allow pharmacies to expand their revenue and market share.

Many pharmacists and Iranian Pharmacists Association claimed that one of the reasons that prevents pharmaceutical improvement and keeps patients unsatisfied from pharmacies in this country is pharmacies’ low medicine release speed according to the mass population, atmosphere and lengthy delivery lines. As one of the best ways to sell more in faster pace delivery, specifically in generic area which choosing medicine for prescription is to start the drive thru services in every major 24/7 pharmacies. In order to increase their profitability, pharmacies, look for fast and massive distribution channels with high financial ability so they can progress the products distribution and improve payments conditions.
Iran is one of the potential countries for this business plan in order to pursue and activate the drive thru services. Starting a drive thru systems in different department stores especially health care/emergency businesses feels necessary in Iran with the fast growing population. This third world developed country has been suffering from lack of technology for a long time. One of the main issues in Iran includes the long waiting lines of drug stores and some other health care emergency departments. Although more than half of the population of the country contains the young generation, the elder population is still facing the major problem of waiting in lines for just a routine prescription or even refills. Overcrowded pharmacies with sick people create a dangerous environment for the elderlies. Outsourcing the drive thru services starting pharmacies will be a beneficial solution to this problem.

Pharmacies in Iran are divided into two types: * Public * Private

According to the latest statistics from the Iranian Food and Drug Organization (IFDO 2011), there are about 8,400 active pharmacies in Iran. Of these, 88% are privately owned and the rest are joint ventured with public organizations or institutions. Although there are very few public pharmacies in Iran, they still have a large market share for many reasons, such as a monopoly in providing scarce and expensive medicines.

The pharmaceutical market has been extended by growth in GDP and health budgets but this extension had a small effect on health indicators. Paying attention to the motivations for health service providers including drive thru pharmacies could improve these health displays. Regarding the important role of pharmacies and their potential effects on the health of society, especially in low- and middle-income countries like Iran, all financial and nonfinancial incentives and disincentives regarding their role have to be monitored, and before any decisions are made the impacts of that policy on pharmacies’ business has to be exactly analyzed.

Problem definition
The issue of low mobility of the pharmacies in Iran started to cause its effects as the population increased. During past years people faced frustration in traffic jams and long waiting lines. By the times they arrive to their local pharmacies they are either closed or jammed with either sick patients or concerned families. Sometimes people with more important problems than a refill had to wait for hours to get required pharmaceutical services in order to save their loved ones.

Iranian population, especially the elderlies were not quite satisfied with this health care system they were receiving especially in terms of the pharmaceutical care. That is the reason we came up with the idea of starting the new drive thru services in each pharmacy. If the services we are going to offer were quite profitable and increase the revenues in pharmaceutical industry we are even planning to expand it into other department stores and/or restaurant.

The Business Plan

Outsourcing Drive Thru Pharmaceutical Services
The business plan is to start a new business in order to implement drive thru systems in health care department stores and pharmacies. It will contain all the necessary equipment and requirements to put the new system into an operation for any health care departments and pharmacies all over the country. Mandatory training will be part of this new system for all of the pharmacists and their current staff. we will start with introducing new system and training programs to the pharmacy schools all over the country.

Then we will pursue a very strong marketing plan and strategic business communication. We will need an executive PR (Public Relation) manager In order to fulfill this desire .The main key factor in Iran is influential connection with the population we are going to invest our business plan in. It will be beneficial if we can start with health care departments/hospitals, public/private pharmacies and medical schools all over the country. These primary connections will ease the way of starting this entrepreneurial system.

Benefits & Obstacles
Outsourcing the drive thru services to Iran will have its own benefits and obstacles same as any business. These advantages and disadvantages are as following:

Benefits
Older population will wait less in the long lines to get the proper health care they need. ER (Emergency Room) Pharmacies will be dealing with the vital and time sensitive prescription instead of some routine refills. Moreover since the medical care is a time consuming process this plan will train people to not only be as fast as possible also we will train them to be more careful and responsible in terms of supply and delivery of the prescriptions. We plan to introduce the new system to other department stores as well as restaurants in near future. If this business plan can boost the revenue and annual income of pharmacies and improve the industry consequently we will consider expanding drive thru services to fast food industry and department store as well. In order to do so we would suggest a survey plan to get a feed back from different generations of the country.

Obstacles
Every change in any system or organization will face resistance at first particularly from the public and labor force of that particular industry. Half of the Iranian population is mostly old fashioned. They believe in “longer the line or the pricier the good the better is the product or quality”. The pressure and resistance to change is even higher in small cities in Iran. Starting any new business or any entrepreneurial activity come with its own consequences. We will to prepared in order to face all types of resistance not only from people, medical industry, health care departments also from the Iranian red tape and bureaucratic government.

Organizations

How does Iranian Trading Laws work?
ITL (Iranian Trade Law) is a web-based environment developed for Iran-related trading debates. ITL is dedicated to the international trade law’s debates concerning Iran. ITL’s goal is to help developing more arguments and useful information regarding the Iran’s position in international trading market, its potentiality and the benefits, which its accession to World Trade Organization (WTO) would bring for both world’s trade and its economy.

Due to existed gaps based on the difficult economic situation both in international and Persian trade law and trading debates a network has been established by which we could gather all diffused related information and shape them in more accessible and profitable manner for researchers. Iran’s accession to World Trade Organization (WTO) is a win-win game for both Iran and world’s economies. The benefits which Iran would gain in accessing to WTO is the same as the benefits which Iran’s agreement brings for World economy and also for specific WTO-Members which during times had lost their market shares in Iran.

Recommendations Perhaps Iranian pharmacies greatest opportunities for increases in sales lie in the changing their delivery options. In fact, Pharmacies in Iran expects approximately 30% increase in demand for prescriptions from customers 65 and older in the next few years. For them, this increase of prescriptions and refills and prescription sales revenue came from elder Iranians. In order to implement the drive thru system in Iran before any outsourcing we will follow some recommendations:

* Connecting with medical and pharmacy schools (especially Tehran Medical School) * Defining the plan B in case outsourcing the drive thru services was not profitable enough * Applying for different funding and loans * We are planning to have an Iranian resident who has been born and raised in the country * Favorable connections in the government in order to decrease paper work * Be prepared for any types of rejections, bribing or indecisive approaches * Define the CEO and CFO of the company * Planning the budget * Complete knowledge of Iranian Trading Laws (ITL) * Respect the culture of the country * Consider the religious restrictions while starting any business in Iran

Tables and Charts

Appendix

* http://www.tradingeconomics.com/iran/gdp-at-constant-prices-imf-data.html * http://www.nytimes.com/2012/04/04/world/middleeast/impact-of-iran-sanctions-widens.html * http://www.wto.org/ * http://ec.europa.eu/trade/creating-opportunities/bilateral-relations/countries/iran/ * http://www.tajpharma.com/Iran.htm * http://www.prlog.org/10687153-iran-pharmaceutical-market-review-released-by-iran-pharmaceutical-consulting-services.html * http://www.sid.ir/en/VEWSSID/J_pdf/92720060110.pdf * http://www.reportbuyer.com/samples/d84eee42ad2d8421d9063534cdab46dc.pdf * https://www.cia.gov/library/publications/the-world-factbook/geos/ir.html * http://iran-pharma.blogspot.com/ * http://news.bbc.co.uk/2/hi/middle_east/8060167.stm * http://www.tradingeconomics.com/iran/balance-of-trade * http://www.tradingeconomics.com/iran/inflation-cpi * http://www.tradingeconomics.com/iran/gdp * http://www.tradingeconomics.com/iran/government-budget * http://www.cnn.com/2012/10/15/opinion/frum-iran-sanctions/index.html * http://www.reuters.com/article/2012/10/05/us-iran-sanctions-un-idUSBRE89412Z20121005 * http://www.guardian.co.uk/world/2012/aug/10/sanctions-iran-ordinary-people-target * http://en.wikipedia.org/wiki/Sanctions_against_Iran * http://www.joshdweiss.com/2009/06/29/iran-protest-at-cnn/ * http://www.fas.org/sgp/crs/mideast/RS20871.pdf * http://updatednews.ca/2012/11/23/iran-sanctions-disrupt-medicine-supplies/ * http://haider-clinicalpharmacy.blogspot.com/2010/10/evolution-of-clinical-pharmacy-in-iran.html * http://www.enduringamerica.com/home/2012/11/11/iran-1st-hand-as-sanctions-bite-life-saving-drugs-disappear.html * http://www.tehrantimes.com/ * http://www.youtube.com/watch?v=dnHBAaOmTqw * http://www.doingbusiness.org/data/exploreeconomies/iran/starting-a-business/ * http://www.doingbusiness.org/data/exploretopics/starting-a-business * http://www.doingbusiness.org/data/exploreeconomies/iran/ * http://www.payvand.com/news/00/nov/1124.html * http://www.eia.gov/countries/country-data.cfm?fips=IR * http://www.worldbank.org/en/country/iran * http://www.worldbank.org/en/country/iran/overview * http://data.worldbank.org/country/iran-islamic-republic

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...intrapreneurship as “behaving like an entrepreneur when you’re employed at a large corporation for the benefit of the corporation as a whole” and believed that being appointed as an intrapreneur before giving a shot at entrepreneurship is a great method developing management skills and techniques before stepping into the entrepreneurial world. Apart from just a set of skills and great techniques there are also personality and character qualities that make up a successful intrapreneur or entrepreneur. “The most successful are risk takers who are driven by a vision of something that is better in the world,” Pinchot says. “They are honest and use a balance of intuition and analysis to make their decisions.” Other scholars have defined intrapreneurship in many different of ways. Expressions such as corporate entrepreneurship (Burgelman, 1983, Vesper, 1984; Guth and Ginsberg, 1990; Hornsby et al., 1993, Stopford and Baden-Fuller, 1994), corporate venturing (MacMillan, 1986; Vesper, 1990), and internal corporate entrepreneurship (Schollhammer, 1981, 1982; Jones and Butler, 1992) have been used to describe the phenomenon of intrapreneurship (Antonic and Hisrich, 2001). Recently, Antoncic and Hisrich, (2001:497) have defined intrapreneurship more broadly as “entrepreneurship within an existing organization.” The Chief Executive of Common Purpose, Julia Middleton deems that managers must look out for new and better opportunities for young managers to...

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...By Mashell Chapeyama Entrepreneurship education How the World Economic Forum aims to approach education The world economic Forum is a global organization that has a target of improving the welfare of all citizens of the world. According to this organization, entrepreneurship is a very important vehicle for achieving a better well-being of all people of the world. There are several ways in which the World Economic Forum wishes to achieve such a noble goal. One way it strives to achieve that is through some educational programs on the importance of entrepreneurship to the future generations of the world. Entrepreneurship is important for the well being of us all. So, the World economic Forum is initiating education on the importance of entrepreneurship and how to become successful business people. It wishes to be part of an international effort of encouraging entrepreneurship at all levels, from local, national, regional and global ones. World Economic Forum believes that through entrepreneurship the Millennium development goals will be achieved. The World Economic Forum aims to come up with ways to consolidate the existing education on entrepreneurship around the world. It wishes to uplift the practices that lead to better enterprising as well as assisting in the development of tools and methods of achieving better entrepreneurial skills, expertise and practices. This forum also aims at making sound and practical recommendations to governments, educational institutes and...

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...Entrepreneurship People say that life is not about money and that money cannot buy happiness. Have you ever seen some one on a jet ski that looks sad? While it may be true that money cannot directly buy happiness, money easily unlocks the doors for happiness. Whether it is a small business startup or it is a simple investment opportunity, seizing the moment can result in the option to retire early. Entrepreneurship is the ability to flip investments and businesses for a profit. Entrepreneurship is what allows me to work from home and be my own boss. Entrepreneurship is what lets me live life to its fullest without restrictions. Looking back at my short time in business, I have started a business before I was able to drive, I turned a hobby into a source of income and I have been able to help my parents with finances. My first business venture came when I was 14 years old. I was very interested with making YouTube videos and how to get more views. I created my first website detailing the different methods on how to gain exposure on YouTube videos. It took me over a month to read up on web development and networking. I took the plunge and bought my first server to host my website. I implemented Google Analytics so I could watch how many viewers I was getting and what pages they were most interested in. After a couple of weeks of letting the site run on auto-pilot, I started to receive a few emails about creating websites and managing their web servers so I decided to start...

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...critically comment on the following blog written by fourth grade high school students in Ohio discussing entrepreneurship: “ - Entrepreneurship is one of the most important parts of economics in a freeenterprise system. - An entrepreneur is a person that creates, organises and manages a business while trying to make a profit.  The first thing an entrepreneur needs to do is to think of an idea. They have to be inquirers so they can gather as much information as possible.   They need to constantly reflect on their decisions. They must be risk-takers because there is always a chance that their business will not succeed.  They must be open-minded when presenting their ideas and receiving feedback.  Entrepreneurs must be good communicators when sharing their ideas with investors and when advertising and promoting their company.  They must also be principled and caring towards their employees and customers. - By being hardworking entrepreneurs, we all have the opportunity to be very successful.” 2 The essay examines the importance of entrepreneurship within the economy, core elements of entrepreneurship, and how entrepreneurial behaviour and certain character traits impact success. The investigation is based on statements about entrepreneurship given by fourth grade high school students in Ohio. The essay will argue that entrepreneurship is an essential part of economics in a free-enterprise system. Furthermore, it will point out that an entrepreneur...

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...A brief discussion of the relationship between entrepreneurship, innovation and economic development as well as the role of sustainability in the relationship Introduction: The origin and development on theory As early as the 17th century, the French term "entreprendre "appeared in economics, which evolved into "entrepreneur" as commonly used (Dees,1998). The concept of entrepreneur keeps on developing and varies with the development of socio-economics. Richard Cantillon published his in 1775 “Essay on the Nature of Trade in General" (Murphy,1986). Since then, entrepreneurship was given a definition in the perspective of behavior, including decision-making, sound judgment, supervision of production, innovation, and resource reallocation (Herron, 1993). The new definition of the "entrepreneur" credited by French economists was put by Jean Baptiste in the 19th century "the entrepreneur shifts economic resources out of an area of lower and into an area of higher productivity and greater yield". In this time, entrepreneurship was given the meaning of "creating values"(Dees, 1998). In 1911, “entrepreneur as innovator” was put forward by Schumpeter. In his theory, entrepreneurship nearly the same as innovation is thought to be a critical factor in the promotion of economic development. This theory was unceasingly completed by Schumpeter. Through the process of “disruptive innovation” (Schumpeter, 1942), entrepreneurs create economic opportunities and obtain economic benefits by causing...

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...Entrepreneurship is viewed as a major contributor to economic growth and employment creation while understanding how creativity impacts on the process is also crucial (Baumol 2002). Lee et al. (2004) note that entrepreneurial activity not only requires both a supportive and productive business climate but that it also needs an environment where creativity and innovation can flourish. A successful integration of creativity and technology can then lead to commercialisation of the idea, product or service. The knowledge base can also be utilised in contributing to useful juxtapositionings or bisociations between previously unrelated ideas or domains (Sternberg 2004; Ko and Butler 2006). Creativity involves bringing into existence something new by combining or reapplying existing ideas to form new ones. Entrepreneurs with a creative attitude have a higher ability to accept changes and have a habit turning problems into opportunities. Entrepreneurs use creativity and innovation to deliver unique value to customers. Creative entrepreneur actively search for opportunities to do existing things in extraordinary ways. Successful entrepreneurs have the ability to use their creativity to create an edge over their competitors. Creativity can also be seen as an important condition for innovation, however innovation also includes implementation of creative inspiration (Babu, Krishna & Swathi). file:///C:/Users/User/Downloads/9-36-1-PB.pdf Lateral thinking involves solving problems using...

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...What is your personal theory of entrepreneurship? My theory of entrepreneurship is the gift/objective of being able to see opportunity when others cannot so as to establish new ventures or the creation of new value in existing ones. According to Schumpeter’s (1934) view of entrepreneurship wealth is created when innovation results in new demand. In finding innovative ways of using inputs he theorises that the value of the product or service will exceed the cost of input factors thus generating superior returns that result in the creation of wealth. In line with this he says that destruction of old ways of doing things through innovation is key to entrepreneurial activities and GDP growth. This is supported by Kirzner’s (1973) theory of entrepreneurship of “alertness to hitherto undiscovered opportunities” and the action in the market economy of arbitrage and the value this can create. Who becomes and entrepreneur and why? According to Gartner (1985), “the entrepreneur is not a fixed state of existence; rather entrepreneurship is a role that individuals undertake to create organisations”. In this way one can understand how complex the matter of answering the question of who becomes and entrepreneur and why. Gartner believes that using a behavioural approach scholars are able to separate the act of entrepreneurship from the individual entrepreneur and so methodologies and techniques can be developed to discover correlations between the two factors. When looking at the individual...

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...'Entrepreneurship' Meaning An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise. An entrepreneur is an agent of change. Concept Entrepreneurship can be defined as the process of using private initiative to transform a business concept into a new venture or to grow and diversify an existing venture or enterprise with high growth potential. Entrepreneurs identify an innovation to seize an opportunity, mobilize money and management skills, and take calculated risks to open markets for new products, processes and services. Characteristics of Entrepreneurship • Interest and Vision The first factor for entrepreneurial success is interest. Since entrepreneurship pays off according to performance rather than time spent on a particular effort, an entrepreneur must work in an area that interests her. Otherwise, she will not be able to maintain a high level of work ethic, and she will most likely fail. This interest must also translate into a vision for the company's growth. Even if the day-to-day activities of a business are interesting to an entrepreneur, this is not enough for success unless she can turn this interest into a vision of growth and expansion. This vision must be strong enough that she can communicate it to investors and employees. • Skill All of the interest and vision cannot make up for a total lack of applicable skill. As the head of a company, whether he has employees or not, an entrepreneur must be able to wear...

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...Introduction to Entrepreneurship Session 1 Olivier Witmeur September 2011 2 Desired outcomes of the session • • • • Introduce the course Tour de table What is entrepreneurship, what are the key constructs Who is the entrepreneur • AGENDA 1. Introduction 2. Course design and organisation 3. About entrepreneurs 4. What entrepreneurship is GEST-S547 - 2011-2012 © Olivier Witmeur 3 1. INTRODUCTION 4 What have these companies in common? • • • • • • • Delhaize , Colruyt, Leclerc, Sears & Roebuck Solvay, Pfizer, Yves Rocher Citroen, Renault, Ferrari McKinsey, Deloitte & Touche, JP Morgan McDonald, Neuhaus Dell, Hewlett-Packard Siemens, Dyson GEST-S547 - 2011-2012 © Olivier Witmeur 5 Examples of successfull entrepreneurs GEST-S547 - 2011-2012 © Olivier Witmeur 6 Entrepreneurship is … (3 minutes) GEST-S547 - 2011-2012 © Olivier Witmeur 7 La laiterie du Berger – Danone Latitudes GEST-S547 - 2011-2012 © Olivier Witmeur 8 2. COURSE DESIGN 9 Desired outcomes of the course • Understand why entrepreneurship matters • Introduce key-concepts and best practices in various settings • Develop your entrepreneurial mindset • At the end of the course each student must be able to: – Assess entrepreneurial opportunities in various contexts – Identify and master the main challenges associated with their exploitation – Understand when and where entrepreneurial management style is relevant ...

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...Characteristics of Entrepreneurs Introduction The entrepreneurs’ are a key element for enterprises developing, and also play the decisive factors role to decide the company’s success or failure. According to the view of Say(1834) whom French economist, that “entrepreneurs can be seen as adventurers, they are fourth factors of production to organize, manage and operate other three elements which are land, workforce and capital, but they has duty to bear the possible risk of bankruptcy.”(Kuratko&Hodgetts,2007). With the times developing, the concepts of entrepreneur are more focus on modern concepts. The view of Akhouri point that “entrepreneur as a character who combines innovativeness, readiness to take risk, sensing opportunities, identifying and mobilizing potential resources, concern for excellence, and who is persistent in achieving the goal.”(Mohanty, 2005) Hence, successful entrepreneurs should have the following characteristics: leadership, originality ability and self-confidence, the traits are independents, individuality and optimism, innovate, creative, flexible and leadership behaviour, they always task-oriented and future-oriented, and play role of risk bearer. From these characteristics, I can find some of the characteristics which I have or not, so in order to impact my ability, I will critic and analysis those characteristics by two parts which are three areas sufficiently developed and three areas require further development. 1. Three areas sufficiently...

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...Case Studies in Entrepreneurship 3M 3M has been known for decades as an entrepreneurial company that pursues growth through innovation. It generates a quarter of its annual revenues from products less than five years old. 3M started life as the Minnesota Mining and Manufacturing Company back in 1902. Its most successful product - flexible sandpaper - still forms an important part of its product line but this now comprises of over 60000 products that range from adhesive tapes to office supplies, medical supplies and equipment to traffic and safety signs, magnetic tapes and CDs to electrical equipment. Originally innovation was encouraged informally by the founders, but over more than a century some of these rules have been formalised. But most important of all there has built up a culture which encourages innovation. And because this culture has built up a history of success, it perpetuates itself. 3M started life selling a somewhat inferior quality of sandpaper. The only way they could do this was by getting close to the customer - demonstrating it to the workmen that used it and persuading them to specify the product - an early form of relationship selling. This was the first strategic thrust of the fledgling business - get close to the customer and understand their needs. However, the company was desperate to move away from selling a commodity product and competing primarily on price and its closeness to the customer led it to discover market opportunities that it had the...

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...What is entrepreneurship? Entrepreneurship is the process of starting a business. An entrepreneur develops a business plan and is fully responsible for the company’s survival. He or she is in charge of resources or manpower, if any. What are the qualities of an entrepreneur? They are leadership, innovation in business and willing to take risks. They are willing to take on additional risks despite dealing with uncertainty. A risk taker, I would say. A good example of a successful entrepreneur would be Robert Kiyosaki, the author of Rich Dad Poor Dad. In his book, he taught about advocates financial independence and building wealth through various means such as investing and owning businesses. By reading his book, you are able to increase your financial intelligence. You can read his book to get a head start on entrepreneurship. As quoted from Rich Dad Poor Dad, “Winners are not afraid of losing. But losers are. Failure is part of the process of success. People who avoid failure also avoid success.” We must not be afraid to try. If we do not try, we do not know if we will be successful. There is a chance we might fail. But think of the positive side, there is a chance we will succeed. Positive mindset is very important being an entrepreneurship. By going into entrepreneurship, you let money work for money instead of you working for money. It takes a lot of courage to start but once you are willing to work hard, your efforts would be paid off. Thank...

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