...Entrepreneurship: Successfully Launching New Ventures, 4e (Barringer/Ireland) Chapter 2 Recognizing Opportunities and Generating Ideas 1) BenchPrep, the company profiled in the opening feature for Chapter 2, sells an iPhone app to help students prepare for the GMAT and other exams. The original idea for the company stemmed from the founders' recognition that if people could use their iPhones to study for the GMAT: A) they wouldn't have to carry heavy study books around and they could maximize their study time by catching a few minutes of studying between meetings and on similar occasions B) they could study more questions and a computer within the app could keep track of their progress on practice exams C) they could save money by not having to buy multiple study guides and a small computer within the app could keep track of their progress on practice exams D) they wouldn't have to carry heavy study books around and they could interact online with other people preparing for the GMAT and similar exams E) they could maximize their study time by catching a few minutes of studying between meetings and on similar occasions and they could save money by not having to buy multiple study guides Answer: A Diff: 2 Page Ref: 41 Topic: Identifying and Recognizing Opportunities AACSB: Reflective Thinking Objective: Describe the role of entrepreneurs and small business 2) A(n) ________ is a favorable set of circumstances that creates a need for a new product, service...
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...Lynn Seiser Life Span Perspective Throughout life people go through different stages of development through different their life span. Development does not only occur from birth to childhood but it carries to adolescents, early adulthood, and through later years of adulthood as well. There are different characteristics and factors that take place during a person life span such as ones culture, genetics, and environment. The life span has three different domains which are physical, cognitive and social that plays a role in a person’s development. Past psychologist have different theories on the life span development. Sigmund Freud was a well known psychologist that broke down the different stages in a human’s life. Erik Erikson was also well known for his theories in which some related to Sigmund Freud as well. There are five different characteristics of the life span perspective which include: multidirectional, multicontextual, multicultural, multidisciplinary, and plastic (Berger, 2011). The life span perspective of development is not just the phase that takes place in the childhood or adulthood portions of one’s life. A multidirectional perspective enables researchers to recognize the gains and losses often occur simultaneously: Human characteristics change in multiple ways and from a life-span perspective, a multidirectional view allows us to understand when, how, and whether stages occur. Multicontextual, occur in different context such as physical surroundings and...
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...A well-formed and effective interview session incorporates listening and focusing skills into five stages: the empathic relationship, story and strengths, goals, restory, and action. In the role play exercise, I followed the five-stage model, integrating these skills into each stage. First, in our introductions, I established rapport and personalized the session by repeating back my client’s name. Throughout the interview, I continued to build this empathic relationship by practicing attending behaviors, such as maintaining eye contact and leaning forward slightly. Second, focusing on my use of questioning, I drew out my client’s story. I began the session with an open question to facilitate the discussion. Throughout, I used closed questions...
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...CHAPTER 2 RECOGNIZING OPPORTUNITIES AND GENERATING IDEAS LEARNING OBJECTIVES |1. |Explain why it’s important to start a new firm when its “window of opportunity” is open. | |2. |Explain the difference between an opportunity and an idea. | |3. |Describe the three general approaches entrepreneurs use to identify opportunities. | |4. |Identify the four environmental trends that are most instrumental in creating business opportunities. | |5. |List the personal characteristics that make some people better at recognizing business opportunities than others. | |6. |Identify the five steps in the creative process. | |7. |Describe the purpose of brainstorming and its use as an idea generator. | |8. |Describe how to use library and Internet searches to generate new business ideas. | |9. |Explain the purpose of maintaining an idea bank. | |10. |Describe three steps for protecting ideas from being lost or stolen. | CHAPTER OVERVIEW This chapter begins by describing the difference...
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...processed through the use of the five sensatory organs and then given significance (Anon.). Therefore it is subjective in nature. Given that, it is logical to expect errors or differences in judgment as the human factor is involved. Typical errors that arouse in person perception are due to stereotyping, bias, over-analyzing, gullibility or skepticism, making hasty assumptions, and misinterpretation. The psychological condition of a person also applies to his ability to make conclusions in a sense that it dictates his emotions, thoughts and actions. In addition it would be the psychological attitude of a person that will help him judge people, situations, and the ongoing environment with more precision, eliminating perceptual errors. The process of perception comes in three stages (Thornton, 2009). The first stage refers to bringing attention to certain stimuli in an environment and selecting a specific one giving it the highest priority (Thornton, 2009). In an environment that is raging with stimuli such as light, sound, and movement a person selects the one to pay attention to and leaves the others ignored. This selective perception is on the basis of people’s interests, experiences and attitudes, and since there isn’t a way to process everything, automatically some stimuli are left (Anon.). Thus a person can make the mistake of giving too much importance to something that is irrelevant or the opposite; neglect something that is important. For example, during a lecture it may be...
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...major resource issues raising the finance to build a new business. Strategies are also concerned with deciding on what products to allocate major resources and concerned with the scope of a business’s activities what and where they produce. For example, BIC’s scope is focused on three main product areas as lighters, pens and razors, and they have developed super factories in key geographical locations to produce these items. If any organization has unlimited resources and knows the best way to achieve the company goals, they do not worry about possessing the strategic viewpoint. However, limited resources are related to a high level of uncertainty. Since the firm has limited resources, it should identify the best course of action to achieve company goals. This is the reason why an organization should consider the strategy and possess the strategic viewpoint. 2. Strategic planning is defined as the managerial process of formulating and maintaining a strategic fit between the organization’s goals and limited capabilities and the evolving opportunities or threats from the dynamic market environment. The strategic planning process is about designing a right game plan for the firm to build and manage the long-term profitable relationships with customers by creating and maintaining a strategic fit between...
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...Appendix A: Matrix of Theoretical Models Theoretical Model | Description of Theoretical Model | Type of health care change situation in which model best applies | Kurt Lewin’s Change Theory and Force Field Analysis | Kurt Lewin’s theory model has three stages of change including: freezing, change or moving, and refreezing. The first stage of freezing involves finding methods to help people relinquish learned habits that were inefficient. Recognizing the need for change occurs in this stage. According to Schein (2002), the moving stage “allows members of the group to change from one set of behavior to another, such as new job responsibilities, new roles, and new job skills” (p. 37). The third stage of refreezing makes the change the standard operating procedure, the change becomes permanent. Without this last stage, individuals can revert back to the pre-change policies and procedures. Lewin’s theory believes that behavior is “a dynamic balance of forces working in opposing directions” (Lewin, 1951). He acknowledged that there are driving forces that cause change to occur, pushing individuals in the desired direction. Restraining forces counter driving forces, pushing an individual in the opposite direction. Examples of restraining forces include personal defense mechanisms or group “norms.” The goal within a force field of driving and restraining forces is to move to gain equilibrium. Equilibrium is a state of being where driving and restraining forces are equal. In this...
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...4-MAT Book Review Of The Making of a Leader: Recognizing the Lessons and Stages of Leadership Development Sha’Rae Washington Liberty University 2015 Summary Leadership, specifically Christian based leadership, is a very fascinating topic. In learning about leadership and the qualities it takes to be a great effective Christian leader one will begin to learn more about themselves and their own personal relationship with God. This was one of the lessons discovered while reading the book written by Robert Clinton entitled The Making of a Leader: Recognizing the Lessons and States of Leadership Development. In his book, Clinton does a great job at teaching readers the important lessons of what it takes to be a leader. While the book gives information on what it takes to be a leader it is also good for providing the instructions on how to recognize the growth process one experiences as they transition from a role of a follower to that of a leader. In efforts to better explain leader development and how Christian leaders must recognize lessons in life, Clinton develops a model that is based on research he has conducted on several Christian leaders to include A.W Tozer and Dawson Trottman. From the lives of these exceptional Christian leaders, the author uncovers five different phases of development that leaders experience while growing within themselves and maturing. In the first three of the five, sometimes six, phases it is important for readers to understand that “God’s...
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...Communication Specialist Lynn Anderson ENG 115 Professor Scorpio Strayer University December 10, 2013 Today many of us people still lack on the ability to communicate effectively within interpersonal relationships. It is through teamwork and collaboration that effective communication occurs. By analyzing and studying the communication process we can improve our ability to communicate effectively between one another. To have a successful interpersonal relationship one must first interact with others, which is called interpersonal communication (Hubel’s &ump; Weaver pg.156). Recognizing emotions in other is a very important first step for building a relationship. If you can’t feel what someone else is feeling then you can’t connect with them on a personal level and that can hinder your relationship process. Interpersonal communication is important because of the purpose to achieve. Whenever we want to keep in communication with another person, we try share ideas and feelings. Also we can give information through a wide variety of verbal and non-verbal cues.Verbalcommunication has huge effects on many aspects of life, including interpersonal relationshi.Communicationwith others verbally or non-verbally is a necessity for daily life. Verbal communication is organized by language; non-verbal communication is not. Most of us spend working hours communicating our knowledge, thoughts, and ideas with others. On the other hand, most of us don’t to realize...
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...Sexual development and behavior in children Name University Course Tutor Date Sexual development and behavior in children Introduction Childhood is a special time in human life. It is a period of learning and exploration. Children would want to learn, discover and explore things about themselves and other people as they grow up. Like other body parts, children’s sexual parts develop over time as they grow. There is a normal way by which this sexual development happens. The normal development is generally natural in nature. This development is usually associated with certain behaviors that also change as the child grows. The normal sexual development and behavior is a healthy process in a child’s life and is principally driven by the child’s curiosity. However, some behaviors can appear to dominate a child’s life and may become worrisome to the parents. It is therefore important for parents, teachers, guardians and even the whole society to be able to demarcate what can be considered a normal sexual behavior and behaviors that can put a child’s life at risk. According to Rich, normal sexual behavior is usually more exploratory and playful in nature, non hostile, and shows no preoccupation with sexual interaction (Rich, n.d). It is somehow natural. The behavior is experienced within the same age groups, children of same size, and in most cases the children will be friends. On the other hand, inappropriate sexual behaviors in children are characterized by...
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...raising our 18 month son and trying to understand each other’s habits. Eric Berne, game of Ain’t it Awful were the very early stages of our relationship. We developed very bad habits of blaming one another for the challenges that came our way. Neither one of us accepted responsibility on our actions. We continued to talk at each other instead of talking to each other. Our relationship was just what Vandermark (2012)...
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...point-of-origin and point-of-consumption. Besides, warehouse provides information to management on the status. Adidas uses leased warehouse. Adidas can have the advantage of short-term space rental while using it like a private warehouse (Lambert, Stock & Ellram 2006). When Adidas took over sporting brands Reebok and Rockport. They wanted to take chance of the efficiencies and synergies that could be achieved by consolidating inventory from five key brands, which are Adidas, Reebok, Taylor Made, Rockport and Ashworth. On the other hand, Adidas’s Northern European operations, who serve and lead retailers in the UK, Ireland and Benelux was split between four conventional warehouses by using different systems and processes with the overspill being handled by third parties. According to Total Logistics’ recommendation, they develop a concept for a 30,000 m^2 fully automated facility. This was implemented in just 18 months, including the implementation of a new warehouse management system. The procedures took into account the current requirements of all five brands. This bought out the new facility layout and requirements and the overarching Adidas warehouse management system requirements (Total Logistic 2014). Transportation Adidas is one of the global leaders in the sporting goods industry. However, Adidas needs transportation as an essential for the development of their company. Besides, transportation is one of the important ring in logistics that enables trading between...
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...Minimize hassles both on and off the job (gyms, swimming pools, hospitals and more on company’s campus). Keeping its customers satisfied * Listen and analyze feedbacks, advice etc., create conferences for customers, collaboration with a customer to invent new solutions, build long-term relationships, etc. Subscription-plan business model. * Tap into the creative talents of your customers instead of looking just to your workers for new ideas. * Nurture long-term relationships with users and employees alike. Creativity is the raw material that goes into innovation. Reading 2: Recognizing Opportunities and Generating Ideas BENCHPREP: be familiar with what the company does; how it was launched; the characteristics of the business opportunity when the BENCHPREP was launched * Company provides cross-platform apps to help students prepare for standardized tests (GMAT, SAT, MCAT, etc.). * Launched at the perfect time (not too early-not to late) when IPhone was introduced and apps were just gaining popularity. Done by two friends (ASHISH RANGNEKAR AND UJIWAL CUPTA). * Timing was perfect. The first GMAT perp app. Opportunity Evaluation Framework: be familiar with its five key characteristics as discussed in class, their meanings and the key questions behind each characteristic (source: lecture, book chapter) 1. Product: anchored in a product, service or business that adds...
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...Employability 9 8. Conclusion 9 9. References 10 1. Introduction Career Self Management also referred to as Individual Career Management can be expressed as self monitored and examined process of planning the carrier. It involves selecting and setting of goals and working on strategies for achieving them. In recent times career options have increased to a great extent. Career opportunities have also increased due to rapidly development of technology and globalization. It is very essential to manage the career and understand the opportunities with the specific career. Managing career is combination of systematic and structured planning with informed decision of choosing the career path. (What is Career Planning? – Overview of the Five Basic Steps to Career Planning, 2010) The aim of this research paper is to help better understand the law of effective career management and offer insight for skill development and practicing for...
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...KELLOGG’S Building a better workplace through motivation Photo uploaded successfully. Roll No :500668 Password Photo uploaded successfully. Roll No :500668 Password :5006681990621 Group Report By- PARAS GUPTA JAIVARDHAN DHAWAN ARJUN NARANG RAHUL DHIR AMAN SHARMA NISHANT EUGENE CHIRAG BHATIA SUMMARY Motivation is a psychological process that activates and directs voluntary actions that are goal directed. Motivation is the inner force that guides behaviour and is concerned with the causation of specific actions. People spend a considerable part of their lives at work, and expect to be rewarded. This makes them satisfied and happy. Motivation encourages the employees to contribute more to the development of an organization despite of being variety of functions and work performed like engineering operatives in the manufacturing section, finance, marketing, sales, information technology or human resources. Kellogg has encouraged everyone to live in a positive way. The Kellogg Company which is the world’s leading producer of breakfast cereals that produces their product in 18 countries and sell them in more than 180 countries have applied the various motivational theories in their organization has gained success in satisfying their employees. Based on Taylor theory monetary reward can be great motivational factor that tends to work with narrow job confined, as it might reduce the quality and increase...
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