...Entrepreneurial Vision-is a picture of the new world he or she wishes to create. * Picture into which the entrepreneur fits an understanding of why people will be better off, the source of the new value that will be created, and the relationship that will exist. Vision-is a mental image in that it is something the entrepreneur carries around in their head. * It is a very powerful tool for the management of the venture. * It provides a sense of direction by being the light at the end of the tunnel. * It helps the entrepreneur to define his or her goals. * It provides the entrepreneur with a sense of warmth and encouragement when the going gets tough. * It guides the generation of strategy for the venture. * It gives the venture a moral content and helps define social responsibilities. * It can be used to communicate what the entrepreneur wishes to achieve to other people. * It can be used to attract people to the venture and motivate them to support it. * It plays a crucial role in supporting the entrepreneur’s communication and leadership strategy. Communicating and Sharing Vision-the first stage must be to understand why other people will find the vision attractive. Approaches to Communicating Vision 1. I have a Dream-entrepreneurs are explicit about their vision. * They describe the better world just as they see. 2. Talking Specific Goals-entrepreneurs can break down their vision into a specific goals relating. ...
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...strong background in the gaming industry. He was very successful with his new game venture with sales of $12,000,000 in three years. Once successful, Reiss decided to continue in this space and started his own business under the name of R&R. The toy and game industry was an established market with a very short lifecycle, frequently of no more than two years. Based on the case, I think Bob did the following things right which made him highly successful with his Trivia game: What did he do right? 1. Market awareness- He was an experienced professional when it came to the gaming industry. He acknowledged that entering an established market is going to be challenging and understood the pros and cons of launching the game in such a market. 2. Experience- Bob Reiss had been successful with his last two ventures providing him the necessary experience and strategic vision to start a new business. He was an operations guy with a clear understanding of how products are manufactured for a niche but steady market. He leveraged his experience and successful track record to connect with individuals who could play an influential role for his venture. 3. Realistic Execution- Bob was aware about his strengths and weaknesses from the beginning whether it was funding, resources, etc. When he decided to enter this market, it was very critical for him to execute the strategy for him to make this venture successful and profitable. He defied all the Porter’s five forces when it came...
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...TASK ONE: Work Breakdown Structure NEW ACTIVITIES Prepared by: Tony Prince Date: 1/11/2015 1.0 Project background Research 2.0 Project Scoping 3.0 Project Proposal Presentation 4.0 Test Past Algorithms 5.1 Test Function word Analysis 5.2 Test WRI 5.3 Test Trigram Markov 5.0 Developing Proposed Algorithms 6.4 Common N-Gram 6.5 Maximal Frequent ward sequence 6.0 Text Classifier 7.6 Dissimilarity Calculation 7.7 Support Vector Machine 7.8 Naïve Bayes 7.0 Testing and Evaluation 8.9 Entering Bugs to the System 8.10 Fault Injection 8.11 Results Analysis 8.0 Comparing Algorithms 9.12 Generating Differentiation Report 9.13 Generating Improvement Report 9.0 Apply to controversies 10.0 Beta In House Launch 11.14 In House User Testing 11.0 Alpha Launch First of all, as we know that the main idea of a WBS (Work Breakdown Structure) is to maintain a proper hierarchy of events that are to be performed throughout the SDLC (Software Development Life Cycle). We have already created a WBS, and added the following Events that will further be assigned Durations and other details, First of all under the Testing and Evaluation four more activities are added, that includes, Entering Bugs to the System, Fault Injection, Results Analysis. Entering Bugs in the system is a way to analyze that our functionality is working fine, not...
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...the Study When starting a new venture you will almost certainly need to prepare a Business Plan. However there is little point in investing days and days of effort in preparing a full plan, without first clarifying your thinking. Undertaking some initial feasibility activities will help you assess whether the idea has sufficient potential to warrant the investment of your further time and effort. The Business Plan is the full detailed blueprint for launching a new business or venture and securing funding resources. Many person days are involved in its preparation, but this initial feasibility work will greatly assist its preparation. The Outline Feasibility is a format for developing your thinking and structuring the presentation of key information in a way that will help the decision as to whether to proceed to the full business plan. The feasibility study and the business plan are very different and each has a very specific role[1]. The Outline Feasibility is your initial check on reality. (Launching the business would be your ultimate reality check!) An outline feasibility that presents a compelling case is the first stage in proving your new venture concept. The outline study can also be used as the basis for discussions with other people, whose assistance you may require, or whose views you are seeking. If you do decide to go ahead to the next stage The overall purpose of the outline feasibility is to develop and present an initial view of the venture concept, evaluating...
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...Entrepreneurs must address three important aspects before starting a new venture. They should have clearly defined goals, a sound strategy and should check the feasibility whether the plan is executable or not. If entrepreneurs have clear goals they will be passionate about them, which greatly enhances their chances to succeed. The next action steps are always in lined with keeping the goal in mind. For example, the action steps might differ if someone wants to get into the restaurant business as compared to someone who wants to start his/her own clothing line. If the entrepreneur does not have a clear goal then he/she cannot formulate a successful business plan and strategy. While setting goals, entrepreneurs should set both long term and short term goals. For instance, short term goal of an entrepreneur might be to start a small restaurant specializing in serving a particular type of cuisine. The long term goal of the entrepreneur must help him/her to decide whether he/she wants to develop a chain of restaurants across locations specializing in serving the same type of cuisine or to transform the same restaurant into a multi-cuisine restaurant. The entrepreneur must also decide whether he/she wants to own the restaurant in the future or sell it at a handsome price earning larger profits and move on. The entrepreneur also needs to decide whether he/she plans to generate immediate higher revenues by setting the prices high during the initial stages or alternatively gain a loyal...
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...turned into reality * Franchise—is a business operated by someone (the franchise) to whom a franchiser grants the right to market a good or service * Principle of Affordable Loss—the conscious determination of the amount of resources(money, time, and effort) entrepreneurs are willing to commit to an idea, which, in turn, influences the choice of strategies and methods needed to generate early revenues * Venture Capitalist—typically provides equity (ownership) financing for start-up and young, rapidly growing enterprises * Business Angel—is a private individual who invests directly in firms and receives an equity stake in return * Corporate Entrepreneurship—refers to the development, promotion, and implementation of innovative initiatives in established firms for the purpose of generating growth and, thus, profits under risky or uncertain conditions. * Corporate Entrepreneur—is someone in an organization who champions turning new ideas into profitable realities Notes I. What is entrepreneurship? a. Something new i. a new product, service, or technology b. Something better ii. a significant...
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...George M. Diuguid Assignment 1 American Military University Having a plan, or a strategy when starting a business is essential. There are several different ways to plan or organize the steps necessary in the process. A business plan is the most commonly utilized tool for planning and organizing a new venture. Technology has allowed tools like Google Calendar to provide many benefits in regards to organizing for small businesses. A business brief allows business owners to focus on certain aspects of a business without the confusion of everything else getting in the way. These are just a few of the ways to help organize and plan a new venture, but each has its own unique benefits. Perhaps the most common way to plan and organize for a small business is by developing a business plan. Planning is one of the most important parts of running a business, no matter whether it is a large multinational corporation trying to plan an expansion or a small business launching an exciting new product (Topfer, 2011). This plan can be used as a guideline and benchmark for any business including small businesses. The business plan will outline virtually every key aspect of a business, from operational organization, market analysis, and even finances. Having a written plan in place will surely help in organizing and planning for a new venture. Another way to help organize a business, and help with planning would be to utilize a functional calendar such as Google Calendar or Microsoft...
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...Subject : Entrepreneurship and Business Planning (EntrepHRM) Definition of Entrepreneurship * The art of science of innovation and risk-taking for profit in business. * The practice of starting new organizations or revitalizing mature organizations, particularly new businesses generally in response to identified opportunities. * It came from the root word “entrepreneur” * French word means “entreprendre” which means undertake Common Themes in Definitions of Entrepreneurship * Individual * Innovation * Organization Creation * Creating Value * Profit or not-to-profit * Growth * Uniqueness * Process Misconceptions about Entrepreneurship * Successful entrepreneurship needs only a great idea * Entrepreneurship is easy * Entrepreneurship is a risky gamble * Entrepreneurship is found only in small businesses * Entrepreneurial ventures and small businesses are the same thing. Men behind Entrepreneurship Eighteenth Century * Early 1700s – Richard Cantillon, coined the term entrepreneur who was then used to describe a “go-between”or a “between-taker” * Late 1700s – the risk bearing concept entrepreneur was expanded to include planning, supervising, organizing, and owning the factors of production. Nineteeth Century Early part of the century – Jean Baptiste Say proposed the difference between the profits of entrepreneurship from the profits of capital ownership. Late part of the century – distinction was made between those who supplied funds and earned interest...
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...Summary * 5.0 Strategy and Implementation Summary * 6.0 Management Summary * 7.0 Financial Plan * Appendix Executive Summary Calico Computer Consulting is in the process of being formed as a sole proprietorship owned and operated by Doug Burham. This plan is written as a guide for starting and managing this new business and will also serve as the basis for a separate, detailed marketing plan. Following is a summary of the main points of this plan. * The objectives of CCC are to generate a profit, grow at a challenging and manageable rate, and to be a good citizen. * The mission of CCC is to provide fast and reliable technical assistance to small office computer users. * The keys to success for CCC are marketing and networking, responsiveness and quality, and generating repeat customers. * The initial primary service offered will be hourly technical aid, although retainer contracts and projects will be considered in the future growth. * The local market for this business, while not new, is wide open for new and expanding consulting firms. * An initial financial analysis of the viability of this venture shows outstanding promise and results. Several sources note that the computer consulting business is easy to start, requires little up-front capital, and has the potential to be quite lucrative in today's high tech world. In conclusion, as shown in the highlights chart below, this plan projects rapid growth and high...
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... module. Your answers should be well developed and convey your understanding of the question topics. Do not copy the answers wordforword; they must be in your own words. However, when it will strengthen your answer, you may quote or paraphrase relevant facts, ideas, and theories from your course reading materials; be sure to cite these references in an appropriate manner by using footnotes or endnotes. Part 1: The time to write a business plan is midway through the the stage of the entrepreneurial process titled "Developing Successful Business Ideas". It is a mistake to write a business plan too early. The business plan must be substantive enough and have sufficient details about the merits of the new venture to convince the reader that the new business is exciting and should receive support. Much of the detail is accumulated in the feasibility analysis stage of investigating the merits of a potential new venture. With this mind, please answer the following questions: 1. What are the two primary reasons for writing a business plan? A business plan is utilized by a firm internally, and also externally by investors, bankers, etc. Formulating a proper business plan will allow the firm’s founder(s) to produce an extensive feasibility analysis, and help define how the business plans to startup; along with its subsequent operation. Moreover, an eventual operation...
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...Hills Case Trevor Rhodes Entrepreneurship & Intrapreneurship April 13, 2015 Professor Murray Lakota Hills Case This essay is in regard to the “Lakota Hill Case,” a story about an entrepreneurial woman named Laura Ryan and her family’s effort at making a profitable business venture out of her home-made Indian fry bread. This essay will identify advantages and possible challenges of developing a specialty food business. It will consider whether or not Lakota Hill’s strategy is the best way to build a specialty food business. It will also examine other channels that could be integrated into the overall selling model and describe how Lakota Hills will make money. Lastly, this essay will consider whether Lakota Hills would be a business worth investing. There are many advantages of developing a specialty food business and they begin with the advantages of developing one’s own business, such as: being your own boss, creating your own work environment, doing something in which you believe, reaping the benefits of hard work and long hours directly, variety, challenges, and opportunities for creativity, full use of knowledge, empowerment, and hopefully, the satisfaction of a successful venture. As said before, these advantages are similar across any startup business. Specifically, running a specialty food business has the main advantage of being unique. The creator of this business has the potential advantage of paving the way for this type of food and there is a lot of money...
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...to a flexible labor based economy, a phenomena commonly referred to as knowledge based economy (Formica, 2005). Entrepreneurship as a whole contributes to social-economic wealth by creating new markets, new industries, new technology, new institutional forms, new jobs, and net increases in real productivity (Ngugi, 2014). Despite the vital role entrepreneurship plays in the economy, there are numerous challenges facing entrepreneurship development. The Micro and Small enterprises bear the brunt of it all (Pike 2007). It is estimated that as many as 75% of small enterprises started in Kenya fail within three years of their birth. Indeed an enterprise that is more than three years old is regarded as having achieved some measure of success. Therefore, there is the need to strengthen entrepreneurship to nurture nascent entrepreneurs and achieve the goal of enterprise development. The following are methods of strengthening entrepreneurship in Kenya: Strengthening financial systems The biggest challenge to entrepreneurial ventures is lack of capital to realize entrepreneurial dreams. A lack of resilient financial systems has been a hindrance to development of MSEs and hence entrepreneurship. A sound financial system therefore improves the entrepreneurial ecosystem. Private equity and venture capital are an important source of seed money. Overall, access to credit is some of the financial challenges of entrepreneurship in Kenya. Development of capital markets is the key to encouraging...
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...Schiller International University MULTINATIONAL BUSINESS MANAGEMENT – BA 529 Chapter – 9 Ramesh rangasamy Week 3 & Day 9 , 88725 ------------------------------------------------- Assessment 1) Understanding the ways in which companies in a supply chain improve performance by forging strategic links with other firms requires a close look at the nature of the relationships and how the partners behave. Strategic alliances have become a common feature of supply chains, with managers of companies along the chain integrating their processes to enhance competitiveness. Yet research shows that alliances do not guarantee success – and little is known about why some strengthen the market position of the partners while others do not. Evelyne Vanpoucke and Ann Vereecke set out to understand which aspects of an alliance are more likely to deliver success. Their paper – “The Predictive Value of Behavioural Characteristics on the Success of Strategic Alliances” – explores how behavioural features of an alliance – such as trust and commitment, and how partners communicate and manage the relationship – impact performance. Their research provides valuable insights into ways supply chain managers can structure their partnerships to increase margins in complex markets. Strategic Alliances: Collaboration as a Resource Companies in a supply...
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...The concept of ‘internationalization’ is strongly related to a process of involvement and accurate decision making regarding the entry or expansion into new or existing markets taking into consideration dynamic factors and limitations that could influence the entrepreneur. As Buckley J. and Ghauri N. (1999:85, 86) state, the meaning is used to describe how growth of international businesses is mainly dependant on the ‘inward-outward interlink’, thus acquiring foreign commitment over time through a six dimension pattern. The framework suggests that the success of international companies is linked to foreign operation methods and the change tendency as well as sales objects and targeted markets, organizational structure and personnel together with finance and technology. Therefore, in terms of analysing the start-up for a new venture, entrepreneurs should focus on developing and integrating the abovementioned and as Oviatt and McDougall (2004:31) indicate, gain the competitive advantage through resource utilisation and output sale in multiple countries. In order to achieve that, proactive strategies such as alliances, manufacturing capacity or marketing expertise should be taken into consideration as suggested by Buckley and Casson (1976:4) and consistent with a value added approach rather than asset owned. Therefore, the strategy is more concerned with small and medium size firms which start up locally and then mature to become consistent with the MNE theory and foreign direct...
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...disciplines grounded in certain values and processes that are common to each social entrepreneur, independent of whether his/ her area of focus has been education, health, welfare reform, human rights, workers' rights, environment, economic development, agriculture, etc., or whether the organizations they set up are non-profit or for-profit entities. It is this approach that sets the social entrepreneur apart from the rest of the crowd of well-meaning people and organizations who dedicate their lives to social improvement. About organizational models * Leveraged non-profit ventures The entrepreneur sets up a non-profit organization to drive the adoption of an innovation that addresses a market or government failure. In doing so, the entrepreneur engages a cross section of society, including private and public organizations, to drive forward the innovation through a multiplier effect. Leveraged non-profit ventures continuously depend on outside philanthropic funding, but their longer term sustainability is often enhanced given that the partners have a vested interest in the...
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