activities including the creation of organizations (Gartner, 1988), the carrying out of new combinations (Schumpeter, 1934), the exploration of opportunities (Kirzner, 1973), the bearing of uncertainty (Knight 1921), the bringing together of factors of production (Say, 1803), and others (See Long, 1983). The outline below presents some authors definitions of entrepreneurship and attempts to summarize these viewpoints into a more meaningful whole. Richard Cantillon (circa 1730); Entrepreneurship is defined
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ingredient to economic development. • Essentially a creative activity or an innovative function. • A risk taking factor which is responsible for an end result. • Usually understood with reference to individual business. • The name given to the factor of production, which performs the functions of enterprise. • Creates awareness among people about economic activity. • Generates Self-employment and additional employment WHY ENTREPRENEURSHIP • To improve backwardness of the people. • Economic development of
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procuring production tools and short period of time to make the decision for selection of outside suppliers. Cost: Prototype process was the critical part whilst major problems were not easily located at final stage due to some parts were not of the same materials used in the final production model. Re-ordered production grade tools were expensive than “pre-production” grade tools and most of the parts were hand-built by highly skilled craftsmen. Process from Pilot to Commercial production: Transition
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Operations Decisions Assignment # 2 August 7, 2013 1. Briefly describe the details of the fictitious business that you created for this assignment. There will be 100 employees who work 20 days each month with a salary of $70 each day. The employees will manufacture 6,000 units of output each month which has a variable costs of $2,000 per day. The fixed costs have not been revealed and we are advised they are "high enough" which the total costs will exceed the corporation’s total revenue. The
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in different ways. Furthermore I will describe the circumstances under which we are more likely to experience one of the aforementioned concepts instead of one of the others. Economies of scale exist when average costs decline through increased production. The theory behind economies of scale is that as firms increase their output the marginal cost of the last unit produced is less than the average cost, thereby pulling down total average cost. Many economists depict average cost curves as being
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The NTT consultants’ lack of experience; 4.A lack of commitment because the entire project team was centralized in one location; 5.Production information system was built base on the theoretical idea. How to define a new strategy? 1.Create more flexibility and economies of scale in the production process and in the procurement of common elements; 2.Reduce production time cycles; 3.Improving materials and resource planning and shortening the “time-to-market” and “time-to-delivery” cycles; 4.Reduce
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Leadership at its greatest Potential An important phil Dr.Woodard 07/21/2011 “Vision without execution is Hallucination” * Thomas Edison A leader is someone that has a vision, a well thought out vision. It is a person that actually took the time to plan out their work and make things happen. Leaders see a problem that needs to be fixed or a goal that needs to be achieved. It may be something that no one else sees or simply something that no one else wants to tackle. Whatever it is, it
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the more difficult because it must be done for each specific product. As it is a short run, marginal analysis therefore it assumes that unit variable costs and unit revenues are constant, which is appropriate for small deviations from current production and sales, and assumes a neat division between variable and fixed costs but in the long run all costs are variable. Actual future volumes, revenues, and costs are unknown. The analysis is done by business managers who use this approach based
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large batch & mass production, continuous process firms, and the associations she discovered between technical complexity and structural characteristics of the firms. Joan Woodward's discovery of the fundamental principle of the contingency approach. Original and revised systems for classifying technologies |Original system (Woodward 1958) |Revised system(Woodward 1965) | |Unit and small batch production
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Q. What is Entrepreneurship? Answer: Entrepreneurship is the act of being an entrepreneur or "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods". This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. Entrepreneurship involves bringing about change to achieve some benefit. This benefit may be financial but it also involves the satisfaction of knowing
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