What Is Small Business And Entrepreneurship – Chapter 12 Strategic Issues in Entrepreneurial Businesses and Small Businesses Dr. Vijaya Kumar Skyline College Prentice Hall, 2002 Chapter 12 Wheelen/Hunger
Small Businesses: 22 million > 95% of all businesses 85% of new jobs created by small businesses 2x R&D dollars for basic research compared to large businesses 50% of businesses started in any given year were out of business after 5 years Prentice Hall, 2002 Chapter 12 Wheelen/Hunger
What Is Small Business And Entrepreneurship
Small Business: A business with fewer than 500 employees and less than $20 million in annual revenue. Prentice Hall, 2002 Chapter 12 Wheelen/Hunger
Pdf) Entrepreneurship And Small Business Management: Critical Success Factors Of Entrepreneurs And Small Business Managers
Small Business: Independently Owned and Operated Not Dominant in Territory No Innovative Practices Entrepreneurship: Key Objectives Profit and Growth Innovative Strategic Practices Prentice Hall, 2002 Chapter 12 Wheelen/Hunger
A person who organizes and manages a business and takes risks in pursuit of profit. Ultimate Strategist Prentice Hall, 2002 Chapter 12 Wheelen/Hunger
6 informal questions to start the strategic management process in a small business or enterprise. Official Informal Define the mission What do we stand for? Setting goals What do we want to achieve? Formulate a strategy How do we get there? How can we beat the competition? Set guidelines What basic rules should we all follow to get the job done right? Creating programs How should this process be organized so that we achieve what we want as cheaply and with the best possible quality? Prepare proforma budgets. How much will it cost us and where will we get the money? Set procedures How detailed do we need to outline things so that everyone knows what needs to be done? Defining Key Performance Indicators What are these few key factors that will determine whether we succeed? How can we keep an eye on them? Prentice Hall, 2002 Chapter 12 Wheelen/Hunger
Strategic Planning: Intimately Linked to Small Business Financial Performance Many Small Businesses Don’t Use a Process Prentice Hall, 2002 Chapter 12 Wheelen/Hunger
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Not Enough Time Small Business Reasons Not to Use Strategic Planning Unusual Lack of Skill Lack of Confidence Prentice Hall, 2002 Chapter 12 Wheelen/Hunger
The Strategic Decision-Making Process: Developing a Basic Business Idea Product and/or Service with Target Customers and/or Target Markets Prentice Hall, 2002 Chapter 12 Wheelen/Nälkä
The Strategic Decision-Making Process: Mapping the External Environment Location of Social and Task Environment Factors that Offer Opportunities and Threats Prentice Hall, 2002 Chapter 12 Wheelen/Nälkä
Strategic decision-making process: look at internal factors. Take an objective look at personal wealth, expertise, skills and experience. Prentice Hall, 2002 Chapter 12 Wheelen/Hunger
Budgeting For A Small Business: Practical Advice For Financial Success (crisp Small Business & Entrepreneurship): Dickey, Terry: 9781560521716: Amazon.com: Books
Strategic Decision Making Process: Strategic Factor Analysis SWOT and SFAS Table (Figure 5.1) Prentice Hall, 2002 Chapter 12 Wheelen/Hunger
The Strategic Decision-Making Process: Go or No Go Decides Feasibility or Progress Prentice Hall, 2002 Chapter 12 Wheelen/Hunger
The Strategic Decision-Making Process: Create a Business Plan Decide How to Turn an Idea into Reality Prentice Hall, 2002 Chapter 12 Wheelen/Hunger
I. Table of Contents X. Personnel Plan II Table of Contents Summary XI. property III. Type of business XII. Risk analysis IV Strategy formulation XIII. Timelines and Milestones V Market Analysis XIV Strategy Implementation – Action Plans VI. Marketing plan XV. Evaluation and control VII Action plans – Service/Product XVI. Summary VIII Financial plans XVII. Appendices IX. Organization and Management Prentice Hall, 2002 Chapter 12 Wheelen/Hunger
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Strategic decision-making process: Evaluate the implemented business plan. Compare actual performance with predicted performance results. Prentice Hall, 2002 Chapter 12 Wheelen/Hunger
Corporate Governance: Easier in Entrepreneurial Firms Owners Than Managers No Board Unless Incorporated Prentice Hall, 2002 Chapter 12 Wheelen/Hunger
Corporate Governance: Closely managed companies have passive directors Advisory Council A group of outside business people who voluntarily meet with the owner to discuss strategic issues. Prentice Hall, 2002 Chapter 12 Wheelen/Hunger
Sources of innovation: in the industry – Unexpected Incompatibility based on process requirements Innovations Changes in the industry or market structure Prentice Hall, 2002 Chapter 12 Wheelen/Nälkä
Solution: Entrepreneurship And Small Business V 2 D2 L2 Projects
Sources of Innovation: The Social Environment – Demographic Changes in Perception, Mood, and Meaning New Knowledge Prentice Hall, 2002 Chapter 12 Wheelen/Hunger
Factors – New Venture Success: 3 Factors: Industry Structure Feeds New Venture Business Strategy Behavioral Traits of the Entrepreneur Prentice Hall, 2002 Chapter 12 Wheelen/Hunger
• Focus on industries facing significant technological or regulatory change, especially those where incumbent competitors have recently exited. • Look for industries where the competitive position of smaller companies is relatively weak. • Look for industries that are in the early stages of development and have rapid growth. • Look for industries where it is possible to create high barriers to entry. • Look for industries with heterogeneous products that are relatively irrelevant to the overall success of the customer. • Try to differentiate your product from your competitors’ products in a way that is meaningful to your customers. • In such differentiation efforts, focus on product quality, marketing methods and customer service – and charge enough to break even. • Strive to dominate the market segments in which you compete. If necessary, either segment the market differently or change the nature and focus of your differentiation efforts to increase your dominance in the segments you serve. • Emphasize innovation, especially new product innovation that builds on existing organizational capabilities. • Seek natural, organic growth through flexibility and opportunism based on existing organizational strengths. Prentice Hall, 2002 Chapter 12 Wheelen/Hunger
Small Business Development: Sub-Stages: Existence Survival Success Retreat Growth Inception Resource Maturity Prentice Hall, 2002 Chapter 12 Wheelen/Hunger
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Family Businesses: > 1/3 of Fortune 500 companies are owned or controlled by families worldwide = 50% Prentice Hall, 2002 Chapter 12 Wheelen/Hunger
Family Businesses: Why Family Businesses Fail Inherited Wealth No Compensation for Business Transfer Family Neglected Family Lifestyle Family Reluctant to Run Businesses Arena of Family Conflict Prentice Hall, 2002 Chapter 12 Wheelen/Hunger
Family Business: Transfer of Power Step 1 Owner-led Business Step 2 Training and Development of a New Generation Step 3 Intergenerational Partnership Step 4 Transfer of Power Prentice Hall, 2002 Chapter 12 Wheelen/Hunger
Family businesses: problems in valuation and management The line between debt and equity is blurred Lifestyle is part of the financial statements Standard financial formulas do not always apply Personal preferences determine financial policy Banks combine personal and company assets Prentice Hall, 2002 Chapter 12 Wheelen/Nälkä
Entrepreneurship And Small Business Certification :: Certiport
In order for this website to work, we record user data and pass it on to the processors. In order to use this website, you must accept our privacy policy, including our cookie policy. An entrepreneur is a person who starts a new business, bears most of the risks and enjoys most of the rewards. The process of starting a company is known as entrepreneurship. An entrepreneur is usually seen as an innovator, a source of new ideas, goods, services and companies/or processes.
Entrepreneurs play a key role in any economy, using the necessary skills and initiative to anticipate needs and bring good new ideas to market. An entrepreneur who proves successful in taking the risks of starting a startup is rewarded with profits, fame, and opportunities for continued growth. Unsuccessful entrepreneurship leads to losses and weakens the market presence.
Entrepreneurship is one of the resources that economists classify as an essential part of production, the other three being land/natural resources, labor and capital. The entrepreneur combines the first three of these to produce goods or services. They typically create the business plan, hire employees, acquire resources and funding, and lead and manage the company.
Entrepreneurs often face many obstacles when building their business. The three that many of you cite as the biggest challenges are:
Full Article: Satisfaction Of Entrepreneurs: A Comparison Between Founders And Family Business Successors
Economics has never had a consistent definition of “entrepreneur” or “entrepreneurship” (the word “entrepreneur” comes from the French verb
, which means “to commit”). Although the concept of the entrepreneur existed and had been known for centuries, classical and neoclassical economists left entrepreneurs out of their formal models: they assumed a perfectly rational agent with perfect knowledge and left no room for risk-taking or discovery. It was not until the middle of the 20th century that economists seriously tried to incorporate entrepreneurship into their models.
Three thinkers played a central role in engaging entrepreneurs: Joseph Schumpeter, Frank Knight and Israel Kirzner. Schumpeter suggested that entrepreneurs—not just companies—were responsible for creating new things in the pursuit of profit. Knight focused on entrepreneurs as bearers of uncertainty and believed they were responsible for risk premiums in financial markets. Kirzner saw entrepreneurship as a process that leads to the discovery of opportunities.
Not all entrepreneurs are the same, and not all have the same goals. Here are some types of entrepreneurs:
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Builders are trying to create scalable businesses in a short period of time. Builders typically generate $5 million in revenue in the first two to four years and continue to build up to $100 million. These individuals try to build a strong infrastructure by hiring the best talent and finding the best investors. They have a high-spirited personality that suits the rapid growth they desire, but they can make personal and business relationships difficult.
Opportunistic entrepreneurs are optimistic individuals with the ability to spot financial opportunities, enter at the right time, stay involved during growth, and exit when the business is at its peak.
These types of entrepreneurs are concerned about profits and the wealth they intend to build, so they
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