Professional Documents
Culture Documents
ENTREPRENEURIAL
OPPORTUNITY
Entrepreneurs
opportunities
other
see
chaos
or
confusion.
They are aggressive catalyst for change within
Peter
is a
willingness
conceptually,
readiness
to
to
think
take
risks,
capacity
opportunity.
It
to
see
change
is
also
about
as
an
marrying
Distinction between
Motive
Status
Risk bearing
Rewards
Innovation
Qualification
Entrepreneur
Manager
Is to start venture Is to render
service
Owner
Servant
Assumes all risk
Assumes no risk
Entitled to
Entitled to salary
profit(uncertain)
He is a change
Executes ideas
agent
given by
entrepreneur
High
Distinct
achievement
qualifications are
motive;
needed
originality of
thinkers
They are often very methodical people who plan
of
entrepreneurs
cannot
be
inventors
are
also
entrepreneurs,
are
academic
and
social
misfits
Today the entrepreneur is considered a hero-
viewed as a professional.
compile.
The environment, the venture itself , and the
failure
advantage.
Luck happens when preparation meets opportunity
Ignorance is bliss for Entrepreneurs
Too much planning and evaluation lead to constant
great
idea
or
product
that
will
Flexibility
Want a schedule that allows you work when you
flexibility
Money
Oldest and the most common reason
Most of the wealthy people have got
their
being wealthy
Achieve success very late in life- it is not them
New technology
Entrepreneurial firm are usually faster to come to
the market with radical new technologies.
Serving small markets
Large firms do not find it profitable to serve small
populations
Entrepreneurial firm serve an invaluable role by
providing
customers
specialized
products
to
niche
Common
characteristics
associated
with
entrepreneurs
Commitment,
Determination,
and
Perseverance
Sheer determination and an firm commitment to
compete,
to
excel
against
self-imposed
Opportunity orientation
Successful
growth-minded
entrepreneurs
focus
on
Seeking feedback
They have strong desire to know how well they are
entrepreneurs
compounded
by
face
constant
uncertainty
changes
that
extraordinary
workloads
and
the
stressful
inherited trait
Vision
Entrepreneurs know where they want to go.
Independence
The
market
Entrepreneurial Failure
Lack of experienced management
Few trained or experienced manpower
Poor financial management
Rapid growth
Lack of business linkages
Weak marketing efforts
Lack of information
Incorrect pricing
Improper inventory control
Short term outlook
Entrepreneurial failure
Lack of experienced management
The management team is very new to this role
The entrepreneur and top management usually
of output
growth
means
greater
stress
on
on marketing efforts
Investing in a marketing campaign is not going
Lack of information
Large
corporations
is
far
superior
to
that
Incorrect pricing
The price is most likely close to that of the
Functions of entrepreneur
1. Idea generation: idea generation can be possible
3. Raising funds:
All the activities of a business depends upon the
5. Procurement of machinery:
While
procuring
the
machineries,
he
should
or foreign made
E) After- sales services facilities
F) Warranty period of the machineries
6. Market research
MR is the systematic collection of data regarding
competition.
become an entrepreneur
opportunity
recognition,
feasibility
analysis,
an
appropriate
form
of
business
to
ensure
their
ongoing
success-marketing
Lifestyle firms
Provide their owner or owners their opportunity
firms
include
ski
instructors,
tour
guides.
These are not innovative
Growth rate is also slow
They
Entrepreneurial firms
Brings new products and services to market
Creativity
Creativity is the process of generating a novel or useful idea.
Opportunity recognition may be, at least in part, a creative
process.
For an individual, the creative process can be broken down into
five stages
Five-Steps to Generating
Creative Ideas
Preparation
Preparation is the background, experience and
ideas
emerge
from
persons
prior
work
experience
Incubation
It is the stage during which a person considers an
Insight
Insight is the flash of recognition- when a solution
Evaluation
This is the stage of creative process during which
creative
process
because
it
requires
an
Elaboration
This is the stage during which the creative idea is
innovation
Creativity enhancers
Organizational level
Elevating creativitys importance throughout the
organisation
Offering tangible rewards
Investing
ideas
Protecting people who make honest mistakes
Step 2
The idea should be secured. This may seem
Step 3
Avoid