MGB223 Weekly Notes

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Management and Human Resources
All Professors

Revision Notes Week 1:  Entrepreneurship: the process, brought about by individuals, of identifying new opportunities and converting them into marketable products or services (creating something new, novel and interesting)  An entrepreneur is the driver of the entrepreneurial process, the person is willing to take calculated risks in terms of time, money, opportunity and energy. They are able to gather an effective team and marshal required resources, they are equipped with the vision to recognise opportunities where others see chaos, contradiction and confusion  Entrepreneurship process: identify the opportunity  develop the concept  assess the required resources  acquire the necessary resources  manage or harvest  (5) Key elements of entrepreneurship: an individual (the entrepreneur), a market opportunity, adequate resources, a business organisation and a favourable environment  typology of entrepreneurship risks Week 2:  Creativity can be described as the production of new and useful ideas in any domain. It stems from creative thinking, knowledge and motivation  Innovation is the successful implementation of creative ideas within an organisation  Types of innovation product innovation, process innovation o Extension – improvement or new use of existing product, service or process (such as the development of laptop computers) o Duplication – creative replication or adaptation of an existing product, service or concept (such as Red Rooster, adapted from KFC) o Synthesis – combination of an existing product, service or process into a new formulation or use (such as current day mobile phones or the fax machine)  Resource based theory considers that firms have different starting points for resources (resource heterogeneity) and that other firms cannot get them (resource immobility). In order to be successful entrepreneurs must exploit market imperfections based on imperfect information or variations in expectations about prices whilst adhering to the following formula – o Buy/acquire resources and skills cheaply o Transform the resources into a product or service (production) o Deploy and implement (strategy) o Sell dearly (for more than you paid – value creation)  Week 3:  Recognising and analysing opportunities (who, how and where)  How opportunities are discovered: information asymmetry, prior experience in an industry, entrepreneurial alertness, social networks and creativity  Characteristics of successful entrepreneurs: passion, product/customer focus, perseverance and execution intelligence  An opportunity has four essential qualities: it is attractive, durable, timely and creates/adds value for the buyer/user  Feasibility analysis: industry/market feasibility, product/service feasibility analysis, organisational feasibility and financial feasibility  Evaluation frameworks: capabilities, novelty, resources, return and commitment  Resource-led view of strategy: suggests that business ventures should assemble and deploy appropriate resources that provide opportunities for sustainable competitive advantage. Competitive advantage is thus created by distinctive, valuable, firm-specific resources that competitors are unable to reproduce  Market-led view states that firms gain competitive advantage through identifying external opportunities in new and existing markets and then aligning the firm with these opp
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