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Notes for Test 1

23 Pages

Course Code
MGT 4113

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Ch 2Thursday September 081216 PM Environment the sum total of forces outside of the entrepreneur and the firmPart of the BRIE model things you need for your small businessoBoundary creating a place for your business in location and in peoples mindsoResources the money product knowledge etc that make up the businessoIntention the desire to start a businessoExchange moving resourcesproductsservices in exchange for moneyBootstrapping using low cost or free techniques to minimize your cost of doing businessInternal environment consists of those people inside the boundaryowner employees board membersorganizational culture set of shared beliefs that demonstrate how things get downthe set of values that an organization considers important and the norms of behavior that are approved or sanctioned in that organizationtask environment the components that directly relate to your firm performing its basic business tasksgeneral environment a set of forces and conditions in the outside world that affect the way a small business operates and shape its behavior changes over timepresents entrepreneurs with opportunities and threatsopportunities forces and conditions in the environment that a business can take advantage of to become more profitableThreats forces and conditions in the environment that endanger the profitability of the businesseconomic forces interest rates inflation unemployment economic growth and other factors that affect the general health and wellbeing of a nation or the regional economy of an organizationtechnological forces outcomes of changes in the technology that managers use to design produce or distribute goods and servicesSociocultural forces pressures emanating from the social structure of a country or society or from the national culturedemographic forces outcomes of change in or changing attitudes toward the characteristics of a population such as age gender ethnic origin race sexual orientation and social classpolitical and legal forces outcomes of changes in laws and regulationsecosystem forces international forcesexternal relations the general description for the processes and skills used in the management of a firms interactions with people organizations and institutions outside of its boundary Social Capitalsocial relationsproductive benefitsvalue of social netowrks bonding similar people and bridging between diverse people with norms of reciprocityfriends colleagues more general contactsLegitimacy the belief that a firm isor worthy of considerationdoing business with because of the inpressions or opinions of customers suppliers investors or competitors building trust among customers and other stakeholdersopeopleoproductoorganizationSocial Network the entrepreneurs set of relationships and contacts with individuals and institutionsWay to work trust reciprocity and long term relationships into your daytoday operationsMutuality the action of each person helping anotherNetworking interacting with others in order to build relationships useful to a business Skills for managing within the environmentoBuildinglegitimacyoDevelopingasocialnetworkoHandlingacrisisoAchievingsustainability
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