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Chapter 1-10

COMM 320 Chapter 1-10: 281365686-Untitled

7 Pages
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Department
Commerce
Course Code
COMM 320
Professor
Robert Nason

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COMM 320 Final Case Analysis  HR/Structure (divisional- different departments, functional – marketing)  Market/Industry Analysis (competition, research, innovation)  Marketing (strategy, brand image)niche (narrow micromarketing)  Product/Service Operations (uniqueness- differentiated)outsourcing  Financial Projections (strategycost based, niche/approach) 4 main types of Ventures MIDTERM  Cottage company  Lifestyle firm  Foundation companies  High-potential ventures+ Gazelle Push/Pull Economy  An increase in market opportunity will pull (attract) new entrepreneurs = opportunity entrepreneurship.  A decrease in number of entrepreneurs when there is a decrease in market opportunity, but some will be pushed by necessity. There will be an increase in self-employed = necessity entrepreneurship. Making of an Entrepreneur MIDTERM  Traits approach- behavioral traits  Cultural- background  Push-Pull-  Marginal/Displacement (aversion to authority)  Family background  Education & Experience  Behavioral  Contingency (sensing and exploiting opportunity) Entrepreneurial Styles MIDTERM  Traditional (Autonomy & Follower)  Opportunist (Growth & Follower)  Niche-Oriented (Autonomy & First-Mover)  Fast-Tracker (Growth & First-Mover) Physiological Traits Attributed to Entrepreneurs  Need for achievement  Internal locus of control  Tolerance for ambiguity  Perseverance, high energy level  Values  Intuition  Innovation  Emotional stability 6 Themes/Types of Desirable/Acquirable Attitudes/Behaviors of Entrepreneurs 1. Commitment and determination 2. Leadership 3. Opportunity obsession 4. Tolerance of risk, ambiguity, and uncertainty 5. Creativity, self-reliance, and adaptability 6. Motivation to excel Trends (Opportunity Recognition) MIDTERM  Social  Economic  Technological  Regulatory Environmental Scanning  Trends and market changes  Structure changes in society  Trajectory of new product introductions  Government actions 3 steps to Industry Analysis 1. Correctly identify industry 2. Determine market size, growth, profitability 3. Assess industry dynamics a. Market growth/profits b. Industry’s rate of technological change and innovation c. Volume of venture financing for startups d. Competition e. Customer power (buying power) Sources of Innovative Ideas  Trends  Unexpected occurrences  Incongruities  Process Needs  Industry & Market Changes  Demographic Changes  Perceptual Changes  Knowledge based concepts Types of Innovation  Invention (new product)  Extension (new use)  Duplication (replicate concept)  Synthesis (combine concepts/factors) The Entrepreneurial Ego  Overbearing need for control  Sense of distrust  Overriding desire for success  Unrealistic optimism Inverted Pyramid  General environment and demographic trends  National industry trends  Local environment and demographic trends  Local industry trends  Local competitions strengths and weaknesses Reasons for Failure  Goals unreasonable  Goals not measurable  Not committed fully  No experience in planned business  No sense of potential threats/weaknesses  No customer needs established for proposed product/service Debt/Equity  Debt o Lines of credit o Term loans o Asset based o Interest bearing  Equity o Venture Capital  Large investments (minimum)  Looking for high-growth company’s (gazelles)  Equity + strategic direction of company: entrepreneur & venture capitalist o Informal individual investors (ANGELS)  Lower (100 000$)  Firms with medium to high growth  Less active & more discrete (there to advise rather than try to influence)  What will entrepreneurs prefer? Depends on the sector and the industry. Generally, entrepreneurs will prefer debt over equity as a general rule because they maintain control of the company. Good Climate for Intrapreneurship  Manager
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