COMM 320 Chapter 1: Entrepreneurship Chapter 1.docx
Document Summary
Financial rewards (businesses struggle within the first years) Entrepreneurs" strategic orientation depends on his or her perception of the opportunity. Managerial strategic orientation relies on the use of planning systems and measuring systems. The entrepreneur is pressured by the need for action, short decision windows, a willingness to assume risk, and few decision constituencies, and has a short time span in terms of opportunity commitment. The manager is slow to act on an opportunity, however when the action is taken, the commitment is usually for a long time span. Entrepreneurs are used to having resources committed at periodic intervals that are often based on certain tasks or objective being reached. Managers respond to the source of the rewards offered and receive personal rewards by effectively administering the resources under their control. Entrepreneurs strive to rent or achieve periodic use of the resources, on an as-needed basis.
