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Chapter 6

Entrepreneurship Chapter 6.docx

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COMM 320
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Entrepreneurship Chapter 6 Strategy and the Small Firm Strategy Involves asking two questions1What businesses should we be in2How do we compete in a given businessEfficiency Doing things right ensuring that daytoday operations are managed wellEnsures shortterm survival by producing a profit from existing activitiesEffectiveness Doing the right things the focus of the business is correct in the context of customers competitors and industry trendsEnsures longterm survival by focusing on activities that will continue to produce profits in the future A good strategy is feasible is consistent with the resources and skills of the business provides a clear competitive advantage and has a good fit between the business and its external competitive environment Mintzbergs definition of strategy Can be defined in five ways1Plan The intended actions that management have developed2Ploy Plans that refer to a specific decision3Pattern Not all strategies are planned and some can be inferred based on patterns of past decisions4Position Position it has in its external environment5Perspective Shared values and beliefs that guide the decision making processPositioning approach Emphasizes the need for businesses to achieve fit with the external environmentResourcebased approach Argues that the source of a competitive advantage is the resources and capabilities of a business Small businesses differ from large businesses in their perception of opportunities and their commitment of resources to new opportunities Characteristics of small firmsLack of resources and management skillsEntrepreneurial form of managementRespond quickly to opportunitiesCannot commit large amounts to opportunities
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