¶ … Entrepreneurial Approach
M1 - Discussion
I have always thought entrepreneurship is just about starting a business. However, it is interesting to learn that entrepreneurship is more of a mindset or a behavioural tendency as opposed to just pursuing a business idea. It is a way of thinking characterised by the desire to create or exploit opportunities, take risks, to be innovative, and to grow. This mindset applies to not only individuals, but also organisations. The entrepreneurial mindset can be learned, understood, and practiced. In essence, entrepreneurship is not an inborn ability as often thought. As long as one has the passion to take charge of their life, then the rest can be learned, irrespective of one's background.
M1 - Discussion
One great lesson acquired from the first two chapters of New Ventures is that entrepreneurship is not as straightforward as often thought (Allen, 2015). People usually think as long as an idea or opportunity has been identified then it will be a bed of roses all through. Entrepreneurship is a process that requires a substantial amount of time and effort. It requires the entrepreneur to be not only innovative, but also vision-oriented and flexible. This comes out clearly in the case of the online advertising firm Adroll as described in Case Study One (Allen, 2015). Though the firm was experiencing tremendous success in its first six years, growing the company posed a major challenge.
M2 - Discussion 1
There is immense connection between entrepreneurship and the concept of creativity and inspiration. Entrepreneurs come up with unique ideas, provide solutions to unsolved problems, and offer a better way of doing things. This is the core of creativity. Whereas creativity is important, it is even more crucial to consider how scalable an idea is as explained in the concept of Mediocristan. Considering the scalability of an idea is particularly vital in a constantly evolving world, technological advancement is increasingly making ideas obsolete. The entrepreneur makes decisions based on not only the scalability of the idea, but also the characteristics of the industry (competitors, growth, trends, margins, opportunities, and so on).
M2 - Discussion 2
The notion of Mediocristan essentially relates to the extent to which an idea is scalable. Can the idea grow beyond the industry, local, national, or regional boundary? How big can the idea be? These are important questions the entrepreneur must consider when pursuing an idea. When Dr. Sharpin introduced a portable, quicker, and more reliable one-time use system for testing bacteria in water and food as described in Case Study Two, she encountered the challenge of growing the business internationally despite its success in Australasia (Allen, 2015). The decision to enter the European and American markets had to be made with consideration to aspects such as what industries to focus on, the extent of competition, government regulations, and consumer attitudes.
M3 - Discussion 1
Our view of the world keeps on changing. It changes based on the experiences we encounter in the course of our life. At some point, we come to the realisation that what may have worked in the past may not work in the future. This realisation often compels us to consider other ways of doing things. Personally, I have historically viewed entrepreneurship as an undertaking for a select few. From what I have been learning, however, my view of entrepreneurship has been changing. I now view entrepreneurship as a learnable disciple, just like any other discipline. I have learned that the feasibility of ideas is not a static phenomenon -- what may work today may not work tomorrow.
M3 - Discussion 2
The importance of embracing world views within the business or entrepreneurship context cannot be overemphasised. Though an entrepreneur may start off a business idea with a single model, they may with time realise more ways of making money from the same idea. This is well demonstrated in Case Study Three. When Jennifer Beall launched her idea of a mobile stroller and car seat cleaning service specifically targeting mothers, she never envisioned franchising her business, providing stroller repair services, introducing a line of cleaning products, participating in product sponsorships, or making money from her email list (Allen, 2015). However, as the business grew, while at the same time increasing her business knowledge, she discovered how these options could provide significant revenue streams.
M4 - Discussion 1
Finding start-up capital and protecting the venture is usually a major challenge for most entrepreneurs. Start-up capital can be obtained from a variety of sources, including loans from family and friends, seed capital, venture capitalists, and financial institutions. It is imperative to know not only where to find start-up capital, but also how to protect intellectual capital, intellectual assets, and intellectual property. This can be achieved by registering patents, trademarks, and copyrights, as well as deploying confidentiality agreements to protect trade secrets. The narrative fallacy exemplifies the value of protecting...
X. Pound's current size and corporate ethos. F.X. must rebrand itself as a company that cares about the community, and knows the community well. As Miller Fuels has a superior range of products, F.X. Pounds must offer superior service. It must also solidify a more compelling risk-mitigation strategy. At present, the company spends little on marketing and promotion and offers no innovative services, such as lock-in energy pricing. It focuses only
Resuming the aspects related to the external environment, the following problems were identified: the increased health concerns and possible environmental damage caused by the increasing number of discarded mobile phones may temper, in the future, the demand for mobile phones; changes in the type of consumers implies further diversification; technological changes bring about additional challenges; increasing competition in the mobile phone market. Recommendations The recommendations are based on three pillars: e-business, quality services
Those did not have much power on the manufacturer, however, the consumer were rather sophisticated, so maintaining the high quality standards was crucial. Substitutes. After the trade liberalization, Phillips had an enormous pressure from Asian companies that managed to copycat its products and the price performance of the substitute products was net superior. Supplier power. The suppliers did not have high bargaining power. The high tech industry in Europe and U.S.
Opportunities . Indian elevator market growth is very promising in the 1995 timeframe, which is when this case study takes place. The low-end of the Indian elevator market is experiencing 27% increases in unit shipments, and 17% unit increases overall. . The market itself is highly fragmented for elevators in India. 70% of the demand for elevators is at the low-end of the market; 20% at the middle-end, and 10% at the top-end. . High levels of recurring
It would make mush more sense to establish a uniform approach to business throughout the organization and to provide centralized training programs (Robbins & Judge, 2009) to ensure that all of the House Handy outlets operate the same way and that new hires learn the way the organization does business instead of absorbing whatever they observe in each location. Assume you are the House Handy VP of Sales. How do
P&G's free cash flow growth rate is also superior to Gillette's, but the productivity of the free cash flow is inferior. The addition of Gillette is expected to increase P&G's bottom line. 4. The price paid by Procter and Gamble to purchase Gillette seems rather high, but the investment is expected to return in the form of increased sales and cost reductions. The 20% premium is appropriate as it is
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