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Thread: MBA - Module - Entrepreneurship

  1. #11

    Post Part 2 of 6 - Entrepreneurship : The Perspective

    Chapter 4.0 : Understanding the Entrepreneriual Perspective

    From Part 1 of 6, we knew that every person possess a potential to be an entrepreneur where the process for being entrepreneur is called entrepreneurship.

    In this part, the perspective means a mental view in creating prospective entrepreneur. There seventeen basic or core mental values as follow;

    1. Commitment, determination, and perseverance (consistency)

    2. Drive to achieve

    3. Opportunity orientation

    4. Initiative and responsibility

    5. Persistent problem saving

    6. Seeking feedback

    7. Internal Locus of Control (Chapter 2.1 : Micro View)

    8. Tolerance for ambiguity

    9. Calculated risk taking

    10. Integrity and reliability

    11. Tolerance for failure

    12. Vision, mission, and objective

    13. Self-confidence and optimism

    14. Independence

    15. Team building

    16. High energy level

    17. Creativity and innovativeness
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  2. #12

    Post Part 2 of 6 - Entrepreneurship : The Perspective

    Chapter 4.1 : The Dark Side of Entrepreneurship

    An entrepreneur has to face the risks involve in their entrepreneurial building and this is called as “The Dark Side of Entrepreneurship”. The common risks formed are;

    1. Financial Risk
    2. Career risk
    3. Family and social risk
    4. Physic risk

    1. Financial Risk

    To start a new venture indeed need financial source which normally involve liquidation of saving money, profit taking from profitable investment, relinquish in ownership property, money lending, or from other sources to put up stake. In other words risky in term of be lost if venture fail and also expose to bankruptcy.

    2. Career risk

    Once venture failed an entrepreneur normally think about go back to their old job or clueless in finding new job. This type of thinking surface, previously they came from a secured organizational job.

    3. Family and social risk

    This type of risk appear at the beginning time of venture when thing not yet well organized. Need more energy and time in building up the basic things in their venture. There is special term for it “Self-centered”, where entrepreneur use more time for personal development and venture fulfillment.

    4. Physic risk

    In this area of risk, it focus on personal stress which the sources are possibly from loneliness, immersion in business, people problems, need to achieve factor. But not all stress is bad and it can be dealt to avoid decline in physical abilities.

    Whatever, physic risk is a major ‘killing’ factor if entrepreneur not physically and mentally fits and must get rid of entrepreneurial ego where it’s able to create great pressure in mental development.
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  3. #13

    Default Part 2 of 6 - Entrepreneurship : The Perspective

    Chapter 4.2 : Entrepreneurial Motivation


    (Quick learning through model explanation)



    ENTREPRENEURIAL MOTIVATION MODEL




    Expectation .Intrinsic/Extrinsic Rewards

    Outcome.................................................. ...........................
    Comparison.................................................. .....................--
    ...................................................... ...................
    Decision.......................................... .............................. .....
    to Behave.............Ent. Strategy Ent. Management Firm Outcomes
    Entrepreneurially.................................................. ......
    ...................................................... ............... ......
    Implementation.................................................. ........
    Outcome................ ..← ┘

    Perception


    Split Model For "Decision to Behave Entrepreneurially"




    ..................................[ Decision to Behave Entrepreneurially ]

    .................................................. .

    Personal Characteristic - Personal Environment - Personal Goals - Business Environment
    .
    .
    .
    Last edited by michaeldadona; 03-12-09 at 08:08 AM.
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  4. #14

    Post Part 2 of 6 - Entrepreneurship : The Perspective

    Chapter 5.0 : Developing Creativity and Understanding Innovation

    There are two (2) parts for me to explain; developing creativity and understanding innovation.

    Developing creativity is a study about creative process which includes knowledge accumulation, incubation process, idea experience, evaluation, and implementation. (Chapter 5.1)

    Understanding innovation is a learning process about what is innovation, to define and illustrate the sources of innovation, eliminate some myths, to define the 10 principles of innovation, and illustrate the financial support for innovation. (Chapter 5.2)

    Chapter 5.1 : Developing Creativity

    1. Knowledge accumulation

    Knowledge about the role of creativity is very important for knowledge accumulation. There are two (2) important aspects of creativity exist; process and people.

    Process means solution finding to problem which also includes the factor of goals orientated. The people are the resources that determine the solution through two (2) channels; adaptor and innovator. Adaptor person will use methodical approach and innovator person search for new method of solution from unusual angels which also futuristic.

    2. Incubation process

    Incubation process is much needed when entrepreneur engaged in problem which is unprecedented and totally new which not yet a journal to be referred. During this time, entrepreneur needs to shift themselves into ‘free time’ zone and enjoy their indulge as refreshment e.g. playing outdoor/indoor game, motor biking, cycling, golfing, sea surfing, etc.; while thinking new ideas or solution finding to the specific problem.

    3. Idea experience

    Idea experience is a process when individual found the solution needed or discovered which also means look solution in the form of idea but not yet in practical.

    Sometimes it popped out in person’s mind as ‘bolt out of the blue’. Although it’s in the form of idea but it grow gradually and surely. This is the component of creativity also known as ‘eureka factor’ as it happened normally during incubation process.

    4. Evaluation

    Now is the time to test the said idea which was formed form ‘eureka factor’ feasibility. During this time it needs self-discipline and perseverance, much highly needed. On performing this type of evaluation, sometimes it bubbles many new workable ideas and also sources from various/numerous angles. Result speaks itself.

    5. Implementation

    The important part in implementation is working in network environment such as seeking expert advice, determine quality sub-ordinates as participant (organize), prepare costs pro forma (financial projection), prepare projection plan or plans related to goals orientated.

    MODEL OF THE CREATIVE THINKING PROCESS


    Incubation

    Knowledge ←[Creative Process]→ Ideas

    Evaluation and Implementation


    ________________________________________________


    Knowledge Accumulation ≤ Incubation ≥ Ideas
    Knowledge Accumulation ≤ Evaluation and Implementation ≥ Ideas
    Last edited by michaeldadona; 03-12-09 at 08:25 PM. Reason: edit model : center
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  5. #15

    Post Part 2 of 6 - Entrepreneurship : The Perspective

    Chapter 5.2 : Understanding Innovation

    1. What is innovation?

    Innovation is sub-divided into four (4) which are create new, create an extension to the existing, duplication, and synthesis. Explanations complete with examples have been explained in Chapter 1 : The Entrepreneurial Revolution - Who is an entrepreneur? (Kindly refer).

    2. To define and illustrate the sources of innovation

    Entrepreneur more on exploiting change rather than create change. The sources of innovation are; unexpected occurrences, incongruities, process needs, industry and market changes, demographic changes, perceptual changes, and knowledge base concepts.

    Unexpected occurrences happened in both areas; success and failure; from this point many new ideas which are workable can be implemented.

    Incongruities normally happened during negotiating fits and gaps which exists between expectations or projections and reality.

    Process needs occurred when both segments of demand and supply changed. This situation needs new process in introducing more effective new profitable plans in the check and balance tasks.

    Industry and market changes are continuum type of occurrences and this type of changes to encourage new development to be built in specific time frame.

    Demographic changes normally happened during the economy instability in population, the ups and downs. It colors the marketing pattern and formation including advertising tasks complete with specific promotion.

    Perceptual change is a kind of intangible change happening in people’s interpretation sourced from concept and facts in their daily life. This change is very meaningful as it’s a type of drastic changes.

    Knowledge base concepts sourced from availability various and numerous products introduced in open market among rivals which produced pronounced and promoted their respective advantages.

    3. Eliminate some myths

    Major innovation myths commonly promoted by failure parties when they faced deadlock situation and no longer interested in making continuation. The following is the promoted major myths;

    a. Innovation is planned and predictable
    b. Technical specifications should be thoroughly prepared
    c. Creativity relies on dreams and blue sky ideas
    d. Big project will develop better innovation than smaller one
    e. Technology is the driving force of innovation and success

    They put problems ahead and they go stern with their failure. This is the needs of ‘incubation’ process (Chapter 5.1 : Developing Creativity – Item 2)

    4. To define the 10 principles of innovation

    - Be action orientated. All time searching for new ideas as source of innovation.

    - People acceptance. Make the introduced or promoted product simple and understandable with free intricacy method. It also apply to system or process or service, a simplification of it.

    - Small beginning. This is important to the eyes of the world to detect and notice that our innovation keep on develop and growing larger. His is the needs of 10 years future projection and planning.

    - Align high. This method is to make innovation popular although vulnerable to be commented by many. The important is their feedback is our free source for knowledge accumulation to perform new invention. Also commonly known free nature resources.

    - Milestone schedule friendly. In this case following milestones schedule helps much in creating new and energetic working environment.

    - Failure an innovation. Accept failure as innovation accomplishment. Reworking is a must task while enjoying new practical ideas which workable and profitable to be implemented.

    - Make the product, process, or service customer-based type of product. What end users want most profitable products? (demographic)

    - Must continuously try or test or revise in detecting any weakness.

    - Aim high in reaching any point of niche value in open market and while deviate from saturated market place.

    - Must perform R & D to the specific weak point by means of creating new product as a replacement, something such as re-branding.

    5. Illustrate the financial support for innovation.

    There is numerous and various financial support available as prospective in open market itself and the following;

    Venture capital environment sourced from personal, friend and families, ‘angel’ investor, property liquidation, stake relinquishment, banking, and institution/organization.

    The main thing is the innovation plan (project and business) is understandable, system compliance, feasible, profitable plan. This is the face value of one coin.
    Last edited by michaeldadona; 03-12-09 at 11:01 PM. Reason: 4. To define the 10 principles of innovation
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  6. #16

    Post Part 2 of 6 - Entrepreneurship : The Perspective

    Chapter 6.0 : Ethical and Social Responsibility Challenges for Entrepreneurs

    In this chapter we all can learn the importance of ethics for entrepreneurs from the beginning point by defining the word of ‘ethic’. It is a conceptual framework to study ethics to leverage and enhance a dynamic environment by reviewing the meaning of constant dilemma of law versus ethics.

    Examining the role of ethics to discern entrepreneur and understand in the free enterprise system. Present the strategies for establishing ethical responsibility while emphasizing the importance of entrepreneurs in taking a position of ethical leadership.

    Defining Ethics

    Basically, ethics is the rules of conduct recognized in respect to a particular class of human actions or a particular group, organization, culture, custom, etc.

    In the world of entrepreneurial world, ethics is the principles describing sets of discipline which is highly feasible and quality pragmatic laying out the guidelines and determining the “Dos and Don’ts in reaching profitable outcomes.

    Ethics and Laws

    Ethics promote advancement and laws establishing boundaries. This is the important part for entrepreneurs to negotiate with. Moving forward extravagantly but having leaps and bounds with the laws is a hectic practice.

    In this case, entrepreneur needs to apply managerial rationalizations while maneuvering the overlapping or duplicate of interest between moral standard and legal requirements.

    Establishing a Strategy for Ethical Responsibility

    The prominent strategy is promoting both for Ethical Practices and Codes of Conduct, and Approaches to Managerial Ethics.

    Ethical Practices and Codes of Conduct is not a burden thing for entrepreneur to practice because everything has been stipulated in the specific ‘book’. The only thing is to enjoy some extra ‘niche’ from the written clauses.

    Approaches to Managerial Ethics quite analytics in forming profitable goals as it relies on ambiguous management factors in immoral management, amoral management, and moral management. In this type of approach it needs holistic approach focus on providing standard principles system more than rules system.

    Ethical Responsibility is not an easy task to perform an ideal one. In this area of ethics, the process to structure institutional objectives is needed. So in building up a strategy for ethical responsibility, must create points of exciting and rewarding in organization.

    Ethics and Business Decision

    Before making any decision, determining the ethical dilemmas factors is a prime task. Ethical dilemmas factors are personality traits, conflict of interests, social responsibility to venture partners/stakeholders (if any), and level of openness. Once the four dilemmas factors in the right solution, then it’s a right time to make a final decision.

    The Social Responsibility Challenge

    The nature of social responsibility includes these particulars;

    1. Environment – pollution control, restoration or protection of environment, conservation of natural resources, and recycling efforts.

    2. Energy – conservation, efforts to increase energy efficiency, and provide energy saving programs.

    3. Fair business practices – employment and advancement of women, handicap, and all minorities group classified.

    4. Human resources - promotion of employee health and safety, employee and training program, and introduce stress management system to employees.

    5. Community involvement – donations, sponsorship, and related community program in the area once needed.

    6. Products – enhancement of product safety, product safety education programs, and providing anti-pollution program and equipments.

    The opportunity for Ethical Leadership by Entrepreneurs

    Although ethical responsibility is a complex one, but there are key points for entrepreneur to realize. In complexity there is simplicity, and the key points are;

    1. Personal integrity – this is very powerful in ethical leadership.

    2. Ethical example – very effective be the key to employees to follow for their ethical performance.
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  7. #17

    Post Part 3 of 6 - Entrepreneurship Plan : Method of Development

    Chapter 7.0 : Environmental Assessment - Preparation of New Ventures

    To establish new venture an ‘Environmental Assessment’ must be used before making any final decision for yes or no. Environmental Assessment is a method of evaluation in determining the proposed venture really practical to be established. It uses ‘Environmental Scanning” as an indicator.

    What is Environmental Scanning?

    Environmental Scanning refers to the efforts by which an owner-entrepreneur examines the external and internal environments before making a decision. It also includes SWOT Analysis; Strengths, Weakness, Opportunities, and Threats.

    The external environment consists of variables; opportunities and threats; and has two (2) parts, task environment and societal environment.

    What is Task Environment?

    Task Environment includes elements or groups that directly affect and effected by an organization’s major operation.

    What is Societal Environment?

    Societal Environment includes more general forces, do not directly touch the short run activities but able to influence its long run decision.

    What is Internal Environment?

    The internal environment consists of variables; strengths and weakness; within the organization itself includes venture’s structure, culture, and resources.




    [ Quick learning through flowchart ]

    .
    Environmental Assessment


    Environmental Scanning

    External Environments....................Internal Environments

    opportunities and threats..... SWOT Analysis.....strengths and weakness

    task environment and societal environment....................venture’s structure, culture, and resources


    (elements or groups) and (general forces)....................venture’s structure, culture, and resources


    ___________ Details ___________


    SOCIETAL ENVIRONMENT
    (General Forces)
    Sociocultural - Economic - Political/Legal - Technological
    TASK ENVIRONMENT
    (Elements or Groups))

    Stockholder -Supplies - Government - Employees/Labor Unions - Special Interest Group - Customers - competitors - Creditors - Trade Associations - Communities
    INTERNAL ENVIRONMENT
    venture’s structure, culture, and resources
    Last edited by michaeldadona; 23-12-09 at 07:57 PM. Reason: add link; example to CULTURE INCUBATION
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  8. #18

    Post Part 3 of 6 - Entrepreneurship Plan : Method of Development


    Chapter 7.1 : Macro View – The Economic and Industry Environments

    There are two (2) major areas warrant consideration in macro view; General economic environment, and Specific industry environment.

    1. General economic environment

    Any venture relies on general economic environment and plays important roles in the success and failure. This is the reason economists in one country refer to GDP (Gross Domestic Products) value in talking focus on external environment in environmental assessment under environment assessment (Chapter 7.0). Similarly, in the world of entrepreneur’s venture. Every person refers to these points in debouching their venture from the gloomy general economy and do revamp to the utmost level, if applicable and reasonable;

    a. Regulatory environment
    b. Regulatory agencies on the typical business
    c. Trends in policy formation
    d. Other significant public policy developments
    e. Examining the industry environment
    f. Minimize the possible constraints to industry development
    g. Back to competitive analysis and the components
    h. Taking the right steps (Item 2, below)

    2. Specific industry environment

    a. clearly define the industry for the new venture
    b. analyze the competitive
    c. determine the strength and characteristic of supplier/inputs
    d. establish the value added measure of the new venture
    e. project the market size for the particular industry
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  9. #19

    Post Part 3 of 6 - Entrepreneurship Plan : Method of Development

    Chapter 7.2 : Micro View – The Community Perspective

    Micro view or microenvironment assessment takes turn after macroenvironment assessment done or it might run simultaneously. It examining these areas of factors; Researching the Location, Determining reliance and deservedness, Examining the use of business incubators, and Evaluating environment trends

    Analyzing these areas of facets is a vital to success in establishing new venture as assessing the industry and the regulatory economy.

    1. Researching the Location

    Community demographics indicate the strength of purchasing power in the community. Analyzing these types of data;

    a. size of population complete with age range
    b. gender ratio and type for marketing
    c. income group as disposable type of income in the community; low, middle, high, esteem, and corporate levels
    d. economic base in the local area
    e. population trends
    f. popular ‘hot’ spots and landmarks
    g. future infra-structure and development planned by local authority in the area
    h. overall business climate

    2. Determining reliance and deservedness

    This facet is to determine what product should be prioritized as a key product which able to change buyer’s mind perception from desire to necessity. This part is very important to create the pilot product introduced be the bolt out of the blue.

    Next is to look for key local contacts in this area especially business affluent persons in getting tremendous impact for success. Also know as key players that able to attend promptly to customers once product introduced or during start-up period.

    Long term run and futuristic network building can be done determined through physical local development plan in future (refer Item 1g and 1h) including future local supports.

    3. Examining the use of business incubators

    There are many definitions on business incubators. Through my profound learning, business incubators much better to be done by implementing outsource and or network agents system. This is imperative to reduce fixed costs in the venture and helps much in reducing BEP (Break Even Point) value.

    The main thing that venture location highly support services in term of financial, managerial, technical, and administrative are available and shared with network agents through outsource system.

    4. Evaluating environment trends

    At the earlier or start-up stage it’s uneasy to determine the true environment trend unless for the specific tradition challenge for years or centuries. The best way to evaluate is by using the following sources;

    a. Gauge the local source
    b. Investigate the facts
    c. Locale people (customer) behavior
    d. Several local related organization or authority body
    e. Web info
    g. Third party independence and non-profit category of report

    Last edited by michaeldadona; 19-12-09 at 03:43 PM.
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  10. #20

    Post Part 3 of 6 - Entrepreneurship Plan : Method of Development

    Chapter 8.0 : Marketing Research for New Ventures



    What are the objectives in market research for new ventures?


    The importance of having market research enabling management team to study and learn about changes happening in the market much quicker than competition. The objectives are;

    1. To determine the available size of rivals (if any) and their weakness

    2. To ensure the pioneering and leading factors

    3. To review the importance of marketing research for new venture

    4. To present useful contributing factors for near future rapid development

    5. To measure the effectiveness of marketing concept; philosophy, segmentation, and customer behavior or orientation

    6. To establish precise marketing plan

    7. To supply precise details for SWOT Analysis in marketing

    8. To determine the quality of gradual growth in venture

    9. To introduce effective marketing tool

    10. To decide which suitable marketing, advertisement, and sales strategies during start-up period
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