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Entrepreneurship and Innovation Subject
Q1) Do you think kickstarter is a viable alternative to raising equity funding or debt financing? If so under what circumstances?
The growing popularity of the Internet has spawned crowdsourcing as new model of fund raising, pioneering by www.kickstarter.com. This innovative model is a distributed problem-solving and production model helping entrepreneurs and investors to launch a new product to the market place. From the novelty point-of-view, it is fast becoming a viable alternative to traditional funding models like equity or the debt route. Typically, crowdsourcing for financing is familiar as crowdfunding. Under this model, an innovator makes publicity of his funding requirements through the Internet to individual investors. The individual investors offer financial contribution which are thereafter consolidated by the platform and handed over to the project owner. (Jennifer, 2012)
By far, it has become a viable alternative due to the following circumstances (i) Kickstarter provide…… [Read More]
How does a "low price provider, a low cost operator," that is committed to keeping quality and safety at the forefront of operations, "…achieve financial sustainability?" (Anant, et al., 2012, p. 1). This paper critically evaluates the article and offers an analysis of the business model employed with Lifespring Hospitals.
The Lifespring Hospital Case
The hospital got off the ground thanks to American money in the form of a venture capital fund (Acumen Fund) and money from Hindustan Lifecare; it was 50-50 as to investment at the start. The partnership was a success from the start; in the first year of operation the three hospitals under the LifeSpring Hospital (LSH) umbrella reported that 2,000 babies had been delivered and there were 23,000 outpatient visits. This would appear to be a remarkable achievement for a start-up healthcare facility; but upon taking a deeper look at healthcare in India it should…… [Read More]
Description of the Business
The business that I am starting is a food truck specializing in pulled pork sandwiches. The primary product is the pulled pork sandwich -- the pork is produced off site -- and it is sold along with a handful of complementary items (drinks, chips) in a food truck, essentially a mobile restaurant. The business will have two trucks to start, in order to cover a wider geographic area. Staffing needs for the business are minimal, since the pork and bread will be purchased from vendors. The staff will include a manager (responsible for HR, marketing, accounting) and three other people to work in the trucks. This equates to two people per truck per shift. The rationale for this plan is that the food truck business is a rapidly-growing segment of the restaurant market. hile still a niche business, it has become popular across America and…… [Read More]
Burns (2007) indicates that the text is about that which motivates the actions and decisions of the entrepreneur, including the influence of personal social networks, family and personal background. Moreover, the text reports itself to be about the tasks of management which are associated with the entrepreneurial approach as well as how decisions are make, how risk is balanced and most essentially how there is a clear distinction between the entrepreneur and the manager of a larger firm. Burns reports that for the former, as opposed to the latter, there is a greater need to change one's role and one's approach to responsibilities as the company grows in scale. Burns indicates that his test is centered on how there are distinct traits which define the entrepreneur to the benefit of a company's early stages and, sometimes, to the detriment of a company as it grows. (p. xviii)
And as we…… [Read More]
Furthermore, during the same period there was an increase in the number of women-owned businesses in the 1-9 and 10-49 employment size categories.
The idea that women do not make good entrepreneurs is countered by various facts, such as: "Research by arclays ank has revealed there are today nearly a third more women entrepreneurs than there were in 2000,...there are now 150,000 women-run enterprises across the UK, with the south west leading the way nationally."
Women as Entrepreneurs
There have been many cases of extremely successful female entrepreneurs at almost every level of business. A prime example is the success of Liliane ettencourt, who is one of wealthiest people in France. She inherited a controlling stake in L'Oreal in 1957. Another successful entrepreneur is Anita Roddick, founder of the ody Shop. Her beginnings were small and not without struggle. However, she used her business and marketing skills to build an…… [Read More]
(1) What is success and how do they measure success
Definition of success is the very initial step to achieving it and success is what everyone gets throughout the whole day. It is about satisfying one's potential and achieving one's dream. (How do you Define Success)
A strong inclination continues to be present, especially among the professionals managing enterprise development to measure entrepreneurship through some techniques. These measurement efforts can vary from plain checklists going up to intricate and exhaustive computer programs. (Defining Entrepreneurship) Achievements in business can be equivocal. You might flag off with the most excellent of intent in mind, recognize objectives, fix targets, build plans and implement them. At times you pull off the preferred result, however on other occasions deficiencies do happen without in fact knowing the cause. The feedback gives the measurement, which is vital for reviewing the advancement and making the enhancements, as…… [Read More]
While entrepreneurial accomplishment is common across all nations the ability to create and sustain value-based ecosystems as rapidly as American entrepreneurs are unique (Arbaugh, Camp, Cox, 2005).
American Entrepreneurs' Contribution to Global Innovation
Innovation in and of itself is not enough to create entirely new businesses; it is in translating innovation into unique, ingenious products and services that meet unmet needs of both consumers and businesses. The current economic downturn, it has been argued, is an excellent opportunity for entrepreneurs to create disruptive innovations (Christensen, Mangelsdorf, 2009) that completely re-order market dynamics and redefine value chains in the process (Porter, 1986). Disruptive innovation as defined by Clayton Christensen is entirely dependent on small start-up companies to exist then re-order entire industries in the process (Christensen, Mangelsdorf, 2009). What is so noteworthy about the research completely by Dr. Christensen and Mangelsdorf (2009) is that the catalyst of each disruptive innovation as…… [Read More]
It appears that workgroups have a strong impact on the behaviour of the individuals within them as the workgroup sees a strong demand for something in the marketplace and works toward supplying it (Zahra, Nielsen & Bogner, 1999). It is quite likely that others in their workgroup will all go along with this issue even if many of them have not considered entrepreneurship before (Zahra, Nielsen & Bogner, 1999). There are very high levels of interest in academic entrepreneurship but there appears to be little data on the nature of it within universities (Bresnahan, Gambardella, & Saxenian, 2001). Some of this may have to do with the fact that it is often kept quiet until it is determined for certain whether an individual at a particular university is going to make an attempt at entrepreneurship and whether the demand for particular product is actually there (Bresnahan, Gambardella, & Saxenian, 2001).…… [Read More]
This is a conundrum for those who are legitimately interested in studying entrepreneurship, because the need for a theory is strong. It will help to define the study of entrepreneurship in a way that has not happened before, and it will also help to stop those who are studying anything and everything under the guise of entrepreneurship from wasting time and resources that should rightly go to those researchers who are truly interested in how entrepreneurship works, what it is about, and how people who choose to get into it actually figure out their goals and make their choices.
rom a personal opinion point-of-view, I think that this is a good article and that it has a lot of good information in it. The researcher is right in that others have talked about this issue in the past and discussed the different ways that assumptions can come into the…… [Read More]
What Is Entrepreneurship?
An entrepreneur is a person who takes on risks and seeks to create an ongoing business by coordinating resources, raw materials, time and materials to create a valued product or service. The role of the entrepreneur is to continually create new value in an economy by providing products and services that give both consumers and businesses greater value, solve their problems or contribute to their attaining their goals and objectives (Costin, 2012). The intent of this analysis is to evaluate what entrepreneurship is and how it is changing today given the nature of the Internet and social networks.
What Entrepreneurship Is and How It Is Changing
At its most fundamental definition, entrepreneurship is focused on the undertaking of a new enterprise to deliver value products and services to customers (Howorth, Tempest, Coupland, 2005). This definition continually is being expanded as the nature of assets, resources and…… [Read More]
Given the relatively salutary financial environment, success is not impossible for an entrepreneurial young woman who wishes to forge her own path in a conservative culture. For example, Giselle ufer, President of Delance Swiss Watches, was awarded with the "Golden Idea Oscar" by IDEE-SUISSE in January 2000. This was a milestone, given the tradition-bound nature of Swiss watch manufacturing. But overcoming prejudice and institutional barriers for women has been a constant struggle. Hopefully, new laws and a new business climate created by the influence of professional women's organizations will foster a more fertile ground for change.
Club for Women Entrepreneurs. (2010). Official website. etrieved February 8, 2010 at http://www.femmes-entrepreneurs.ch/en/a-propos/
Delance Swiss Watches. (2000, January). Official website. etrieved February 8, 2010 at http://www.delance.ch/e/news.e/awards.e.jsp
Entrepreneurship in Switzerland. (2010). International Entrepreneurship.
etrieved February 8, 2010 at http://www.internationalentrepreneurship.com/european+entrepreneurship/switzerland_entrepreneur.asp
The glass ceiling. (2008). Switzerland is yours. etrieved February 8, 2010 at http://switzerland.isyours.com/E/swiss-business-guide/glass-ceiling.html…… [Read More]
Governments are interested, not only in promoting private entrepreneurship, but in becoming more entrepreneurial themselves. At the same time, regulatory bodies have been sharply criticized for allowing too much creativity and experimentation (e.g., in the use of financial derivatives), and are being urged to stick to more conventional regulatory models." (Klein, McGahan, Mahoney, and Pitelis, 2009)
It is additionally and importantly noted in the work of Klein, McGahan, Mahoney, and Pitelis (2009) that specific mechanisms including those of "...majority voting, arbitration, and consensus-building may lead to the identification of public interests that are flawed in the sense that the expression of the interest does not reflect an underlying reality of alignment." (2009, p.3) Therefore, it must be understood that indicated is that government finance of entrepreneurship will always fail to meet the mark of what arises form the 'spontaneous order' that characterizes the environment of entrepreneurship, in that this is…… [Read More]
Within this example there is a fundamental example of the strategy twists used by Li, i.e. The private and presale real estate tactic, which in many ways was before its time, and likely served as an example to many property developers since that time. This rather simplistic but nonetheless effective linear model of Li's business life exemplifies the spirit of entrepreneurship. Li has, from his first tentative steps in business proved his ability to be in constant development. He is clearly a risk taker and has accepted both reward and loss as a result, markedly more rewards than losses. Lastly, Li demonstrates through his vast network of diversified holdings an ultimate desire to stay ahead of the game and be fiercely independent in doing so.
In 2010, Li was reported to have invested 7.5 million in an emerging market trade company headed by the U.S.'s titled, "Lord of Liquidity" Berry…… [Read More]
6. Schultz was rehired as CEO in 2008. He left the company for a while but it began to falter and he returned to the position.
7. For Schultz the biggest barrier to entry would have been his lack of education and experience. He does not possess an MBA and was working in sales when he joined the company. But Starbucks was very small and he was able to take on an important role immediately and rapidly expand on that.
8. Schultz immediately liked the Starbucks shop. Since he was selling coffee equipment he was aware that it was superior to others in the area. He then took a trip to Italy and noticed the cultural role that coffee shops played there, something that was not the case in the United States at the time. He felt this cultural role could be introduced successfully into the United States.
9. Schultz…… [Read More]
Research and Service Design (Interdisciplinary and Collaboration)
a) Describe your group research and how it was developed.
Our group examined the potential for revitalizing areas in the dilapidated metropolitan areas surrounding and within Detroit, Michigan. We developed various ideas that were geared to repurposing structures and materials found within them. It is common for abandoned structures to contain valuable raw materials, though much effort will be necessary to dismantle and refurbish these materials. However, given the fact that whole tracks of abandoned building can be purchased for little to nothing, there is opportunity to profit for such endeavors.
b) How does your group research relate and support the research by other groups in the class?
All of the research prepared by both groups was geared toward sustainable development. Though the routes to achieving this varied slightly, the main underlying theme occurred on exactly the same path. This fact is…… [Read More]
As product innovation continues to be key to my company's success, yet process innovation in the internal workings of the company is necessary to develop better product innovation, there appears to be a slight dilemma facing the organization. With a consciousness of the pitfalls and problems being faced, however, there are some relatively simple solutions to the issues at hand. Meetings amongst the company's leadership should reinforce the notion that innovation and process/product improvement suggestions are essential to the company's continued success. The weekly gathering of suggestions -- as well as the ability for suggestions to be made at other times -- will encourage participation and innovation in planning for the company's future in a way that allows for growth and innovation from within the organization without giving current leadership the impression that they are being undermined.
Innovation in regards to foreign market entrance have shown the reliability and applicability…… [Read More]
She also dealt with the in-car technology and related issues. Chase, on the other hand, knows much more about business and finance, so she has focused on securing financing, creating the business plan, giving presentations, and getting a secure footing under the company. This work has paid off, and the venture appears as though it will be successful if the financing comes through and investors sign on to the project.
Financing for ZipCar can be raised by getting larger investors on board. $50,000 was provided by an investor in the early days, but much more was needed. That was the reason behind Chase's desire to go to conferences and other events where she could make presentations and work toward getting more investors interested in the ZipCar idea. Chase moved quickly, too, because she was so encouraged by others who were convinced the idea was a winner. That gave her the…… [Read More]
Since the ultimate goal of EPC cigars is twofold: increase U.S. market share among cigar aficionados and establish a means by which non-smokers are willing to try cigars, there is no gray area in the type of person (male, single or upwardly mobile) that must be reached through advertising. But who uses Facebook and Twitter? Certainly not the 50+ business executive?
EPC decides, ultimately, that in order to actually grow the market, the social networking option is the one to try -- it is aimed more specifically at the type of user that will be the future of the company, and who are likely to be far more vocal about what it is they "like" about the product, image, and service. However, EPC is caution, it has $300,000 for advertising, and will only grant $40,000 to the social networking side; preferring to place the bulk of the advertising dollars into…… [Read More]
Second, the need for creating heavy equipment that can provide for traceability throughout a supply chain is also essential. This aspect of integrating in GPS traceability electronics answers unmet needs across several different customer scenarios found during the idea generation phase. This feature can deliver exceptional value to many different classes of customers and therefore needs to be included in the final product definition. The next phase, Concept Development and Testing, takes the defined product and tests it as a concept with potential customer segments. The idea of a shippable, lightweight tractor and earthmoving equipment device that is capable of also being tracked through a logistics network or supply chain appeals to many managers of engineering consulting and development firms. They see the ability to quickly deploy this heavy equipment machinery globally on relative short time horizons at a relatively low cost as well. The next phase, Business Analysis Beta…… [Read More]
My business has taught me important lessons about becoming a successful businessman. I have learned financial planning as well as time management and I have become more responsible on the whole knowing that my actions can affect my customers. The only problem that I face is because of my habit of procrastination. I tend to wait till the last minute to get things done. Somehow my business has helped me in becoming a more organized person and someone who always meets deadlines However I take satisfaction in my work plus give a 110% to everything I do. I am often seen as someone who likes to do things properly.
In addition, everyone can clean a car but only a specialized car detailer can provide a car the care it needs. I take pride in the fact that not only do I provide a good service; I also…… [Read More]
Particularly, should the company go public, stay private or should it sell its business altogether? The answer to this question is rather straight forward, and it sees that the company should stay private. In addition to this, it should continue to prospect the market and negotiate with prospective buyers in order to further assess its market value.
The rationale for the recommendation to stay private is represented by the following:
Nantucket Nectars has attained financial stability and profitability by itself, through a well crafted and executed business model, which should be preserved
The company is following an ascendant path that could be jeopardized by sudden movements
The current economic climate is quite unstable and propels economic agents, including Nantucket Nectars, to focus on stability and consolidation, rather than dramatic changes in their structures.
Finally, a last argument to consider is represented by the responsibility Nantucket Nectars has towards its staff…… [Read More]
Answers to questions:
1) Yes, in Israel at Tel Aviv. I have no idea if this was effective, but they seem to avoid major problems.
2) No, I would probably feel more comfortable.
3) I believe that it is ethically and morally acceptable. People's individual privacy rights do not trump the security rights of large groups of people. I am not a Constitutional scholar so cannot answer that part of the question.
4) Yes, I would pay that fee since I travel a lot
5) I would give the personal information. Such a system for the U.S.-Canada border has proven successful.
6) I would have to cross that bridge when I come to it.
7) Fast pass system works well, because it is faster and I would receive preferential treatment.
My pivot is that people do not value personal privacy as much as is sometimes made out. Instead, people seem…… [Read More]
One of the biggest lessons that I learned this past semester was with respect to business models. I had never given this much thought to the types of business models before. Thus, it was interesting to see the different ways that a company can structure its business, and from where it can derive profits. Understanding about concepts like value propositions and customer segments will be important for me going forward. There are more different business models than I had conceived, which for me made this one of the most interesting things that I learned this past semester.
Another thing that I learned this past semester was how to put together a pro forma financial statement. Pro-formas are the statements that you produce as a theoretical exercise; they often appear in the business plan. But the pro-formas are basically a garbage in, garbage out exercise; with a little bit of…… [Read More]
What It Takes to Succeed as an Entrepreneur: The Self-Assessment (Passion, Self-Discipline, Confidence and Strong Backbone)
The debate concerning nature versus nurture remains unresolved, but a growing body of scholarship confirms that like organizational leaders, entrepreneurs tend to share certain qualities that set them apart from others. Indeed, some people seem to be perfect candidates for becoming successful entrepreneurs while others prefer less risky employment opportunities – and risk is the name of the game. By definition, entrepreneurs risk their own time and resources to create new businesses and contribute to the economic growth of their local communities as well as their nations. In fact, entrepreneurs are the engines that drive global economic development. Some of the characteristics which are believed to define aspiring entrepreneurs include passion and an inclination towards entrepreneurship, self-discipline and confidence, and the strong backbone that is required to survive the rigors of the business…… [Read More]
The business that I have had a passion to start up was one in the food industry. I always thought that the best way to provide for the needs of the next generation was to make getting them what they wanted as easy as possible. Thanks to the Internet and companies like Amazon, people no longer want to go out and shop. They want to have their goods shipped right to them. However, people still want that human experience at the end of the day: they want to go somewhere whey they do not have to deal with computers or technology. People need people after all. So I wanted my business to be people-oriented—not something online. I began to think of the types of services that people need and that is when I talked to a friend, who was a new mother of two young children. Like most moms she…… [Read More]
In many ways, the story of David Karp resembles that of any eccentric tech entrepreneur. He wears plaid shirts, eschews mainstream brands, and lives in a loft in Williamsburg, Brooklyn. Karp was obsessed with coding when he was a kid, dropped out of school to start his own business, leveraged his social relationships, and is now worth hundreds of millions of dollars. David Karp’s success can be attributed to his visionary obsession, his social networking skills, and his willingness to change.
The story of David Karp’s success is replete with ups and downs, and even a few crashes, but surprisingly few burns. Every challenge that Karp has faced has been a challenge he has met with aplomb. Karp does not operate the way typical managers do, but few of the world’s great business leaders or entrepreneurs do play by the books. Like Steve Jobs and Richard Branson, David…… [Read More]
Finding ways to delegate authority is an important thing for entrepreneurs when they grow. hen a company is in the beginning or high growth stage of the business cycle, there comes a point when the founder must let go some control so that the business can be more professionally run.
The current business model is somewhat aimless, but oriented towards high end positioning. An alternate direction is that the business can focus on becoming a volume supplier. The designer is capable of having a mainstream touch, and Turkey is a great place to follow a high-volume, low-margin business model for export. This would leverage the low cost of production and the effort that the government puts into creating export opportunities. At this point, as an unknown brand, he still has the capability to go in that direction.
CIA orld Factbook. (2013). Turkey. Central Intelligence Agency. Retrieved April 29,…… [Read More]
The project is a website that compiles videos, tips, articles and other content. The site is aimed at an audience interested in a healthier lifestyle. The way of monetizing the site will be to sell advertising to health clubs, fitness professionals and others that cater to the same target market. This report will analyze this idea to test for feasibility and identify key challenges that could be present. There will be recommendations as well with respect to the future of this website.
There are several challenges that this website can be expected to face. The first is with respect to the idea of being a content aggregator. This is not 1997. Content is not free. Thus, the first hurdle that we will face with this idea is acquiring content. Most high-traffic content sites have established brands and they also have identified means of acquiring content. If we are…… [Read More]
Entrepreneur-Why investor would give me capital to start a decorating den?
With the spiraling demand for housing, the demand for interior decoration market is also rising in tandem. Concern regarding making the home interiors beautiful and plush is high on the wish list of many home-buyers. Modern and aware customers who view popular channels on TV dedicated to interiors and subscribe to the magazines flooding the market are valuing the quality of interior decorating in an increasing manner than ever before. ising on this demand for interiors among the people is a great opportunity to take up the Franchise offer of Decorating Den. It is an investment in the future compared to other franchise offered in the market and a completely new way of life. (Opportunities in a New Economy - Message from the President)
Convincing the Venture Capitalist for guaranteed profitability:
By taking up the franchise, owners of Interiors…… [Read More]
Trends in globalism, stakeholder knowledge and technology -- all part of the 21st century environment, have changed marketing from a more monolithic approach to the market to a model that has actually been in place for centuries yet has now found a way to move from the small business environment to the larger organizational model simply because its strengths are just what is needed to perform in a new environment. This concept, entrepreneurship, has its origins in the French verb entreprendre, meaning "to undertake" (Hultman, C., et al., 2011). In a sense, every organizational idea starts with a core idea and thus has some entrepreneurial tendencies. These ideas have a core relationship in that they require innovation and risk in order to come to fruition (economic gain). More than anything else, the idea of entrepreneurship is a mind-set, a mode of operating as opposed to a strict method; a…… [Read More]
The Kirznerian Entrepreneur vs. The Schumpeterian Entrepreneur
The following brief essay will discuss two kinds of entrepreneurs, as evidenced in the title above. These two kinds of entrepreneurs, Kirznerian and Schumpeterian, will be theoretically and practically espoused, in order to see which of the two is more common in business life. The essay will also speak as to which type of entrepreneur is more important in today's business world, thereby linking theory and practicality prior to concluding.
First, it is important to define each entrepreneurial theory. The Kirznerian Entrepreneur, for instance, derives from economist Israel Kirzner's theory. Kirzner utilizes an analogy between what he names "the entrepreneurial element in individual decision -- making" and "entrepreneurship in the market interaction." (Kirzner, 1967) According to the economist, a first step in establishing the roots of the theory is to discuss an individual's 'action.' Kirzner thus isolates the first step of the…… [Read More]
I think this type of financial management plan must depend on very long-term investment solutions and options, and that it is not something to enter lightly or without the proper capital and time. With the downturn in housing, many of these homes will be difficult if not impossible to sell right now, because the average middle-America family who are the market for these homes cannot afford them without the sub-prime lenders who have already done so much damage to the housing market. That means these homes will have to continue to be rentals, and that eats up more administrative and repair costs. Thus, from a financial management standpoint, this seems like a good program, but only if the company is capitalized enough to weather the lending storm that is hitting right now, and is poised to make their investments last over time, rather than pay…… [Read More]
Recently, entrepreneurship has been seen to be one of the key driving forces for economic development and growth since it is able to provide literally millions of opportunities for jobs. It also helps to offer a large variety of goods and services to consumers and in general helps to increase the prosperity and competitiveness in a nation (Stanworth, lythe, Granger, & Stanworth, 1989). However, there is also a lot of debate on the technical knowledge transfer that takes place from universities to industries and on how these universities can continue to support the economic and technological development of countries.
It is very important to look at how significant this spinoff issue actually is to those in the United States and in Europe (Roberts, 1991). This is necessary because spinoffs seem to be growing at a rapid rate and entrepreneurship is getting extremely lucrative in many areas of the country (Roberts,…… [Read More]
Through exceptional focus, entrepreneurs are able to transform concepts into companies, yet it takes effort on their part to relinquish control to professional managements.
Cons of being an Entrepreneur
The greatest draw-back of being an entrepreneur are the personal and professional risks to financial stability and reputation if the new venture does not succeed, and the lost time invested in the venture if it fails. These are all lost opportunity costs that an entrepreneur could have invested in other, potentially more profitable and successful ventures. Even successful entrepreneurs struggle with staying focused despite the intense pressure to succeed and long hours needed to get a business into a financially viable condition to run smoothly. There are more sacrifices required of entrepreneurs today than ever before as globalization is forcing many of them to travel across multiple continents every given month to get their companies up and running. These trips include…… [Read More]
Even poor De Beers seems flummoxed. (Twitchell, 2002, p. xv)
Some consider this trend, of luxury for the every day buyer a negative trend as non-luxury brands claim luxury status and luxury brands like Prada are pressured to provide their products for a lower scale market, yet the trend is essential to international and national creative industries development.
In fact one trend in international creative industries is a system nicknamed "grey marketing" where goods and services are sold outside the traditional contracts and supply systems but are not sold illegally, such as is the caser of black marketed items. In other words industries, such as the fashion industry are populated by organizations that are willing to make alternative contractual agreements with companies that might sell their "labels" for lesser prices, such as in the case of overstock or in some cases even exclusive sales of products that might require less…… [Read More]
Schramm cites clothing as an example, but there are thousands of good examples. As companies had the ability to reach larger markets, they could invest more into their businesses. The result of those investments was a dramatic increase in the variety of goods available to the public, many of which contribute to better lives, if not longer. Advances in scale, Schramm notes, have resulted in the real cost of staple products being significantly lower today. He cites the Federal Reserve Bank of Dallas: "In 1919, an American had to work 10 hours to afford a basket of 12 food items. By 1997, the work time required to purchase their food basket had fallen to two hours."
Schramm mentions at this point that there have been other contributions, in both science and in the development of public service to protect things like water supply, that have also contributed to increased health…… [Read More]
Perfect manager for all stages of growth is difficult to find in just one person, but there are examples. During the initial stages, the manager needs to be visionary. This is often the entrepreneurial stage, where an idea is just being articulated, and the manager needs to first coalesce the business plan for the product/service idea, and then get a team of people to buy into the idea on top of that. Entrepreneurial leaders are often visionaries, and this is their key strength (Lewis, 2014). They are often risk-takers as well. But the key to the success of an entrepreneur is to have a great idea, get the buy-in from others, and then begin to professionalize the operation.
The next stage of a business is the growth cycle. At this point, the operation is probably focused on building markets and on scaling up the business. Flamholtz and andle (2007) note…… [Read More]
oday, the Gold Coast is a thriving tourist city located in an advantageous geographic position that can be reasonably expected to contribute to its future growth. herefore, identifying opportunities to provide value-added services to existing successful businesses in this region represents a valuable and timely enterprise for entrepreneurs seeking a niche in this multicultural market. his study examines the feasibility of forging a long-term partnership with a Middle Eastern-themed restaurant by providing belly dancer, karaoke, and home delivery services for this and other similarly situated restaurants in the future based on this business model. he principals have extensive experience in the provision or the coordination of the provision of these services as well as a comprehensive knowledge of the targeted geographic market. Salient factors that should be taken into account, primary research in the form of a structured interview with the restaurant…… [Read More]
The company selected is Dar Almanthour for Fragrance. The company was established in the year 2000 by the owner, Mr. Therar AlTararwa. The key products retailed by the company comprise of Bakhour, perfumes, scents, perfume oil and designed boxes for formal events. It started off with his friend at work wanting to sell his own made up fragrance and offered Mr. Therar AlTararwa to sell these fragrances to his family and when he did Mr. Al Tararwa saw an opportunity that selling these fragrances made money and so he wanted to get in the game he bought dozens of fragrances from his friend and made a guy sell them and he had his percentage of the sales. So then and there, Mr. Al Tararwa saw an opportunity and offered his friend money to sell him the mixture ingredients of the fragrance so he can open up a fragrance…… [Read More]
Entrepreneurship: Nurse-Owned Clinics and Beyond Mobile FNP (Family Nurse Practitioners)
There are over 125,000 NPs (nurse practitioners) in the U.S., as per estimates of the AANP (American Academy of NPs). Compared to physician assistants, NPs enjoy greater autonomy and responsibility, and have been increasingly assuming roles in administrative leadership, aside from their conventional patient-care duties at clinics and hospitals. However, owing to the thorough knowledge required to succeed within private practice settings, NPs often establish independent practices after many years of experience at healthcare centers such as hospitals, in the role of salaried NPs (Furlow, 2011).
According to the Chief Executive of the NNCC (National Nursing Centers Consortium), Tine Hansen-Turton, a substantial growth has been observed in nurse-run health clinics, before as well as subsequent to the implementation of the ACA (Affordable Care Act). She claims the number of nurse-run clinics across the nation has now grown to five-hundred; this…… [Read More]
Entrepreneurship is a risky business and requires a certain type of personality to really succeed at this lifestyle. Every and any business or idea will certainly end when the time is right and it is important for those wishing to exploit profits when to get out of the business. The purpose of this essay is to explore the options that entrepreneurs and investors have to recoup their investments and continue on to the next stage in life. This essay will explore exit strategy options and the considerations that must be taken into account before performing these actions. Ultimately this essay will describe how exiting a business venture is just as important as any other component of the process.
Why Get Out?
There are many reasons why anyone would want to change something up in their lives, but when it comes to venture capitalism it is important to understand…… [Read More]
Defining What Entrepreneurship Is
Entrepreneurship is the ability of an individual or team to plan and produce differentiated, valuable products and services that customers are willing to buy. The study of entrepreneurism concentrates on the highly collaborative nature of starting a new firm, where founders will often create extended, virtual teams of experts to help them take a concept into initial prototype and then production. Studies of entrepreneurs show them to have an above-average level of risk tolerance while at the same time being able to manage diverse tasks necessary to make a new venture successful (Liu, 2006).
Analysis of Entrepreneurship
The most effective entrepreneurs are able to see market opportunities from an entirely different vantage point, seeing the potential for growth and differentiated products and services while other business leaders see only price competition (Mitra, 2003). This is especially the case with Steve Jobs and other leading…… [Read More]
The more knowledge of a market an entrepreneur has the better. This includes the litigious side of the market. When an entrepreneur sets up a business, even employing the proper employee dynamics, financial decisions and logistical moves, legal issues can doom the entire operation. Entrepreneurs can avoid much of this type of risk by fully understanding their business, and by having prior experience with the product or industry. It is important to understand as well that overseas markets are not the same as domestic ones, and many issues are likely to arise out of unique and different legal environments, exclusive to overseas markets and products. Entrepreneurship is a veritable minefield when it comes to risks. These risks are inherent, and without them there would not be the same kinds of satisfaction and payoff that occurs with them intact. When entrepreneurs are made fully aware of these risks and how to…… [Read More]
Entrepreneurs Should Know bout Federal Taxes for Corporations
ll corporations are subject to the corporate income tax on their net income. Taxable income is the gross income of the corporation, less the deductions allowed. Major sources of corporate income include: gross profits from sales; dividends received; interest; rents; royalties; and gains and losses. Still, there can be other factors that must also be considered in determining the corporation's income. There include: receipts that are actually contributions to capital; property distributions received by the corporation; rentals paid to shareholders of a leasing corporation; and income from a sinking fund.
Each business's tax liability is based on a graduated tax rate scale. Depending on individual factors, a corporation may also be subject to penalty taxes in addition to their regular income tax. The form of business that is operated determines what taxes must be paid. The four general kinds of business taxes…… [Read More]
Timmons (1994) in his study presents a three-dimensional model of practical application of a good idea:
Comprehensive evaluation of the opportunity;
Comprehensive evaluation of one's own expertise and inclination; and Comprehensive evaluation of the resources gathering process to maintain the launch of business venture.
Long and McMullan (1984) propose that application of a good idea depends on two processes; namely, elaboration and evaluation. Singh (1998) found that those entrepreneurs who spend more time studying the pros and cons of an idea before embarking on its application tend to set up fewer businesses than those who spend less time in the elaboration and evaluation phase. However, Singh (1998) points out that higher majority of successful entrepreneurs are those who spend more time in elaboration and evaluation.
1.4 Traits of entrepreneurs
Wright et al. (1997a) studied motivational drivers of entrepreneurs and found that entrepreneurs are primarily driven by either one or both…… [Read More]
The article is an exciting approach to capitalist development in that it finds conditions under which sustainable entrepreneurship and sustainability innovation emerge spontaneously and can practically work. As the study points out, one of the classical things that capitalism does is to "creatively destroy." It is this ability to destroy what is old and does not work and build and impose what is new and does is the primary benefit of capitalism. What sustainable entrepreneurship has done is to apply this as a positive force in realizing the field's lofty goals where public government initiatives have failed to achieve them. The article conducts an extensive literature review to accomplish just this task (ibid. pp. 223-225).
However, until now, there has not been one universally recognized definition of what sustainable development is. Such research and definitions have implications for theory and practitioners in that it clarifies which firms are most likely…… [Read More]
Charity, selflessness, altruism and entrepreneurship are, therefore, not contradictory. It is well-known that the well-paid traditional nurse is likely to be a better worker better able to devote more attention to her patient (Hardin & . Kaplow, 2001). Deductively, therefore, the independent nurse who is motivated to work well in order to be successfully self-employed would likely (although not necessarily) be a better nurse in terms of the intrinsic nursing characteristics than those employed by institutions.
Ironically, entrepreneur nursing can potentially make one into a better nurse, for aside from being motivated to perform excellently, the entrepreneur nurse can adopt her own style and afford to conduct thorough research into nursing theories and models that culminate in enhanced nursing.
The institutional nurse is classically overworked and, therefore, has little time for arbitrary activities; the entrepreneur nurse, on the other hand, can adequately fulfill the expectations of evidence-based nursing where she…… [Read More]
Microfinance and Rural Entrepreneurship
The objective of this study is to conduct an analysis of the field of entrepreneurial finance and to describe important issues or current dilemmas in the field. Toward this end, this study will conduct an extensive review of literature in this area of inquiry.
The difference between rural and urban entrepreneurship is reported in the work of Ahirrao and Chaugule (2010) to be "only a matter of degree rather than the content." (p.1) Ahirrao and Chaugule state that "It is essential to have a balanced regional development of the country and to avoid the concentration of industry in one place. Rural areas must try for better utilization of human resources to improve the rural economy." (2010, p.1) The industrial unit in rural areas or rural industries include such as "handlooms, handicrafts, sericulture, agro-based units, service industries, rural workshops, metal-based industries, dairy and related activities" as well…… [Read More]
Schaltegger, S. & Wagner, M. (2010). Sustainable entrepreneurship and sustainability innovation: categories and interactions. Business Strategy and the Environment 20: 222-237.
Schaltegger & Wagner (2010) create a usable framework for sustainable entrepreneurship, sustainable innovation, and sustainable business development in "Sustainable entrepreneurship and sustainability innovation: categories and interactions." he article first addresses the purpose for the research. Companies have been traditionally culprits in creating both environmental and social justice problems, necessitating regulations imposed externally. Driven solely by profit, a company will not be likely to pursue innovation or sustainability entrepreneurship unless it was profitable to do so. he authors point out that while this may be true with some organizations in some sectors, that otherwise the business environment is changing. A new framework based on current business trends is proposed by Schaltegger & Wagner (2010). his new framework is based on the fact that many companies -- and their managers --…… [Read More]
When employees are managed for their potential in addition to their contribution, their willingness to openly share and contribute information significantly increases. esistance to change and fear are minimized and employees perceive their role as contributor and knowledge expert over time, not as an employee who is being automated out of a job for example. The critical factors that lead to a learning organization are put into motion by transformational leaders who seek to define a culture inside their organizations of professional growth for subordinates. The focus on autonomy, mastery and purpose is critically important for organizations to grow entrepreneurs (El Tarabishy, 2006) while at the same time overcoming resistance to change as employees don't see the need to hoard information but to add rapidly to it to master their field and be an acknowledged expert or guru in their fields. The difference in behaviors is mastery over one's position…… [Read More]
Saudi women entrepreneurship
Saudi women of the 21st century have progressed in marked ways compared to women of a decade ago. Nonetheless, female entrepreneurs are saddled with quite a few difficulties that prevent them from progressing and impede their social and personal life as well as making their vocational progress extremely challenging. The research will investigate Saudi women entrepreneurs social role in developing Saudi economy and challenges facing them.
Women are faced with tremendous difficulties. Barriers include lack of market studies, lack of governmental support, lack of coordination among government departments, lack of support from the community, society restrictions and oligopolistic attitude of the investors (Asad Sadi, & Al-Ghazali, 2010). To overcome all of this and proceed with one's dreams, one must be remarkably stubborn and the women must be extremely resilient to overcome these difficulties. That they are motived by self-actualization is one matter. But entrepreneurs in this position…… [Read More]
For IBM, it took Louis Gerstner getting angry about unfulfilled opportunities for new businesses to create the EBO structure. For Nokia, the similarities with IBM are at a very high structural level, yet Nokia relies on a completely different set of processes for fostering innovation and corporate entrepreneurship. The rapidly changing world of laptop computers needed a corporate nonconformist to accomplish what carefully defined processes in Toshiba could not. In the case of Trilogy the need for creating a steady stream of significant new innovation forced the creation of a proving ground where PhDs in software and mathematics could quickly define entirely new product and business concepts.
Abetti, P (2004) - Informal corporate entrepreneurship: implications from the failure of the Concorde alloy foundry and the success of the Toshiba laptop;. J. Entrepreneurship and Innovation Management, Vol. 4, No. 6, 2004, pp. 529-545
Arthur D. Little (2002) - Developments in…… [Read More]
Access to credit is a significant barrier to entry for many entrepreneurs, especially in the developing world. Often, people cannot afford to start or expand a business because they have no access to capital. With microcredit, this gap is bridged and entrepreneurs in the developing world can have access to capital. This helps to encourage such individuals to open business, or to expand their business.
Beyond the financial aspects, the psychological aspects of microcredit also are important in fostering entrepreneurial activity in the developing world. Entrepreneurs, who previously knew little support, are likely to respond positively knowing that there are people who believe in their abilities, their integrity and their business model. Sometimes just knowing that people have faith in you can help your motivation to work harder and build the business. Knowing that further capital can be acquired down the road if need be is also critical, because it…… [Read More]
interview: Mr. X
When I interviewed Mr. X, the owner of high end-restaurants and a luxury boutique hotel, my first question was: "why did you decide to 'create your own job' in the hospitality industry, rather than work for someone else?" Mr. X stressed that hospitality was his passion from a young age. "I truly believe that the hospitality industry must be in 'your blood' to succeed. It is a difficult and competitive industry, and just about everyone I know who is ambitious and involved within it wants to work for him or herself. I wanted to put my own stamp on things. When I was working for other people I often felt frustrated when I knew that I could do something better, or had better ideas than my managers."
Opportunities do not create themselves; the entrepreneur has to love what he does enough to work 24-7 and to take…… [Read More]
These include: formulating a hypothesis, assembling resources and designing / running experiments. The combination of these elements will provide a way of accurately assessing the underlying amounts of risk. Moreover, it will help to identify procedures that will allow entrepreneurs to continually innovate. (Sull, 2004, pp. 71 -- 77)
According to Soto, this is in line with his basic function of an entrepreneur. Evidence of this can be seen with him saying, "This idea fits perfectly with the activity that exercises the employer to decide what will be their actions and to estimate the effect of the same in the future. Being alert, although it is also acceptable as a note of entrepreneurship by involving the idea of attention or vigilance, I believe it is something less appropriate than the adjective 'insightful' or 'perspicacious', perhaps because it implies or involve an attitude clearly more static. On the other hand, we…… [Read More]
invention changed lives entrepreneurs . People vision determination helped shape world. My Canadian envention snowmobile. I present information interesting creative rest class. Things answer: hen invention snowbile created? ho invented ? here invented? hat impact invention society? How long invention ' '? Have improvements made invention? hat future invention? The emphasis presention entrepreneur enhanced consumer satifaction entrepreneur agent change.
Joseph-Armand Bombardier's snowmobile
As technology came to influence virtually every domain at the start of the twentieth century, people came across the difficulty of traveling through the countryside during winter. In spite of the fact that a series of devices were invented at the start of the century, none of them seemed capable of completing this task. As a result, people designed an all-terrain vehicle meant to transport individuals and freight over lands where other vehicles remained stuck. Some people felt that it was essential for them to get actively engaged…… [Read More]
funding for entrepreneurs seeking seed capital to actualize their business ideas. The said funding sources in this case include but they are not limited to angel investors, bank loans, venture capitalist, friends and family, etc. In this text, I discuss angel investing. In so doing, I will largely concern myself with the pros and cons of the same.
A few years ago, James Barnham turned down an offer from a group of angel investors to fund the launch of a device he had invented. At the time, Branham was seeking a total of £150, 000 from investors in a reality TV program, Dragon's Den. Barnham according to Singh (2009) terms his rejection of the offer the best decision in his life. The investors (dragons) had sought a significant stake in the venture in exchange for the seed capital. The term Dragon (in relation to the TV program) according to ees-Mogg…… [Read More]
On the other hand, a new business plan should not be so unrealistic as to fail to take note of existing market conditions and real economic pressures. The balance of personalities of team members, between the more practical and introverted, to the more feeling and extroverted individuals gave our team an excellent personality blend of boldness and caution. There was methodological weight behind the market research we conducted, yet there was also innovative thinking in terms of how the product was structured.
Another great strength of our team was the balance of people who enjoyed beginning new projects, and people who enjoyed bringing tasks to completion. One problem with creative idea-generating techniques such as laddering and SWOT is that so many ideas and potential innovations and obstacles can be generated that idea sessions spiral out of control and there is no grounding in reality and no sense of refining the…… [Read More]
Competitor products and their equivalent prizes, this is so that after establishing our break-even analysis it can act as a guiding line to set the best price. (Tao 2008)
The survey should enable one establish the best marketing strategies and anticipate any future contingencies.
Entrepreneurship development services
This service will target individuals who wish to start business on their own or in a group it will mainly involve
Training on how to originate business ideas. It is said that if you feed a man you have only feed him a day, a long-term problem in a short-term way. If you show the man how to fish then you have feed him and his family for life and I add that if you show the man how to run a fish business you will have feed the society too. In his book ich Dad Poor Dad, Kiyosaki explains that the most…… [Read More]
The company reports that it expects more than 2 million Jiffy Lube customers to receive a direct mail postcard featuring a mail-in offer for two free movie tickets with the purchase of a Jiffy Lube Signature Service oil change using Pennzoil or Quaker State® SUV/minivan, high mileage vehicle or synthetic motor oil; the company also notes the direct mail postcard will also include a $5 off instant coupon and will be honored at participating Jiffy Lube service centers through mid-August 2005. According to the press release, the company's director of marketing stated: "Jiffy Lube is targeting customers that our internal research has identified as the most likely candidates for a specialty oil change. The movie offer is perfectly timed because the summer is synonymous with road trips and blockbuster movies" (Jiffy Lube Rolls Out Red Carpet for Summer Promotions 2).
Management Team Composition.
According to Sims (2002), the hierarchy of…… [Read More]