aem 120 chapters - AEM 120 Chapters Chapter 1:...

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AEM 120 Chapters Chapter 1: Entrepreneurship: opportunities to create something new arise and are discovered by individuals to exploit/develop them; can be recognizing an opportunity to develop a new market; old things in a new way; inventions aren’t enough because they need to be acted out with inspiration and activation 1: obtain knowledge, opportunity exists 2: evaluate to see if they have what it takes develop it and can occur with an existing organization Intrapreneurs: people who create something new, but inside an existing company rather than through a new venture Increasing Trends in Franchises: -media- growing accounts, positive and attractive -boss- employees feel little loyalties -change in basic values- more independent, choice Need to Consider: 1. economical, technological, social conditions of opportunities 2. people who recognize them 3. business techniques and legal structures 4. economical and social effects Feasibility Analysis: a preliminary evaluation of a business idea to see if it is worth pursuing Business Models: plans to compete, use resources, deal with customers and profits Competitor Analysis: how to gain advantages The Process: 1. recognition of opportunity: that has emerged from a complex pattern of changes in knowledge, 2. deciding to proceed and assembling the essential resources: do something active -basic info (markets, competitors, environmental, & legal) -human resources -financial resources -Business Plan 3. launching a new venture: choose legal form, develop, establish roles of management team 4. building success and managing growth 5. harvest rewards Analysis: -individual: skills, motives, characteristics -group level: ideas, other’s input, customers -societal: government policy, economic conditions, technology Genetics: some like entrepreneurship, greater persistence, skills and abilities New ideas: -Universities: technological transfer offices that help move science and technological discoveries from lab to marketplace Licensing: rights to patented inventors granted to startups Entrepreneurial cognition: how they think, risk is more tolerable, recognize pattern, more optimistic Routes to Knowledge:
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-systematic observation: observe certain aspects systematically with careful records, then use information as a basis of conclusion -Variables: a) work experience b) # opportunities recognized Case method: large amounts of data on 1 thing and using it to reach conclusions about what factors influenced important outcomes Theory: understand how and why 1. evidence and observation; proposed 2. organize existing information of related concepts 3. test hypotheses 4. good or modify and try again 5. rejected or accepted Chapter 2: Entrepreneurial opportunity: situation in which a person can exploit a new business idea that has potential for profit -creation, opening new market, new way of organizing, use of new material, new production 1. Technological change: most important, new and productive ways
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aem 120 chapters - AEM 120 Chapters Chapter 1:...

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