BUS495 Chapter 8.docx - Chapter 8 BUS 495 Notes Dr Azriel...

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Chapter 8 BUS 495 Notes Cambra 1 Dr. Azriel October 31, 2017 Key Terms Entrepreneurship The creation of new value by an existing organization or new venture that involves the assumption of risk Opportunity Recognition The process of discovering and evaluating changes in the business environment, such as new technology, sociocultural trends, or shifts in consumer demand, that can be exploited Angel Investor Private individuals who provide equity investments for seed capital during the early stages of new venture Venture Capitalists Companies organized to place their investors’ funds in lucrative business operations Crowdfunding Funding a venture by pooling small investments from a large number of investors; often raised on the Internet Entrepreneurial leadership Leadership appropriate for new ventures that require courage, belief in one’s convictions, and the energy to work hard even in difficult circumstances and that embodies vision, dedication and drive, and commitment to excellence Entrepreneurial strategy A strategy that enables a skilled and dedicated entrepreneur, with a viable opportunity and access to sufficient resources, to successfully launch a new venture Pioneering new entry A firm’s entry into an industry with a radical new product or highly innovative service that changes the way business is conducted Imitative new entry A firm’s entry into an industry with products or services that capitalize on proven market successes and that usually have a strong marketing orientation Adaptive new entry A firm’s entry into an industry by offering a product or service that is somewhat new and sufficiently different to create a value for customers by capitalizing on current market trends Competitive dynamics Intense rivalry, involving actions and responses, among similar competitors vying for same customers in a marketplace New competitive action Acts that might provoke competitors to react, such as a new market entry, price cutting, imitating successful products, and expanding production capacity Threat analysis A firm’s awareness of its closest competitors and
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Chapter 8 BUS 495 Notes Cambra 2 Dr. Azriel October 31, 2017 the kinds of competitive actions might be planning Market commonality The extent to which competitors are vying for same customers in the same market Resource similarity The extent to which rivals draw from the same types of strategic resources Strategic Actions Major commitments of distinctive and specific resources to strategic initiatives Tactical actions Refinements or extensions of strategies usually involving minor resource commitments Market dependence Degree of concentration of a firm’s business in a particular industry Forbearance A firm’s choice of not reacting to a rival’s new competitive action Co-opetition A firm’s strategy of both cooperating and competing with rival firms Recognizing Entrepreneurial Opportunities New values can be created by: Startup ventures Major corporations Family owned businesses
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