AEM 120 Review Sheet

AEM 120 Review Sheet - Types of entrepreneurs o...

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Types of entrepreneurs o Startup-focused primarily on the early stages of the business, passing it off to other leadership once the business is established. The goal of the startup entrepreneur most often is to create value in a company that can be sold to investors and, perhaps, eventually to the public markets. o Small business-may run a family business, and continually innovates (involving risk) as the business goes forward. The goal in this case is often to provide a good income for the entrepreneur and her/his family, although some have the goal of eventually selling the business. o Intrapreneur-someone who creates new value within an existing corporation, leading innovative new businesses for the company. In this case, the goal is to enhance the contribution of the unit to the larger parent. Often, intrapreneurs have the opportunity to “spin out” a business, moving it outside the corporation in order to follow its own growth path o Non-profit/Social-the former means someone who starts and runs an enterprise which has status as a not-for-profit business. In such a case, the goal is create a revenue stream that will support the activities of the non- profit. Social entrepreneurs can be either for- or non-profit companies who have an interesting in creating social values as well as monetary values. The nature of the entrepreneurial opportunity=information+change Change as a catalyst of new entrepreneurship o New technology Info technology/biotech o Political/regulatory shifts globalization o Social/demographic change Development of a “mass market” into a “consumer society” Baby boom Change makes it possible to o Make new products o Open up new markets o Use different raw materials and resources o Develop new production processes o Organize in new ways Technological change o Makes it possible for people to do things in new and more productive ways o Larger technological changes are a greater source of opportunity Political and regulatory change o Opportunities arise from Deregulation Social and Demographic Change o Alters demand for products and services
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Industry differences influencing new firm successes o Knowledge conditions New firms do better in : Industries that have greater r&d intensity Industries in which public sector organizations produce most of the new technology industries in which small firms are the better innovators o Demand conditions New firms do better in : Larger markets Rapidly growing markets More heavily segmented markets o Industry lifecycles New firms do better: When industries are young Before a dominant design emerges o Industry structure New firms do BAD in : Capital-intensive industries Advertising-intensive industries Concentrated industries (vs. fragmented) Industries composed of mostly large firms Entrepreneurs founding new firms are usually the ones to introduce new products and services
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