ent_8 - MNG00314 Entrepreneurship Top 8: Initiating...

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Unformatted text preview: MNG00314 Entrepreneurship Top 8: Initiating Entrepreneurial Ventures Learning Objectives On completion of this topic, you should be able to: describe the challenges of establishing a new venture develop strategies to overcome the pitfalls in selecting new venture evaluate the management competencies required to establish and operate a new venture assess the legal technicalities involved in establishing a new venture examine the sources of new venture finance. Elements Affecting New-Venture Performance Environment Entrepreneurs Characteristics Founding Processes Initial Firm Characteristics Performance Pitfalls in Selecting New Ventures Lack of objective evaluation No real insight into the market Inadequate understanding of technical requirements Poor financial understanding Lack of venture uniqueness Ignorance of legal issues Critical Factors for New-Venture Development Uniqueness New products, new technology or new markets Investment The start up capital and the finance related issues Growth of sales Lifestyle ventures, small profitable ventures or high growth ventures Product availability The availability of a salable goods or services at the time the venture opens its doors Customer availability The customer who is willing to pay you a profitable price for a product or a service Checklist of a New Venture Idea Basic feasibility of the venture Competitive advantages Buyer decision in the venture Marketing of the goods and services Production of the goods and services Staffing decisions in the venture Control of the venture Financing the venture Hierarchy of management competencies Lower Level Management Competencies 1. Common basic facts 2. Cognitive understanding technical facts and knowledge. 3. Continuing sensitivity to events . skills in perceptiveness and gathering hard and soft data. 4. Analytical . simple processing, linear analysis, diagnostic analysis, complex analysis, analysis under uncertainty and decision making.. 5. Outcome orientation . administration, resource allocation, efficiency orientation and perceptual objectivity. Hierarchy of management competencies Higher Level Management Competencies 6. Proactive entrepreneurship. entrepreneurial orientation, work motivation, bias for action, purposeful action, manage change, concern with impact, unilateral power, vigilance, ability to pose opportunistic questions, formulation and elaboration of the vision, commitment. 7. Interpersonal. awareness, oral communication, peer interaction, group process, use of socialized power 8. Intrapersonal stamina and adaptability, accurate self assessment, self- confidence, self-observation, self -directed change of ones behavior: strong personal commitment to change, and a willingness to receive feedback or criticism, stability of performance, self-control, emotional resilience 9. People orientation....
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ent_8 - MNG00314 Entrepreneurship Top 8: Initiating...

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