08 BUS 444 Chap 8

08 BUS 444 Chap 8 - Chapter Eight LearningObjectives After...

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Entrepreneurial Strategy and Competitive Dynamics Chapter Eight
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Learning Objectives After reading this chapter, you should have a good understanding of: LO1 The role of new ventures and small businesses in the U.S. economy. LO2 The role of opportunities, resources, and entrepreneurs in successfully pursuing new ventures. LO3 Three types of entry strategies—pioneering, initiative, and adaptive—commonly used to launch a new venture. 8-2
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Learning Objectives LO4 How the generic strategies of overall cost leadership, differentiation, and focus are used by new ventures and small businesses. LO5 How competitive actions, such as the entry of new competitors into a marketplace, may launch a cycle of actions and reactions among close competitors. LO6 The components of competitive dynamics analysis—new competitive action , threat analysis, motivation and capability to respond, types of competitive actions, and likelihood of competitive reaction. 8-3
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Recognizing Entrepreneurial Opportunities Entrepreneurship the creation of new value by an existing organization or new venture that involves the assumption of risk. 8-4
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Recognizing Entrepreneurial Opportunities New value can be created in: Start-up ventures Major corporations Family-owned businesses Non-profit organizations Established institutions 8-5
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U.S. Small Companies by Industry
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Entrepreneurial Opportunities Opportunity recognition the process of discovering and evaluating changes in the business environment, such as a new technology, socio-cultural trends, or shifts in consumer demand, that can be exploited. 8-7
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Opportunity Analysis Framework
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QUESTION The majority of entrepreneurial start-ups are financed with A . Bank financing B . Public financing C . Venture capital financing D . Personal savings and the contributions of family and friends 8-9
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QUESTION The majority of entrepreneurial start-ups are financed with A . Bank financing B . Public financing C . Venture capital financing D. Personal savings and the contributions of family and friends 8-10
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Entrepreneurial Opportunities Start-ups Current or past work experiences Hobbies that grow into businesses or lead to inventions Suggestions by friends or family Chance events Change 8-11
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08 BUS 444 Chap 8 - Chapter Eight LearningObjectives After...

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