The purpose of this critique is to identify the strengths and weaknesses of The Palmer
Safety Systems Business Plan. Ultimately I, a potential investor, will decide if I want to invest in
the second stage of financing for the company. Palmer Safety System
Why is Understanding Cultural Differences Important?
It affects business practices and decisions.
It affects expectations of firm stakeholders.
It affects how business practices and decisions are perceived by stakeholders,
Citation: Carland, James, Frank Hoy, William Boulton, and Jo Ann Carland. "Differentiating
Entrepreneurs from Small Business Owners: A Conceptualization." Academy of Management 9.2
(1984): 354-59. Print.
Entrepreneurship is the general domain of t
Patents grant the holder exclusive rights to use or sale of the invention.
Patents are nationally based. A patent issued in one country does not provide
protection in other countries. Separate patent applications must be made in each
The Legal Environment 3 types
Common Law System
o An independent judicial system that relies on legislative action, judicial
interpretation through case precedent, and application by users.
o The United Kingdom, United States,* Australia, and Canada
In a Market economy:
o Most productive activities are privately owned.
o What is produced and in what quantity are determined by supply/demand,
which is usually signaled to producers through a price system.
The interrelationship of pr
The Political Environment
Key Influential Events
Historical events and relationships can dramatically affect decisions regarding
political and economic systems, political agenda and internal and external
o Prior agreements bet
Corporate culture or Organizational culture differs, is affected by local
culture and may affect local culture
Things to Remember about Culture
Hofstedes measures have their limit
Economic Implications of Islam
The Koran establishes some explicit economic principles, many of which are profree enterprise
o The Koran speaks approvingly of free enterprise and of earning legitimate
profit through trade and commerce (the prophet M
Religion contains key values and norms that are reflected in adherents way of
People try to adopt business practices that will satisfy religious tenets without
sacrificing modern practices in business.
o Protestant Work E
Work-Related Values for 20 Selected Countries
Originally called Confucian Dynamism because of anchoring in the
Confucian value system.
Represents such values as thrift, persistence, and traditional respect of social
Social structure refers to the social organization of a society
Two dimensions that are particularly important include:
o The extent to which society is group- or individually-oriented.
o Degree of stratification into castes or cl
21 January 2016
Differentiating Entrepreneurs from Small Business Owners: A Conceptualization
Citation: James W. Carland, Frank Hoy, William R. Boulton, Jo Ann C. Carland; 1984;
Differentiating Entrepreneurs from Small Business