Entreprenural Mind

36問 • 2年前

問題一覧

it is an individual who creates an ew business and bearing most of the risk and enjoying most of the reward. it comes Entrepretende meaning to undertake

entrepreneur

he suggests that entrepreneurs not just companies were responsible for creating new things and searching for profit

Joseph Schumpeter

it focussed on entrepreneur as bearer of uncertainty and believe they were responsible for risks premiums in financial markets

Frank Knight

thought of the entrepreneurship as a process that led to discovery

israel Kirzner

characteristics of entrepreneur

1.Versatile 2.flexible 3.money savvy 4.resilient 5.focused 6.business smart 7.communicators

types of entrepreneur based on capabilities -based on their works

builder opportunist innovator specialist home based internet based lifestyle social high potential

entrepreneur based on type of business -based on the used of technology

trading entrepreneur manufacturing entrepreneur agricultural entrepreneur technical entrepreneur non technical entrepreneur

types of entrepreneur based on ownership based on Clarence Danhof based on Arthur H. Cole

private entrepreneurs state entrepreneurs joint entrepreneurs innovating entrepreneurs imitative entrepreneur Fabian entrepreneurs drone entrepreneurs empirical entrepreneurs rational entrepreneurs cognitive entrepreneurs

defines as "organizing a group of people to achieve a common goal using proactive entrepreneurial behavior by optimizing risk, innovating to take advantage of opportunities, taking personal responsibility and managing change within a dynamic environment for the benefit of [an] organization."

entrepreneueial leadership

they are eager to involve their staff in company decisions. If you choose this management style, you show your team that you trust them and respect their input. It also displays confidence in your employees’ opinions and your ability as a leader.

Democratic Management Style Category:Consultative

requires superb people skills, a big heart, and an honest desire to help your employees develop both in and outside of the workplace.

Inspirational Management Style Category: Consultative

Having this leadership style does not mean you need to be rude—remember that you can give orders with a smile and a “please.”

Authoritative Management Style Category: Autocratic

The magic word for these managers is efficiency. You are not concerned with how things get done, as long as they get done well and in the quickest way possible

Results-Based Management Style Category: Consultative

it requires two things: an extremely laid-back attitude and a great deal of confidence in your staff. If you possess these two traits, you might be well-suited for this leadership

Laissez-Faire Management Style Category: Participative

is similar to the democratic style but differs significantly. With this style, you are not simply asking your employees to participate in a yay-or-nay vote— you are actively soliciting feedback from team members about company policies.

Collaborative Management Style Category: Participative

This management style is exactlywhat it sounds like: you lead by consistently setting an impeccable example of the kind of work standards you expect at your business

Example-Setting Management Style Category: Persuasive

If you have this style, you are comfortable allowing assistant managers and shift leaders to oversee most everyday responsibilities. While the crew gets the mundane work done, you plan marketing campaigns and prepare for expansion.

Strategic Management Style Category: Consultative

If this is your preferred leadership style, you are looking for opportunities to affiliate yourself with your staff and lend a helpinghand wherever it is needed. Employees see you as an ally and respectthat you try to help them succeed.

Affiliative Management Style Category: Persuasive

If this is your management style, you are focused on developing personal relationships with your staff and building a team in your workplace.

Charismatic Management Style Category: Persuasive

give the 10 characteristics of Entrepreneurial leadership

CCHIPSSS LV Create an atmosphere conducive to growth Communication skills Honesty Involved Perseverance Supportive Self Belief Share Success Learning Vision

THE SIX STYLES OF ENTREPRENEURIAL LEADERSHIP

VCC PDA Visionary Coach Commanding Pacesetting Democratic Affiliative

4 CATEGORY OF MANAGEMENT STYLE

CAPP •CONSULTATIVE • AUTOCRATIC • PARTICIPATIVE • PERSUASIVE

Every entrepreneurial venture requires funds to transform an idea into reality. Therefore, a critical risk faced by entrepreneurs is arranging funds. • This may be in the form of loans, capital arranged with the help of family and friends or an entrepreneur’s own savings.

Financial Risk

• Each business requires a near flawless business plan. However, even a well-thought-out business plan can sometimes lead to failure. As a result, the strategy becomes ineffective. • A company that manages to adapt to a changing environment and new challenges manages to sail through difficult times, whereas others fail.

Strategic Risk

is the need of the hour, especially if an entrepreneur is working in a highly competitive industry.

Technology Risk

When an entrepreneur plans to start their operations in a country, they have to be wary of the laws of the land. • A company has to abide by existing laws and adapt to the changing legal environment in the future as well. This is one of the significant entrepreneurial risks that an entrepreneur may face

Compliance Risk

A major risk involved in entrepreneurship is related to a company’s reputation. If a company’s reputation gets damaged, a steep decline in revenue follows. The goodwill of the company declines among customers, which further tarnishes its image. • Additionally, the company is unable to find talented employees who are reluctant to work in a place that has no reputation.

Reputational risk

• This entrepreneurial risk arises when a company is unable to carry out routine business activities efficiently. As a result, overall productivity of an enterprise declines. • This could be due to people failure or process failure as well. External events like natural disasters can also impact the operational efficiency of a company.

Operational Risk

To become a successful entrepreneur, it’s crucial to be aware of competitors. If there aren’t enough competitors in an industry, it may imply that the demand for the concerned product is not enough. • Moreover, entrepreneurs should be able to make prompt moves to get an innovative idea or product patented before their competitors can take advantage of it.

Competitive Risk

WHAT ARE THE 4 RISK MANAGEMENT STRATEGIES ON ENVIRONMENTAL DECISION MAKIN

• Strategic • Compliance • Financial • Operational

FIVE STEPS TO BECOMING EFFECTIVE IN RISK MANAGEMENT TIMELINE

Define business strategy and objectives Establish key performance indicators (KPIs) to measure results Identify risks that can drive variability in performance Establish key risk indicators (KRIs) and tolerance levels for critical risks. Provide integrated reporting and monitoring

EIGHT STEPS TO REDUCE BUSINESS RISK AND LIABILITY

Get insurance diversify your products or services limit your business loan know the law Document everything necessary Hire significant employees Build your reputation Protect your data

HOW DO YOU COPE WITH UNCERTAINTY AND RISK AS AN ENTREPRENEUR?

1. Embrace uncertainty 2. Assess risk 3. Build resilience 4. Plan ahead 5. Trust your intuition 6. Seek opportunities

For instance, when the economy is growing and blooming, customers might get attracted to purchase luxurious goods. This leads to an increase in demand for luxury products. • On the other hand, when there’s an economic depression, the demand for such products can significantly decline, leading to a severe risk faced by entrepreneurs.

market risk

•It is a popular way for entrepreneurs to raise capital, mainly through Kickstarter.An entrepreneur creates a page for their product and a monetary goal to reach while promising certain givebacks to those who donate, such as products or experiences.

Crowdfunding

•This refers to building a company solely from your savings as an entrepreneur and the initial sales made from your business

Bootstrapping

Reed finals

Leah Jean Better · 28問 · 2年前

Reed finals