Entrepreneur And Innovation Management 244 (EI244)
Summary
Summary Entrepreneurship and Innovation Management 244
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Course
Entrepreneur And Innovation Management 244 (EI244)
Institution
Stellenbosch University (SUN)
Summary for entrepreneurship and innovation management 244. Summaries of chapters 1, 2, 3, 5, 7, 8, 9. All content was covered in class and was prescribed for the final exam.
Entrepreneur And Innovation Management 244 (EI244)
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, Table of Contents
Chapter 1: Small Business Ventures: Varieties and Impacts .......................................... 4
Starting an entrepreneurial small business ........................................................................4
Where are entrepreneurs? ...............................................................................................4
Types of entrepreneurship ...............................................................................................4
Types of economies ........................................................................................................5
Types of entrepreneurial small businesses ........................................................................5
Firm growth strategies ....................................................................................................5
Myths about small businesses ......................................................................................... 6
BRIE Model ................................................................................................................... 6
Small businesses and the economy ................................................................................. 6
The entrepreneurial way ................................................................................................ 6
Chapter 2: Small Business Entrepreneurs: Characteristics and Competencies ................. 7
Psychology of entrepreneurs ........................................................................................... 7
5 P's of entrepreneurial behaviour ....................................................................................................... 7
Entrepreneurial operational competencies ........................................................................ 7
Sociology of entrepreneurs ............................................................................................. 8
Women and minorities ....................................................................................................................... 8
Second career and veteran entrepreneurs ........................................................................................... 8
Entrepreneurial teams ........................................................................................................................ 8
Family business .................................................................................................................................. 8
Entrepreneurial life cycle ................................................................................................ 8
Rewards of starting a small business ............................................................................... 9
Universally mentioned........................................................................................................................ 9
Occasionally mentioned ..................................................................................................................... 9
Rarely mentioned ............................................................................................................................... 9
Chapter 3: Small Business Environment: Managing External Relations ........................ 10
The environment of small businesses ............................................................................. 10
Environmental scanning ................................................................................................ 11
Skills for managing relations with the external environment ............................................ 11
Build legitimacy ............................................................................................................................... 11
Develop networks ............................................................................................................................ 12
Skills for making the right decision ................................................................................. 12
Handling a crisis ............................................................................................................................... 12
Achieving sustainability .................................................................................................................... 12
Making ethical decisions ................................................................................................................... 13
Chapter 5: Small Business Entry: Paths to Part-time Entrepreneurship ........................ 14
, Why part-time businesses are important ........................................................................ 14
When to consider part-time entrepreneurship ................................................................. 14
Types of part-time ........................................................................................................ 14
Considerations of part-time ........................................................................................... 15
Success of part-time ..................................................................................................... 15
Challenges of part-time ................................................................................................. 15
Chapter 7: Small Business Strategies: Imitation with a Twist.......................................17
Strategic planning process ............................................................................................ 17
Goals ............................................................................................................................................... 17
Customer benefits ............................................................................................................................ 17
Industry analysis .............................................................................................................................. 17
Strategic selection ........................................................................................................................... 18
Post startup tactics........................................................................................................................... 19
Chapter 8: Business Plans: See Audiences and Business Clearly .................................. 20
vision .......................................................................................................................... 20
Elevator pitch ............................................................................................................... 20
Executive summary ...................................................................................................... 20
Business plan ............................................................................................................... 20
1. Cover letter and title page ....................................................................................................... 20
2. Table of contents and executive summary ............................................................................... 20
3. Company, product, industry .................................................................................................... 20
4. Market ................................................................................................................................... 21
5. Organization .......................................................................................................................... 21
6. Financial summary .................................................................................................................. 21
7. Appendixes ............................................................................................................................ 21
focusing your business plan ........................................................................................... 21
Special plans ................................................................................................................ 21
Risk in a plan ................................................................................................................ 22
Chapter 9: Small Business Marketing: Customers and Products ...................................23
Marketing process ........................................................................................................ 23
Customer roles ............................................................................................................. 23
Target markets............................................................................................................. 23
Value proposition ......................................................................................................... 23
How to write a value proposition ....................................................................................................... 24
Goods versus services ................................................................................................... 24
Total product approach: seeing the product as more than the core component helps cause and increases
benefits ........................................................................................................................................... 24
New product development process ................................................................................................... 24
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