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.
, 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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