Summary
Summary OBS 114: Unit 1: Chapter 1
- Course
- OBS 114
- Institution
- University Of Pretoria (UP)
This document contains a summary of Chapter 1 of the textbook: Fundamentals of Business Management
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OBS 114Fundamentals of business management
Unit 1: Chapter 1: Entrepreneurship: An Introduction
1. THE NATURE OF ENTREPRENEURSHIP
Definitions Entrepreneurial Opportunities
Situations in which new good, services, raw materials and
organising methods can be introduced and sol at a greater
cost than production.
Examples Entrepreneurial opportunity can stem from:
existing products in new market
new product for existing market
new product in new market
Entrepreneursh Mobilisation of resources to take advantage of an
ip opportunity to provide customers with new/ improved goods/
services
Focuses of entrepreneurship:
Creation
Customer-focus
Efficiency
Innovation
2. STARTING A SMALL BUSINESS: FOUR KEY IDEAS
Ideas 1. Believe you can (self-efficacy)
2. Planning + Action = Success
3. Learn from others
4. Do good for others
Start-up
process
Feel Check Plan Do
1. Feel – Feeling about starting a business
2. Check – Likelihood for success through feasibility analysis
3. Plan – Business model/ plan
4. Do – Implement business activity
3. ENTRY COMPETENCIES
BRIE model
Boundary Creating a place in space and in the mind of your
consumer.
Registering business
Purchasing domain name
, Finding a place to conduct business
Resources Money, products, knowledge
Copyrights, patents, trademarks
Raw materials
Employees and partners
Intention Determination to be successful
Developing the product
Preparing the business plan
Defining market opportunities
Exchange Making investments and sales
Revenue
Saving money
Seeking funds
4. SMALL BUSINESSES AND THE ECONOMY
New jobs Small businesses employ more than half of all Americans
Innovations Creative Destruction
Innovation leads to new products which can outsell and
potentially hurt old ones
Small businesses have the flexibility to do work that
they think is important
The freedom to pursue dreams creates innovation
Economies Factor-Driven Economies
Small amounts of manufacturing
Lower-class job creation
Pakistan, Jamaica, Zimbabwe
Efficiency-Driven Economies
Industrialised
Middle-class job creation
Russia, Brazil, China
Innovation-Driven Economies
High-value manufacturing
High-end products for residents of country and exports
USA, UK, Germany
Entrepreneurs Opportunity driven:
hip Creating a firm to improve one’s income or a product/
service
Necessity driven:
Creating a firm as an alternative to unemployment
CSI Corporate entrepreneurship:
entrepreneurs Takes place in existing businesses
hip Around new products/ services/ markets
Social entrepreneurship:
Creation of self-sustaining/ charitable/ civic
organisation
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