Summary of all lectures given in the course, including guest lectures. Theory form other materials that is connected to the lectures is also included. The summary provides all necessary information for the course.
Summary - Entrepreneurship in Context
Lecture 1 – Intro and Guest Lecture: Amanda Brouwers
Entrepreneurial Journalism – Amanda Brouwers / Pod Gront
Should Journalism be free? IS it biased to pay for journalism?
Is Journalism Entrepreneurial?
- It has similar characteristics as Entrepreneurship à Innovative/creative/risk taking
- Not all Journalism is entrepreneurial – traditional journalism
There is currently a trend of emerging entrepreneurship in journalism
- Big changes in the journalistic world, traditional media is struggling.
- E.g. fake news contributes to a lack of trust in media.
- Journalism is an open industry, but not necessarily voluntary.
Cohen (2015): (Re)Introduction of entrepreneurship in journalism is a way to cope with the
issues and decline of journalism.
‘The wall’ = the division of common sense and financial aspects
- What motivates journalists
- Journalistic and business motivated news organisations
Money becomes the devil in journalism
- Motivates sensational news
- The focus on money is often considered to be entrepreneurial.
- Makes it hard to pay – many journalists have part time jobs.
Problem with saviour discourse
- Pressure to solve journalistic decline
- Entrepreneurship = money
- Many are trying to hold on too much to what is ‘nostalgic’, traditional journalism.
- Entrepreneurship can be seen as a hope for journalism, more innovation less
‘nostalgic’.
Examples of entrepreneurial journalism
- ‘The correspondent’
o Provides background information about their news
o Base their news on their users.
- ‘Blendle’
o New way of catching revenue, new user experience
o Pay per article instead of paying for the whole paper.
A new way of perceiving sorties
- E.g. ‘oorverdovend’ – an audio experience of stories from the second world war.
- E.g. ‘lief geluid’ – an audio experience of how we experience sound. Could also have
been written, but in this way the story becomes more relatable and relevant.
, Lecture 2 – Importance of Industry Attractiveness and Resources
Competitive Advantage
- Non-copyable superior value as perceived by customer
- Always keep customer perspective – what is superior value for the customer
- Keep in mind who your competitors are (e.g. Netflix and everything you do to relax)
Entrepreneurship is taking action; an opportunity is nothing if it is not exploited.
Market – Customers VS Industry – competitors
Industry:
Consists of sellers, your competitors. Organisations that offer products that can be classified
in the same way or easily substitute each other, using the same resources. Industry is from
the outside in on your firm.
Look both at the outside in (things outside your business/in the industry effecting you) and
the inside out (things in your business effecting the industry), both perspectives are
constantly changing. You need to be aware of these changes to survive.
Industry: Macro view – Outside in
Non-firm specific issues for competitive advantage, focus on the environment surrounding
the business. Anyone can enter the industry.
à Attractiveness is determined by Level of homogenous or identical resources
à Porters 5 forces
- Threat of new entrants, Bargaining power of consumer
- Bargaining power of supplier
- Rivalry among existing competitors
- Threat of new entrants (substitute product/service)
The more forces that are favourable, the more attractive the industry, and vice versa
Economies of scale, Network effect.
Bargaining power of supplier
- Usually suppliers agree on price to not limit each other in selling price.
- Differentiating yourself from the competitor gives you bargaining power.
- If you have more revenue streams in your business you gain bargaining power. This
because you are then less reliant on one source and can thus be more flexible with
said source. The more reliant you are on a revenue stream the more risk is involved,
thus you lose bargaining power.
Bargaining power of consumer increases when the number of consumers decreases, and
vice versa.
Industry Attractiveness
- Know/determine how economic value is created by the industry is crucial.
- Reveal why industry profitability is what it is. To understand the industry.
- Porter: looking at how you can defend against the 5 forces, and where the forces are
weak.
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