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Entrepreneurship

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Entrepreneurship ­ MGT602
VU
Lesson 14
INTERNATIONAL ENTREPRENEURIAL OPPORTUNITIES (continued...)
LEARNING OBJECTIVES
1.
To explain the aspects of the entrepreneurial process.
2.
To explain the differences between entrepreneurial and managerial domains.
3.
To explain the organizational environment conducive for entrepreneurship.
4.
To identify the general characteristics of an Entrepreneur.
5.
To explain the process of establishing entrepreneurship in an organization.
ENTREPRENEURIAL PARTNERING
One of the best methods to enter an international market is to partner with an entrepreneur in that country.
These foreign entrepreneurs know the country and culture and therefore facilitate business transactions
while keeping the entrepreneur current on business, economic and political conditions. This partnering is
facilitated by understanding the nature of entrepreneurship in the country. Three areas of particular interest
to U.S. entrepreneurs are Europe, the Far East and transition economies.
Europe
Europe has only recently become interested in entrepreneurship.
Risk taking has been discouraged and business failure considered a social disgrace.
Several changes in the social and political climate have changed this traditional, security-
conscious culture.
Exemplifying this new thinking are academics, especially scientists and engineers.
Today more individuals are emerging in both academic circles and large companies who
are look for a challenge.
New government policies are making it easier to raise money for starting up businesses.
The U.K. created the Business Expansion Scheme in 1983 to provide capital to new
business ventures.
In France several economic and social factors cause difficulties.
Venture capital is managed by bankers, who are risk averse.
Another hurdle is the French contempt for both failure and success.
Research in Ireland and Sweden has explored the nature of European entrepreneurship.
The Far East
Entrepreneurial success in some Asian countries has been significant because of the
culture and the political and economic systems.
The Malaysian government has established the Malaysian Industrial Development
authority to promote efforts to eradicate poverty, but has not accomplished much.
In Singapore, entrepreneurial success is greatly esteemed.
Japan's social structure discourages entrepreneurship.
Hong Kong is a major entrepreneurial center.
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Entrepreneurship ­ MGT602
VU
Controlled and Transition Economies
China's planned economy has not openly encouraged entrepreneurship, but a deal of
entrepreneurial activity is taking place.
In Poland, the transitional upheaval and lack of reform has led to a thriving black
market.
The Overseas Private Investment Corporation of the U.S. government has supported
economic reforms in these countries, through services such as:
Selling political risk insurance.
Offering direct loans.
Providing loan guarantees.
Organizing overseas missions.
Providing investor information services.
Due in part to OPIC, reforms in Hungary have supported decentralization, private
initiative, and market-orientation of the economy
SOURCES OF NEW IDEAS
A sound idea for a new product or service, properly evaluated, is essential to successfully launch a new
venture. Some of the more frequently used ideas for new entrepreneur include consumers, existing
companies, distribution channels, the federal government and research and development.
Consumers
Potential entrepreneurs should pay close attention to the final focal point of a new product-the customer.
This can be an informal or formal survey of consumers expressing their opinions. Care should be taken to
ensure that the idea represents a large enough market.
Existing Companies
Entrepreneurs should establish a formal method for monitoring and evaluating the products and services in
the market. This may uncover ways to improve on present products, resulting in new product ideas.
Distribution Channels
Because they are familiar with the needs of the market, channel members often have suggestions for new
products. These channel members can also help in marketing the new product.
Federal Government
The files of the Patent Office contain numerous new product possibilities. The patents can suggest other
new product ideas. Several government agencies and publications are helpful in monitoring patent
applications. New product ideas can also come in response to government regulations.
Research and Development
The largest source for new ideas is the entrepreneur's own research and development. This can be a formal
endeavor connected with one's current employment
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Table of Contents:
  1. THE NATURE AND IMPORTANCE OF ENTREPRENEURSHIP:DEFINITION OF ENTREPRENEUR
  2. THE NATURE AND IMPORTANCE OF ENTREPRENEURSHIP:Possibility of New Venture Formation
  3. ENTREPRENEURIAL PROCESS/START UPS:GOVERNMENT AS AN INNOVATOR
  4. THE ENTREPRENEURIAL AND ENTREPRENEURIAL MIND:ENTREPRENEURIAL PROCESS
  5. THE ENTREPRENEURIAL AND ENTREPRENEURIAL MIND (continued…)
  6. THE ENTREPRENEURIAL AND ENTREPRENEURIAL MIND (continued…):CLIMATE FOR ENTREPRENEURSHIP
  7. THE ENTREPRENEURIAL AND ENTREPRENEURIAL MIND (continued…):PROBLEMS AND SUCCESSFUL EFFORTS
  8. THE INDIVIDUAL ENTREPRENEUR:ENTREPRENEURIAL BACKGROUND AND CHARACTERISTICS
  9. THE INDIVIDUAL ENTREPRENEUR (continued…):Personal Values, Work History, MOTIVATION
  10. THE INDIVIDUAL ENTREPRENEUR (continued…):ROLE MODELS AND SUPPORT SYSTEMS
  11. INTERNATIONAL ENTREPRENEURIAL OPPORTUNITIES:INTERNATIONAL ENTREPRENEURIAL OPPORTUNITIES, Minority interests
  12. INTERNATIONAL ENTREPRENEURIAL OPPORTUNITIES (continued…):DIRECT FOREIGN INVESTMENT
  13. INTERNATIONAL ENTREPRENEURIAL OPPORTUNITIES (continued…):BARRIERS TO INTERNATIONAL TRADE
  14. INTERNATIONAL ENTREPRENEURIAL OPPORTUNITIES (continued…):ENTREPRENEURIAL PARTNERING
  15. INTERNATIONAL ENTREPRENEURIAL OPPORTUNITIES (continued…):SOURCES OF NEW IDEAS
  16. CREATIVITY AND THE BUSINESS IDEA:METHODS OF GENERATING NEW IDEAS, CREATIVE PROBLEM SOLVING
  17. CREATIVITY AND THE BUSINESS IDEA:PRODUCT PLANNING AND DEVELOPMENT PROCESS
  18. LEGAL ISSUES FOR THE ENTREPRENEUR:NEED FOR A LAWYER, PATENTS
  19. LEGAL ISSUES FOR THE ENTREPRENEUR:TRADEMARKS, LICENSING
  20. LEGAL ISSUES FOR THE ENTREPRENEURS:PRODUCT SAFETY AND LIABILITY, INSURANCE
  21. CREATING AND STARTING THE VENTURE:WHAT IS THE BUSINESS PLAN, PRESENTING THE PLAN
  22. CREATING AND STARTING THE VENTURE (Continued….):WRITING THE BUSINESS PLAN
  23. CREATING AND STARTING THE VENTURE (Continued….):
  24. CREATING AND STARTING THE VENTURE (Continued….):WHY SOME BUSINESS PLANS FAIL, MARKETING PLAN
  25. THE MARKETING PLAN:MARKET RESEARCH FOR THE NEW VENTURE
  26. THE MARKETING MIX:STEPS IN PREPARING THE MARKETING PLAN
  27. THE ORGANIZATIONAL PLAN:DEVELOPING THE MANAGEMENT TEAM, LEGAL FORMS OF BUSINESS
  28. THE ORGANIZATIONAL PLAN (Continued….)
  29. THE ORGANIZATIONAL PLAN (Continued….):THE LIMITED LIABILITY COMPANY
  30. THE FINANCIAL PLAN:OPERATING AND CAPITAL BUDGETS
  31. THE FINANCIAL PLAN (Continued….):PRO FORMA INCOME STATEMENTS, PRO FORMA CASH FLOW
  32. PRO FORMA SOURCES AND USES OF FUNDS:PERSONAL FUNDS, FAMILY AND FRIENDS
  33. PRO FORMA SOURCES AND USES OF FUNDS:COMMERCIAL BANKS
  34. BANK LENDING DECISIONS:SMALL BUSINESS ADMINISTRATION LOANS
  35. SOURCES OF CAPITAL:GOVERNMENT GRANTS
  36. SOURCES OF CAPITAL:PRIVATE PLACEMENT, BOOTSTRAP FINANCING
  37. CAPITAL SOURCES IN PAKISTAN:PROVINCIAL LEVEL INSTITUTIONS, FINANCIAL INSTITUTIONS
  38. PREPARING FOR THE NEW VENTURE LAUNCH: EARLY MANAGEMENT DECISIONS (Continued….)
  39. PREPARING FOR THE NEW VENTURE LAUNCH: EARLY MANAGEMENT DECISIONS (Continued….)
  40. PREPARING FOR THE NEW VENTURE LAUNCH: EARLY MANAGEMENT DECISIONS (Continued….)
  41. PREPARING FOR THE NEW VENTURE LAUNCH: EARLY MANAGEMENT DECISIONS (Continued….)
  42. PREPARING FOR THE NEW VENTURE LAUNCH: EARLY MANAGEMENT DECISIONS (Continued….)
  43. NEW VENTURE EXPANSION STRATEGIES AND ISSUES:JOINT VENTURES, ACQUISITIONS
  44. NEW VENTURE EXPANSION STRATEGIES AND ISSUES (Continued….):DETERMINING THE PRICE FOR AN ACQUISITION
  45. ENTREPRENEURSHIP & PAKISTAN:GENDER DEVELOPMENT STATUS WOMAN AS AN ENTREPRENEUR IN PAKISTAN