CH06 Managing a Competency Based Approach Hellriegel Jackson

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Chapter 6: PowerPoint 6.18 (Adapted from Table 6.1)

Fostering E

n t r e p r e n e r s h i p

Chapter 6: FosteringEntreprenership

!A"A#$"#: A C%!PETE"C&

'AE APP*%AC+11th Edition

Prepared by

Argie 'tlerTe,as A-! ni/ersit0

on +ellriegel

ohn 2. lo3m4 r.

san E. a35son



Chapter 6: PowerPoint 6.1

Fostering E


earning #oals

1. E,plain the natre of entreprenership and

the impa3t the en/ironment has on it

7. es3ribe the 3ompeten3ies that 3ontribte to

entrepreners s33ess

9. %tline the planning essentials for potentialentrepreners

. es3ribe the basi3 essentials of 3orporate

entreprenership




Fostering E


2hat is

Entreprenership;

Common Components of Entreprenership

Entreprenership: $ts !eaning

and 3ope

The 3reation of

an inno/ati/eorgani<ation for

the prpose of

e3onomi3 gain

or growth

nder

3onditions of

ris5 or

n3ertaint0

omething

new

omething

better

"ew deli/er0

s0stem ordistribtion

3hannel

Entering an

nderser/ed ornew mar5et




Fostering E


+ow oes the En/ironment Affe3t

Entreprenership;

%pen and free mar5ets

ereglation

Politi3al 3limate

E3onomi3 and te3hnologi3al 3onditions

pport s0stem

A/ailabilit0 of 3apital and loans

Ta, rates and poli3ies

pport ser/i3es: 'A4 'Cs4 /entre 3apital

firms4 3hambers of 3ommer3e4 et3.



Chapter 6: PowerPoint 6.

Fostering E


+ow oes the En/ironment

Affe3t Entreprenership;

'siness in3bation: a bsiness spport pro3ess that

a33elerates the s33essfl de/elopment of start=p

and fledging 3ompanies b0 pro/iding entrepreners

with an arra0 of targeted resor3es and ser/i3es

Common featres in bsiness in3bators !anagement and te3hni3al gidan3e

"etwor5ing

*ental spa3e>fle,ible leases hared bsiness ser/i3es and e?ipment

Ps03hologi3al and moral spport

Assistan3e in obtaining finan3ing



Chapter 6: PowerPoint 6.@

Fostering E


mall bsiness one that is independentl0 owned

and operated and whi3h is not dominant in its

field of operation

mall bsiness firm ma0 be entreprenerial4

depending pon its initiati/es

'A defines si<e b0 nmber of emplo0ees or

dollars of sales4 depending pon indstr0




Fostering E


Famil0 bsiness: one owned and managed

mostl0 b0 people who are related b0 bloodand>or marriage

!a0 or ma0 not be entreprenerial

9B of famil0 bsinesses sr/i/e to the se3ond

generation4 17 to the third generation4 and

9 to the forth and be0ond

Are Famil0 'sinesses

Entreprenerial Firms;



Chapter 6: PowerPoint 6.D (Figre 6.1)

Fostering E


elf management

"eed for

a3hie/ementesire for

independen3eelf 3onfiden3eelf sa3rifi3e

33essflentrepreners

Planning

and

administration

!lti3ltral

Teamwor5 trategi3a3tion

Commni3ation

pe3iali<ed nowledge

aries b0 t0pe of

bsiness lan3hed




Fostering E


$mportan3e of elf=Confiden3e

and %ptimism

think its’ important to see this clear path and not be

discouraged when people throw stones at it, becausethey will. You will have to be willing to see the path,

believe in it, and have the stamina and persistence to

stick with it. You have to stand your ground an

have confidence.

Denise Divine

Founder of Devine Foods



Chapter 6: PowerPoint 6.G

Fostering E


eli/ering prod3ts and

ser/i3es that are per3ei/ed as

high ?alit0 and that are seen

b0 its 3stomers or 3lients

as adding /ale

e/eloping or impro/ing

prod3ts and ser/i3es on a

reglar basis

#enerating new 3stomers

or 3lients that e,pand

re/ene

Fo3sing mar5eting

e,penditres and

de/eloping 3stomer=

oriented emplo0ees

!aintaining finan3ial

3ontrol of the firm

Establishing a strong

3ommitment to ethi3al

pra3ti3es



Chapter 6: PowerPoint 6.1B

Fostering E


Planning and Administration

Competency !napshot

"o your homework prior to starting the business.

#ake sure the market truly needs your service or product.

$inally, make sure you can differentiate your service or product from the competition in a way that is beneficial to the

customer. !tay focused on your goals, but be fle%ible enough

to modify your business plan to match what the market is truly

asking for. As evidenced of why this is important &' percent

of my firm’s revenue today is from services we did not offer in my original business plan.

aniel riesenga

Fonder and CE%

riesenga - Asso3iates




Fostering E


Commni3ation

Competen30

33essfl entrepreners s3ore higher than87 per3ent of the poplation on their abilit0

to e,press spport and en3oragement

33essfl entrepreners s33eed b0 helpingother peopletheir emplo0ees4 partners4

in/estors4 sppliersbe3ome s33essfl

themsel/es




Fostering E


Planning Essentials for Entrepreners

es3ribes the

basi3 idea that is

the fondationfor the start=p

and otlines how

that idea 3an be

trned into

realit0

(!omeone once said If you don’t know

where you’re going, any road will take you

there. You need to know e%actly where you want to go, what route you’re going to

take, when you will arrive and what you

are to do upon arrival)no guesswork at

all. You need to determine whether there

is a demand for your service and, if so,

what constitutes your market.*

"on "oggett

#anagement Counselor

Counselors to America’s !mall +usiness

'siness Plan napshot




Fostering E


'siness Plan: Essential

Components

(3ontined)

$. E,e3ti/e mmar0

2hat4 how4 wh04 where4 and when mst be

smmari<ed

$$. 'siness es3ription Component

The name of the bsiness

The potential and ni?eness of the new /entre

p




Fostering E



Components (3ontd)

$$$. !ar5eting Component

Con/in3e in/estors that sales proHe3tionsand 3ompetition 3an be met

$dentif0 target mar5et4 mar5et position4

mar5et share4 pri3ing strateg0

E/alate all 3ompetition and state wh0 andhow 0o will be better than 0or 3ompetitors

$dentif0 ad/ertising plans with 3ost estimates

p



Chapter 6: PowerPoint 6.1@ (Adapted from Table 6.1)

Fostering E



Components (3ontd)

$. o3ation Component

es3ribe the ad/antages of 0or lo3ation(<oning4 ta, laws4 wage rates)I list the

prod3tion needs in terms of fa3ilities (plant4

storage4 offi3e spa3e) and e?ipment

(ma3hiner04 frnishings4 spplies)

$ndi3ate pro,imit0 to 0or sppliers

p




Fostering E



Components (3ontd)

. !anagement Component

ppl0 rJsmJs of all 5e0 people in themanagement of 0or /entre

es3ribe the legal str3tre of 0or /entre (sole

proprietorship4 partnership4 or 3orporation)

#i/e information on how and how m3h e/er0one

is to be 3ompensated

p



Chapter 6: PowerPoint 6.1D (Adapted from Table 6.1)

Fostering E



Components (3ontd)

$. Finan3ial Component

es3ribe the needed sor3es for 0or

fnds and the ses 0o intend for the

mone0

e/elop an estimated bdget4 3ash flow

statement4 and profit and loss statement

Create stages of finan3ing for prposes of

allowing e/alation b0 in/estors at /arios

points

p




Fostering E



Components (3ontd)

$$. Potential Criti3al=*is5s Component

An0 potentiall0 nfa/orable indstr0=widetrends4 s3h as pri3e 3tting b0 3ompetitors

esign or manfa3tring 3osts in e,3ess of

estimates

ales proHe3tions not a3hie/ed

Prod3t de/elopment s3hedle not met

Pro/ide some alternati/e 3orses of a3tion

p



Chapter 6: PowerPoint 6.1G (Adapted from Table 6.1)

Fostering E



Components (3ontd)

$$$. !ilestone 3hedle Component e/elop a timetable or 3hart to

demonstrate when ea3h phase of the

/entre is to be 3ompleted

$K. Appendi, or 'ibliograph0

p



Chapter 6: PowerPoint 6.7B

Fostering E


%ther

options

Fran3hise

strateg0

'0 trateg0 tart=p

strateg0

+ow to tart the 'siness

p




Fostering E


Prin3iple of Affordable oss

The 3ons3ios determination of the amont

of resor3es (mone04 time4 and effort)

entrepreners are willing to 3ommit to anidea4 whi3h4 in trn4 inflen3es the 3hoi3e of

strategies and methods needed to generate

earl0 re/enes

Addresses tension between e,3essi/e anal0sis

and ?i35 a3tion

p




Fostering E n t r e p r e n e r s h i p

Finding Fnds

Entreprener4

famil04

friends

entre 3apitalist 'siness angel

'siness

in3bators4go/ernment

agen3ies ('A)

Pri/ate se3tor

finan3ialinstittions

p



Chapter 6: PowerPoint 6.79 (Adapted from Figre 6.7)


Fa3tors That Fa/or a #lobal tart=p

#lobaltart=p

Foreign

Finan3ing

is 'etter+man

*esor3es Are

ispersed Among

Contries

TargetCstomers

*e?ire an

$nternational

Presen3e

Foreign

Competition 2ill

Li35l0 Enter the

!ar5et

omesti3!ar5et is Too

mall to pport

E,penses

omesti3

$nertia Cold

$mpede ater

Efforts to

$nternationali<e

p



Chapter 6: PowerPoint 6.7 (Figre 6.9)


*e3ommendations to Ensre a

33essfl Famil0 'siness

Commitment to

*esol/ing Confli3ts

Li35l0

Clear ob

*esponsibilities

And Athorit0

*elationships

E,pli3it +iring Criteria

For Famil0 !embers

Plan for !anagement

Transitions

se of %tside

Ad/isors>ire3tors

p



Chapter 6: PowerPoint 6.7@


Corporate Entreprenership

2hat is Corporate Entreprenership;

The de/elopment4 promotion4 and implementation

of inno/ation initiati/es in established firms for the

prpose of generating growth and4 ths4 profits

nder ris50 or n3ertain 3onditions

Essential for the sr/i/al of firms

2ho $s a Corporate Entreprener;

omeone in an organi<ation who 3hampions

trning new ideas into profitable realities

p




Fostering E n t r e p r e n e r s h i

+ow is Corporate Entreprenership

Fostered;

$n3enti/es

and rewards

for ris5 ta5ing

Commitment from senior management

Fle,ible organi<ation

design

Atonom0 of the

/entre team

Appropriatel0

designed 3ontrols0stem

Competent and

talented people whoe,hibit entreprenerial

beha/iors and attitdes

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CH06 Managing a Competency Based Approach Hellriegel Jackson

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