© Pearson Education Limited 2015EM-1 Chapter EM Managing Entrepreneurial Ventures.
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Transcript of © Pearson Education Limited 2015EM-1 Chapter EM Managing Entrepreneurial Ventures.
© Pearson Education Limited 2015 EM-1
ChapterEMManagingEntrepreneurial Ventures
What is Entrepreneurship?
Entrepreneurship:The process of starting new businesses, generally in response to opportunities.
© Pearson Education Limited 2015 EM-2
What Do Entrepreneurs Do?
• Assess the potential of the venture• Research the venture’s feasibility• Plan the venture• Organize the venture• Launch the venture• Manage the venture• Manage the venture’s growth
© Pearson Education Limited 2015 EM-3
Business Plans
• Executive summary• Synopsis business plan• Summary business plan• Fully business plan• Operational business plan
© Pearson Education Limited 2015 EM-4
Components of a Full Business Plan
• Executive summary• Analysis of opportunity• Analysis of the context• Description of the business• Financial data and projections• Supporting documentation
© Pearson Education Limited 2015 EM-5
Legal Forms of Organization
1. Sole proprietorship2. General partnership3. Limited liability partnership (LLP)4. C corporation5. S corporation6. Limited liability company (LLC)
© Pearson Education Limited 2015 EM-6
Organizational Structure
• Work specialization• Departmentalization• Chain of command• Span of control• Amount of centralization or decentralization• Amount of formalization
© Pearson Education Limited 2015 EM-7
Human Resource Management (HRM) Issues
1.Employee recruitment2.Employee retention
© Pearson Education Limited 2015 EM-8
What Type of Personality Do Entrepreneurs Have?Some Common Traits:• High motivation• Abundant self-confidence• High energy level• Great persistence• Moderate risk taker
The proactive personality
© Pearson Education Limited 2015 EM-9
Motivating Employees
Empowering employees by:
• Using participative decision making• Delegating decisions or duties• Giving them discretion over how they do their
work
© Pearson Education Limited 2015 EM-10
Entrepreneurs as Leaders
• Drawing out the best in people• Creating a vision for the organization• Developing teams that are empowered, self-
directed, and cross-functional
© Pearson Education Limited 2015 EM-11
Control Issues
• Managing growth• Managing downturns• Exiting the venture • Managing personal life choices and challenges
© Pearson Education Limited 2015 EM-12
Personal Challenges
Entrepreneurs manage personal challenges by:• Becoming pros at time management• Identifying competent business advisors• Dealing with conflicts as they arise• Developing a network of trusted friends/peers• Recognizing when stress levels are too high
© Pearson Education Limited 2015 EM-13
EM-14© Pearson Education Limited 2015