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Group Member: Faizan Khalid
Furqan HasanAli Afzal
Talha HanifAsad Bandeali
Khurram AbbasQadeer-ud-din
M.Zeeshan
Francisco Romano
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Self Discovery
Identifying Opportunities
Generating and Evaluating Ideas
Planning
Raising Start-up Capital
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Start-Up
Growth
Harvest
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Self Discovery: The act or process of achievingunderstanding or knowledge of oneself.
Identifying Opportunity: Looking for needs, wantsand problem that are not yet being met.
Generating and Evaluating Ideas: Using creativityto devise new ways to solve problems and needsand then narrowing the field to one best one.
Planning: Identifying resources needed to turnidea into viable venture.
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Raising Start-up Capital: Using the business plan toattract the investors.
Start-up: Launching the venture, developing a customerbase and adjusting marketing and operational plans asrequired.
Growth: Growing a business and developing andfollowing the strategic plan.
Harvest: Selling the business and harvesting thereward.
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Develop Mission and Vision Statement
Assess theStrength and Weaknesses
Scan the Environment
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The vision gives the reason for existence.Elements:
It provides direction It determines decision
It motivates people
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It gives:
the purpose of the company
the business we are in the values of the company
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Keep it short
Keep it simple
Measureable
Realistic
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Strengths: positive internal factors that a
company can use to accomplish its mission.
Weaknesses: negative internal factors that
inhibit the accomplishment of a companysmission.
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Opportunities: positive external option that a
firm can exploit to accomplish its mission.
Threat: negative external factors that inhibit
a companys ability to achieve its mission.
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Identify The Key Factors For Success
Analyze The Competition
Create Company Goals & Objectives
FormulateStrategic Options & Select The Appropriate
Translate Into Action Plans
Accurate Control
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KeySuccess Factors.
The factors that determine a companys ability to
compete successfully in an industry.
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Competitor analysis. Direct Competitors
Indirect Competitors Significant Competitors
What To See In Competitors. Who they are? And where they are located.
Their strategies. Marketing of product/service
Strengths & Weakness.
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Competitive Profile Matrix.
A tool that allows a business owner to evaluate
their companies against major competitors usingthe key success factors for that market.
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Goals.
The broad, long-range attributes a business seeks
to accomplish; they tend to be general andsometimes even abstract.
Objectives.
More specific targets of performance, commonlyaddressing areas such as profitability,productivity, growth,& other key aspects.
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Characteristics of Objectives
Specific
Measurable Assignable
Realistic
Timely
Can be written down
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Strategy
A road map of the actions an entrepreneur drawsup to fulfill a companys mission, goals, andobjectives.
Three options
Cost leadership
Focus
Differentiation
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Implementing the Strategy
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Controlling the Strategy
BalancesScorecard Customer perspective
Internal business perspective
Innovation and learning
Financial perspective
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What exactly do you mean by
Entrepreneurial Management ?
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Existing Business
Public-Service Institution
New Venture
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What is Entrepreneurial Business?
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EXISTING BUSINESS
Entrepreneurial Policies Entrepreneurial Practices Measuring Innovative Performance Structures Staffing Three Donts
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EXISTING BUSINESS
Entrepreneurial Policies
What is Entrepreneurial Policies
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1.Entrepreneurial PoliciesAttractive innovation for managers
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inking innovation to internal staff- Capable People to work on innovation
- Allow Management to Innovate
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2.Making an Existing Business greedy for newthings
-Analysis of the existing Product life cycle
-Existing Advertising Strategies
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3.Collecting Information
4.
Systematic abandonment
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EXISTING BUSINESS
Entrepreneurial Practices
Focusing Managerial Vision on Opportunities
Generate Entrepreneurial spirit throughout the entireManagement Group
Member of the Top Management sits down with thejunior people
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EXISTING BUSINESS
Measuring Innovative Performance
Feedback from results to expectation
Develop a systematic review of innovative efforts alltogether
Judging the companys total innovative performanceagainst its innovative objectives & its performance &standing in the market
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EXISTING BUSINESS
Structure
The new has to be organized separately from existing& special locus for the new within the organization
To keep away from it the burdens it cannot yet carry
Person or a component group should be held clearlyaccountable
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EXISTING BUSINESS
Staffing
Decisions are made like any other decisions aboutpeople and job
These are risk taking decisions
These decisions are made carefully
These decisions are made correct way
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EXISTING BUSINESS
Staffing Process
Checking the assignment
Considering the number of people
Checking the performance records
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EXISTING BUSINESS
The Donts
Dont mix the entrepreneurial unit with themanagerial unit.
Innovate where it has expertise. Dont go fordifferentiation.
Dont buy small entrepreneurial businesses tomake it one company.
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PUBLICSERVICE INSTITUTION
Institution providing services for general public.
Government agencies Schools and Universities Hospitals
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PUBLICSERVICE INSTITUTION
Public service institution find it far more difficult to
innovate than even the most bureaucraticcompany
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PUBLICSERVICE INSTITUTION
The forces that hinder entrepreneurship and
innovation in a public service institution areinseparable from it.
The best proof of this are internal staff services inbusinesses.
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PUBLICSERVICE INSTITUTION
Reason of an obstacle to innovation faced by public
service institution are:
First the public service institution is based on abudget rather than paid out of result.
Success is being defined as by getting a largerbudget rather than obtaining results.
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PUBLICSERVICE INSTITUTION
A business needs only a very small share of a
market to be successful. Then it can satisfyshareholders workers.
But public service institutions includes staffactivities within a business corporation have
no results of which they are being paid anyconstituent no matter how marginal has ineffect a veto power.
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PUBLICSERVICE INSTITUTION
The most important reason however is that
public service institution tend to see theirmission as a moral rather than economic andcost benefit.
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Causes that demonstrate entrepreneurial policies
needed in public service institution to make itcapable of innovation are
First public service institution needs a cleardefinition of its mission.
It needs a realistic goal. Something that is genuinelyattainable and a commitment to a realistic goal.
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Failure to objective should be considered as an
indication that objective is wrong or least defined.The objective should be economic rather thanmoral.
Need to build into their policies and practice the
constant search for innovative and opportunity.Change should be considered as an opportunity ratherthan threat.
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Public service institutions have become tooimportant in developed countries.
Public service institution have to be madeproductive and producing. They will have to learnto be innovators to manage themselves.
For this they will have to look upon social,technological, economical and demographic shiftsas opportunities in a period of rapid change
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NEW VENTURE
Any new business involving some risks
and expectations of gaining something.
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A NEW VENTURE MUST HAVE:
An idea
Product or service Costs
Sales Profits
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A NEW VENTURE MUST NOT HAVE :
Established business
no developed productsHigh lump sum profitsFully aware customers
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Totally focusing on your idea
Choosing all the resources as per your need
Easy to bring changes Choose your own management team
It can be a winner
Make your own name
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1) Focus on the market2) Financial foresight
3) Building a management team4) Entrepreneurs role and decisions
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THE NEED FOR MAKET FOCUS:
Focus on the market as a whole
Do not limit the product search for new markets and opportunities
willing to do experiments focus on customers
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FINANCIAL FORESIGHT:Poor Financial Forecast May Lead To:1. Lack of Cash
2. Inability to raise the capital needed for expansion3. Loss of control, with expenses, inventories, and
receivablesEssentials of effective Financial Foresight:1. Cash flow management2. Cash flow analysis3. Cash flow forecast
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BUILDING A TOP MANAGEMENT TEAM:
STEPS:
1. The founder with other key people thinkabout their business.
2. Identifying strengths and weaknesses.
3. Keeping right people on right job.4. Finally setting of goals and objectives for
each department.
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WHERE CAN I CONTRIBUTE?:
The Three Questions An Entrepreneur Ask
Himself Are:1. What do I like to do?2. Where do I fit in?3. What am I good at?
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Need lot of efforts
Hard to get finance
People awareness Have to build a strong management to keep
business rolling
Productivity is not known