The document discusses the organizational life cycle that new ventures typically go through, including five stages: start-up, expansion, consolidation, revival, and decline. It describes the challenges entrepreneurs face at each stage, such as unpredictable growth and fighting fires at start-up, managing rapid growth during expansion, and making difficult decisions during consolidation to remain profitable. Successful ventures adapt to meet the changing needs at each stage through their leadership and strategic decisions around areas like products, markets, and organization.
A joint venture is when two or more companies collaborate on a business project together for a set period of time. There are two main types of joint ventures: domestic, involving partners from the same country, and international, involving partners from different countries. Joint ventures provide benefits like accessing new markets, resources, expertise, and risk sharing. However, they also pose disadvantages such as being time-consuming to set up and potential cultural/management clashes between partners. Key aspects of a joint venture agreement include ownership structure, management roles, decision making processes, funding, intellectual property sharing, and termination conditions.
The document discusses Porter's three generic strategies: cost leadership, differentiation, and focus. It provides details on each strategy, including the strengths companies need to successfully implement each one and risks involved. It gives examples of companies like McDonalds, Apple, Medimix, and PepsiCo that have used cost leadership, differentiation, or focus strategies.
The document discusses the process of recruiting and selecting a sales force. It involves analyzing job requirements, preparing job descriptions, identifying qualifications, attracting applicants from various sources, screening candidates, and selecting the best recruits through a multi-step process. Once selected, new salespeople go through a socialization process to integrate them into the sales force and organization.
The document discusses the GE Nine Cell Matrix, which is a portfolio analysis tool developed by McKinsey & Company for General Electric in the 1970s. It evaluates business units based on their market attractiveness and business strength. Market attractiveness depends on factors like market size, growth rate, and profit margins. Business strength is assessed by metrics such as market share, brand strength, and competitiveness. The matrix plots business units into nine cells that indicate whether a unit should be invested in, maintained, or harvested. It provides a more nuanced analysis than the Boston Consulting Group matrix.
The document discusses various corporate level strategies including stability, growth, retrenchment, and combination strategies. It describes stability strategies as maintaining the present course when there is no threat. Growth strategies include expanding market share through internal routes like diversification or external routes like mergers. Retrenchment strategies involve downsizing through divestment, liquidation or turnaround. A combination strategy example provided integrates stability, expansion and retrenchment elements. The document also discusses Porter's generic strategies of cost leadership, differentiation and focus as well as Miles and Snow's prospector, defender and analyzer adaptation models and the product life cycle model.
This document discusses different types of business strategies, including integration strategies, intensive strategies, and diversification strategies. Integration strategies involve acquiring suppliers or distributors and include vertical integration (backward or forward) and horizontal integration by acquiring competitors. Intensive strategies focus on existing products and markets and include market penetration, market development, and product development. Diversification strategies involve entering new industries, either related diversification into similar products, or unrelated diversification. The document provides examples and guidelines for when each type of strategy may be effective.
This document discusses the GE Nine Cell Matrix, which is a tool used in strategic portfolio analysis and planning. It involves plotting business units on a 3x3 grid based on their strengths and the attractiveness of the industry they operate in. Strengths and attractiveness are each rated as high, medium, or low. The matrix then recommends different strategic approaches - grow, hold, or harvest - for business units in each of the nine cells. It provides a framework for allocating resources effectively based on where a business unit sits within the matrix. The document outlines typical factors considered when rating strengths and attractiveness, and provides an example analysis of Maruti Udyog, an Indian automaker.
The document discusses Michael Porter's generic competitive strategies, including cost leadership, differentiation, and focus strategies. It provides examples of companies that employ each strategy and explains that the "stuck in the middle" strategy of attempting to adopt all three is difficult to implement and unlikely to provide a competitive advantage. Businesses should analyze their strengths to determine which single generic strategy is most appropriate rather than trying to be all things to all customers.
The Concept
A stable strategy arises out of a basic perception by the management that the firm should concentrate on using its present resources for developing its competitive strength in particular market areas.
In simple words, stability strategy refers to the company’s policy of continuing the same business and with the same objectives
A firm pursues stability strategy when
1. It continues to serve the public in the same product or service, market, and function sectors as defined in its business definition.
2. Its main strategic decisions focus on incremental improvement of functional performance.
2. Corporate Restructuring is the process of redesigning one or more aspects of a company.
3. The process of reorganizing a company may be implemented due to a number of different factors, such as positioning the company to be more competitive, surviving a currently adverse economic climate, or acting on the self confidence of the corporation to move in an entirely new direction.
Value Chain Analysis using Porter's ModelSheetal Wagh
A value chain consists of primary and support activities that a firm performs to deliver value to customers. Primary activities directly involve creating, selling, and supporting a product or service. Support activities enable the primary activities. Michael Porter popularized the value chain concept in 1985 as a way to analyze how a firm's activities can be improved to increase competitive advantage. Analyzing a firm's value chain involves identifying its activities and sub-activities, and finding ways to enhance value at each step.
This document summarizes a presentation on strategic control. It outlines 5 questions involved in assessing a strategy's success, including whether the organization is moving in the right direction and if objectives are being met. It defines strategic control as focused on achieving future goals rather than past performance, and tracking a strategy as it is implemented. The characteristics, process, and 4 types of strategic control are described: premise control, implementation control, strategic surveillance, and special alert control. Operational control is also briefly discussed.
This document discusses stability strategies as part of corporate strategy. It defines stability strategies as continuing current activities without significant changes in direction, and notes they are most common for small businesses or mature firms. The document outlines three types of stability strategies: no-change strategies for stable environments; profit strategies to maintain profits artificially in the short-term; and pause/proceed with caution strategies to test changes before fully implementing them. Advantages include reduced risk and maintaining routine work, while disadvantages include limiting growth and innovation long-term.
The document compares rural and urban marketing in India, noting key differences in their philosophies, buyer motivations, marketing objectives, mix, research methods, technologies used, and development strategies. Rural marketing focuses on inclusive growth and uses simple research methods, while urban marketing emphasizes fashion, lifestyle, and sophisticated research. The marketing mix also differs, with rural using the basic 4 P's and urban utilizing an expanded 7 P's approach.
Strategic management involves formulation and implementation of major goals and initiatives by top management based on assessments of internal and external environments. [DOCUMENT] outlines the six key steps to effective strategic formulation: 1) define the organization, 2) define the strategic mission, 3) define strategic objectives, 4) define the competitive strategy considering industry, competition, and strengths/weaknesses, 5) implement strategies through tactical actions, and 6) regularly evaluate progress against the strategic plan and make adjustments based on changes in the business environment. Strategic formulation provides a framework for actions to achieve anticipated results but requires flexibility to adapt the strategic plan to changing market conditions.
The document discusses strategic intent and the balanced scorecard approach to strategic management. It defines strategic intent as the purpose and direction an organization aims to achieve. Key elements of strategic intent include vision, mission, goals, and objectives. These elements form a hierarchy with the vision at the top as the long-term goal, followed by the mission which articulates how the vision will be achieved, then specific goals and objectives with metrics to evaluate performance. The balanced scorecard framework translates strategic intent into objectives and measures across financial, customer, internal process, and learning/growth perspectives.
The GE/McKinsey Matrix is a portfolio analysis tool used to classify business units within a large company based on two criteria: industry attractiveness and business unit strength. It evaluates each unit and places it in one of nine cells based on its criteria scores, recommending different strategies for units in each cell ranging from investing for growth to harvesting or divesting.
Strategic formulation in Strategic managementYamini Kahaliya
This presentation is on Strategy formulation(of subject strategic management) and it covers following points :-
Define strategy formulation
Need of strategy formulation
Steps of strategy formulation
Problems in strategy formulation
Levels of strategy
This document outlines various offensive and defensive business strategies. Defensive strategies include position defense, mobile defense, flanking defense, counter-offensive defense, and contraction defense, which are used to protect market share. Offensive strategies aim to improve one's own position by taking market share from competitors, and include frontal attack, flank attack, encirclement attack, bypass attack, and guerilla attack. Both offensive and defensive strategies are used to gain competitive advantages and either retain or expand a company's market position.
Corporate level strategies involve determining a company's overall direction and scope. This includes stability strategies like maintaining the status quo, expansion strategies like diversification and internationalization to grow, and retrenchment strategies like downsizing or divestment. Expansion strategies allow companies to broaden their business and improve performance through activities such as concentrating on existing markets, integrating related business functions, diversifying into new products or markets, cooperating with other companies, and expanding internationally.
In the 1970s, Benjamin Tregoe developed the concept of the driving force as a way to think about an organization’s strategic intent.
“the primary determinant of the products and services an organization will and will not offer and the markets (customers, consumers, and geographies it will and will not serve.”
Organizational culture - Human Behaviour OrganisationKrupesh Shah
This document discusses organizational culture at two companies - Tata Motors and Ford Motors. It begins by defining organizational culture and its importance. It then examines the key components and characteristics of organizational culture, as well as different types. The presentation also explores the cultures specifically at Tata Motors and Ford Motors, looking at their missions, visions, and broader perspectives. It highlights innovations and the value of ethics at both companies.
What exactly is culture?
Understand culture using metaphors.
Understanding organisational culture.
Why organisational culture matters?
Explain and use techniques to evaluate organisational culture.
Cultural web
Cultural iceberg
Handy’s four culture types
Competing values framework
How is organisational culture created and preserved?
Can organisational culture be changed?
Discuss cases of cultural blunders.
What are the causes of cultural blunders?
How to minimise cultural blunders.
The document discusses organizational culture at Tata Motors and Ford Motors. It defines organizational culture and explains its importance. It provides overviews of Tata Motors and Ford Motors, discussing their missions, visions, and histories. The document also covers the cultures at both companies, how they approach innovation, ethics, customer service, and social responsibility. It discusses the roles of CEOs in transforming company culture.
Organizational culture is defined as the shared beliefs, customs, traditions, and values of an organization's members. It is shaped by an organization's founders, leaders, selection practices, and socialization of new employees. Maintaining culture involves selecting new members who share the existing values and socializing them to accept prevailing norms and customs through stories, rituals, symbols, and language used in the organization.
Organizational culture refers to the shared values, beliefs, and behaviors of members of an organization. A strong organizational culture can attract and retain talent, engage employees, create energy and momentum, and make everyone more successful. Culture is learned through stories, rituals, symbols, and language within the organization. Founders and top management play important roles in establishing and maintaining an organization's culture through selection practices, actions, and socialization of new employees. While difficult to change, understanding organizational culture is important for managing change within a company.
This document defines organizational culture and describes its key elements. It discusses that culture is comprised of shared beliefs, assumptions, values and norms that shape group behavior. Culture is transmitted through socialization and exists when shared by most group members, passed between generations, and influences behavior. The core elements of culture include observable practices/symbols and deeper assumptions/values. The document then examines different types of organizational cultures like bureaucratic, clan, market, and entrepreneurial cultures and how they influence behaviors and performance. Finally, it discusses how strong, well-socialized cultures can enhance performance and satisfaction if a common style is developed and reinforced.
The document summarizes key aspects of entrepreneurship and business management for a workshop, including definitions of entrepreneurship and entrepreneurs, the reasons for and roles of entrepreneurship, strategic importance of small businesses, and considerations for marketing, operations, financial, product, and organizational management for entrepreneurs and small businesses. Key challenges for small businesses include competing without mass production capabilities and accessing financing. The document emphasizes the need for entrepreneurs to be innovative, focus on market analysis and technology, and differentiate their offerings rather than competing directly with larger firms.
Organizational culture refers to shared meanings and behaviors among members of an organization. It is shaped by founders and reinforced over time through socialization, stories, rituals, and symbols. A strong culture with clear values can increase commitment and coordination but may also resist change and diversity. Managers can develop an ethical culture through role modeling, training, and rewarding ethical conduct. National culture also influences how organizational culture is expressed in other countries.
The document discusses entrepreneurship and introduces key concepts:
1) Entrepreneurship is creating something new of value by devoting time and effort while accepting risks and potential rewards.
2) An entrepreneur actively starts and leads their own business to grow and prosper by recognizing opportunities and managing resources.
3) Entrepreneurship can lead to innovation, job creation, and economic growth through organizing resources and creating new products/services.
The document discusses the importance of assessing an organization's readiness for growth. It identifies three phases of growth an organization can be in: growing, stagnating, or declining. It emphasizes that while individual departments may have efficient processes, the greatest potentials for improvement often lie in the interfaces between departments. Properly clarifying interfaces through agreements on expectations and responsibilities is essential for coordinating efforts across an organization and enabling sustainable growth. The document provides examples of how failures to adequately address interfaces can undermine otherwise well-planned initiatives and result in missed deadlines, quality issues, and other problems.
The document discusses the importance of maintaining an entrepreneurial mindset as a company grows. It contrasts the mindset of an entrepreneur with that of a manager, noting that entrepreneurs perceive opportunities and believe they can succeed, whereas managers are more focused on analyzing data and maintaining the status quo. The document also discusses how entrepreneurs can build adaptive organizations by sharing their vision, increasing perceptions of opportunity, and rewarding innovation. It emphasizes the challenges of transitioning from an entrepreneurial to managerial style of leadership during growth stages.
The document summarizes the stages of a business turnaround process. It discusses 5 stages: 1) Changing Management, 2) Analyzing the Situation, 3) Implementing an Emergency Action Plan, 4) Restructuring the Business, and 5) Returning to Normal Operations. The early stages focus on replacing management if needed, analyzing problems, stopping cash losses. Later stages center on restructuring operations for long-term profitability and rebuilding morale as the company returns to stability. Hiring an experienced turnaround specialist can help struggling companies navigate this process to recovery.
Business transformation - Building the company to SellBrowne & Mohan
Small companies though faster and nimbler than larger companies and MNCs, do experience headwinds, hit a growth plateau and face uncertainties. Small companies are faster because of the founder mentality, which is a sense of mission and a passion for front line customers. They have a deep understanding of what their customers want. This is what makes them successful. However, smaller companies tend to be very dependent on a few customers. They find it difficult to sustain their effort in the long run. The owners of these companies usually depend on preferential access to clients, capital and talent to achieve initial success. Replicating this pattern in the long run is difficult. To be sustainable in the long term needs an ability to scale. At this stage, founders are faced with two options – grow and transform the company so that it can be sustainable. Or, they often think of exiting the business due to challenges in succession, lack of ability to invest etc. Even if they need to sell the business, there still is a runway to grow and transform the business for sale. Though the two options involve undergoing a transformation of sorts, the agenda and goals will be a different in each.
It is clear that companies, whether old economy or start-ups, need to work on a few areas before they sell out. All of these companies seem to be adding value somewhere which is what makes them attractive to buyers. Start ups in Israel take 4 years to sell out and on an average make 7 times their Return on Investment. In France they take 7 years to sell out and the ROI is less than 4. German companies too an average of 4 years to sell out, and their return was 2.5 times their initial investment. For most start ups, it is new technology which others think will be the next big thing. But there are lot of investors like Warren Buffet and large corporations, which make strategic investments to park their cash safely, especially given the uncertainty in the global economy. For them, old economy companies that can deliver regular dividends and has a self sustaining business will always remain attractive. Hence the question is what companies need to do to transform themselves to sell. Asian paints for example bought out the brand and entire front end sales of Ess Ess bathroom products, because of the capability Ess Ess had developed in this area. French company Lactalis acquired Tirumala Milk products for its niche products and infrastructure that it built over the years. Be it chemicals, pharma or engineering, M&A of small companies have been happening for various reasons like the people and skills possessed, functional competencies, benefits of integration to the buyer, regulatory clearances available or strong presence in the value chain.
The document outlines three phases of organizational development: 1) The Pioneering Phase, where organizations are led autocratically by founders with informal structures. 2) The Scientific Management Phase, where growing organizations implement formal systems like standardization, specialization and coordination. 3) The Integration Phase, where organizations integrate different functions. It provides characteristics and potential problems of the pioneering phase and signals that introduce the scientific management phase to address increasing complexity.
The document discusses the unique strengths and challenges of family-run businesses. It outlines several advantages family-run businesses have over publicly owned companies, such as flexibility, long-term thinking, strong corporate culture and better labor relations. However, only 3% of family businesses survive into the fourth generation, as many struggle with succession planning and an inability to innovate and evolve with changing markets. The key challenge for long-term survival is preparing the business for continuous renewal and innovation beyond just running existing operations.
The document provides 6 ways for businesses to grow:
1. Enhance brand loyalty by providing superior products/services, exceeding expectations, creating customer delight, following up with customers, and looking for value additions.
2. Create customer delight by going beyond satisfaction to leave a positive experience, such as providing customer support, following up on issues, seeking feedback, flexible policies, and respecting customers.
3. Expand into new markets by researching opportunities, customizing offerings, and promoting through various channels.
4. Develop new products/services by researching customer needs, testing prototypes, and promoting innovations.
5. Improve operations through training, streamlining processes, upgrading technology, and benchmarking performance metrics.
Critically review the attached ASDA case entitled “Cracking the Code of ChangeLouishill102
Critically review the attached ASDA case entitled “Cracking the Code of Change” and
individually, analyze, discuss, and present it. Analyse the case according to the concepts introduced in the material attached (Theories and Strategies of Change)
13 lessons for sme business transformationBrowne & Mohan
Browne & Mohan has had the privilege to work with Small and medium companies that pursued business transformation to improve their market relevance and financial sustainability. In this paper, we share 13 lessons gained from successful SME business transformation.
The document provides an overview of Dr. Ichak Kalderon Adizes and his work developing theories on organizational lifecycles and management. Some key points:
- Dr. Adizes is the founder of the Adizes Institute, a top management consulting firm. He has authored 15 books on organizational lifecycles and management that have been translated into 24 languages.
- Adizes developed a model of 10 stages in an organization's lifecycle from courtship to death. He believes the optimal stage is "PRIME" where an organization achieves balance between control and flexibility.
- Remaining in the PRIME stage is challenging as organizations must constantly work to maintain this balance and avoid complacency.
This document discusses the differences between professional management and entrepreneurial management when a family-owned business hires outside professional managers. It notes that this transition typically occurs when the business owner is contemplating retirement and other family members lack management skills. The summary is as follows:
1. A family-owned business may hire professional managers during a transition phase, such as when the founder is retiring and other family members do not have management skills.
2. Professional managers bring a more formal management style compared to entrepreneurs, with clearly defined reporting lines and decisions based on logic rather than intuition.
3. Benefits of professional management include bringing new ideas, making difficult decisions, applying professional skills, experience from other businesses, and
The terms "businessman" and "entrepreneur" are frequently used synonymously in the business world. They stand for two distinct roles, though, and each calls for a different set of abilities, perspectives, and strategies. We will examine the differences between a businessman and an entrepreneur in this extensive blog post, illuminating their particular traits, goals, and contributions to the business world. By the end, you'll have a better understanding of the various roles and how important each one is to the development of the business world.
Businessman vs Entrepreneur
Defining the Roles
Let's first define the roles of a businessman and an entrepreneur to lay the groundwork for comparison.
Businessman:
A person managing and running a well-established business is referred to as a businessman. Their main concerns are efficiently managing already-established businesses, ensuring smooth operations, and maximizing profits. Businessmen are frequently thought of as reliable, effective, and risk-averse. To continue to be profitable and experience steady growth, they employ tried-and-true systems and tactics. Businessmen typically excel in disciplines like financial management, operational optimization, and strategic planning.
Entrepreneur:
On the other hand, an entrepreneur is a person who spots new opportunities and develops creative solutions to take advantage of them. They have an innovative mindset and want to challenge established business models and bring about change. The passion, the vision, and the desire to have a big impact are what propel entrepreneurs. They welcome calculated risks and are at ease with uncertainty. Entrepreneurs possess qualities like creativity, adaptability, and resilience that are essential for overcoming the difficulties of launching and growing new businesses.
Read more
Objectives and Mindsets
Understanding the distinct objectives and mindsets of businessmen and entrepreneurs is essential for differentiating between the two roles.
Businessman Objectives and Mindset:
Stability and Profitability: In order to achieve stability, profitability, and long-term sustainability, businessmen concentrate on preserving and expanding their current enterprises.
Operational Efficiency: They place a high priority on streamlining workflows, cutting costs, and optimizing operational processes in order to increase profitability.
Risk Reduction: Businessmen are typically risk averse, attempting to reduce uncertainties and uphold a stable business environment.
Incremental Improvements: They concentrate on making small adjustments to the current organizational structure in an effort to improve productivity, consistency, and customer satisfaction.
Entrepreneur Objectives and Mindset:
Entrepreneurs are motivated by the desire to innovate, disrupt industries, and develop ground-breaking solutions to problems or unmet needs.
Growth and Expansion: They want to quickly scale their businesses while expanding their clientele and pursuing
St -rregy for the critical first 90 days of leadershipMi,ae.docxdessiechisomjj4
St -rregy for the critical first 90 days of leadership
Mi,\ael Watkins
Strate gt & Leaders hip ; 2004; 32, l ; ABVINFORM Global
p g . l 5
Adapted with permission of Harvard
Business School Press. The First 9A
Days: Critical Success Strategies for
New Leaders at AII Levels, by Michael
Watkins. O 2003 Michael Watkins.
All rights reserved.
he actions you take during your first three months in a new job will largely determine
whether you succeed or fail in the long term. Estimates of the direct and indirect costs to
: a company of a failed executive-level hire range as high as $2.7 millron[1]. But the goal of
every new leader should be transition acceleration not just failure prevention.
Think about the implications of more effective transition management not just for you but also
for your organization. ln a survey of company presidents and CEOs, I asked for their best
estimate of the number of people whose pedormance was significantly compromised by the
arrival of a new mtd-level manager. The average of their responses was 12,4 people[2]. ln effect,
all the people in the "impact network" of the transitioning manager are in transition too.
Every minute you save by being systematic about accelerating your transition is a minute you
gain to build the business. This article offers a proven blueprint for addressing the linked
challenges of personal transition and organizationaltransformation that confront leaders in their
first few months in a new job.
From observing new leaders and experimenting with methods of accelerating transitions, I have
developed a number of conclusions about the challenges of transitions and what it takes to
successfully meet them. These can be summarized in five propositions:
(1) The root causes of transition failure always lie in a pernicious interaction between
the situation, with its opportunities and pitfalls, and the individual, with his or her
strengths and vulnerabilities. Failure is never just about the flaws of the new leader.
Transition failures happen when new leaders either misunderstand the essential demands of
the situation or lack the skill and flexibility to adapt to them,
(2) There are systematic methods that leaders can employ to both lessen the likelihood
of failure and reach the breakeven point faster Consider, for example, making a
transition from functional vice president to general manager, Every leader who makes this
leap encounters similar challenges, such as the need to let go of reliance on functional
expertise.
(3) The overriding goal in a transition is to build momentum by creating vinuous cycles
that build credibility and by avoiding getting caught in vicious cycles that damage
credibility. The new leader, to be successful, will have to mobilize the energy of many
VOL. 32 NO. 1 2004, pp. 15-20, Emerald Group Publishing Limited, ISSN 1087-8572
Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.
P A G E 1 5
P A G E 1 6
others i.
‘Let me tell you about the importance of Entrepreneurialism, and how vital it is to your success’ says Stephen Taylor, casually sipping on what just might be the world’s largest cup of coffee
The benefits of entrepreneurship extend beyond the businesses they establish. Entrepreneurs improve the lives of individuals and communities, as well as the overall economy. Entrepreneurs have been instrumental in spurring social change and improving the way people live and work. They help raise the standard of living for everyone by creating jobs and making products safer, less expensive, and more functional.
starting up the venture, launching, growing, and ending. بدء المشروع ، إطلاق ...hussein gibreel
This document discusses various strategies for growing a business and managing that growth, including:
- Penetration strategies of selling more to existing customers
- Market development strategies of selling to new customer groups
- Product development strategies of creating new products for existing customers
- Diversification strategies of entering new markets with new products
It also covers accessing external resources for growth through joint ventures, acquisitions, mergers, leveraged buyouts, franchising, and negotiating for more resources. Finally, it discusses exit strategies for ending the venture such as succession, sale, merger, liquidation, and bankruptcy.
For organisations, executive mentoring eases the shift from comprehending the new reality to actively pursuing its realisation. Company executives may need assistance from a business mentor in Melbourne since they might occasionally become so wrapped up in their own logic that they overlook its shortcomings.
This document introduces entrepreneurship and its importance. It defines entrepreneurship as creating opportunities, ensuring social justice, stimulating the economy, and teaching skills like risk-taking and perseverance. Entrepreneurship is recognized as important for economic growth. The document also lists personal attributes of successful entrepreneurs like creativity, determination, and passion. Finally, it discusses some career opportunities in entrepreneurship like business consulting, management analysis, sales, research and development, and fundraising.
This document provides an introduction to entrepreneurship. It defines entrepreneurship and explains its importance, noting that it creates opportunities, ensures social justice, stimulates the economy, and more. Personal attributes of successful entrepreneurs like creativity, dedication, determination, and passion are described. The document also discusses required skills and education for entrepreneurs and lists some career opportunities in fields like business consulting, management analysis, sales, research and development, and fundraising that apply entrepreneurship knowledge.
This document provides an introduction to entrepreneurship. It defines entrepreneurship and explains its importance to the economy and society. Entrepreneurship fosters creativity, social justice, confidence, and economic stimulation. Personal attributes of entrepreneurs include creativity, dedication, determination, flexibility, leadership, passion, self-confidence, and business smarts. The document also outlines some career opportunities in entrepreneurship such as business consulting, management analysis, sales, research and development, nonprofit fundraising, and being an intrapreneur.
This document discusses 10 common mistakes made by company boards that reduce their effectiveness and hinder company success. It summarizes each mistake with an example. The top mistakes include complacency and lack of timely decisive action, strategic market positioning being misaligned, lacking a highly defined business model, low reliance on processes and measurements, excessive focus on revenue generation without retention metrics, exiting for the wrong reasons or wrong time, board membership being misaligned to situational requirements, lack of leadership by the board members, micromanagement, and inadequate succession planning. The document provides guidance on how boards can avoid these mistakes to maximize shareholder value.
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2. New ventures pass through
transitional stages that present new
challenges to their founders. These
transitional stages are represented by
an organizational life cycle. When new
ventures established it grow, mature,
and, in many cases, decline. As we
shall see, there are several important
challenges facing entrepreneurs
during different transition stages.
3. The Entrepreneur’s perspective
The life cycle is identified with five stages:
Start-up stage
Expansion stage
Consolidation stage
Revival stage &
Decline stage
These are explained in terms of three variables: growth,
product/market definition, and organization. As the venture
progresses from one stage to the next, condition
change, requiring different decisions for
managing growth, developing products and
markets, and organizing the company.
5. Start-up Stage
During the start-up stage, growth is unpredictable. Sales not
often meet a founder’s expectations, and they can occur
haphazardly. In extreme circumstances, markets will be
disordered with exciting spurts and disappointing sputters.
This disorder can absorb entrepreneurs in daily struggles to
survive. In the worst-case scenario markets may be inactive,
leaving the entrepreneur confused. Inconsistent growth does
not provide a pattern of sales to help guide an entrepreneur’s
decisions. Although products and services are usually
targeted to narrow market niches, confusion persists. During
this initial stage, entrepreneurs modify their products,
change distribution systems, alter services and experiment
with marketing tactics in an attempts to survive; they are
“fighting fires” every day.
6. Expansion Stage
During the expansion stage, rapid growth results in a
pattern of success that is useful for evaluating market
position and new-product potential. The venture is
transformed from a single-line enterprise operating in
a limited market to a multiline company penetrating
new markets. Product and service line are broadened
through innovation and development, and the
organization expands through functional authority.
Decision making may be centralized during early
growth, but departmentalization ensues, leading to a
dispersion of authority. To meet these challenges,
entrepreneurs must enlarge the enterprise and delegate
authority for functional coordination.
7. Start-up Stage
Expansion Stage
Single product or
restricted line of
merchandise and service
Single product or
restricted line of
merchandise and service
Positioned in new
markets and among a
wider group of customers
or clients
Positioned in new
markets and among a
wider group of customers
or clients
Multiple products or
expanded line of
merchandise and services
Multiple products or
expanded line of
merchandise and services
Positioned to complete in
one market or to serve
limited clients
Positioned to complete in
one market or to serve
limited clients
Expansion of Products and Markets
8. Consolidation Stage
As competition intensifies within a
growing industry, businesses are faced
with marginally smaller incremental
shares of markets. The result is a
competitive struggle at a slower rate of
growth during what is often called an
industry shakeout period. Weaker
companies fail, some are sold or merged
with others, and many consolidate to
remain profitable.
9. Contd…..
Consolidation occurs differently for every
organization. Manufactures may trim back
operation, reduce product lines, or retreat
from marginally profitable markets. Service
companies reduce staff, simplify distribution
systems, and withdrew from high risk
markets. In all cases, organizations tend to
shift authority downward as middle-and
higher-level staff are reduced to improve
efficiency. The result is a flatter organization
that is indirectly described as “Leaner and
meaner”.
10. Revival Stage
The revival stage is one of “rekindling” organizational
growth. Rapid growth can be achieved by clever repositioning
of product lines and services through purposeful market
segmentation. Repositioning sets the stage for a strategy of
product or service diversification. In order to achieve rapid
growth, innovation is essential, and because the company
needs to incubate new ideas, greater responsibility is given to
division managers for independent development. In effect,
company executives attempt to receive a spirit of
entrepreneurship in their operational managers by
empowering them with authority for self-direction. As a
result, organizations are restructured through product,
geographic, or customer divisions, and the functional
hierarchy is subordinated to divisional leadership.
11. Decline Stage
Growth declines once again if revival strategies
are short-lived or ineffective. Companies in
decline often are those that have diversified too
widely or created excessively bureaucratic
organizations. Consequently, it is not unusual to
find that a declining venture has lost sight of its
distinct competency in products or services that
initially proved successful. Founding
entrepreneurs-if they are still with their ventures-
will have failed to adapt to leadership challenges
in previous stages and subsequently pushed their
companies to the brink of disaster.
12. Conclusion
Successful ventures will not complete the life
cycle; by definition, they avoid decline. They
will have enjoyed growth through product or
market expansion, consolidated when necessary,
and experienced a revival of growth consistent
with their capabilities and the industry in which
they compete. The last stage implies
perpetuation of innovations through the
intrapreneurial process can described. In each of
these, successful entrepreneurs will have
adapted to new roles in concert with
organizational changes.
13. CHANGING ENTREPRENEURIALCHANGING ENTREPRENEURIAL
ROLESROLESBetween the initial start-up and revival stages,
entrepreneurs experience a metamorphosis. They change
from a persona of the founding entrepreneur to that of an
organizational executive. At the venture’s inception, the
entrepreneur and the new venture are bound as an equity ,
and as the business grows, if follows a biological pattern of
evolution that reflects the founder’s skill and aspirations. As
the company continues to expand, it requires business-
related skills often beyond those of the founder; functional
expertise is needed, marketing and operation skills are
required, and decision-making tasks are beyond the scope of
one person. Consequently, the biological growth cycle is
superseded by an organizational life cycle.
14. Contd….
The entrepreneur who adapts to this
environment, in effect, embraces the
necessary metamorphosis; the
entrepreneur who resist constraints the
organizations to the narrow limitations
of his her personal abilities. How
adaption occurs is unclear, but
research provides insights into the
prevalent role characteristics of
successful leaders at each stage in a
15. Founding the ventureFounding the venture
A composite role has been emphasized for
founding enterprise that encompasses all the
functions of a start-up business. The founder must
wear many hats. From a psychological viewpoint,
the founder’s personal life is not distinguishable
from the venture; entrepreneurs embody the
inspiration, objectives, emotion, and creativity of
their enterprises. They identify with every
problems and decision. Unfortunately, this intense
involvement does not mean entrepreneurs are
effective leaders of managers, and if they are good
in one role, there is no guarantee they are good in
another.
16. There is a difference between leaders and
managers. Leaders involved emotionally in
a venture, think strategically to create
opportunity and resolve conceptual, long-
term problems, and provide the
inspiration necessary for sustained
momentum. Managers, in contrast, have a
“transactional orientation” that permits
them to maintain psychological distance
between their personal lives and business
decisions.
17. Consequently, they tend to focus on operational
tasks and on solving organizational problems.
This distinction does not mean that managers
are not good leaders or vice versa, only that it is
difficult to integrate these roles consistently.
During the start-up stage, leadership probably
outweighs are importance of management
because the new venture is in a disordered state.
Success depends on shaping expectations,
developing creative ideas into marketable
commodities, and adjusting to individual
wonders.
18. Guiding The Venture ThroughGuiding The Venture Through
ExpansionExpansion
Disorder may persist into the early stages of expansion, but
if a company has progressed this far, then a great many
problems have already been resolved. The primary focus of
operations will have shifted away from survival in uncertain
markets to managing growth in well-defined markets. As the
rate of expansion increases, more emphasis is placed on
planning and controlling activities. Therefore, an
entrepreneur begins to experience the metamorphic effect of
transforming behavior from intuitive leadership to clear
management. As emphasized earlier, being oriented either to
a leadership or a management role does not mean one can
ignore the other; they are not mutually exclusive roles.
19. Management responsibilities surface rapidly as a
venture expands. An entrepreneur is seldom
capable of doing all that must be done with respect
to functional management activities. These
activities include marketing, cash-flow
management, inventory control, purchasing, credit
management, and human resource development.
Depending on the type and complexity of the
organization, many other functional activities are
possible, such as research and development,
production control, logistics and distribution, and
management accounting.
20. Entrepreneurs find themselves adapting to
many more management activities during
expansion stage, but in general, entrepreneurs
spend less time on operational activities and
more time on strategic management of
resources during expansion. In addition they
spend more time on coordination and
communication activities with their staff,
delegating incrementally more authority
consistent with the growth ventures.
21. Managing ConsolidationManaging Consolidation
Rapid growth cannot continue indefinitely, and at some
point industries go through “shakeout periods”. Managing
an enterprise in this environment is substantially different
from managing a growing venture. During rapid growth,
management is concerned with gaining new resources,
finding expansion capital, adding employees, and
developing new products or services. When things slow
down, these tasks are reversed. New resources may be
needed but in lesser quantities; capital becomes scare; and
the organization may have to be timed down in size.
Leader and manager roles are no less important during
consolidation than in other stages, but decisions are
seldom pleasant.
22. Managing during consolidation is
not a “gatekeeping” function to
maintain the status quo. To the
contrary, it is a fight for survival.
Perception and inspiration play
lesser roles, and rationalization
becomes a well-known concern as
managers understanding for
marginal improvements.
23. Turning The Venture AroundTurning The Venture Around
Reversing a company’s pattern of poor performance is
called turning it around, and turnaround begins for those
ventures suffering from reduced sales and profits, the
turnaround begins during the consolidation stage. More to
the point, decisions made to achieve to consolidation help
reposition the company so that it can be “turn around.” it is
during the revival stage, however, that turnaround efforts are
realized. This is the time when market segmentation
becomes more keenly focused through customer-oriented
activities. It is also when research and development begin to
pay off in high-yield products and services. And it is the
time when a streamlined organization can recover the
aggressive for competing effectively.
24. PERSPECTIVE ON STRATEGIC MANAGEMENTPERSPECTIVE ON STRATEGIC MANAGEMENT
Making effective strategic decisions is a theme that occurs
throughout the organizational life cycle, and as described
earlier, the nature of these decisions change as a company
evolves. Entrepreneurs are preoccupied with survival during
the start-up period; consequently, their strategies are limited
to making a single product or service successful. With rapid
growth, their strategic emphasis shifts to intense market
development. As growth slows and the industry begins to
shake out, entrepreneurs must adopt competitive strategies
that can require severe retrenchment decisions. As
entrepreneurs struggle to revive their ventures, they must
focus their companies on distinct competencies that, in the
long run, will stimulate growth and profitability.
25. Most strategic alternatives available to small, nonpublic
ventures are concerned with internal changes that can be
made through reallocation of limited resources; few small
ventures can consider acquisition, mergers, or complicated
strategic alliances with other companies. These internal
alternatives emerge from strategic planning to realign a
venture’s markets, refocus its research and development on
high-potential products, or redefine its image. In contrast,
large diversified corporations are more concerned with
leveraging their financial strength to after portfolios.
Smaller firms seldom have financial strength or portfolios
with which to be concerned. Consequently, there is a
fundamental difference in the nature of strategic planning
for small and large businesses; small-business planning is
not large-company planning on a smaller scale.
26. GrowthGrowth
Strategic
Objectives
•Profitability
•Significant market
position
•Income to founder or
investors
•Size for economies of
scale
•Product R & D
•Image
•founder’s personal
aspirations
Strategic
Objectives
•Profitability
•Significant market
position
•Income to founder or
investors
•Size for economies of
scale
•Product R & D
•Image
•founder’s personal
aspirations
Influence rate
of growth and
duration of
effort required
to expand
Influence rate
of growth and
duration of
effort required
to expand
When achieved,
satisfy strategic
objectives or
influence
changes
When achieved,
satisfy strategic
objectives or
influence
changes
Strategies for
achieving growth
•Market diversification
• Product development
and diversification
•Expansion of services
•Other alternatives
Strategies for
achieving growth
•Market diversification
• Product development
and diversification
•Expansion of services
•Other alternatives
Growth
rate
Growth
rate
Objectives and New Venture
27. Diversification
Market
diversification
Market
diversification
• Expand into new customer niches with
existing products
• Open new markets with similar products
and customers in new geographic areas
• Expand overseas by exporting
• Expand into new customer niches with
existing products
• Open new markets with similar products
and customers in new geographic areas
• Expand overseas by exporting
Product
diversification
Product
diversification
• Develop new products through R&D for
existing customers
• License or acquire products or expand
merchandise line for specific market
niches
• Expand services for clients
• Import products for domestic markets
• Develop new products through R&D for
existing customers
• License or acquire products or expand
merchandise line for specific market
niches
• Expand services for clients
• Import products for domestic markets
Combined
diversification
Combined
diversification
New product developed or acquired for new
market niches in local or new geographic
areas
New product developed or acquired for new
market niches in local or new geographic
areas