...and information in the new economy creates space for more new firms to emerge, and exerts pressures on existing companies to hire employees with higher level skills in order to compete successfully. The increased demand for a highly skilled workforce has contributed to the rising importance of obtaining a college education. However, recent studies indicate that newly hired college graduates do not excel in these higher-level knowledge and information based skills at the level that employers desire. Entrepreneurs have also indicated that the shortage of highly skilled workers inhibits the growth and development of new entrepreneurial firms. In response to this there have been multiple calls for educators at all levels to recognize the challenges and opportunities in today’s economy and to ensure that students develop the “21st century” knowledge, skills, and abilities (KSAs) they need. A closer look at these 21st century KSAs alongside research and data on entrepreneurial competencies reveals a meaningful overlap between the two. This overlap can be developed into a useful heuristic to determine appropriate outcomes for assessment of undergraduate entrepreneurship programs. Sample outcomes and program assessment processes are illustrated and discussed. INTRODUCTION As the “new” economy of the 21st century continues to develop around knowledge, service, and information based activities, a company’s ability to create and commercialize knowledge has become tantamount...
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...Entrepreneurial Leadership in the 21st Century A Hybrid Theory/Philosophy of Entrepreneurial Leadership With changes in society’s, economies, and the widespread growth of technology, entrepreneurship and leadership have both grown to take on many different definitions over the past century. Economists and behaviorists have conducted numerous studies and researches over the past fifteen years, and new definitions of entrepreneurial leadership have been formed. They include characteristics such as; innovators, risk takers, transformational, visionaries, problem solvers; and having the ability to operate in dynamic markets. While the aforementioned characteristics of entrepreneurial leaders have been agreed upon by many, I believe that it’s the people that have had the biggest effect within the discipline. Case (2010) and Kouzes (2008) both stated how important people are in an entrepreneurship. Their theories spoke of how important it is to align people around the company’s priorities, empowering employees, setting the example at the top, and showing care and concern for the business and its’ people. Because more people are obtaining higher education than ever before and the use of information technology provides for instant research and quicker patents, I believe that the people will continue to drive the changes in entrepreneurial leadership. We are the most important resource in any organization. Defining Leaders An organization’s development can depend on what...
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...to society - Boost economic performance Who is an entrepreneur? * Being an entrepreneur is more than just creating a new business, it also implies: * Taking risks beyond security * Constantly seek new opportunities * Having the tenacity to push an idea through to reality Creativity and innovation General management skills, business know-how, and networks Low High High INVENTOR ENTREPRENEUER PROMOTER MANAGER, ADMINISTRATOR Classical Econ. Vs. Entrepreneurship * Entrepreneurship deals with “disrupting” the existing equilibrium, by creating a new firm/product/service... * Differs from the classical economics viewpoint : In an ideal economy… -Firms cannot influence prices -Products are homogeneous -No entry barriers -No transaction costs -Profits tend to zero “0”… Becoming an entrepreneur Essential ingredients to become an entrepreneur: * The vision to recognize opportunity where others see chaos, contradiction, and confusion. * The fundamental skills of building a solid business plan. * The ability to formulate an effective venture team; the creative skill to marshal needed resources. * The willingness to take calculated risks—in terms of time, equity, or career. Entrepreneurs and Age What is the relationship? * Studies show that successful entrepreneurs are likely to be older than unsuccessful entrepreneurs, and have at least 8 to 10 years of experience in the...
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...QUALITY CONCEPT IN EDUCATION In recent years, the discussion and debate on the quality of higher education and the mechanism for quality assurance in higher education have growth intensely. With the upgraded formerly known as vocational school to vocational college, quality of the end product should not be compromised. Concern on quality did start from the 13th and 14th century where it more focused on the term of education, the delivery system and the intended audience at that time. The setting for education at that time was for select few or the elite classes as the early European universities were set up to the educated status of the nobility. The criteria for quality assurance at the time were limited to determining the expertise of the teacher and students performance through demonstration of mastery of knowledge. Nowadays the democratization of education has change the delivery of formal education. Highly educated society is seen as essential for growth and development of a country. The impact of new technology also has change the way population gain access to education. In 21st century, quality assurance process is a must especially in higher education institutions to ensure the quality and credibility of the student produced. Woodhouse (1992) defines Quality assurance as a program in an institution where, quality assurance involves attitudes, objects, actions, and procedures, which, through their existence and use, and together with the quality control activities...
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...Chapter 1 Overview of the 21st century workplace - Organizations must adapt to rapidly changing society > like in 2003 there was so wireless but now its changing now most of the business rely on wireless communication - Economy is global and driven by innovation and technology > you need new original ideas (innovative) High performing companies gain extraordinary results from people working for them Interdependent, knowledge based > Depend on each other as a part of organization Study question 1 what are the challenges of working in the new economy > intellcutual capital people are the ultimate foundations of orgzanitional performances intellcutual capital is the collective brain power or shared knowledge of a workforce that can be used to create value A knowledge worker adds to Globalization . National boundaries of world business have largely dissappeared . globalizations is the worldwide interdependence of resource flows,product markets and business competition that characterisitv that characterize the new company Technology . Continuing transformation of the modern workplace throughout > the internet (having social network websites to market product) > worldwide web (exchange of stocks) > computers > information technology .Increasing demand for the knowledge workers with the skills to fully utilize technology Diversity: >workforce diversity reflects differences with respect to gender , age, race, ethnicity, religion,sexual orientation...
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...Integrating entrepreneurship and strategic management activities to gain wealth: CEOs' perspectives. Authors: Hagen, Abdalla Tootoonchi, Ahmad Hassan, Morsheda Pub Date: 01/01/2005 Publication: Name: Advances in Competitiveness Research Publisher: American Society for Competitiveness Audience: Academic; TradeFormat: Magazine/Journal Subject: Business; Business, general; Business, internationalCopyright: COPYRIGHT 2005 American Society for Competitiveness ISSN: 1077-0097 Issue: Date: Annual, 2005 Source Volume: 13 Source Issue: 1 Topic: Event Code: 200 Management dynamics Computer Subject: Company business management Geographic: Geographic Scope: United States Geographic Code: 1USA United States Accession Number: 138408287 Full Text: ABSTRACT This study explored means and ways that can help CEOs achieve wealth for their firms in the era of globalization. Using a sample of CEOs of MNCs, the findings of this study indicated that the majority of the CEOs agreed that many of the activities undertaken by organizations in an attempt to achieve wealth occur within six domains: Innovations, networks, internationalization, organizational learning, top management team and governance, and growth orientation. Critical challenges facing top management and the suggested recommendations were acknowledged by the participating CEOs. INTRODUCTION There is a general agreement regarding positive effects entrepreneurship has on firms' efforts for creating wealth (Lyon,...
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... Young graduates are increasingly shouldering the adverse consequences of the lack of economic reforms and the growing inability of the state to create jobs. By initiating, mobilizing and galvanizing their own resources in the quest for improving their standard of living, graduates can avoid the precarious dependence on government for white-collar jobs. The paper highlights how integrating the concept of self reliance into Library and Information Science education can enhance the career opportunities of Library and Information Science graduates. The paper recommends the creation of the Young Entrepreneur Association to empower Library and Information Science students with practical hands-on training in printing, publishing, marketing and event management. INTRODUCTION Education is the systematic process of teaching and learning which deals with the presentation of facts, ideas, skills and techniques in order to guarantee the continued existence of man and his environment. The importance of education has...
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...the “human relations movement”, thus once again requiring a new type of managers, now more focused on building interpersonal relationships with the employees (ibid.). At least, this is what the large plethora of management literature has taught us. Hill (2003) discusses what “it really means to manage”, questioning some of the classical myths surrounding the notion of management. Myths like the managers’ source of power (formal authority), focus (managing one-on-one) and essential competencies (technical) are contrasted with evidence from the reality. However, as mentioned by Hill (2003) in the preface, “increasing globalization and significant demographic changes in the workforce” has lead to drastic change, affecting both managerial myths as well as their reality. The aim of this paper is to discuss Hill’s (2003) managerial myths and reality (se exhibit V-2 “What It Really Means to Manage”, p. 268), and whether Hill’s reasoning is still relevant. The paper primarily focuses on essential competencies, key players, and key challenges. The research question is relevant both due to the fact that it is cumulative, as well as relevant in relation to the assigned course literature. Theoretical framework In her book “Becoming A Manager”, Hill (2003) elaborates around what it really means, and what it...
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...Women leaders have risen in a relatively slow phase in any domains of the competitive field since late 18th century. However women entrepreneurs can date back at the earliest era of 17th century, formerly by French mademoiselle Gabrielle Bonheur Chanel. The 21st century business world is more competitive in nature. The firm expects energetic and ambitious driven candidates to occupy the higher managerial Tag names like the CEOs or the President. High incorporated firms have tightened the barriers for new entrants regarding time management, intellectual skills and work commitment. The key problem with this prior explanation is that these expectations are still difficult for women to meet. Working females still struggle to balance their career and family life. Also belief of the business world as a man’s territory or the game field still persists from the date of the co-operate world existence to the current era. The business world is contemplated within a male hierarchical framework that had always hindered women to access the crowning point of top business positions. This essay will seek to critically examine the slow growth towards empowerment of women leadership and also consider the effects of their leadership style that had shaken the pure stereotyped business world. One question that needs to be asked, however is whether women are confined from entry to the higher co-operate levels within the respective firms. Men are believed to be more assertive and autocratic in...
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...LaTashaia Cole MGT/488 Strategic Business Management and Planning Professor Vermuth University of Phoenix October 4, 2011 Internal Risk Assessment Hewlett Packard Company was founded in January 1939 and was created by Dave Packard and Bill Hewlett. The company’s management uses good listening skills, engaging with customers and employees, and personal involvement for its management techniques. Hewlett and Packard managed the company using a principle called management by objective. According to Bill Packard, “management by objective refers to a system in which overall objectives clearly stated and agreed upon, and give people the flexibility to work toward those goals in ways they determine best for their own areas of responsibility. Hewlett- Packard Company strengths and weaknesses are in marketing, human resources, management, research and development, and finance have a huge impact on the profitability and welfare of it. The Hewlett Packard Company focused strongly on implementing telemarketing as way to reach its customers. Hewlett Packard Company provides its customers with software, solutions and services, and technology products. The change in the marketplace and customer’s expectations, Hewlett Packard focused on the customer insight. Hewlett Packard Company marketing leadership is received by the company creating and dispensing practical, new products, services, and resolutions. These new innovations for the company will allow the company to achieve profits...
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...The Role of Leaders in Innovation Bradley Lewis MBA6006 Capella University Table of Contents Introduction 1 Leadership practices that support innovation in organizations 1 Innovator’s DNA- Discovery skills 3 Innovator’s DNA- Delivery skills 4 Personal strengths and weaknesses in discovery and delivery skills 4 References 5 Introduction This paper will have four sections in which will explain how leadership practices support innovation in organizations, a section that analyzes the role of discovery skills for their support of innovation in organizations, a section that analyzes the role of delivery skills for their support of innovation in organizations, and finally a section that will analyze my own strengths and weaknesses in the discovery and delivery skills, and how they help or hinder your ability to support innovation in organizations. Leadership Practices that Support Innovation in Organizations An innovative leader is an individual that is capable of adapting to and combining different leadership styles in order to influence employees to produce creative ideas, services and products. Companies are in high demand for innovative leaders who can work effectively and responsibly within an organization as well as be capable of presenting new ideas (Lyons, 2011). It is the main goal of an innovative leader which involves the progress and success of a company or organization. According to Dyer, Gregersen and...
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... 5. How do Efficiency and Effectiveness impact the productivity of an organization? 6. What are the organizational trends and transitions that are relevant to your study of management? 7. CREST! 8. Who are Stakeholders and why are they important to managers? 9. What is Competitive Advantage, how can it be achieved and why is it important? 10. What is Environmental Uncertainty and why do managers want to avoid this? 11. Organizational Effectiveness – what is this and what are the ways it can be viewed and analyzed? 12. What are the Four Functions of Management? (Hint: POLC) 13. What are the 10 Managerial Roles? 14. What are the 3 Essential Managerial Skills and why are they important? e. How does a manager develop Managerial Competencies? 15. What is Quantitative Analysis and why do managers need to be able to do this? 16. How can an Organization be considered a System? 17. Why do managers need to be well versed in Contingency Thinking? 18. What is Quality Management and how has this affected management practices in general? 19. Knowledge Management and Organizational Learning – why are these needed in today’s technology driven world? 20. Why would a...
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...teach and how the students learn. The advancement and pervasiveness of ICT in the 21st century and in the world today means that many nations have been relying on technology to handle and address many arising challenges faced in the education field. Some literature reviews were done in this paper where we would look into the needs of learners today, what and how they learn, how ICT could be used in learning, the new culture of learning through online learning and virtual classroom, how e-learning was accepted among the learners and what were the barriers to ICT implementation in higher education institutions. Introduction Peter and Hong (2011) pointed out that in the past few decades; there have been great changes in education, especially to those economical advanced countries. The arising issues of massification, internationalization, diversification and marketisation in higher education were brought about by political, economical and social changes as well as the globalization and global economic crisis. These issues had resulted in the increase in the number of students and demands for higher education, the number and type of higher education providers and concerns for its quality, transnational education both as importers and providers, the number of open and distance learning institutions, cross-border academic activities, students and its facilities, the use of entrepreneur and marketing approaches,...
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...Global Entrepreneur Definition of global entrepreneur: Global entrepreneurs are professionals who use their global understanding and connections to identify transnational and cross-cultural opportunities and turn them into new value-creating initiative. .In other words we can say that A global entrepreneur seeks out and conducts new and innovative business activities across national borders. These activities may consist of exporting, licensing, opening a new sales office, or acquiring another venture. _________________________________ ------------------------------------------------- Are you a Global Entrepreneur? Are You Ready To “Go Global?” Strategic motives must drive the decisions to conduct business globally. - But what is your action plan? - Where do you begin? - How do you begin? - Which markets should be entered first? - What would be the optimal mode of entry? - How rapidly should you expand globally? Predictions:- We are living in a world where all the major business functions in the value chain are highly globalized and deeply integrated. According to McKinsey and Company, 80 percent of the world’s GDP will be sold across international borders by 2027, compared to about 20 percent in 2001. Multinational business activity will grow from approximately $5 trillion to $70 trillion by 2027. To understand how this is happening consider your desktop computer. It might have been assembled in Mexico with Chinese components; it uses chips designed in the United...
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...with one another both within and among organizations. These advances offer powerful new tools for dealing with the pressures of the business environment as well as promising a framework for creating entirely new opportunities for organizing and managing work in firm of future. Few people foresaw the vast changes that would be brought by the invention of the steam engine and the host of other mechanical devices that were the technological driving force behind the Industrial Revolution. Yet these advances completely transformed the nature of work as many of the old ways of organizing and managing business died away and new concepts emerged. The network of crafts and small cottage industries that had dominated the production of goods for centuries gave way to large centralized factories, and the concept of mass production not only opened the door to new opportunities and unprecedented growth, but also reshaped the way we live, work, and play. Just as at the dawn of the Industrial Revolution, our society is at a crossroads. The choices we make in the next decade will play a major role in determining the broad shape of the world in which our...
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