...Entrepreneurs must address three important aspects before starting a new venture. They should have clearly defined goals, a sound strategy and should check the feasibility whether the plan is executable or not. If entrepreneurs have clear goals they will be passionate about them, which greatly enhances their chances to succeed. The next action steps are always in lined with keeping the goal in mind. For example, the action steps might differ if someone wants to get into the restaurant business as compared to someone who wants to start his/her own clothing line. If the entrepreneur does not have a clear goal then he/she cannot formulate a successful business plan and strategy. While setting goals, entrepreneurs should set both long term and short term goals. For instance, short term goal of an entrepreneur might be to start a small restaurant specializing in serving a particular type of cuisine. The long term goal of the entrepreneur must help him/her to decide whether he/she wants to develop a chain of restaurants across locations specializing in serving the same type of cuisine or to transform the same restaurant into a multi-cuisine restaurant. The entrepreneur must also decide whether he/she wants to own the restaurant in the future or sell it at a handsome price earning larger profits and move on. The entrepreneur also needs to decide whether he/she plans to generate immediate higher revenues by setting the prices high during the initial stages or alternatively gain a loyal...
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...Oprah Gail Winfrey (born January 29, 1954) is an American media proprietor, talk show host, actress, producer, and philanthropist. Winfrey is best known for her multi-award-winning talk show The Oprah Winfrey Show which was the highest-rated program of its kind in history and was nationally syndicated from 1986 to 2011. She has been ranked the richest African-American of the 20th century the greatest black philanthropist in American history. She is currently North America's only black billionaire. She is also, according to some assessments, the most influential woman in the world. American television host, actress, producer, philanthropist and entrepreneur Oprah Gail Winfrey was born on January 29, 1954, in Kosciusko, Mississippi. After a troubled adolescence in a small farming community, where she was sexually abused by a number of male relatives and friends of her mother, Vernita, she moved to Nashville to live with her father, Vernon, a barber and businessman. She entered Tennessee State University in 1971 and began working in radio and television broadcasting in Nashville. In 1976, Oprah Winfrey moved to Baltimore, Maryland, where she hosted the TV chat show People Are Talking. The show became a hit and Winfrey stayed with it for eight years, after which she was recruited by a Chicago TV station to host her own morning show, A.M. Chicago. Her major competitor in the time slot was Phil Donahue. Within several months, Winfrey's open, warm-hearted personal style had won her...
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...Intrapreneurship means "A person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation". Intrapreneurship is now known as the practice of a corporate management style that integrates risk-taking and innovation approaches, as well as the reward and motivational techniques, that are more traditionally thought of as being the province of entrepreneurship. Ultrapreneurship like also an intrapreneur in such a way that they are part of an existing org. large or small. Ultrapreneur is an enterprising or entrepreneurial fellow but his innovation commences within the organization itself and whose impacts may extend beyond the organization to which he or she is directly a part. eg. realizing new opportunities such as forming a subsidiary organization.. Significance of Entrepreneurship in economic growth This study confirms that the level of entrepreneurship in a given country has a significant positive effect on the level of economic growth in that country. Contrary to some established theories, this study has found evidence that the level of entrepreneurship in a given country is not explained by the levels of the traditional causes of economic growth in that country (specifically the amounts of labor, capital, and knowledge that a country possesses as well as the presence or absence of market friendly government policies). Instead, entrepreneurship acts as an independent...
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...1. What is sustained growth? It’s the growth between revenues and profits over a sustained period. Why is it important? Human capital is the most single factor for sustained growth. Entrepreneurs know that growth means there is hope for another day of success. When there a demand on your product is rising, you grow your company. 2. Describe economies of scale and economies of scope as rationales for firm growth. . Economies of scale are the cost advantages that a business can exploit by expanding their scale of production. The effect of economies of scale is to reduce the average costs of production. Some examples of how economies of scale work: Technical economies of scale: Large-scale businesses can afford to invest in expensive and specialist capital machinery. For example, a supermarket chain such as Acme or Wegman’s can invest in technology that improves stock control. It might not, however, be viable or cost-efficient for a small corner shop to buy this technology. Specialization of the workforce: Larger businesses split complex production processes into separate tasks to boost productivity. By specializing in certain tasks or processes, the workforce is able to produce more output in the same time. Marketing economies of scale: A large firm can spread its advertising and marketing budget over a large output and it can purchase its inputs in bulk at negotiated discounted prices if it has sufficient negotiation power in the market. A good example would be the ability...
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...Entrepreneurship and Government Support Name: Evans Gwaro Institution: Kisii University Entrepreneurship and Government Support Introduction Economic development requires people who are willing to risk their resources to start and operate profit-oriented enterprises in a country. This is the sole responsibility of entrepreneurs. Some scholars argue that entrepreneurship can be given definitions from different viewpoints such as theoretical or operational perspectives. Ogbo and Nwachuku (2012) argue that theoretical dimension covers many activities relating to uncertainties in a business while operational definitions relate to simpler or single activity. Regardless of the point at which an individual stands to define entrepreneurial practices, the bottom line is the concept that is concerned with taking great risks to bring changes in business by organizing, planning, and initiating processes that yield desired outcomes. In most cases, entrepreneurship is evident to dominate in small scale enterprises even though they constitute a large percentage of economic drivers. Despite the little capital that is pumped to run these enterprises, revenue generation is increasingly becoming significant in many economies. The role of Entrepreneurship in Economic Growth It is important to analyze the role played by entrepreneurs in the growth of economy in many countries. They are often referred to as ‘engines of economic growth’ because they propel economies (Ogbo & Nwachuku...
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...Business Plan Business Plan Group Members: Amna Ghias i12-0781 Atruba Zafar i12-0796 Kisa Talib i12-0768 Moiz Khalid i120- Noor Kazi i12-0767 Sareer Khan i120- BBA-D Group Members: Amna Ghias i12-0781 Atruba Zafar i12-0796 Kisa Talib i12-0768 Moiz Khalid i120- Noor Kazi i12-0767 Sareer Khan i120- BBA-D Minors’ Kingdom Name and address of business: We are launching a new business venture that will focus on decorating children bed rooms, classrooms, daycares and study rooms named as the MINORS’ KINGDOM. The name is chosen in order to position ourselves in the minds of our customers as aiming to decorate their children dreams and make their learning and development more fun, colorful and enjoyable. Our office is located in DHA phase, Sector C, Commercial area as a double story building. Names and address of Principals: Director: Ms. Amna Ghias Marketing Director: Ms. Noor Kazi CFO: Ms. Kisa Talib Design Assistant: Ms. Atruba Zafar Marketing Assistant: Mr. Moiz Khaid Consultant: Mr. Sareer Khan Nature of Business: Minors’ Kingdom is an interior decorating business focusing on children. We plan to invite our target market to decorate their children rooms with the best and the most appealing Disney themed furniture and all accessories. This also includes all the cartoons that are on air and are preferred by our clients. We not only offer pre-set packages to make rooms more fun but also facilitate our clients to customize on our website whatever...
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...The critical issue is about the discovery of Huntington disease genes in David Reiger, a 42 years old veteran pilot with Danville Airlines in Milwaukee, but which has not developed into a disease. Reiger is furious that the company tested him genetically, without his consent. The airline is concerned that if he becomes symptomatic, he could become physically and mentally handicapped thereby exposing their clients and their business to great danger (Mead & Wicks, 2004) The text identifies a couple of issues. First, Reiger was not informed of the genetic tests he underwent, given that he submitted to a routine annual drug and alcohol examination. Second, the release of Reiger’s genetic results (not related to the examination reasons) obtained during routine medical screening to his employer without prior notification and consent was unethical. Equally, the possibility of discrimination against Reiger based upon health reasons/medical history is high. Also, clients/public could be exposed to risks, which could occur if results of Reiger’s medical screenings are not holistically considered. Consequentialism, universalism, rights, justice and fairness are relevant ethical models that apply to the case in hand (Mead & Wicks, 2004 Overall, the key fact in the text, according to Mead & Wicks, 2004, is the discovery of a potential genetic disorder (Huntington’s disease) in David Reiger, a seasoned pilot with Danville Airlines in Milwaukee ensuing from a routine blood test for alcohol...
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...Fostering entrepreneurial spirit among students should be the key component globally through talent, innovation or technology with a principal goal for career advancement. Technologically, entrepreneurs like Bill Gates of Microsoft, Steve Jobs of Apple, Harry Page and Sergey of Google and the likes are have epitomized prodigiously the degree to which entrepreneurship in technology can contribute in career advancement. The triumphant success in their particular works has been so feted and celebrated. They have changed the world invincibly: jobs created, new careers conceived, communication made easier and different factors of life harmonized. It’s asserted: “Your gift (talent) can ushers you before kings.” It’s in the same spirit and flattered belief that many people especially in the modern world, have ventured to unlock and unleash every other potential in them, either for pleasure or economic purpose. In the process some have seized the opportunity by coming up with a company to assist others realise their dreams as well as themselves, for instance, in music industries; Churchill Show, in Kenya, being the epitome of entertainment industries, there also sports academies and myriad of others. Necessity is the mother of invention; the world has become so dynamic and varying and drastic moments call for drastic measures. Apparently, this has been the key drive to innovations, such as witnessed in today’s world. I will be quite unfair for anyone, particularly in Kenya or East...
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...GLOBAL ENTREPRENUERSHIP MONITOR Global Entreprenuership Monitor (GEM) adalah suatu project yang diinisiasi pada tahun 1999 oleh partnership antara London Business School dan Babson College untuk menilai secara tahunan kegiatan kewirausahaan, aspirasi wirausaha dan perilaku tiap individunya di seluruh dunia. GEM merupakan studi terbesar di dunia mengenai dinamisnya dunia kewirausahaan dengan mengeksplorasi peran wirausaha dalam pertumbuhan ekonomi nasional suatu negara. Tujuan GEM menjalankan program adalah untuk mengukur perbedaan pada tingkat dan karakteristik aktivitas wirausaha di antara negara-negara, untuk mencari tahu keluasan pengaruh kewirausahaan terhadap pertumbuhan ekonomi dari berbagai negara, untuk mengidentifikasi faktor-faktor yang membantu atau menghambat kewirausahaan, dan untuk memberikan masukan kebijakan yang dapat meningkatkan aktivitas kewirausahaan. Konsep penerapan GEM (GEM Model) adalah menjelaskan dan mengukur secara rinci kondisi-kondisi dimana wirausaha dan inovasi dapat berkembang. Aktivitas GEM Dalam menjalankan program, GEM fokus pada wirausahawan individual. Dalam suatu penelitian, wirausaha individu (sole proprietorships) merupakan bentuk usaha yang paling banyak di Amerika. Membentuk sole proprietorships lebih mudah dan lebih murah dibandingkan membentuk firma atau perseroan terbatas. GEM mengambil fokus pada wirausaha individu karena bentuk wirausaha ini sesuai dengan perspektif sosial ekonomi yang dijalankan oleh GEM. Untuk mengukur...
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...Table of content Table of content 1 Executive summary 2 1. Introduction 3 2. Objectives 3 3. Companies overview 3 3.1. Description of Vietnam Dairy Joint Stock Company 3 3.2. Description of Hoang Anh Gia Lai Group 4 4. Literature review on entrepreneurial skills 5 5. Vinamilk and HAGL Group business comparision 7 5.1. Vision and mission evaluation 7 5.1.1. Vision 7 5.1.2. Mission 8 5.1.3. Evaluation of mission and vision statement: 11 5.2. SWOT analysis 12 6. Business plan 14 6.1. Operation 16 6.2. The Human Resources Department in businesses. 17 6.3. The Administration department in businesses 20 6.4. The Finance Department in businesses 21 6.5. The Marketing & Sales Department in businesses. 25 6.6. Market Research 26 7. Similar/disimilar challenges 27 7.1. External challenges 27 7.2. Internal challenges 28 8. Conclusion 29 Apendix 30 Reference 31 Executive summary Since the Vietnam economy shifted to market mechanisms regulated by government as well as the rapid spread out of globalization, there have been major changes in the socio-economic background. Accordingly, it opens up opportunities, which can favour business activities as well as challenges created by intensive competitions in new business environment. One of the issues that are the most concern is how the entrepreneur pursues the appropriate strategies to lead the organizations to overcome these challenges and create great competitive advantages. Particularly, Vietnam Dairy Joint...
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...Finances 1. Funding - Cradle U-CIP Catalyst a) The U-CIP Catalyst offers conditional grants of up to RM150,000 (via two tranches of RM100,000 and RM50,000) to groups of innovative individuals with technology-based ideas in the ICT, non-ICT and high growth technology industries. The team is given a 12-month period to complete the development of their prototypes or proofs-of-concept. b) Allowable Funding: * Prototype development * Proof-of-concept development * Business plans development * Purchase of market feasibility research * Search and registration of Intellectual Property (IP) * Surveys on concrete statistical data * Product sampling expenses * Industry Focus ICT * Mobile/wireless tech * Creative multimedia & content development * Shared services outsourcing * Hardware design * Software development (Bio-informatics, consumer productivity applications, data mining & business intelligence, electronic design automation, enterprise & business services, gaming & interactive entertainment, Internet & e-Commerce, networking, communications & connectivity, open source, operating systems, security) * Internet-based businesses Non-ICT * Biotechnology (Bio-informatics, Bio-chemicals, Bio-diagnostics tools, agriculture and food tech) * Advanced materials * Advanced manufacturing-related tech * Renewable energy / waste management / recycling tech ...
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...THE UNIVERSITY THE UNIVERSITY OF LAHORE ENTREPRENUER Recognizing Opportunities and Generating Ideas To: Ma’am Samra By: Fatima Mehboob Amna Mishal Sundus Naeem Zeeshan Sheikh Batch: MBA1Y02123 Entrepreneur: Recognizing opportunities and Generating Ideas There are two ways to identify an opportunity 1. Problem Solving: Sometimes identifying opportunities simply involves noticing a problem & finding a way to solve it. These problems can be pinpointed though observing trends & through more simple means, such as intuition or chance. 2. Observing Trends: The first approach to identifying opportunities is to observe trends & study how they create opportunities for entrepreneurs to pursue. Examples of Problem Solving Business: 1. Naseeb Networks provides leading community, communications and e-commerce services to underserved Internet markets. The company currently enjoys a leadership position in its target markets including online recruitment (www.rozee.pk), social networking (www.naseeb.com) and classifieds related services for Pakistan and its associated diaspora community. The company commenced operations in 2003 with a seed round from angel investors including founders and executives from Paypal, LinkedIn, Excite and Cisco. Naseeb Networks has been profitable since 2004 and currently has 42 employees at offices in Lahore, Karachi, Islamabad and San Jose. 2. NayaTel (Pvt) Ltd. (NTL)...
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...MKT 551 Sample Exam KEY: Correct answer has the “>” beside it. 1. In the definition of Marketing, the KEY phrase that best describes Marketing is: a. The fact that it is a “Process” b. That it is both “planning and executing” > c. That it serves to “create exchanges” d. The satisfaction of “individual and organizational objectives” 2. Marketing is more than selling or advertising > a. True b. False 3. Production and Marketing provide 5 kinds of utility. The one that is appropriate for a product that is intangible is: > a. Task utility b. Possession utility c. Place utility d. Form utility 4. Which of the following is NOT one of the universal functions of marketing? a. Buying b. Transporting > c. Production d. Standardization and Grading 5. The social process that directs an economy’s flow of goods and services is: > a. Macro-marketing b. Magnum-marketing c. Micro-marketing d. Magic-marketing 6. In a Planned economic system: > a. People in government decide who makes what goods b. Business people decide who will make the goods c. Consumers decide what goods will be made d. Business and Consumers decide what goods will be desired and therefore made 7. Effective marketing solves problems of: a. Discrepancies of Quantity b. Discrepancies of Assortment c. Spatial Separation > d. All of the above 8. Those opposed to globalization of markets continue to protest at meetings of: a. NAFTA b. EU c. GATT ...
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...Research Paper No. 2008/20 Entrepreneurship in Economic Development Wim Naudé * March 2008 Abstract What is the role of entrepreneurship in economic development? At a minimum the answer should be able to explain the role of entrepreneurs in the structural transformation of countries from low income, primary-sector based societies into high-income service and technology based societies. More broadly though, it should also be able to explain the role of entrepreneurs in the opposite pole of stagnating development (including conflict) and in high innovation-driven growth. Although economic development lacks a ‘general theory’ of entrepreneurship, which could encompass a variety of development experiences, much progress has been made in extending the understanding of entrepreneurship in the process of development. This paper surveys the progress with the purpose of distilling the outlines for a more general theory of entrepreneurship in economic development. Entrepreneurship in developing countries remains a relatively under-researched phenomenon, so by surveying the current state of research, and by discussing the role of entrepreneurship in dual economy models of structural transformation and growth, a secondary objective of this paper is to identify avenues for further research. Finally, the policy implications from the economic literature suggest that a case for government support exists, and that this should focus on the quantity, the quality, and the allocation of entrepreneurial...
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...Introduction This survey is conduct to measure people awareness toward the email fraud and virus through the spam email or junk email that included Nigeria Sting operation, phishing and stock manipulation schemes. Besides that, this survey also will show how people react through the every email that they receive in spam and how they react for email that they didn’t have the information of the email. Then the action of the email user to avoid having junk email that can affect theirs computer and overall action towards this problem. Research objective The objective for this survey is to find solution to determine the email is a scam or not. Besides that, this survey also allows people to realize about the awareness of internet email scammer. The information that I receive will show the public awareness to this kind of problem and also provide me some suggestion due to find the solution. Besides that, through survey we want to find solution for user to manage junk mail that they receive and how to recognize if the sender of the mail is being hacked or not. Data collection process This survey will conduct through online survey among my friend who is also an email user. This survey was sent to 5 students among the UUM. The survey content questionnaire about how they react towards email that didn’t have any information of the sender, what their solution and also if they have encounter any type of email that consist Nigeria sting operation, phishing and stock manipulation...
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