...The Business Enterprise – BUS508 Submited by: Michael Nelson Instructor:L.B. Crowson 1/18/2011 Common Elements in Entrepreneurial Leadership in today’s Dynamic Markets The Theories of Case, Kouzes, and Drucker have many common elements related to the new definition of Entrepreneurial Leadership. The philosophies of these individuals highlight principal characteristics that are necessary in good leadership. Case’s theory focuses on people, passion, and perseverance as the key to strong economic growth for the country through entrepreneurship. Five of the key elements identified by Kouzes include; modeling the way, inspiring a shared vision, challenging the process, enabling others to act and, encouraging the heart (Rising to the Leadership Challenge, 2008). These elements identified by Kouzes center around the people passion and perseverance that Case states as In the podcast the Kouzes describes how through the proper use of these principles that one is able to effectively lead. He also states that of the five principles that enabling others to act is the one that most directly influences the outcome of a project. When comparing this to the entrepreneurial style of leadership it fits very well. The definition of “Entrepreneurial leadership is one of an enterprising, transformational leader who operates in a dynamic market that offers lucrative opportunities” (The George Washington University, 2001). This definition is taken from the transformational...
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...Assignment# 1 – Economics and Ethical Issues BUS 508: The Business Enterprise July 20, 2012 1. Discuss what you think will happen to the supply, demand, and price of the product in the short-term. Since the demand for the pie is high, the price of the pie will go up. Also, since more people are willing to pay for it. The demand and supply for the pie will go up also, simply because the people want them and the price is what they can afford to pay for it. Consequently, the rise in price prompt more pies to be supplied as supply relationship shows that the higher price, the higher the quantity supplied (Ferrell, O.C., Hirt, G., & Ferrell, L. (2009). Producers supply more at a higher price and selling a higher quantity at higher price increases revenue (McConnell, C., & Bruce, S. (2008). 2. Discuss what you think will happen to supply, demand and price of the product in the long- term. In the long term, if the demand for the pie goes down, the price as well will go down. That is to say all else equal, as price falls, the quantity demanded rises, and as price rises, the quantity demanded falls which affect the amount purchased. For instance, If new style of pie comes out and everyone wants the new one, the demand for the old pie will drop, thereby forcing the supply to drop too (McConnell, C., & Bruce, S. (2008). Mrs. Acres will have to do something in order to meet the long term levels of demand such as. (a) Tastes: A favorable change in consumer...
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...Entrepreneurial Leadership BUS508 25 July 2013 Determine how Five Guys’ philosophy sets it apart from other fast-food chains. “Do you want to flip burgers your whole life!” How many times has a parent said this? Even though this is usually said out of sarcasm this line of work has been very good for the Murrells. The founder and owner of Five Guys Burgers and Fries Jerry Murrell started with a business plan of keeping their business limited and simple and sticking by his philosophy of providing a quality product at a reasonable price in a clean environment. Five guys spends the most out of its competers to product a quality product. When Jerry Murrell began franchising he was just a small burger operation with an almost cultish following in Northern Virginia. Today, the business is, by some, estimated heading in the direction of the $1 billion in value mark. Analyze the original values of the start-up company and how it remains strong today. During the early years the Murrells’ worked long and hard to prefect their product. And to this day Five Guys serves up made-to-order burgers with beef that’s never frozen and absurdly large servings of hand-cut fries. Murrell stated that each topping was a family decision and something that was taken very serious. Having accomplished creating a successful product the Murrells now focus on maintaining this quality by paying attention to detail. One way that the Murrells ensure that the product quality is maintained is by writing...
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...SPECTRUM BRAND Dr. Mensah-Dartey Business Enterprise May 9, 2010 Given the business situation for Spectrum Brand p. 251, explain how the firm might organize using a Matrix structure for the organization. Matrix structure is a structure that sets up teams from different departments, thereby creating two or more intersecting lines of authority; also called a project-management structure. Matrix structures are created in response to uncertainty and dynamism of the environment and the need to give particular attention to specific Spectrum Brand products such as: the batteries, pet products, personal grooming, and lawn and garden care. Instead of completely switching from a product based structure, a company may use a matrix structure to balance the benefits of product based and traditional functional structures. By using the matrix structure as opposed to product departments may increase communication and cooperation among departments, because project managers will need to coordinate their actions with department managers. Matrix structures have the benefit of providing quick responses to technical problems and customer demands. A project manager keeps the focus on the products that’s being provided. Matrix structures are usually temporary. Once a project is complete team members go back to their functional or line department. Explain how the firm could operate using a Multidivisional structure. A multidivisional structure organizes...
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...Financial Management Instructor: Dr. Daniel Frost The Business Enterprise – BUS508 Strayer University June 12, 2011 Based on your analysis, determine which company is better able to pay current liabilities (debt). Explain your rationale. Based on the analysis of Pepsi Co and Coca Cola Enterprise the company that would be better able to pay current liabilities would be Pepsi Co. The company had retail sales of $108 billion in the year of 2009. In previous years, Coca-Cola would be better to pay current liabilities however the company suffered huge losses in the year of 2008. Pepsi Co has nineteen mega brands that provide revenues in several different markets. Coca Cola has five brands per geographic area. Coca Cola is a large organization that is present in numerous countries around the world. Pepsi Co seems to be better to pay liabilities based upon the several different brands the company provides. If there was an analysis based upon the year of 2010 Coca Cola Enterprise would be better able to pay current liabilities. The company sold $25.5 billion unit cases in 2010 versus the $24 billion in 2009. Coca Cola also had a 13% increase in gross profit and operating revenue. (Coca-Cola, 2011) Pepsi Co in the year 2010 also experienced steady growth in revenue and 12% growth of earnings per share. Pepsi Co continued to deliver top tier financial returns in the year 2010. Pepsi Co Americas Foods provided the largest operating profit of 53% in the year...
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...Coca-Cola New Vending Technology and Marketing Paper Dennecia M. Carter BUS 508: The Business Enterprise Strayer University Paying more for a Coke dependent on the weather temperature is probably something that most people would not agree with. Coca-Cola tested a technology that would make such a thing possible. Former Chairman and Chief Executive Officer M. Douglas Ivester stated, “Coca-Cola is a product whose utility varies from moment to moment. In a final summer championship, when people meet in a stadium to have fun, the utility of a cold Coca-Cola is very high. So it is fair that it should be more expensive. The machine will simply make this process automatic.” (McGraw-Hill/Irwin, 2008) Now that is how you make your product benefit you at the expense of things that consumers can not control. The idea that the changing of prices based on the ambient temperature was thought of as just the law of supply and demand in action. Would it be easy for consumers that normally purchase a Coke for $1.25 now see prices of $1.50 thanks to a twenty degree increase in temperature? It had been reported in October 1999 that Coca-Cola was testing vending machines that could raise prices in hot weather. After this report it led to major national and international controversy for the company. The ability for the machine to make price changes based on temperature would be processed simply through a temperature sensor and computer chip. Besides price changes based...
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...Production and Operations Management The Business Enterprise-BUS508 Dr. John Woodard Tammy English Strayer University August 11, 2011 Marathon is an integrated international energy company engaged in exploration and production; oil sand mining; integrated gas; and refining, marketing, and transportation operation. Marathon is among the top five crude oil refineries in the United States, so surely there is a way to reduce the time involved in the production process. The major crude oil refineries in the United States are located in the hurricane region of the gulf coast. One possible option that Marathon could take to reduce the time involved in the production process would be to create new petroleum refineries in different regions allowing operators to shift process and production responsibilities in the event of a natural disaster or scheduled outage. There may be one feasible alternative as to why Marathon would want to reduce the time in the production of the petroleum products. In order to produce gasoline, the crude oil must go through the refinery and transportation processes. In those processes sometime could be saved either by increasing the speed of separation in the crude oil refinery process or by increasing the speed in the transportation process. Crude Oil, like any other product, is traded on the world market. In recent times, crude oil prices have been rocketing, driven by rising global demand and political instability in several oil...
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...Assignment #2: Amazon.Com’s E-Business Model Je’neen A. Wilson, B.S. The Business Enterprise – BUS508 Strayer University – White Marsh Prof. A. Kobina Armoo Has Amazon Lost Its Identity? Amazon.com is a famous Internet retail company in E-commerce. Its business includes B2B and B2C. It opened its business in July 1996. Today, Amazon.com has expanded its business in more than two hundred and twenty countries and this company sells various products like electronics, books, music, DVD, House wares, PCs and cars (Amazon.com Announces 4th Quarter Profit 2002). It is the biggest retail store in E-commerce. Even though Amazon.com owns these accolades, this company is struggling to survive. Amazon.com had a $19 billion market value before its stock prices decreased from $75.25 to $9.25 (German, 2001). The problem is that Amazon still has not made real profits since it opened. How to help Amazon.com keep standing on the stage? If Amazon.com wants to survive in E-business and start making real profits, Amazon.com should merge with other retail companies, operate a new E-business strategy, and rebuild its financial structure. Business strategies and activities play a very crucial role in the future development of the organization. These strategies become more important, in case of e-business organization such as Amazon. Every organization uses different business strategies in order to remain in business. Some adopt customer- centric strategies; some uses strategies to maximize...
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...Economics and Ethical Issues BUS508 The Business Enterprise Introduction In this paper, I will discuss two types of businesses, homemade pies and soft drinks. Mrs. Acres Homemade Pies is small business that produces specialty pies to local supermarkets and select family restaurants. This company is growing rapidly in profits and employees (Ferrell, 2009). I am going to analyze the supply and demand for this company along with pointing out challenges Mrs. Acres should consider in managing the growth of her business. The next business that I will discuss is a soft drink company that operates in a monopolistic competition market. Monopolistic competition exists when multiple businesses are selling the same goods with very small differences (Ferrell, 2009). I will discuss the economic factors needed to operate this type of business and identify how each factor could give the business a competitive advantage. Mrs. Acres Homemade Pies Mrs. Shelly Acres love for cooking motivated her to start her own business called Mrs. Acres Homemade Pies. Mrs. Acres had taken her grandmother’s homemade pie recipe and turned it into a successful pie business. Mrs. Acres sells her pies to local supermarkets and select family restaurants for $4.50 each (Ferrell, 2009). During the first six months, Mrs. Acres produced 2000 pies each month. Her success comes from three productive part time employees who produced...
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...Entrepreneurial Leadership Melinda F. Thomas Lawrence B. Crowson The Business Enterprise BUS508 January 18, 2011 Discuss the common elements described in the theories/philosophies of Case, Kouzes, and Drucker including how their principles/strategies relate to the new definition of Entrepreneurial Leadership in today’s Dynamic Markets. Entrepreneurial Leadership is a difficult style of leading. Any entrepreneur that practice this style are generally is a risk taker who is willing to start, own, and operate a business Boone (2010). Steve Case (2010) spoke at Stanford University with plans and thoughts on one basic idea in terms of success, business, and any organization. It is important if you are focusing on being an entrepreneur, and it requires the leadership philosophies of people, passion, and perseverance. Former Chairman and CEO of AOL Steve Case (2010) “state these words as foundation of successful entrepreneurship”. Case’s entrepreneurial life continues with his business enterprise transformation. Its mission “is to partner with entrepreneurs in building business that gives people choices, control and convenience in important area of their life” (Case, 2010).Steve Case (2010) also has passion about our country struggling from economic depression, and knows there is only one thing to get it back on track. Case (2010) suggests “being in process and taking a risk and entrepreneurship.” There is a lot that can be done but the leadership can only do so...
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...Entrepreneurial Leadership Steve Epitropou The Business Enterprise – BUS508 002016 Entrepreneurial Leadership Steve Case is an entrepreneurial leader. He is a visionary and a deal maker. He cares about what consumers want, and is technologically savvy. Case “focuses on building a world-class team of colleagues, advisers, and managers to run the business operations” (Citrin, 2006, para.4). He surrounds himself with people that complement his strengths and balance his weaknesses. James Kouzes believes that leadership is a journey, that credibility is the foundation of leading, that leadership is a relationship, that to lead you must first look inside yourself and clarify your values, and that you need to be inspiring to lead (McCrimmon, n.d.). Kouzes believes that leadership can be learned. He and Barry Posner created “The Leadership Challenge” which explains “how leaders mobilize others to want to get extraordinary things done” (Kouzes, J & Posner, B., 2010. para. 2). They state that leaders put their values into action, achieve their visions, innovate around obstacles and make risk pay off. Peter Drucker has written about entrepreneurial leaders. He believes that successful leaders do not ask themselves what they want to do, they ask themselves what needs to be done and can they make a difference by doing so? (Ambler, 2006). He believes that successful leaders only do things that they are good at and that they let others do the rest. Drucker...
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...Assessment#1- Analysis of Understanding Entrepreneurial Leadership in Today’s Dynamic Markets fobjbdema BUS508 - Business Entreprise Dr.ddddddddd Discuss the common elements described in the theories/philosophies of Case, Kouzes, and Drucker including how their principles /strategies relate to the new definition of entrepreneurial leadership presented in Understanding Entrepreneurial Leadership in today’s Dynamic Markets. In discussing the new definitions entrepreneurial leadership as presented in “Understanding Entrepreneurial Leadership in Today’s Dynamic Market its probably best to describe the climate or environment which is often illustrated as one that is dynamic market , uncertain or a very competitive market which requires innovative thinking. In this type of market the fluidity, energy, motion, constancy and ubiquitousness of changes in the market occur very frequently and head to head competition between firms is common place and the pace, magnitude and direction of change is continuously accelerated and harder to predict. Teece, Pisano and Shuen (1997) as referenced by Fernald and Solomon in their paper, described today’s dynamic Schumpeterian world of innovation–based competition, price /performance rivalry, increasing returns and the ‘creative destruction of existing compeitencies.”(p.509) "creative destruction" was popularized by and is most associated with Joseph Schumpeter, particularly in his book Capitalism, Socialism and Democracy, first...
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...Entrepreneurial Leadership Tamia Sessoms Hopkins Dr. Prakash G. Menon BUS508 The Business Enterprise April 24, 2011 Entrepreneurial Leadership 2 The Abstract It takes the right leadership to inspire a team and an organization. Having a successful business depends on having a great leader who can provide guidance. This paper will discuss the hybrid/philosophy I created including the new definition of entrepreneurial leaderhsip presented in Understanding Entreprenuerial Leadership in today’s Dyanamic Market. I will also describe what type of leaders thrives in organizations. I will then evaluate the Small Business Administration and SCORE and explain which resource is most useful in businesses. Lastly, I will create a list of leadership best practices. Hybrid Theory/ Philosphy 3 In creating a hybrid theory/ philosphy, I had to put a considerable amount of thought into it and the result was everything in business is driven by people. I will begin by definining what is considered to be the new definition of entrepreneurial leadership. According to Fernard and Soloman (2003), Entreprenurial leadership is one of an enterprising, transformational leader who operates in a dynamic market that offers lucrative opportunities. With this being said, to be successful starting a business it will take continuous innovation and creativity because the mindset has to be “what is good for our customers today, will not be good for our customers...
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...Five Guys Evelyn McAllister Strayer University Contemporary Business BUS508 Dr. Ruether October 27, 2013 Five Guys How Five Guys’ philosophy sets it apart from other fast-food chains. Five Guy’s philosophy focuses on creating a quality product that customers will appreciate. They make sure to focus on the customers and their employees. According to Boone and Kurtz (2012), Five Guys has focused on quality by ensuring that its meat is 80% lean, keeping its plants clean, ordering its quality potatoes from Idaho instead of purchasing cheaper potatoes from Florida or California, soaking its fries to avoid them from absorbing oil, making their burgers to order and ensuring fresh bread gets delivered to each franchise daily (Boone & Kurtz, 2012). Customers appreciate the Small details such as cooking their burgers to order. Each burger is made when the customer orders it unlike most other burger chains where the burgers are already made and sitting in a bin. They do not offer a wide variety of food products like other burger chains. In an interview for Inc. magazine, Five Guy’s founder Jerry Murrell stated, “Sell a really good, juicy burger on a fresh bun. Make perfect French fries. Do not cut corners” (Welch, 2010). That has been the business plan since they opened the first store in 1986. Five Guy’s has built its business on burgers and fries. Many other burger or fast food chains tend to cut corners. They use frozen products because the cost may be a little...
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...1) Given the business situation for Spectrum Brand p. 251, explain how the firm might organize using a Matrix structure for the organization. Matrix structures consist of cross-functional project management teams that are formed to solve problems related to growth, diversification, productivity, and competition. The structure calls for temporary collaboration amongst experts from various functional areas in order to provide flexibility, creativity, cooperation, and fast responses to concerning changes in the market (Ferrell, 2009). Spectrum Brands may use a matrix structure to leverage the success that others have experienced in the food transportation, aerospace, and extractives industries. In food transportation, businesses like Tree of Life have used this structure in supply chain to ensure that vice presidents of inventory management, transportation, and warehousing, individually partner with procurement specialists of different product lines to ensure maximum throughput from distribution centers (Casper, 2009). In aerospace and global extractive businesses like oil, gas, and mining, Matrix structures have been used to integrate dissimilar international business segments under a common goal by mobilizing highly skilled executive teams with global functional roles (Millar, 2008). Spectrum Brand relates to these industries in its mission to diversify the portfolio, requiring a myriad of vendors and a sophisticated supply chain in an international marketplace. 2) Explain...
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