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1、ENTREPRENEURSHIPMODU1.EMANAGINGENTREPRENEURIA1.VENTURESThismodulepresentsinformationtoprovidestudentswithafoundationalknowledgeofmajorentrepreneurialissuesintoday,sdynamicbusinessenvironment.Entrepreneursengageinavarietyofactivitiesthroughtheirperformanceofthetourmanagerialfundionsofplanning,organiz
2、ing,leading,andcontrolling.ThisnluleexaminestheimportanceofentrepreneurNhipandtheactivitiesandtasksthatcontributetoasuccessfulCnlrepreneurialventure.WhatisEntrepreneurship?A. Entrepreneurshipistheprocessofstartingnewbusinesses,generallyinresponsetoopportunities.B. Entrepreneurialventuresareorganizat
3、ionsthatpursueopportunilies,arecharacterizedbyinnovativepractices,andhavegrowthandprofitabilityas(heirmaingoals.C. SmallbusinessesareindependentbusinesshavingfewerIhan500employeesthatdonttnecessarilyengageinanyneworinnovativepracticesandthathaverelativelylittleimpactonitsindustry.D. Asmallbusinessis
4、ntnecessarilyentrepreneurialbecauseitssmall.E. Tobeentrepreneurialmeansthatthebusinessisinnovativeandseekingoutnewopportunities.WhosStartingEntrepreneurialVentures?A. Withtheunemploymentratesohigh,manyindividualsarestartingtheirownbusinesses.B. Beinganentrepreneurisnoteasy,only44ercentofnewbusinesse
5、ssurvivelongerthanfouryears.WhatDoEntrepreneursDo?A. Entrepreneurscreatesomething,searchtorachange,respondtoit.andexploitit.B. EntrepreneursmustaddressfourkeystepsasIheybeginandmanagetheirentrepreneurialventures:1. Exploretheentrepreneurialcontext.2. Identifyopportunitiesandpossiblecompetitiveadvant
6、ages.3. Starttheventure.4. ManageIheventure.WhatPlanningDoEntrepreneursNeedtoDo?A. Theentrepreneurmustputseriousthoughtandconsiderationintothewritingofabusinessplan.B. AwrittenbusinessplanCanrangefrombasictothorough.Themostbasictypeofbusinessplanwouldsimplyinclude:a. Anexecutivesummaryminibusinespla
7、nthatsnolongerthantwopages.b. Asynopsis:anexecutivesummaryandabusinessproposalexplainingwhytheideaisrelevanttopotentialinvestors.c. summarybusinessplan:anexecutivesummaryandapageorsoofexplanationofeachofthekeyCompOnenISofabusinessplan.d. AJitllbusinessplan:thetraditionalbusinessplan.e. Anoperational
8、businessplan:themostdelailed;usedbyventuresalreadyoperatingwithanexistingstrategy.WhatsInaFullBusinessPlan?A.Agoodbusinessplancoverssixmajorareas:1. Executivesummary:summarizesthekeypointsthatIheentrepreneurwantsIomakeabouttheproposedenlrepreneurialventure.2. AnalysisofopprmalizationC. HumanResource
9、ManagementIssuesinEnlrepreneurialVentures.1. Asanentrepreneurialventuregrows,additionalemployeeswillneedtobehiredtoperformtheincreasedworkload.2. Employeerecruitment.Anentrepreneurwantstoensurethattheventurehasthepeoplelodotherequiredwork.RecruitingnewemployeesisoneofthebiggesichallengesIhalentrepre
10、neursface.3. Employeerelenlion.Gettingcmelenlandqualifiedpeopleinlotheventureisjust(hefirststepineffectivelymanagingthehumanresources.Anentrepreneurwantscokeepthepeopleheorshehashiredandtrained.WhatIssuesDoEntrepreneursFacein1.eadinganEntrepreneurialVenture?A. WhalTypeofPersonalityDOEntrepreneursHav
11、e?1. Ithasbeendifficulttoidentifyspecificpersonalitytraitsthatallentrepreneursshare.2. Evidencesuggestsanentrepreneurislikelylohaveaproactivepersonality:apersonalityIraillhHldescribesindividualswhoaremorepronetolakeactionstoinuencetheirenvironments.3. Studieshaveshownthatentrepreneurshavegreaterrisk
12、propensitythandomanagers.However,thispropensityismoderatedbytheentrepreneursPrimarygoal.B. HowCanEntrepreneursMotivateEmployees?1. SucccjsuIentrepreneurialventuresmustbequickandnimble,readyIopursueopportunitiesandgoOlTinnewdirections.2. Empowcraiemployeescanprovidethatflexibilityandspcerfornancedecl
13、ineincludeinadequateornegativecashflow,excessnuml)erofemployees,unnecessarj,andcumbersomeadminisl11(iveprocedures,fearofconflictandtakingrisks,toleranceofworkincompetence,lackofaclearmissionorgoals,andineffectiveorpoorcommunicationwithintheorganization.2. Itsimportanttohaveanup-to-dateplanforcoverin
14、gcrises.3. ThiSplanshouldfocusonprovidingspecificdetailsforcontrollingtheInoSlfundamentalandcriticalaspectsofrunningtheventure-cash11ow,accountsreceivable,costs,anddebt.C. WhatIsInvolvedwithExitingtheVenture?1. Hanesting:capitalizingfinanciallybyexitingontheinvestmentintheventure.2. Theissuesinvolve
15、dwithexilingtheventureincludechoosingaproperbusinessvaluationmethodandknowingwhat,sinvolvedintheprocessofsellingabusiness.3. Otherfactorstoconsiderincludebeingprepared,decidingwhowillsellthebusiness,consideringthetaximplications,screeningpotentialbuyers,anddecidingwhetherto(ellemployeesbeforeorafter
16、thesale.D. WhyIsItImportanttoThinkaboutManagingPersonalChallengesasanEntrepreneur?1. Oneofthemostimportantthingsanentrepreneurcandoisbecomeagoodtimemanager.2. Anotherimportantthinganentrepreneurcandoisseekprofessionaladvicewherebusinessknowledgeisneeded.3. Itsimportanttodealwithconflictsastheyarisebothworkplaceandfamilyconflicts.4. ,oachieveabalancebetweenworkandpersonallifeitisgood(odevelopanetworkoftrustedfriendsand)eers.5. Itisvitaliorecognizewhenyourstresslevelsareloohigh.