Entrepreneurship
Personality Status:
Current position who your personality is in current position (at most important).Intellectual autonomy:
We should not base our learning knowledge on a certain person's testimony. Because people are naturally driven to life.Learning philosophy describes two persons:
1. Sapere aude (Intellectual autonomy):
Base on your knowledge do not rely on some one.
2. Human beings are naturally programmed to believe on testimony:
This is very difficult for person to rely on its own education.
They do not rely on one testimony on which one should rely?
You have to generate a balance between them because this depicts credibility.
Testimonies must be rigor and should based on research rather on in sightment.
Entrepreneurship:
Seeking unique commercially viable business opportunities and transforming them into actual businesses.Historical Perspective:
• French(starting word)• Means going beyond
They use it as:
• Discoverer; then for ministers and others who discover successful trading.
• According to first defination first entrepreneur was reseller.
Those who travel to distinct land to find product that were not available at their native land.
Economic Agent:
• Factors of Production• Land
• Labour
• Capital
• Organization
A good entrepreneur is one who has the capability to manage factor of production.
Change seeker's:
Standard operating principle (S.O.P's)Creative distraction or Creative destroyers:
The one thst are available in market but with certain change it Changes relevance in market.
Internal locus of Control:
They are the one who finds internally weak or lacking points.Those who throws their responsibilities to other are the one who has external locus of control.Imitation:
Imitate ; to copy.Intrapreneurs:
They generate unique business and unique products or commercial viability for others."Awalling the Entrepreneur with in"
Garber Micheal ( Entrepreneur practionalist, Scholar work).Garber micheal ; E-Myth consultancy firm.
Turn key consultancy firm: SMES own the firm and work on their Condition until organization work on its own.
Key selling point:
• Pricing model
Payment was on basis of low payed salary of employed.
• Entrepreneur is one who realize something is missing.
Dream Room:
They provide consultancy before business setup.
High Growth Ventures - Ventures Backed Business:
• Are the type of business that are backed by venture Capitalits (V.C's).• Venture Capitalits; one that hunt or find entrepreneur with unique business concepts of extra ordinary or Massive growth potential.
Ordinary or Massive:
• Internationally on globeThey invest heavily and on multiple rounds on these concepts.
Why he become high Growth Venture?
Characteristics:
Compromises: Work life balance, Control of the business.What one will become after compromising?
• On behalf of control of business.
• C.E.O'S with a minority or founding share holding.
• C.E.O'S are controlled by board of director.
Why this is Beneficial?
Because growth venture is getting a huge capital which he can't afford.
What one will become after compromising on behalf of work life Balance?
To multiple huge investment you need to compromise your life style. According to research in actual they did not comprise their life balance because their Preference. Large scale personal growth and Impact.
Life Style Business:
Preference: Desired and Aspired life style or way of life.• Persuade themselves as business man on basis of Habit.
• They are the business that are self financed.
• You invest finance on basis of your invest growth that is what it has limited growth.
• You are morgage on basics of your self from bank.
Work life Balance: Work life Balance is negligible this case because you are investing a complete time on your interest.
Organic business:
• Base their business on needs and market trend.• Are self finance business based on their finance or of their relatives.
• Work life balance is priority.
Entrepreneurship by Aquisition:
• Massive is associated with start up challenges.• Buy a running business.
Corporate Entrepreneurship:
• Large Companies
• Exercise running point
example; Facebook owner buy insta and What'sapp.
because he want's to be potential competitior.
Social Entrepreneurship:
• They work two bottom line:Profit
People and societal benefit
• Their objective id not profit but also societal benefit.
e.g; Gramine give loan to lower status people that is for the profit of people.
• Another advance addition in social Entrepreneur is impact enterprise.
e.g: car (not based on carbon fuel).
Financial Sustainability Assessment:
• Before starting a business make financial stability that is its feasibility.a. Does the business can sustain itself.
b. Existance can be sustained on his own and can provide you benefit.
Tags:
General Knowledge