HW2.0

1. Creativity and Business Idea

For those who believe there are no real “new” ideas out there, we present these 10innovative businesses that are truly thinking outside the box (and, in one case, inside it).Some of these creative products and services make life a little more fun, while others actually save lives. Some involve technology that sounds like it comes from a science fiction movie, while some are based on ideas so simple and yet so brilliant, you’ll be kicking yourself for not thinking of them first.Here are our picks for the 10 most interesting businesses to emerge in the last year.

1.  Damn Heels
2.  Embrace Infant Warmer
3. Gocycle Electric bike
4. Kembrel
5. nPowerPeg
6. Recompute cardboard computer
7. samsung Electro-Mechanic’s micro hydrogen generator
8. Storage by the box
9. TriSpecs
10. Xeros’ low-water washing machine

Refrence: http://www.allbusiness.com/creative-new-business-ideas/15562979-1.html Time: 10:30pm

Synthesis: These are some of the creative products that is unique. Creating new product can help businessto be known .

2.) Legal issues for entrepreneurship

Entrepreneurs face a myriad of legal issues, including those associated with business formation, contract negotiation, intellectual property protection, employment law, and many others. The Legal Issues in Entrepreneurship Course provides an overview of the legal aspects of product design, intellectual property—including patents, trade secrets, trademarks, and copyright, and issues related to licensing and royalties. The course also examines the numerous legal challenges organizations face as they commercialize technology in a global environment. In addition to studying the basic regulatory requirements for intellectual property and patent protection, students gain an understanding of the process of technology and product licensing, royalties, and methods for protection and valuation of intellectual property. Students develop strategies and plans through which they will prepare to form, staff, launch, manage, and protect the intellectual assets of a technology venture.

Reference: http://www.fullsail.edu/degrees/online/innovation-and-entrepreneurship-masters/courses/legal-issues-in-entrepreneurship-IEN-560 Time: 11:26pm

Synthesis: The legal issue of an entrepreneur  provides an overview of the legal aspects of product design, intellectual property—including patents, trade secrets, trademarks, and copyright, and issues related to licensing and royalties.

3.) The Business Plan

– is a document that helps the small business owner determine what resources are needed to achieves the objectives of the firm, and provide a standard against which to evaluate results.

The business plan is a sort of a business blueprint and it keeps the entrepreneur on the right track. It gives a sense of purpose to the business. It also provides guidance, influence , and leadership, as well as communication idea about goals and the means of achieving them to partners, associates, employees and others.

Purpose of a business plan

1)       To serve as management’s guide during the lifetime of the business.

2)      To fulfill the requirements for securing and investors.

Reference: Roberto G. Medina (2011) Entrepreneurship. Rex Book store. Inc. Entrepreneurship and small Business Management (pg.87)

Synthesis: A business plan is also a road map that provides directions so a business can plan its future and helps it avoid bumps in the road.  It is a  written document describing the nature of the business, the sales and marketing strategy, and the financial background, and containing a projected profit and loss statement.

4.) The Marketing Plan

Product specific, market specific, or company-wide plan that describes activities involved in achieving specific marketing objectives within a set timeframe. A market plan begins with the identification (through market research) of specific customer needs and how the firm intends to fulfill them while generating an acceptable level of return. It generally includes analysis of the current market situation (opportunities and trends) and detailed action programs, budgets, sales forecasts, strategies, and projected (proforma) financial statements. See also marketing strategy.

Reference: http://www.businessdictionary.com/definition/marketing-plan.html Time: 11:18pm

Synthesis: It is important in guiding and building a successful business, and it’s important because without one, you can get hopelessly lost and never reach your destination which in this case, is a level of success with your business that makes you happy.

5.)Financial Plan

The financial plan translates into monetary terms the various plans you have for the business. From the marketing plan, you get information on sales; from the production and organization plans, you get information on expenses. From these varied data, you can compute whether your business can make money or not.

Reference: Winefreda B. Asor (2009) Entrepreneurship Rex Book store INC. Entrepreneurship in the Philippine setting

Synthesis: Financial planning in any business is very important. A good business plan provides a guide for the overall operation of the business and the way finances will be handled within a business. The importance of financial planning for your business can be seen in how cash flows in and out of the business.

6.) Organization Plan

In Writing the organization plan the first thing to do is describe the form of ownership of your firm. In other words, say if your business will be a sole proprietorship, partnership, corporation, or cooperative .next , prepare the organization structure . Usually , this is done through  an organizational chart- usually organized according to the four functional areas: marketing, production, finance, and administration.

The organizational plan also requires you to describe the duties and responsibilities of all those involved in the enterprise , the required qualifications for the tasks , the corresponding salaries and benefits, and the number of personnel required.

Reference : Winefreda B. Asor (2009) Entrepreneurship Rex Book store INC. Entrepreneurship in the Philippine setting

Synthesis: It is also a the process of setting medium and long term objectives for an organization and the developing a strategy to accomplish those goals.

HW1.0

1.) Globalization

– refers to the shift toward a more integrated and interdependent world economy globalization has two main components, the globalization of markets and the globalization of production.

* Globalization of markets – refers to the merging of historically distinct and seperate national market into one huge global market place.

* Globalization production – refers to the tendency among firms to source goods and services from location around the globe to take advantage of national differences in the cost and quality of factors of production (such as labor, land and capital).

Reference: Hill Charles W.L (2000). Internatonal Business competing in the Global Marketing. McGraw Hill Companies Inc.

Synthesis: If your an entrepreneur your mind set is you have to think globally to survive locally, in that case even the smallest business might sell product overseas and it can also sell to customers in other country through internet.

2.)  Nature and importance of Entrepreneur.

One thing researches and practitioner have been able to agree upon is that entrepreneurship is important for the economic prosperity of individuals, region and nations. Small firms are more efficient in many other important ways than they larger counterparts. While new firms creates job, they also contribute to the ecomic development of regions. Thus, entrepreneurship is important to the economic wealth creation at the national and individual levels. Data reveals that most firms are small. In fact, most firm are small when they start and only 3 percent grow beyond 100 persons, and most never add employees at all. It is important to understand that many entrepreneurs actually do not want to hire employees, peffering often to outsource all but the most critical aspect of their operations. That is national interest to create growing firms maybe contradictory to personal desires.

Reference: Alan L. Carsrud and Malin E. Brannback (2007). Entrepreneurship. Published  by Alan L. Carsrud and Malin E. Brannback 5/125 7:47am

http://books.google.com.ph/books?id=GTybgv_8GrMC&printsec=frontcover&dq=entrepreneurship&hl=fil&sa=X&ei=4d6MUv_RKo7NrQfhlYDQBg&sqi=2&ved=0CEMQ6AEwAw#v=onepage&q=entrepreneurship&f=false

Synthesis: Entrepreneurship is important to us to understand because it impacts our own lives and those our felow citizens as our source of new job creation and a source of a majority of new technology and products. Entrepreneurship is about doing it and making, it has to be lived. Even small business can help us to have a job and when it grow it can hire more people or employee .

3.) Entrepreneurial and Intrapreneurial mind.

Entrepreneurial and Intrapreneurial Mind Point of Distinction: Qualities Entrepreneur: An innovative, risk taker, high achiever etc.

Intrapreneur: Person having all the qualities & characters of an entrepreneur Point of Distinction: Goal Management Entrepreneur: An entrepreneur starts a venture by setting up a new enterprise for his personal gratification.

Intrapreneur: The main aim of the intrapreneur is to render his service in an enterprise already set up by someone Point of Distinction: Status Entrepreneur: An entrepreneur is the owner of enterprise Intrapreneur: Works for others as a paid employee Point of Distinction: Risk Entrepreneur: An entrepreneur bears all risks and uncertainly involve in the enterprise Intrapreneur: Does not bear all the risk involved in the enterprise (moderate risk taker) Point of Distinction: Rewards Entrepreneur: Entrepreneur for his risk bearing role he receives profits. It is only uncertain and irregular but can at times be negative. Intrapreneur: Which is fixed and regular income can never be negative Point of Distinction: Innovation Entrepreneur: As an innovator he is called cage agent who introduces goods and services to meet changing needs of the customers. Intrapreneur: Executes the plans of the entrepreneur. Thus intrapreneur translates the ideas into practice

Reference: S. Anil Kumar. (2008). Small Business and Entrepreneurship. I.K International

Synthesis: Entrepreneur and Intrapreneur has a difference. Entrepreneur has the freedom act on his/her own while Intrpreneur he/she needs to ask for management approval to make some changes in the company. Entrepreneur is the boss and the Intrapreneur is the employee .

4.) Individual Entrepreneur

The conceptualization of entrepreneurship is an individual entrepreneur. It assumes that entrepreneurship is an individual or team level phenomenon and that entrepreneurs not the context are at the root of entrepreneurial process. Individual Entrepreneur is the personification or embodiment of a particular function. The traits of the entrepreneurs result from the specific function performed by them and are not the focus of the economist analysis.

Reference: Hector Rocha and Julian Birkinshaw. (2007) Entrepreneurship Safari: A Phenomenon- Driven Search for Meaning. Publishers Inc.

Synthesis: An individual entrepreneur is someone who has skill to create a business and willing to take the risk of success or failure. He/she can handle her skill to manage a business or something that can help other business.

5.) International Entrepreneurship and opportunities.

THE NATURE OF INTERNATIONAL ENTREPRENEURSHIP
As more countries become market oriented and developed, the distinction between foreign and domestic
markets is becoming less pronounced. International entrepreneurship is the process of an entrepreneur
conducting business activities across national boundaries. It is exporting, licensing, or opening a sales office
in another country. When an entrepreneur executes his or her business in more than one country,
international entrepreneurship occurs.

ENTREPRENEURIAL ENTRY INTO INTERNATIONAL BUSINESS
The choice of entry method depends on the goals of the entrepreneur and the company’s strengths and
weaknesses.
Exporting
As a general rule, an entrepreneur starts doing international business through exporting.
Indirect exporting involves a foreign purchaser in the local market or using an export
management firm. For certain commodities, foreign buyers seek out sources of supply.
Export management firms, another indirect method, are located in many commercial
centers.
Direct exporting through independent distributors or through one’s own overseas
sales office is another entry method. An independent foreign distributor directly
contacts foreign customers and takes care of all technicalities. Entrepreneurs who do
not wish to give up control over marketing can open overseas sales offices and hire
their own salespeople.

Non equity arrangements
Non equity arrangements allow the entrepreneur to enter a market without direct equity investment in the foreign market

Licensing involves a manufacturer giving a foreign manufacturer the right to use a
patent, trademark, or technology in return for a royalty. This arrangement is most
appropriate when the entrepreneur has no prospect of entering the market through
exporting or direct investment. The process is usually low risk and an easy way to
generate incremental income. Without careful analysis, licensing arrangements have
several pitfalls.
Turn-key projects
Lesser-developed countries are able to obtain manufacturing technology without
surrendering economic control through turn-key projects. A foreign entrepreneur
builds a facility, trains the workers, and trains the management to run the installation.

Once the operation is on line, it is turned over to local owners. Initial profits can lead to
follow-up sales. Financing is often provided by the local company or government.
Management contracts
Entrepreneurs can contract their management techniques and skills, often following a
turn-key project. The management contract allows the purchasing country to gain
foreign expertise without turning ownership over to a foreigner.
Direct Foreign Investment
The wholly owned foreign subsidiary has been the preferred mode of ownership for direct investment.
Minority interests
The minority interest provides the firm with either a source of raw materials or a captive
market for products. Entrepreneurs have used minority positions to gain a foothold in the
market before making a major investment.
Joint ventures
Two firms get together and form a third company in which they share the equity.

Reference: Virtual University of Pakistan 26/102

http://api.ning.com/files/-FYvyVmz9DhNEOr8FsgWWSACprPl3dZEUquBHHWN51Te01UMJ*6m8WxePQs8Xn5b22g00oJGuLZwzJ7nYVbI*l9IV3RuiLTg/MGT602EntreprenureshipCompleteHandoutsfromLectureno.1toLectureno.45bywww.virtualians.pk.pdf

Synthesis: The opportunity of International Entrepreneurship is you can export your product to other country that can help your company to be known and if you build a company to more than 1 country you can call it International Entrepreneurship. You can export to other country and it helps your business grow and helps other people in different country to have a job.