Entrepreneurship and Strategic Management PDF

Entrepreneurship and Strategic Management SHEHANI JOSEPH Outline Definitions of Entrepreneurship What is strategy? Difference between a strategic plan and a tactical plan How strategies formulated? Strategy and Entrepreneurship Definitions - Entrepreneurship Gartner 1988...

Entrepreneurship and Strategic Management SHEHANI JOSEPH Outline Definitions of Entrepreneurship What is strategy? Difference between a strategic plan and a tactical plan How strategies formulated? Strategy and Entrepreneurship Definitions - Entrepreneurship Gartner 1988 Entrepreneurship is the creation of organizations, the process by which new organizations come into existence. Venkataraman 1997 Entrepreneurship research seeks to understand how opportunities to bring into existence future goods and services are discovered, create and exploit by whom and with what consequences. Sharma & Chrisman 1999 Entrepreneurship encompasses acts of organizational creation, renewal, or innovation that occur within or outside an existing organization.  The positioning and relating of the firm / organisation to its environment in a way which Definitions – Strategy will assure its continued success and make it secure from surprises. (Ansoff, 1984)  Launch a marketing campaign to spread awareness of the new product Activity Providing a new software training program to the employees Differentiate the Facilitate a collaborative and productive workplace strategical and Create and publish a new community dashboard to inform tactical statements residents about government goals and share progress. Purchase and implement SMART systems in your classrooms for the upcoming school year Local Government To achieve that goal, you decide to improve your communication strategy by adopting and implementing new channels of two-way communication. Not only will this help you understand what people want (and need), but it will also help you keep people informed. Create and publish a new community dashboard to inform residents about government goals and share progress. community dashboard Develop a marketing plan that highlights ways that citizens can interact and communicate with the government. Education You decide to focus on incorporating more technology into the classroom as a way to improve student engagement, which has been shown to positively impact learning. / Purchase and implement SMART systems in your classrooms for the upcoming school year. Provide teachers with professional development to support the best use of SMART systems and how they can use them to improve their teaching. Healthcare Since you don’t have land for new construction, your strategy is to make your internal processes more efficient to improve patient flow, thereby freeing up beds more quickly. Implement a scheduling app to optimize OR time, moving patients through the flow more quickly. Invest in a data analytics solution to better understand capacity constraints and employ predictive analytics going forward. Strategic Decisions Activity FIND THE VISION, MISSION AND VA L U E S TAT E M E N T S O F A N Y C O M PA N Y T H AT O F Y O U R C H O I C E.  A mission statement aims to provide employees and stakeholders with clarity about what the organisation is fundamentally there to do. ‘What business are we in?’ Mission statements ‘What would be lost if the organisation did not exist?’ ‘How do we make a difference?’  A vision statement is concerned with the future the organisation seeks to create. Vision ‘What do we want to achieve?’ Statement ‘If we were here in twenty years what do we want to have created or achieved?’ Statement of values Statements of corporate values communicate the underlying and enduring core ‘principles’ that guide an organisation’s strategy and define the way that the organisation should operate. These values do NOT change with circumstances. Strategic Planning Simplified Where Where do are we we want now to be How do How do we know we get we are there there Strategy Formulation SWOT Boston Consulting Group (BCG) Matrix Porter’s competitive strategies model Product Life Cycle Model SWOT Analysis Boston Consulting Group (BCG) Matrix Porter’s competitive strategies Model Product Life Cycle Strategy Entrepreneurship Strategy Entrepreneurship is the use and/or stimulation of entrepreneurial activity to achieve strategic goals. (Kuratko & Audretsch, 2009) Strategic entrepreneurship describing an input-process-output model that entails organizational resources, individual knowledge, and skills, and environmental factors as inputs. Components of Strategic Entrepreneurship Thank you!