Emerging Trends and Issues in Entrepreneurship | Summary

Changing Technologies for Small Firms:

  • Entrepreneurs turn knowledge into new goods and services to ultimately turn a profit.
  • E-Business tools:
    • Customers: CRM (customer relationship management) software
    • Finances: accounting software, etc.
    • Projects: costing, pricing, and project software
    • Inventory: barcodes, tracking, etc.
    • Employees: Human resource management systems
  • Intrusion Prevention Systems (IPS): Real-time network security systems that can detect and disconnect from sources attempting to invade a system while the malicious activity is in progress.
  • Leapfrogging: When an individual or organization gains an advantage over competitors by skipping a generation of technology.

Small Business and the Economy:

  • Microeconomics: The study of the relationship between supply, demand, price, and profits within closed market systems.
  • Macroeconomics: The study of the relationships among national production, consumption, prices, capital, employment, and other indicators of a country‚Äôs financial health.

Small Business and the Environment:

  • Environmental sustainability: Practices that involve consuming or polluting at a rate no greater than the rate at which Earth can clean, heal, and replenish itself.
  • Green Business: A company that takes a responsible approach toward protecting the environment and ensuring its sustainability through its products, services, and operating methods.

Entrepreneurship and Ethics:

  • Ethics are rules to protect others:
    • Customers
    • Suppliers
    • Employees
    • Competitors
    • Community

Fair Trade / Ethical Trade:

  • Fair Trade: A movement of Western commodity processors and distributors to ensure that small producers in the developing world are adequately paid for their products.
  • Ethical Trade: A movement of Western retail and consumer groups to ensure that manufacturing laborers in developing countries have healthy and safe working conditions.

Classification of Entrepreneurs:

  • Novice entrepreneurs: Own all or part of a single business, which is the only firm they have ever had ownership in.
  • Serial entrepreneurs: Own all or part of a single business, but have been an owner of at least one other business in the past.
  • Portfolio entrepreneurs: Currently own all or part of at least two independent firms. The firms may or may not be part of the same industry cluster or supply chain.
  • Multiple entrepreneurship: A broad category of entrepreneurs including both those who have owned previous businesses and those who own two or more firms. Serial and portfolio firms are often referred to as multiple entrepreneurs.

Small Business Performance Drivers:

  • Gazelle: Rapidly growing small business. Sometimes, this refers just to relatively new high-growth firms.
  • Drivers:
    • The Entrepreneur: education, experience, strong entrepreneurial orientation
    • The Business: Firms tend to be well established, often own intellectual property or trademarks, strategic alliances with other firms.
    • The Environment: Tend to spring up in areas of high concentration of businesses and venture capital tends to be available.

Minority and Female Entrepreneurs:

  • In Canada, immigrants are 1.5 times more likely to start a business than someone born in Canada.
  • Women are opening businesses at a higher rate than men.
  • Australian study offers evidence that those with the greatest life satisfaction are people in long-term forma marriages.
  • Health & Fitness is important to success. Physically fit entrepreneurs are more likely to achieve their business and personal goals.

Social Entrepreneurship:

  • Non-Profit Corporations: Example would be a food bank or a historical society. Requires entrepreneurial talent but also has the following characteristics:
    • Loss of Control
    • Managing the Board
    • Managing Volunteers
  • Co-operative Enterprise: A company whose primary purpose is to provide work and incomes for the employee/owners.
    • Worker co-op
  • Sheltered workshop: An enterprise operated and subsidized by a non-profit organization to provide work for disadvantaged individuals.

Mutual Benefit Societies:

  • Co-opetition: When competing businesses collaborate for their mutual benefit.
    • Purchasing Co-ops
    • Credit unions
    • Housing Co-ops
    • Child-Care Co-ops
    • Business Associations
    • Strategic Alliances

Knowledge Entrepreneurship: Risking money to make knowledge. It is also an effort to instil entrepreneurial attitudes in higher education.

E-tools for teaching:

  • Video/Podcasts
  • Online Courses
  • Websites
  • Simulations
  • Adapted Games

Entrepreneurship and International Development:

  • Problems include:
    • Lack of collateral infrastructure
    • Loan size
      • Microfinance: The lending, borrowing, and management of small amounts of money in small enterprises.
    • Mismanagement and corruption

MANAGEMENT ISSUES:

  • Leadership Skills:
    • Discipline
    • Coaching
      • Positive reinforcement
      • Negative reinforcement
    • Delegating
    • Team Building
      • Micro-management
  • Communication Skills:
    • Writing
    • Presenting
    • Listening
  • Organizational Skills:
    • Decision Making
      • Administrative decisions
      • Strategic decisions
      • Evidence-based decisions
    • Documenting
    • Planning
  • Crisis Management Skills:
    • Crisis Planning
      • Put money aside to get through a crisis
      • Insurance
    • Crisis Response
      • Honesty and openness
      • Document decisions
      • Ask for help and advice
      • Put human health and security at the top of your priority list
    • Crisis Recovery
      • A well-handled crisis can be an opportunity for growth

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