Entrepreneurship Essentials
Entrepreneurship Fundamentals
Definition and Components
Entrepreneurship: The creation of an organization for the purpose of economic gain or growth under conditions of risk or uncertainty.
Common Components:
- Offer something new or something better
- New delivery system or distribution channel
- Entering an underserved or new market: A group of people that is not satisfied with what the market offers and they have to substitute with other products/services.
Environmental Impact
How does the environment affect
Read MoreCore Concepts: Organizational Structure and Efficiency
Organization: The structure of relations that should exist between functions, levels, and activities of human and material elements of a social organism to achieve maximum efficiency within its plans and objectives.
Importance of Organization
- It is of a continuing nature; one could never say it is over because the firm and its resources are subject to constant change (expansion, contraction, releases, etc.).
- It is a medium through which to establish the best way to achieve the objectives of a social
Key English Vocabulary: Verbs and Business Terms
Key English Vocabulary
Common Irregular Verbs
- Arise – arose – arisen
- Bear – bore – born
- Breed – bred – bred
- Broadcast – broadcast – broadcast
- Burst – burst – burst
- Cast – cast – cast
- Creep – crept – crept
- Flee – fled – fled
- Forsake – forsook – forsaken
- Kneel – knelt – knelt
- Mistake – mistook – mistaken
- Mow – mowed – mown
- Saw – sawed – sawn
- Seek – sought – sought
- Sew – sewed – sewn
- Shed – shed – shed
- Shrink – shrank/shrunk – shrunk
- Speed – sped – sped
- Spin – spun – spun
- Split – split – split
- Swear – swore – sworn
- Swell
Business Strategy and Operations Management Essentials
Strategic Planning Framework
Mission, Vision, and Strategic Perspectives
- Strategic Perspectives: Financial, Customer, Internal Processes, Organizational Capacity
- Strategic Themes & Results
- Strategic Objectives
- Strategy Map
- Measures
- Targets
- Initiatives
Control Levers
- Belief System
- Boundary System
- Diagnostic Control System
- Interactive Control System
Strategic Process Steps
- Analysis & Strategic Diagnosis: Internal and external analysis, mission and vision, strategic diagnosis
- Decision Making: Strategic alternatives,
Strategy and Structure Interaction
Relationship Between Strategy and Organizational Structure
Since the pioneering work of Chandler (1962), interactions between strategy and structure have received much attention, both theoretically and empirically. The following conclusions have been reached:
- “The structure follows strategy.” As a company changes its growth strategy to use resources more profitably, new administrative problems affecting economic performance arise. These inefficiencies will only be solved by changing the organizational
Core Human Resource Management Concepts and Practices
Rapid Environmental Change in HRM
Rapid change is a significant environmental challenge affecting a company’s Human Resource Management (HRM), representing external forces beyond managerial control. Firms today operate in a volatile environment and must constantly adapt to changes, such as the recent COVID-19 pandemic. HR plays a central role by implementing effective response systems. HR policies can either help or hinder a firm’s ability to cope with external change. Examples include:
- Stress Management: