Reference no: EM131586553

Course Text Book: ENTREPRENEURSHIP 10th Ed. 2017. ISBN 978-0-07-811284-3 Robert D. Hisrich, PhD. McG.

Research essay on: Read the assigned chapters (13, 14, 15) for the week. Select two chapters for the particular week.

Using the chapter content, write a paper illustrating how you would apply one important concept from each chapter to professional or business work (Your opinion Or experience) If your work currently does not pertain to that concept, discuss how you would apply the concepts to a current business in the real world.

Write a 5 page paper (1500 or more words) in APA format:

1. Cover Page

2. Introduction

a. A thesis statement

b. Purpose of paper

c. Overview of paper

3. Body

4. Conclusion - Summary of main points

a. Lessons Learned and Recommendations

5. References - List the references you cited in the text of your paper according to APA format (minimum 3 references, 2014 and Newer) Non-plagiarized conceptual challenges and/or opportunities.

STRATEGIES FOR GROWTH AND MANAGING THE IMPLICATIONS OF GROWTH

LEARNING OBJECTIVES
1 To know where to look for (or how to create) possible growth opportunities.
2 To understand the human resource management challenges and to be prepared to effectively manage those challenges.
3 To understand the pressures of time and how to engage time management techniques.
4 To recognize that people differ and to understand how these differences impact their intentions and abilities to grow a business.

ADVICE TO AN ENTREPRENEUR

1. What advice would you give Adina?

2. Should she raise equity capital and rapidly grow the business or should she grow more slowly and maintain ownership and control?

3. Would all people make the same decision? If not, then what explains why some choose to grow rapidly and others more slowly under these conditions?

4. Are there other options for funding growth that do not dilute equity and, therefore, would help her maintain control?

RESEARCH TASKS

1. Which are the three fastest-growing companies in the country? What opportunities have they pursued to achieve this level of growth? What growth mechanism have they used (internal, joint venture, acquisitions, franchising, etc.)?

2. Use research to come up with three examples of founding entrepreneurs who stepped aside once their firms had grown to a certain size and brought in "professional managers." In each case, what relationship did the entrepreneur continue to have with the firm after the transition? Provide an example of a founding entrepreneur being forced out of the position of CEO to be replaced by a professional manager.

3. Keep a record of how you use your time by documenting what you are doing every 15 minutes over a two-day period. Then analyze these records to determine where you waste time and what you could do to eliminate (or minimize) these time wasters.

4. What different software packages are available to help entrepreneurs with their different record-keeping and control activities? How effective do you believe software can be for each of these tasks?376

CLASS DISCUSSION

1. The firm needs to make sales. What is the best way to motivate salespeople to make more sales and improve the performance of the firm? How would you effectively monitor their performance under the proposed motivation system? What are the pros and cons of your motivation and monitoring system?

2. Categorize those people in the class who you believe would be well-suited for starting a business and managing initial growth but would be less effective at conducting the professional management tasks when the firm became larger. What can they do to improve their ability to successfully make the transition with the firm? Categorize those people in your class who you believe would be well-suited to the role of professionally managing a larger (more established) firm but less effective at starting a firm and managing early growth. What can they do to improve their ability to manage a firm earlier in its development? Is there anybody in the class (except maybe yourself) who you believe would be equally effective at both tasks?

3. Think of a company that produces one product and sells it to one group of customers (or make one up). Advise the entrepreneur of the many opportunities there are for growth-opportunities for penetration strategies, market development strategies, product development strategies, and diversification strategies.

4. Are you a time waster or a time server? What time management techniques do you use? How can you better manage your time?

5. To what extent does the use of software help and hinder the entrepreneur's ability to perform the important tasks of record keeping and financial control?

Attachment:- COURSE TEXTBOOK.rar