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  • Definition of Entrepreneurship: the pursuit of opportunity without regard to resources currently controlled.
  • Six Critical Dimensions of Business Practice:
    • Strategic Orientation
    • Commitment to Opportunity
    • Resource commitment process
    • Control of resources
    • Management structure
    • Reward Philosophy

Strategic orientation

What pressures a firm to become more Entrepreneurial?

  • Diminishing Opportunities
  • Rapidly Changing:
    • Technology
    • Consumer Economics
    • Social Values
    • Political Rules

What pressures a firm to become more Administrative?

  • Social Contract
  • Performance Criteria
  • Planning Systems

Commitment to Opportunity (What is an opportunity?)

What pressures a firm to become more Entrepreneurial?

  • Move quickly
  • Short Decision Windows

What pressures a firm to become more Administrative?

  • Multiple constituencies
  • Risk Reduction
  • Management of fit

Commitment of Resources (What resources are necessary?)

What pressures a firm to become more Entrepreneurial?

  • Maximize value creation by minimizing resource
  • Accept more risk!

What pressures a firm to become more Administrative?

  • Careful analysis
  • Large scale commitment

Control of Resources (What do I need to own, borrow, or steal?)

What pressures a firm to become more Entrepreneurial?

  • How to get by with minimal resources under control
  • Beg, borrow, steal!

What pressures a firm to become more Administrative?

• Coordination
• Efficiency
• Industry structures

Management structure (How do we manage the operation?)

What pressures a firm to become more Entrepreneurial?

  • Coordinate resources (outside company)
  • Flexibility
  • Employee Independence

What pressures a firm to become more Administrative?

  • Defined authority / responsibility
  • Organized Culture
  • Reward Systems

Reward Philosophy (How and when do we harvest?)

What pressures a firm to become more Entrepreneurial?

  • Financial Backers
  • Individual Expectations Competition

What pressures a firm to become more Administrative?

  • Societal Norms
  • Impacted Information
  • Demands of Public shareholders