CHAPTER 3-ENTREPRENEURSHIP [Autosaved].pptx

The document discusses different sizes of businesses - micro, SMEs, and large businesses. It provides information on their typical characteristics: - Micro businesses employ 9 or fewer people and have turnover under £2 million. They make up 96% of UK businesses. - SMEs employ 10-249 people and have turnover under £50 million. They are nimble and encourage teamwork but have fewer resources than large businesses. - Large businesses employ 250+ people and have strong brand recognition, more expertise and resources, and benefit from economies of scale. They offer higher salaries but communication is more difficult.

The document discusses various topics related to entrepreneurship development including defining what an entrepreneur is, profiling famous entrepreneurs like Andrew Carnegie, Walter Elias Disney and Oprah Winfrey, factors that influence the entrepreneurial environment such as parents and society, motivations for entrepreneurs such as money and achievement, identifying business opportunities, converting opportunities into realities by drafting plans and researching the market, startups and business incubation, setting up a small business and some business ideas that require low investment such as social media services, blogging, and franchising.

This document provides an overview of business activity and concepts. It discusses the factors of production needed to produce goods and services, as well as the economic problem of scarcity. It also covers the classification of businesses, types of business organization, and business objectives and stakeholders. The key points are: Businesses combine factors of production like land, labor, capital and enterprise to produce goods and services. Specialization and the division of labor allow for more efficient production. Business objectives include survival, profit, growth and market share. Stakeholders with interests in businesses include owners, customers, workers, government and managers.

This document discusses scalable startup entrepreneurship. Some key points: - Scalable startup entrepreneurship involves starting a business based on a unique idea, creating a plan, and launching the business with the goal of finding a repeatable and scalable business model. - Capital and human resources are required for business growth. Experts are needed for complex tasks while common workers can perform basic tasks. - Tactics for establishing a scalable startup include creating a strong business plan, investing in human resources, and adopting the right technology. - Examples of scalable startups include Amazon, Facebook, and companies that have scaled operations through locations or technology.

The document provides an overview of what constitutes a startup business versus a small business. It explains that startups require significant funding to achieve high growth rates and add value through generating jobs and wealth. The key aspects of a startup that it outlines are the need for a team-driven approach, appetite for risk-taking, and focusing business plans for investors on the team and market opportunity rather than extensive details. It also summarizes how venture capital firms operate by collecting funds from investors to invest in startups.

This document provides guidance for developing a business plan tailored to different audiences and types of businesses. For raising capital from banks or investors, the plan should include details on funds needed, their intended use, and projected growth, returns, and exit strategies. The operational plan section advises on including details specific to the business type, such as production levels, costs, pricing, quality control, inventory management, and location criteria. Developing the marketing plan involves analyzing the target market and competition, and outlining promotional strategies. Financial projections should include profit/loss, cash flow, and balance sheet statements for 5 years. Customizing the generic plan with company-specific information is key to its effectiveness.

The document discusses acquiring an established business venture through purchasing an existing business. It notes that buying an existing business can represent less risk than starting a new business from scratch. However, one must perform due diligence to understand the terms of the purchase. The document provides advice on evaluating business opportunities and established ventures through examining financial records, operations, competition, and viability factors. It also discusses different business valuation methods like asset-based, earnings-based, and market-based approaches.

The document discusses key concepts relating to business objectives and stakeholders. It begins by explaining that businesses can be started by individuals or governments for various reasons like making a profit, expanding the business, or providing a service to the community. It then outlines common business objectives such as profit, growth, survival, and value added. The document also discusses how different stakeholder groups like owners, managers, employees, customers, government, and the local community can have differing objectives and interests in the business. It emphasizes that managers must seek to balance the needs of multiple stakeholders when setting business objectives.

The document discusses key concepts relating to business objectives and stakeholders. It provides definitions and examples of business objectives such as making a profit, growth, and survival. It also defines stakeholders as any group with a direct interest in a business, such as owners, managers, employees, customers, government, and the local community. Each of these stakeholder groups has different objectives that businesses must balance. For example, while owners prioritize profits and growth, employees prioritize fair pay and job security. Balancing these diverse stakeholder objectives is an important challenge for business management.

Managing startup and growth requires balancing key components. The Timmons model identifies opportunity, leadership, resources, and a balanced approach as driving entrepreneurial success. Companies must choose expansion strategies like market penetration, development, product development, or diversification. Effective management of issues like personnel, customers, financing, and culture are needed for continued growth.

The document provides steps for starting a business: 1. Choose an idea and conduct market research to validate the idea and understand competitors. 2. Write a business plan outlining goals, operations, finances, and marketing to guide the business and attract funding. 3. Secure funding through personal savings, loans, investors, grants, or crowdfunding. 4. Choose a business structure like a sole proprietorship, partnership, corporation, or LLC to establish legal and tax frameworks.

Managing startup and growth is complex, requiring balancing various internal and external factors. The Timmons model identifies key components for entrepreneurial success: opportunity, leadership, resources, and a balanced approach. Companies must choose expansion strategies like market penetration, development, product development, or diversification. Effective management of issues like personnel, customers, financing, and culture are needed to ensure smooth growth. While growth provides benefits, some owners prioritize other goals and choose not to expand their businesses. Entrepreneurs must conduct business ethically considering responsibilities to stakeholders and society.

Businesses play a crucial role in society by satisfying needs and wants through the production and sale of goods and services. They are organized efforts that seek to make a profit. Businesses benefit society in several key ways: They provide employment, incomes, and economic growth. Many businesses hire employees who receive wages or salaries, while business owners earn profits that contribute to their incomes. Overall, businesses play a large role in the economy. Businesses also offer consumers choice through competition. With many businesses producing similar goods and services, consumers have options to choose from regarding brands, prices, and features. This competition drives innovation as businesses seek to develop new products and services. However, operating a business takes risk. Ent

The company will be a limited liability company registered in Tanzania called Suguta Limited Company. It will have facilities in Northern Tanzania containing two plants for motor industries, a garage, office space, and storage. The company is seeking a loan to finance starting operations, and the owners will contribute some equity. It will produce vehicles using a production system focused on smooth workflow, producing to order, and correcting problems as they occur.

The company will be a limited liability company registered in Tanzania called Suguta Limited Company. It will have facilities in Northern Tanzania containing two plants, a garage, office space, and storage. The company is seeking a loan to finance starting operations. Each owner will also contribute capital.

The document provides information on starting a small business in the Philippines. It discusses the rewards and risks of entrepreneurship, including having unlimited opportunities to make money but also risks of business failure. It outlines the process of starting a business, from self-analysis to determine if you have entrepreneurial characteristics, to writing a business plan, determining financial requirements, and registering the business. It also covers determining the type of business based on ownership, and sources of financing, emphasizing the importance of sound financial planning. The document serves as a guide for prospective entrepreneurs on evaluating their skills and developing a successful plan for launching a new business venture in the Philippines.

The document outlines 10 important factors to consider before starting a business, including having knowledge and expertise in your industry, properly assessing the market demand and competition, determining the total costs and financing required, choosing an optimal location that considers taxes and regulations, and investing in the necessary technology and staff to succeed. Understanding these critical factors is essential for developing a successful business plan and project report before launching a new venture.

The document discusses time series forecasting and visualizing time series components. It covers steps in forecasting like problem definition, gathering information, preliminary analysis, choosing models, and evaluation. Graphical analysis is important to identify trends, seasonality, outliers, and abrupt changes in a time series. Examples of time series from different domains like brick production, airline passengers and champagne sales are analyzed. Identifying characteristics from plots helps determine appropriate forecasting techniques.

This document discusses time series decomposition and its applications. It presents three case studies of decomposing quarterly revenue, monthly champagne sales, and monthly passenger volumes. Decomposition models separate a time series into trend, seasonal, and irregular components. This helps analyze which effects, such as trends vs. seasons, most influence changes over time. The case studies find that for revenue, seasonal fluctuations are less important than year-over-year trends. For champagne sales, there is essentially no trend after removing seasons. And passenger volumes have an upward trend combined with seasonal peaks in summer months.

The document discusses time series forecasting. It defines time series as a sequence of measurements on the same variable collected over time at regular intervals. Examples of time series data include monthly sales, yearly GDP, and quarterly income. Time series forecasting is important for organizations to reduce risks and optimize processes like production and manpower planning. The key challenge with time series data is that observations are not independent and ordered, with dependency between consecutive observations. The objective is to learn time series forecasting techniques.

SMOTE is a technique used to handle class imbalance problems in data. It involves over-sampling the minority class by synthesizing new minority class examples and under-sampling the majority class. This helps improve recall, or the detection of truly positive instances from the minority class, which is often prioritized over precision in class imbalance situations. K-fold cross-validation is a resampling method used to evaluate machine learning models on limited data. It involves splitting the dataset into k groups, using each group as a test set while the remaining form the training set, and averaging the results.

This document discusses factor analysis, a technique used to identify underlying dimensions or factors within a set of variables. It provides definitions of key terms like factor loadings, communality, scree plot, and factor scores. It also presents an example factor analysis using data on salespeople. The results show unrotated and rotated factor loadings, variance summarized by each factor, and issues that can arise in interpreting factor analysis outputs. Applications mentioned include using factor analysis in questionnaire design and customer profiling.

This document discusses various statistical concepts including measures of central tendency, probability, probability distributions, and inferential statistics techniques. It provides examples of how to identify the appropriate probability or distribution technique to use for a given problem, including the binomial, Poisson, and normal distributions. Key steps outlined include identifying the problem type, determining if it involves discrete or continuous data, and checking for conditions that indicate applying concepts like conditional probability or Bayes' theorem.

This document outlines the problem statement and objectives of a study to analyze loan data and identify borrower characteristics that contribute to delinquency. The objectives are to understand the major factors leading borrowers to become delinquent, as delinquency increases risk of default. The main objective is to minimize this risk by building a decision tree model using CART technique to identify risk and non-risk attributes of borrowers that result in delinquency. The tool to be used is R Studio.