Management Notes

Management Notes

Reference Notes for Management

Entrepreneurship

Identifying and Analyzing Opportunities – Fundamentals of Entrepreneurship | Management Notes

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Identifying and Analyzing Opportunities

Identifying and Analyzing Opportunities

In simple way, ‘an opportunity’ refers to a favorable set of situations which creates a need for a new product and services in the term of business. One of the main reasons behind the success of business of the entrepreneurs is their ability to identify and recognize an opportunity for earning economic gain. When they identify and recognize the opportunity, they will be a step ahead to meet their desired goal. An opportunity has four essential qualities consisting of attractive, durable, timely and anchored in product or service that create value to the buyers. Similarly, one of the keys to recognize the opportunity is to identify a product or service that will fulfill need of the people and they are willing to buy.

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Creativity and Business Idea – Fundamentals of Entrepreneurship | Management Notes

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Creativity and Business Idea

Concept of Creativity

Creativity refers to the generation of new ides which support in effective and efficient improvement of the performance in the organization. It can also be known as the ability of discovering the new ways through the analysis of problems and opportunities. Creativity even contributes for the introduction of new things that can create value in the society. One of the main features an entrepreneur should have is creativity. The use of creativity in the business activity helps to gain competitive advantage in the market.

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Entrepreneurial Strategy – Fundamentals of Entrepreneurship | Management Notes

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Entrepreneurial Strategy

Entrepreneurial Strategy

Entrepreneurial strategy is a process where the entrepreneurs interpret, explore, and evaluate their ideas, plans, and policies in a systematic manner in order to achieve their aimed goals. Before entering the into market, entrepreneurs should make a strategy. This strategy contributes to the entrepreneur to gain competitive advantage for their sustainability in the market. Entrepreneurs Strategy involves the exploration of ideas, set of decisions, action, and reaction for exploitation of the opportunity; which contributes to minimize costs and maximize the benefits. There are three key stages for the entrepreneurial strategy. They are: (Poudyal & Pradhan, 2020)

  1. Generation of a new entry opportunity
  2. Exploitation of a new entry opportunity
  3. Feedback of loop from the culmination of a new entry generation and exploitation.

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Introduction to Entrepreneurship – Definition, Nature, Development and Process | Fundamentals of Entrepreneurship

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Introduction to Entrepreneurship

Introduction to Entrepreneurship

Definition of Entrepreneurship

Entrepreneurship is the process of creating the new venture by the entrepreneur by devoting his/her time, recognizing the business opportunity, managing the risk and uncertainties, and efficiently using the available resources; with the aim of getting monetary reward and personal satisfaction. It can also be regarded as the option of creating self-employment along with creating the jobs to others.

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Idea Generation – Methods of Generating New Ideas for Entrepreneurs | Entrepreneurship

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Methods of Generating New Ideas for Entrepreneurs

Idea generation Meaning

Idea generation is the process of creating, developing, and communicating ideas that are abstract, concrete, or visual.

Idea generation is a creative process businesses use to generate new ideas, whether they’re tangible or intangible. It involves gathering ideas, research, testing, editing, or revising and ultimately implementing the plan.

Even with the wide variety of sources available, coming up with an idea to serve as the basis for the new venture can still be a difficult problem.

The entrepreneur can use several methods to help generate and test new ideas, including focus groups, brainstorming, and problem inventory analysis.

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Entrepreneurial Process – Process of Entrepreneurship | Management Notes

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Entrepreneurial Process Process of Entrepreneurship

Entrepreneurial Process/ Process of Entrepreneurship

What is entrepreneurial process?

Entrepreneurial Process is a process of pursuing a new venture that involves more than just problem-solving in a typical management position.

Entrepreneurship is a continuous process that needs to be followed by an entrepreneur to plan and launch new ventures more efficiently.

An entrepreneur must find, evaluate, and develop an opportunity by overcoming the forces that resist the creation of something new. Effective entrepreneurial teams combine Skilled Resources.

Before you take the bold step to become an entrepreneur, you need to understand the entrepreneurial process, and how you can use it to ensure your success.

You need to know that just as Rome wasn’t built in a day, your dreams probably won’t too, and you need to understand that not paying attention to certain details and not changing bad tactics fast, will lead to the end of your small business.

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Difference between Tariff and Non-Tariff Barriers | Barriers to international trade

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Difference between Tariff and Non-Tariff Barriers

Difference between Tariff and Non-Tariff Barriers

Tariff barrier is a kind of barrier to trade between certain countries or geographical areas which takes the form of abnormally high taxes levied by a government on imports or occasionally exports for purposes of protection, support of the balance of payments, or the raising of revenue.Non-Tariff Barriers(NTBs) refer to restrictions that result from prohibitions, conditions, or specific market requirements that make importation or exportation of products difficult and/or costly.

NTBs arise from different measures taken by governments and authorities in the form of government laws, regulations, policies, conditions, restrictions or specific requirements, and private sector business practices, or prohibitions that protect the domestic industries from foreign competition.Trade economics is a concept involving the buying and selling of goods and services, with compensation paid by a buyer to a seller, or the exchange of goods or services between parties.

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