Free Samples
MGMT 2224 Entrepreneurship
.cms-body-content table{width:100%!important;} #subhidecontent{ position: relative;
overflow-x: auto;
width: 100%;}
MGMT 2224 Entrepreneurship
0 Download10 Pages / 2,328 Words
Course Code: MGMT2224
University: Ashworth College
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: United States
Question:
Discuss about the Entrepreneurship For the New Senior Management.
Answer:
Introduction
The paper reflects upon the lifecycle of John Mullins a successful entrepreneur. It will analyze the experiences of the entrepreneur related to the concepts given in the course. It will also discuss the stages of entrepreneurial lifecycle that is based on the business model. It focuses towards providing the concepts of identification and assessment of business opportunities. The paper presents the concepts, frameworks and tools that turns the ideas into services or products that measures the response of the customers. It aims to discuss the concepts of effectuation and the stages for funding a start-up a business.
John Mullin’s lifecycle
John Mullins is known to be the most familiar figure as he the member of the world’s leading communities of entrepreneurs. He is an Associate Professor of Management and has some great fame as the member of Young Presidents Organizations (YPO), The Indus Entrepreneur (TiE), and Entrepreneurs’ Organization (EO). He is written some books which are widely famous, Getting to Plan B and the newest one, The Customer- Founded Business (Lee, Hallak and Sardeshmukh, 2016). All these books work on assessing opportunities and on business models, John is also known to a famous speaker and educator worldwide. His research has won national and International awards from the American marketing association and the Marketing Science Institute.
Analysis of its Experiences
John Mullin is highly given the interaction on the matter relating to market segments like starting, financing and how to grow a fast entrepreneurial company. These entrepreneur related topics were famous throughout the whole world. He contributed an important part of the world’s economic development. As the researchers say, entrepreneur companies ‘stay long and are the driver for job growth everywhere, John loves to help and unlock entrepreneurial potential and it’s financing (Dees, 2017). John Mullin’s as an entrepreneur and professor at London Business School, developed the Seven Domains Model as published in his book “The Business Road Test”.
The idea was especially for the entrepreneurs who are especially interested in starting new businesses. Anyone can use this model within his organization to decide whether to launch a new product or to purchase a new product.
The seven domains of John’s Mullin were:
Market domain at the macro level: Market attractiveness
Market domain at the micro level: Attractiveness and Sector benefits
Industry domain at the macro level: Industry Attractiveness
industry domain at the micro level: sustainable advantages
Team domain: Mission, Aspiration, and Propensity in sense of Risk
Team domain: Ability to work on critical success factor
Team domain: Connectivity across the value chain
John Mullin says if anyone on the early stage of the business the best way to finance the business is their customers’ fund, and this course provides the toolkit to make it happen.
The opportunities are not static, they can be shaped in many ways whereas potential fatal flaws are fixable, make the targets according to the market range and the offer can be adapted if the market needs (Linton and Solomon, 2017).
According to John Muller test drive your entrepreneur dream before launching your lean startup if the test drive will be successful, so let starts the journey.
Stages of Entrepreneurial lifecycle
Every business has a life cycle which is similar to a person each stage brings have its own characteristics and different challenges to move on the next stage. Every stage has important phases of evolution and development from the beginning to peak performance.
Scalable startup: Within the stage of the initial phase in the entrepreneur’s life cycle is filled with full of emotions from excitement to fear and uncertainty (Kuratko, Hornsby and Hayton, 2015). Sometime it will not clear that how the organization or the business is going, but there is a natural drive to start something which does not exist while taking every single step, seeking the business the world and also creating opportunities for others to join the mission and vision (Autio, 2017). While moving to the startup level to the transition level, the entrepreneur company fives the following results:
Business model found
Product/market fit
Repeatable sales model
Hiring of manager
Transition state: The transition state defines the Adult stage of the company. The stage where the entrepreneur seeks independence, this is the phase where the organization seeks to move to the prime stage of stability. Only when a business is stable can rise to the next stage (Phillips et al., 2015). This results to –
Cash-flow breakeven
Profitable
Rapid scale
New senior management
The company: This the last stage of the entrepreneurship where the company Is in the prime and mature phase.
The Core Stages of the entrepreneurial life cycle are:
Business opportunities: It depends on the following factors –
Opportunity made
Market Industries and team
Porters five forces and NUF (new useful and feasible)
Ideation and testing
From the point of searching to the execution point
Discovery of the customer
Validation of the customer
Customer creation
Building a company
Business model generation
The Business Model Canvas
Key Partners
· Students are the key partners
· University and Book suppliers are the key suppliers
· Various books are the key resources
· The partners helps in generating new ideas for making and printing books
Key Activities
· The value propositions requires enormous and adequate knowledge that can be communicated through books
· The universities and colleges helps in distributing
· The Book shops helps in generating the stream
Value Proposition
· The business delivers enormous knowledge from the books to the customers
· The business is helping to solve illiteracy and making people aware regarding the way of leading life processes
· The business is offering the books and ways to become an entrepreneur by following simple business model
· The business is satisfying customer’s needs of adequate knowledge for being an entrepreneur
Customer Relationships
· The customer segment expects to deliver the best way for becoming a successful entrepreneur by having proper knowledge
Customer Segments
· We are creating value for the students and for those people who want to become a successful entrepreneur
Key Resources
· Our value propositions require suitable supply of books, knowledge and innovating ideas for business generation
· The distribution channel partners require suitable way through offline ad nine to communicate with the customers
Channels
· Many of the customers wants online platform to get the desired services and some customers through books available at various universities
· The online platform delivers the best way to assist the customers
· These ways are getting integrated with the customers by social media sites and online universities library portal
Cost Structure
· The most important cost in the business is involved with the publishing and promoting of the books and services to make it reach to that customers
· The key resources like online universities portal are considered as to be little costlier
· The off-line arrangement of classes are costlier activities
Revenue Streams
· The customers are willing to ay to get desired successful knowledge for being an entrepreneur
· They currently pay for getting knowledge with the help of books
· They are currently paying for getting services offline and online
· Each revenue stream continues to generate fund for the firm via online and offline modes
Resource Acquisition
Means financing the company
How to start
How to keep going
how to grow
Management and execution
According to Kaplan and Norton, there are four type of processes-
Operation management Processes
Customer Management processes
Innovation processes
Regularity and social processes
Concepts of identification and assessment of business opportunities
Concepts of identification and assessment of business opportunities includes concepts of business models, applications of technology, business model innovation, disruptive innovation and disruptive technologies. The business model innovation helps in developing creative business model. Whereas, Innovation techniques and methods describes effective techniques and methods to execute, select and ideate solutions (Eckhardt, Ciuchta and Carpenter, 2018). However, managing the entrepreneurial journey that demonstrates the stages of entrepreneurial life cycle. Meanwhile the entrepreneurial skills presents the critical skills that helps in becoming a successful entrepreneur. Mullin’s Seven Domains business model is helpful in exploring the influence of seven major domains or factors on a planned venture. The seven domains are, macro level or market domain: market attractiveness and sector market attractiveness and benefits, macro level or industry domain: Industry attractiveness and sustainable advantage, team domain: Propensity, aspirations for risk, ability to execute on critical success factors and Connectedness up and down across the value chain (Maritz and Donovan, 2015). These seven domains provides with the significant questions in the assessment of various market opportunities. The questions are as follows: Is the market attractive? Does the opportunity provides customer benefits? Does the team fulfill the promises that are committed to the customers?
The concepts, frameworks and tools for turning ideas
The concepts, frameworks and tools that helps in turning the ideas into services or products are business opportunities, testing and ideation, generation of business model, acquisition of resource and execution and management. The business opportunities based on design thinking provides inspiration, the innovator’s method focuses towards the insight problem and innovation and creativity tools presents mind mapping, visual thinking and customer journey (Garud, Gehman and Tharchen, 2018). According to John Mullins a concepts, frameworks and tools could be turn into services or products if the operating systems are executed correctly. If this happen once than they can create it and sell it as a product instead of service. When this process takes place than it becomes increasingly scalable for example, Microsoft generated the values of its shareholders. As per Mullin’s it is significant to focus upon the needs of the customer’s segmentation that is a good opportunity to develop a good business (Kraus, Ribeiro-Soriano and Schüssler, 2018). This strategy helps in turning the concepts into services or products based on the responses of the customers. He states the fact that customers could help in the process of funding into the businesses. It demonstrates the response of the customers that makes it easy to implement the frameworks and tools to convert them into products or services.
Effectuation and stages for funding a start-up
The theory of effectuation focuses towards the logic of experts for entrepreneurs in facing with the uncertainty of initial stage of the entrepreneurship. Effectuation logic puts challenges on management of traditional business logic. John Mullin’s states the fact that artifacts of initial stage entrepreneurs such as customers and markets are rarely well-defined and well known. It happens at the time while targeting new or non-existing customers (Eftekhari and Bogers, 2015). The products or services are created by the entrepreneurs as per the situations of extreme uncertainty. John Mullin’s used the concept of customer funding for funding a start-up venture. According to him customers play a significant role in funding a new venture. The first stage is match-maker model where the buyers are connected with the organization. The second stage is pay in advance the customers could simply pay in advance for the products (Schaltegger, Lüdeke-Freund and Hansen, 2016). The third stage is scarcity model where the business could restrict the quantity and time for the sale of the products.
Conclusion
The paper demonstrated the lifecycle of the entrepreneur John Mullins based on the concepts described in the course. It provided with the analysis of its concept that is carried out within the course. It discussed the concepts that are based on the stages of John Mullin’s lifecycle. It is observed that the stages helps in providing various business opportunities in order to start a new venture. It also focused execution and management, acquisition of resources, generation of business models, testing and ideation and business opportunities. It can be seen that customers helps in funding a start-up business through various stages.
References
Autio, E., 2017. Growth of Technology?based New Firms. The Blackwell handbook of entrepreneurship, pp.329-347.
Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social Entrepreneurship and Sustainability(pp. 34-42). Routledge.
Eckhardt, J.T., Ciuchta, M.P. and Carpenter, M., 2018. Open innovation, information, and entrepreneurship within platform ecosystems. Strategic Entrepreneurship Journal, 12(3), pp.369-391.
Eftekhari, N. and Bogers, M., 2015. Open for entrepreneurship: how open innovation can foster new venture creation. Creativity and Innovation Management, 24(4), pp.574-584.
Garud, R., Gehman, J. and Tharchen, T., 2018. Performativity as ongoing journeys: Implications for strategy, entrepreneurship, and innovation. Long Range Planning, 51(3), pp.500-509.
Kraus, S., Ribeiro-Soriano, D. and Schüssler, M., 2018. Fuzzy-set qualitative comparative analysis (fsQCA) in entrepreneurship and innovation research–the rise of a method. International Entrepreneurship and Management Journal, 14(1), pp.15-33.
Kuratko, D.F., Hornsby, J.S. and Hayton, J., 2015. Corporate entrepreneurship: the innovative challenge for a new global economic reality. Small Business Economics, 45(2), pp.245-253.
Lee, C., Hallak, R. and Sardeshmukh, S.R., 2016. Innovation, entrepreneurship, and restaurant performance: A higher-order structural model. Tourism Management, 53, pp.215-228.
Linton, J.D. and Solomon, G.T., 2017. Technology, Innovation, Entrepreneurship and The Small Business—Technology and Innovation in Small Business. Journal of Small Business Management, 55(2), pp.196-199.
Maritz, A. and Donovan, J., 2015. Entrepreneurship and innovation: Setting an agenda for greater discipline contextualisation. Education+ Training, 57(1), pp.74-87.
Phillips, W., Lee, H., Ghobadian, A., O’Regan, N. and James, P., 2015. Social innovation and social entrepreneurship: A systematic review. Group & Organization Management, 40(3), pp.428-461.
Schaltegger, S., Lüdeke-Freund, F. and Hansen, E.G., 2016. Business models for sustainability: A co-evolutionary analysis of sustainable entrepreneurship, innovation, and transformation. Organization & Environment, 29(3), pp.264-289.
Free Membership to World’s Largest Sample Bank
To View this & another 50000+ free samples. Please put
your valid email id.
Yes, alert me for offers and important updates
Submit
Download Sample Now
Earn back the money you have spent on the downloaded sample by uploading a unique assignment/study material/research material you have. After we assess the authenticity of the uploaded content, you will get 100% money back in your wallet within 7 days.
UploadUnique Document
DocumentUnder Evaluation
Get Moneyinto Your Wallet
Total 10 pages
PAY 6 USD TO DOWNLOAD
*The content must not be available online or in our existing Database to qualify as
unique.
Cite This Work
To export a reference to this article please select a referencing stye below:
APA
MLA
Harvard
OSCOLA
Vancouver
My Assignment Help. (2021). MGMT 2224 Entrepreneurship. Retrieved from https://myassignmenthelp.com/free-samples/mgmt2224-entrepreneurship/turning-ideas.html.
“MGMT 2224 Entrepreneurship.” My Assignment Help, 2021, https://myassignmenthelp.com/free-samples/mgmt2224-entrepreneurship/turning-ideas.html.
My Assignment Help (2021) MGMT 2224 Entrepreneurship [Online]. Available from: https://myassignmenthelp.com/free-samples/mgmt2224-entrepreneurship/turning-ideas.html[Accessed 18 December 2021].
My Assignment Help. ‘MGMT 2224 Entrepreneurship’ (My Assignment Help, 2021)
My Assignment Help. MGMT 2224 Entrepreneurship [Internet]. My Assignment Help. 2021 [cited 18 December 2021]. Available from: https://myassignmenthelp.com/free-samples/mgmt2224-entrepreneurship/turning-ideas.html.
×
.close{position: absolute;right: 5px;z-index: 999;opacity: 1;color: #ff8b00;}
×
Thank you for your interest
The respective sample has been mail to your register email id
×
CONGRATS!
$20 Credited
successfully in your wallet.
* $5 to be used on order value more than $50. Valid for
only 1
month.
Account created successfully!
We have sent login details on your registered email.
User:
Password:
MyAssignmenthelp.com delivers impeccable economics assignment help to countless students of Aus. With more than 5000+ remarkable assignment writers, proofreaders, and editors, we make sure we deliver only genuine assignment help solutions to our customers. We make instant corrections, cite and reference each of your resources accurately, and remove the minute traces of plagiarism from your papers. These are the experts who also provide paper modification writing service and free editing tips on the go.
Latest Management Samples
div#loaddata .card img {max-width: 100%;
}
MPM755 Building Success In Commerce
Download :
0 | Pages :
9
Course Code: MPM755
University: Deakin University
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: Australia
Answers:
Introduction
The process of developing a successful business entity requires a multidimensional analysis of several factors that relate to the internal and external environment in commerce. The areas covered in this current unit are essential in transforming the business perspective regarding the key commerce factors such as ethics, technology, culture, entrepreneurship, leadership, culture, and globalization (Nzelibe, 1996; Barza, 2…
Read
More
SNM660 Evidence Based Practice
Download :
0 | Pages :
8
Course Code: SNM660
University: The University Of Sheffield
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: United Kingdom
Answers:
Critical reflection on the objective, design, methodology and outcome of the research undertaken Assessment-I
Smoking and tobacco addiction is one of the few among the most basic general restorative issues, particularly to developed nations such as the UK. It has been represented that among all risk segments smoking is the fourth driving purpose behind infections and other several ailments like asthma, breathing and problems in the l…
Read
More
Tags:
Australia Maidstone Management Business management with marketing University of New South Wales Masters in Business Administration
BSBHRM513 Manage Workforce Planning
Download :
0 | Pages :
20
Course Code: BSBHRM513
University: Tafe NSW
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: Australia
Answer:
Task 1
1.0 Data on staff turnover and demographics
That includes the staffing information of JKL industries for the fiscal year of 2014-15, it can be said that the company is having problems related to employee turnover. For the role of Senior Manager in Sydney, the organization needs 4 managers; however, one manager is exiting. It will make one empty position which might hurt the decision making process. On the other hand, In Brisba…
Read
More
MKT2031 Issues In Small Business And Entrepreneurship
Download :
0 | Pages :
5
Course Code: MKT2031
University: University Of Northampton
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: United Kingdom
Answer:
Entrepreneurial ventures
Entrepreneurship is the capacity and willingness to develop, manage, and put in order operations of any business venture with an intention to make profits despite the risks that may be involved in such venture. Small and large businesses have a vital role to play in the overall performance of the economy. It is, therefore, necessary to consider the difference between entrepreneurial ventures, individual, and c…
Read
More
Tags:
Turkey Istanbul Management University of Employee Masters in Business Administration
MN506 System Management
Download :
0 | Pages :
7
Course Code: MN506
University: Melbourne Institute Of Technology
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: Australia
Answer:
Introduction
An operating system (OS) is defined as a system software that is installed in the systems for the management of the hardware along with the other software resources. Every computer system and mobile device requires an operating system for functioning and execution of operations. There is a great use of mobile devices such as tablets and Smartphones that has increased. One of the widely used and implemented operating syste…
Read
More
Tags:
Australia Cheltenham Computer Science Litigation and Dispute Management University of New South Wales Information Technology
Next