Managing Entrepreneurial Growth – Life Cycle StagesEssay Preview: Managing Entrepreneurial Growth – Life Cycle StagesReport this essayManaging entrepreneurial growthLife Cycle StagesNew venture development is related to primary formulation of the venture that mission, vision, scope, direction and philosophy are determined at this stage (Frederick and Kuratko 2010, 477).
Strategic and operational planning is designed; cooperations competitive advantage is identified and funding sources are discovered at the second stage, named start-up activities. Numbers of challenges shall occur, such as generating a formal business plan, the search for capital, developing marketing activities and forming an entrepreneurial team (Frederick and Kuratko 2010, 477). The challenges are continued, as entrepreneurs require to discover the right person to do all this task, delegate tasks correctly and fairly to every employee, the possibility in the lack of financial funding, establish a benchmark to examine all the tasks are done in standard and so on.
The growth stage tends to be the paramount in the life cycle stages. If entrepreneurs are staying at the same level and are not motivated to expand their venture, eventually they might leave the enterprise. At this stage, reformulation of strategies and transition from an individual-leadership to a managerial-team-leadership are necessary (Frederick and Kuratko 2010, 478).
The fourth stage is business stabilisation. Developments occur and innovations are required at this stage because numbers of competitions are on the rise too. It is considered as a swing stage because either the business turns out to be profitable or vice versa (Frederick and Kuratko 2010, 478).
Enterprises tend to fail if the entrepreneur is lack of ingenuity at the innovation/ decline stage. Some enterprises acquire other firms to stabilize their own growth or to produce a new product/ services in order to attract more sales (Frederick and Kuratko 2010, 478).
The pace of changes nowadays is accelerating faster than ever before. Therefore, firms must be able to construct dynamic capabilities which stand out among the competitors in order to keep up with the pace. Applications of creativity and knowledge from employees, as well as the exploration of external competencies to supplement the firms capabilities are the two known methods of building dynamic capabilities. (Frederick and Kuratko 2010, 478)
Actually doEntrepreneur has the ability to enhance the growth stage by building an adaptive firm.Firstly, entrepreneur needs to share his/her vision to all of the staff in order to help them understand more about the companys directions, missions, visions and goals (Frederick and Kuratko 2010, 480). Besides, helping staffs to understand their own roles and the differences they make could motivate them to work harder (Bruce and Pepitone 1998). Responsibilities can be shared among all of the employees, as they are sensate to become part of the success and are dedicating to the firm (Frederick and Kuratko 2010, 485).
Opportunity perceptivity can be increased by careful job design and objectives are defined for the person who is responsible. Other than that, watchful cooperation and synthesis of the functional areas allows employees from different areas work together (Frederick and Kuratko 2010, 481).
Continuous morphing is one of the key features to build an adaptive firm. It is an ongoing transformation to change their functions often and regenerate their ephemeral competitive strengths. (Frederick and Kuratko 2010, 481)
Reward system and environment that allows for failure are the essential elements for stimulating employees desires to be innovative at all times (Frederick and Kuratko 2010, 481). There are various types of reward systems. For example, bonus plans, stock options, awards, reassignments, promotions and non-monetary bonuses (Kotelnikov n.d.). Entrepreneurs can reward their staff by evaluating and examining their innovation and performance. Staffs deserved to be rewarded whenever they produce an outstanding performance, meeting all the criteria of standard set and creating innovative and unique ideas. This can motivate them to work harder and encourage them to spark off more new ideas. Nonetheless, it is argued that reward system is not fair for everyone. Staffs that do not get any rewards will feel discourage and lack in confidence to speak up (Using Various Rewards and Profit-Sharing Strategies in Motivating Employees 2000).
The Benefits of Free Jobs
To be sure, employees have the right to participate in highly competitive workplaces. However, the benefits of free-to-work systems are not fully understood. One possible mechanism is a mechanism to incentivize or reward employees for new ideas.
Example One: The Economist and the Economist Group. The Economist and the Economist Group are the companies that provide business news and commentary both from behind the scenes, and from outside the financial industry. The Economist uses free digital and editorial programming to promote and promote its products and services, while creating content that promotes a wider market for its goods and services. The Group makes money through advertising and its products and services are highly influential in the financial markets. One of its chief responsibilities is the creation of a comprehensive and objective business climate, which it uses to advance its objectives. While there is no data or a method to determine whether an individual can compete with an equally strong and more open market, the Group manages public-policy issues from the same information stream as a newsroom. These matters are discussed before the News. The Economist’s goal is to expand its coverage of world affairs through its business publications and its programming, and a separate content-marketing system (e.g., “Free in the News”) facilitates cross-media collaboration and commercial interaction. Although the Financial Times and Bloomberg News do not make money from their publications, a free online magazine in the form of the Economist is not the only news agency to attract subscribers.
Companies are encouraged to use the Economist as a means to foster broader market engagement. The fact that they are a leading U.S. non-profit and a non-profit organization with membership in over 800 unions has been a big factor in attracting more young professionals and companies. They also have the ability to offer more innovative ideas to young people and to drive new ideas to businesses and markets across the economy. For example, the Economist’s goal is to develop a “tangible brand” and “quality of thinking” that promotes the business’ values. In contrast, there are not enough companies in the world to promote a healthy culture of entrepreneurship and entrepreneurship education to recruit talented people in the US. According to the International Association of Business Machines (IBA), business “has a critical role to play in creating the ‘social economy’ of the 21st century,” and “economic growth can only be achieved via the development of business skills and competencies.”
The Economist and the Economist Group may be a small, independent institution, but their unique focus on the development of businesses through digital news, commentary, and programming is key to their core business values.
Why is Free Work Important to Employees?
There seems to be a tension between the value created by free labor and the value gained by work. Both free labor and voluntary labor have pros and cons. For example, the value gained by an employee is based upon his or her ability to produce the goods and services that are relevant to his or her job. However, the market for knowledge and profit depends upon the employee’s ability to do so. Thus, free labor plays a major role in stimulating entrepreneurial energy and fostering entrepreneurship by helping workers to meet their personal and professional development needs. In the world of free software projects, this economic development may simply allow the team to focus on their basic computer tasks and focus on a simpler and longer-lasting software solution. Conversely, the value gained by an employee is based upon his or her ability to improve the quality of their work through their work, which can be done directly by their team (Kotelnikov n.d.). The market for knowledge will ultimately be driven by work and will ultimately benefit everyone, both business and nonprofit organisations can
The Benefits of Free Jobs
To be sure, employees have the right to participate in highly competitive workplaces. However, the benefits of free-to-work systems are not fully understood. One possible mechanism is a mechanism to incentivize or reward employees for new ideas.
Example One: The Economist and the Economist Group. The Economist and the Economist Group are the companies that provide business news and commentary both from behind the scenes, and from outside the financial industry. The Economist uses free digital and editorial programming to promote and promote its products and services, while creating content that promotes a wider market for its goods and services. The Group makes money through advertising and its products and services are highly influential in the financial markets. One of its chief responsibilities is the creation of a comprehensive and objective business climate, which it uses to advance its objectives. While there is no data or a method to determine whether an individual can compete with an equally strong and more open market, the Group manages public-policy issues from the same information stream as a newsroom. These matters are discussed before the News. The Economist’s goal is to expand its coverage of world affairs through its business publications and its programming, and a separate content-marketing system (e.g., “Free in the News”) facilitates cross-media collaboration and commercial interaction. Although the Financial Times and Bloomberg News do not make money from their publications, a free online magazine in the form of the Economist is not the only news agency to attract subscribers.
Companies are encouraged to use the Economist as a means to foster broader market engagement. The fact that they are a leading U.S. non-profit and a non-profit organization with membership in over 800 unions has been a big factor in attracting more young professionals and companies. They also have the ability to offer more innovative ideas to young people and to drive new ideas to businesses and markets across the economy. For example, the Economist’s goal is to develop a “tangible brand” and “quality of thinking” that promotes the business’ values. In contrast, there are not enough companies in the world to promote a healthy culture of entrepreneurship and entrepreneurship education to recruit talented people in the US. According to the International Association of Business Machines (IBA), business “has a critical role to play in creating the ‘social economy’ of the 21st century,” and “economic growth can only be achieved via the development of business skills and competencies.”
The Economist and the Economist Group may be a small, independent institution, but their unique focus on the development of businesses through digital news, commentary, and programming is key to their core business values.
Why is Free Work Important to Employees?
There seems to be a tension between the value created by free labor and the value gained by work. Both free labor and voluntary labor have pros and cons. For example, the value gained by an employee is based upon his or her ability to produce the goods and services that are relevant to his or her job. However, the market for knowledge and profit depends upon the employee’s ability to do so. Thus, free labor plays a major role in stimulating entrepreneurial energy and fostering entrepreneurship by helping workers to meet their personal and professional development needs. In the world of free software projects, this economic development may simply allow the team to focus on their basic computer tasks and focus on a simpler and longer-lasting software solution. Conversely, the value gained by an employee is based upon his or her ability to improve the quality of their work through their work, which can be done directly by their team (Kotelnikov n.d.). The market for knowledge will ultimately be driven by work and will ultimately benefit everyone, both business and nonprofit organisations can
Risk is the word toward success. An organisation always needs innovation to promote growth, in contrast, the business may be eliminated or fail for not being innovative. Therefore, entrepreneurs have to encourage staffs to take risk for trying out new ideas or even accept a certain degree of staffs failure. Never hinder any employees uniqueness or fresh ideas which are not practiced in the past. These particular unique ideas might just bring the business to another level (Bruce and Pepitone 1998).
It is vital that entrepreneurial leadership is possessed in the management of high growth ventures. Entrepreneurial leadership enables fellow entrepreneurs to visualise the future, think strategically, retain flexibility, and work as a group to initiate changes (Frederick