ZEL

I. The Importance of Getting Financing or Funding Commonly, though, entrepreneurs discover that operating without investment capital or borrowed money is more difficult than they anticipated.  

  I. Liability of Newness as a Challenge Companies often falter because the people who start them aren ’t able to adjust quickly enough to their new roles and because the firm lacks a “track record” with outside buyers and suppliers. Assembling a talented and experienced a new-venture team can overcome these limitations.

I. What Is Controlling and Why Is It Important? Controlling is the process of monitoring, comparing, and correcting work performance. Control is important, because it’s the only way that managers know whether organizational goals are being met and, if not, the reasons why. The value of the control function can be seen in three specific areas: l   Planning = If managers didn’t control, they’d have no way of knowing whether their goals and plans were being achieved and what future actions to take. l   Empowering employees = An effective control system can...

I. Who are Leaders and What is Leadership? l   Leader  is someone who can influence others and who has managerial authority. l   Leadership  is a process of leading a group and influencing that group to achieve its goals. It’s what leaders do. l   Leading is one of the four management functions so ideally all managers should be leaders.  

I. Introduction to Financial Management Financial management deals with two activities, raising money and managing a company’s finances a way that achieves the highest rate of return. Regardless of the quality of a product or service, a company can’t be viable in the long run unless it is successful financially.  

I. Establishing a Strong Ethical Culture for a Firm 1.Lead by Example Three keys to building a strong ethical culture in a firm are: a.Having leaders who intentionally make ethics a part of their daily conversations and decision making. b.Supervisors who emphasize integrity when working with their direct reports. c.Peers who encourage each other to act ethically. 2.Establish a Code of Conduct A formal statement of an organization’s values on certain ethical and social issues. The advantage is that it provides specific guidance. 3.Implement an Ethics Training Program Teach business ethics to help employees deal with ethical dilemmas and improve their overall ethical conduct. An ethical dilemma is a situation that involves doing something that is beneficial to oneself or the organization, but may be unethical.

I.The Business Plan A written narrative, typically 25 to 35 pages long, that describe what a new business intends to accomplish and how it intends to accomplish it. 1.Reasons for Writing a Business Plan i.Forces a firm’s founders to systematically think through each aspect of their new venture. This is not a trivial effort and the founders will usually meet regularly to work on the plan during this period. ii.To create a selling document for a company. It provides a mechanism for a young company to present itself to potential investors, suppliers, business partners, key job candidates, and others.

I.  Industry Analysis Industry analysis is business research that focuses on the potential of an industry. When studying an industry, an entrepreneur must answer three questions, (1) Is the industry accessible? (2) Does the industry contain markets that are ripe for innovation? (3) Are there positions in the industry that will avoid some of the negative attributes? Regardless of how edger entrepreneurs are to start a business, they are not adequately prepared until they understand the industry they plan to enter and in which they intend to compete. 1.  Stud...

I.                     Business Model and Their Importance         A business model is a firm’s plan or recipes for how it creates, delivers, and captures value for its stakeholder. A firm’s business model represents the core aspects of its business and how it fits together and support one another.

I.                     The Change Process 1.        Two Views of the Change Process a.        The Calm Water Metaphor                 Lewin’s three-step process (Unfreezing – The status quo, Changing – To a new state, Refreezing – To make the change permanent) treats change as a move away from the organization’s current equilibrium state. b.        White-Water Rapids Metaphor                 The stability and predictability of the calm waters metaphor don’t exist. Disruptions in the status quo are not occasional and temporary, and they are not followed by a return to calm waters. Many managers never get out of the rapids.