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    Entrepreneurship Notes CH 3

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    Josh Cervantes
    This document discusses entrepreneurship and new entry opportunities. It defines new entry as introducing a new product, an established product to a new market, or starting a new organization. An entrepreneurial strategy involves decisions and actions to generate and exploit new entry opportunities over time. Successful new entries require bundling entrepreneurial, market, and technological knowledge and resources. Entrepreneurs must balance the risks of errors in commission and omission when deciding whether and when to pursue a new entry opportunity. Managing newness involves addressing liabilities from inexperience but also leveraging learning advantages of a new organization.

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    Entrepreneurship Notes CH 3

    Uploaded by

    Josh Cervantes
    32 views3 pages
    This document discusses entrepreneurship and new entry opportunities. It defines new entry as introducing a new product, an established product to a new market, or starting a new organization. An entrepreneurial strategy involves decisions and actions to generate and exploit new entry opportunities over time. Successful new entries require bundling entrepreneurial, market, and technological knowledge and resources. Entrepreneurs must balance the risks of errors in commission and omission when deciding whether and when to pursue a new entry opportunity. Managing newness involves addressing liabilities from inexperience but also leveraging learning advantages of a new organization.

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    Entrepreneurship Notes Ch 3

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    This document discusses entrepreneurship and new entry opportunities. It defines new entry as introducing a new product, an established product to a new market, or starting a new organization. An entrepreneurial strategy involves decisions and actions to generate and exploit new entry opportunities over time. Successful new entries require bundling entrepreneurial, market, and technological knowledge and resources. Entrepreneurs must balance the risks of errors in commission and omission when deciding whether and when to pursue a new entry opportunity. Managing newness involves addressing liabilities from inexperience but also leveraging learning advantages of a new organization.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    32 views3 pages

    Entrepreneurship Notes CH 3

    Uploaded by

    Josh Cervantes
    This document discusses entrepreneurship and new entry opportunities. It defines new entry as introducing a new product, an established product to a new market, or starting a new organization. An entrepreneurial strategy involves decisions and actions to generate and exploit new entry opportunities over time. Successful new entries require bundling entrepreneurial, market, and technological knowledge and resources. Entrepreneurs must balance the risks of errors in commission and omission when deciding whether and when to pursue a new entry opportunity. Managing newness involves addressing liabilities from inexperience but also leveraging learning advantages of a new organization.

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    Entrepreneurship Notes Ch.

     New Entry
    o Includes
     New product in an established or new market
     Established product in a new market
     A new organization
    o Entrepreneurial strategy
     Set of decisions, actions, and reactions that generate, and
    exploit a new entry over time
     Figure 3.1 Entrepreneurial Strategy
    o Big Picture on New entry Opportunity
     Resources
     Inputs
     Source of competitive advantage
     Basic building blocks of functioning
     Bundle:
     Entrepreneurial resource: ability to obtain/combine
    resources into a bundle that is valuable or rare.
    Drawn from the unique experience and knowledge
    of the entrepreneurs
     Market Knowledge: info, tech, know-how, and skills
    that provide insight into a market and its customers
     Technological Knowledge: provides insight into ways
    to create new knowledge
    o Generation of new entry opportunity
     Info on a new entry
     More knowledge ensures
    o Starts from a position of less ignorance
    o Less times spent on info search
     Window of Opportunity
     Error of commission: negative outcome from acting on the
    perceived opportunity
     Error of omission: negative outcome from not acting on
    the new entry opportunity
     The long run performance of a firm is dependent upon the
    ability to generate and exploit numerous new entries,
    meaning they have to be able to launch other products
    o Figure 3.3- Factors that influence the decision to enter the
    market now or delay entry
    o Blockbuster did a horrible job of adapting to environmental
    changes
    o Make sure you know which scope list you are reading between
    brad and narrow
    o Managing Newness
     Liabilities of newness arise from unique conditions:
     Costs in learning new tasks.
     Conflict arising from overlap or gaps in
    responsibilities.
     Unestablished informal structures of
    communication.
     Assets of Newness

    2
     Positive implications arising from an organization’s
    newness
     Learning advantage
    o Porters 5 forces
     Threat of new entrants
     Supplier bargaining power
     Internal competition
     Threats of substitutes
     Customer bargaining power
     Barriers to Entry

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