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THEORIES OF ENTREPRENEURSHIP - Coggle Diagram
THEORIES OF ENTREPRENEURSHIP
HOW ENTREPRENEURS DO IT
Developing informal relationship and networks
Create a network more than one
Continuously strategizing, developing strategic options underpinned by a strong vision
Mitigating risk through information and knowledge
WHAT ENTREPRENEURS DO
Grasp opportunity
Doing things differently
modifying existing product / services
finding new marketing strategies
Finding a market
Bringing together the resources needed
RELATIONSHIP AND NETWORKS
Core of entrepreneurial approach to doing business
Trust and respect
Product or service
Credibility and capabilities
Education and track record
ENTREPRENEURIAL SPIDER'S WEB
Create relationship and networks
Listen any reporting and issues from all sides
Tend to be informal
Motivating and effective in an uncertain environment
Increase creative thinking via autonomy
STRATEGY FORMULATION
Consolidation
Emergent strategy formulation
Growth
Crisis
Deliberate strategy formulation
IMPLICATIONS FOR CULTURE
Change is normal
Close relationships with customers
customers
staff
suppliers
Belonging, ownership
Sharing information and knowledge
Can-do
Work is fun
Measured risk talking
Continual learning
Creative and innovative
IMPLICATIONS FOR ORGANISATIONAL STRUCTURE
Opportunity spotting, creativity and innovation
Sharing information, knowledge and learning
Sense of belonging and ownership
Delegation and decentralisation
Development of relationships inside and outside the organisation
IMPLICATIONS FOR MANAGEMENT
Strong vision, good communication,good timing
Light touch and delegation
Positive attitude
Continuous strategising
Incremental adaptive approach to decision-making
Openness that encourages knowledge exchange
Avoidance of short-termism
INFLUENCES ON ENTREPRENEURS
Situational factors
Personal characteristics and traits
Antecedent influences
Culture of society
OWNER-MANAGER DNA
Need for independence
Need for achievement
Internal focus of control
Ability to live with risk and uncertaint
ENTREPRENEURIAL DNA
Innovative
Opportunistic
Independence
Achievement
Internal locus of control
Self-confidence
Proactive and self-motivated
Vision and flair
Ability to live with risk uncertainly
IMPLICATIONS FOR CULTURE
Change is normal
Creative, innovative
Opportunistic
Achievement
Self-confident but realistic
Measured risk taking
Continual learning