Defining Entrepreneurial Management: Peter Drucker remarked that for the existing large company, the controlling word in the phrase “entrepreneurial management” is “entrepreneurial.” In any new business venture, the controlling word is “management.” Therefore, for the purposes of our discussions we lean toward “management” as a discipline for
entrepreneurs. We define entrepreneurial entrepreneurial management as the practice of taking entrepreneurial knowledge and utilizing it for increasing the effectiveness of new business venturing as well as small- and a nd medium-sized businesses. The Entrepreneurial Management Unit strives to raise the level of academic work in the field of o f entrepreneurship, in methodological rigor, conceptual depth, and managerial applicability. We also strive to improve the odds of entrepreneurial success for our students and for practitioners worldwide. Because it is such a complex phenomenon, entrepreneurship must be studied through multiple lenses. We use three. The process of entrepreneurship - We seek to understand the processes of entrepreneurial activity in start-ups and established firms by examining the antecedents and consequences of various forms o f entrepreneurial opportunity identification and opportunity pursuit for individuals, organizations, and industries. We see experimentation and inn ovation in products, services, processes, and business models as central to entrepreneurial activity. The finance of entrepreneurship - We seek to understand the financing of entrepreneurial ventures by studying the antecedents and consequences of entrepreneurial funding decisions both domestically and internationally. The context of entrepreneurship - We seek to understand the ways in which entrepreneurs both respond to and shape the context in which they operate, by examining the history of entrepreneurship across time and national borders and by analyzing the legal and cultural contexts for managerial action. What is entrepreneurship? --- The capacity The capacity and willingness to develop, to develop, organize organize and manage and manage a business venture along with any of its risks its risks in order in order to make a profit. a profit. The The most obvious example of entrepreneurship is the starting of new businesses. In businesses. In economics, entrepreneurship economics, entrepreneurship combined with land, labor, land, labor, natural natural resources and capital and capital can produce can produce profit. Entrepreneurial spirit is characterized by innovation by innovation and risk-taking, and is an essential part of a nation's ability nation's ability to succeed in an ever changing and increasingly competitive increasingly competitive global global marketplace. marketplace. Entrepreneurship is the process of identifying and starting a new business venture, sourcing and organizing the required resources, while taking both the risks and rewards associated with the venture. 1. Small Business E ntrepreneurship --- Today, the overwhelming number of entrepreneurs and startups in the United States are still small businesses. There are 5.7 million small businesses in the U.S. They make up 99.7% of all a ll companies and employ 50% of all non- governmental workers. Travel agents, internet commerce storefronts, carpenters, plumbers, electricians, etc. They are anyone who runs his/her own business. They hire local employees or family. Most are barely profitable. Their definition of success is to feed the family and make a profit, not to take over an industry or build a $100 million business. As they can’t provide the s cale to attract venture capital, they fund their businesses via friends/family or small business loans. 2. Scalable Startup Entrepreneurship --- Unlike small businesses, scalable startups are what Silicon Valley entrepreneurs and their venture investors do. These entrepreneurs start a company knowing from day one that their vision could change the world. They attract investment from equally crazy financial investors – venture capitalists. They hire the best and the brightest. Their job is to search for a repeatable and scalable business model. When they find it, their focus on scale requires even more venture capital to fuel rapid expansion. 3. Large Company Entrepreneurship --- Large companies have finite life cycles. Most grow through sustaining innovation, offering new products that are variants around their core p roducts. Changes in customer tastes, new technologies, legislation, new competitors, etc. can create pressure for more disruptive innovation – requiring large companies to create entirely new products sold into new customers in new markets. Existing companies do this by either acquiring innovative companies or attempting to build a disruptive product inside. Ironically, large company size and culture make disruptive innovation extremely difficult to execute. 4. Social Entrepreneurship --- Social entrepreneurs are innovators focus on creating products and services that solve social needs and problems. But unlike scalable startups their goal is to make the world a better place, not to take market share or to create to wealth for the founders. They may be nonprofit, for-profit, or hybrid. What is an Entrepreneur? -- An entrepreneur is a person who organizes and manages a business undertaking, assuming the risk for the sake of profit. An entrepreneur: Sees an opportunity. Makes a plan. Starts the business. Manages the business. Receives the profits. Entrepreneurs are leaders willing to take risk and exercise initiative, taking advantage of opportunities [2] in the market by planning, organising and making use of resources , often by innovating new or improving existing products Importance of Entrepreneurship Education h igh majority of jobs are created by small businesses Entrepreneurship is a key driver of our economy. Wealth and a high started by entrepreneurially minded individuals, many of whom go on to create big businesses. People exposed to entrepreneurship frequently frequently express that they have more opportunity to exercise creative freedoms, higher self esteem, and an overall greater sense of control over their own lives. As a result, many experienced business people political leaders, economists, and educators believe that fostering a robust entrepreneurial culture will maximize individual and collective economic and social success on a local, national, and global scale. It is with this in mind that the National Standards for Entrepreneurship Education were developed: to prepare youth and adults to succeed in an entrepreneurial economy. Entrepreneurship education is a lifelong learning process, starting as early as elementary school and progressing through all levels of education, including adult a dult education. The Standards and their supporting Performance Indicators are a
framework for teachers to use in building appropriate objectives, learning activities, and assessments for their target audience. Using this framework, students will have: progressively more challenging educational activities; experiences that will enable them to develop the insight needed to discover an d create entrepreneurial opportunities; and the expertise to successfully start and manage their own businesses to take advantage of these opportunities. Entrepreneurship creates job opportunities When an entrepreneur starts a business using his financial assets, he must need some time to share his work load. For this purpose, he hires people to work with him. As the time passes, the entrepreneur gets satisfied that he is investing his money in the right place. So he starts a huge business, hence creating more job opportunities for people. Entrepreneurship cause economic growth By creating job opportunities for people, an entrepreneur provides wealth to the people. They tend to start a new business with innovation li ke providing the best quality product within low price so th at people can save their money and get the best product. This strengthens the economy of a country. For this purpose Government also welcomes entrepreneurs to start their business. Entrepreneurship provides strength to small business Most of the time, entrepreneurs prefer to invest their money in small businesses. Such activities of the entrepreneurs provide strength to the small business. So the niche markets flourish providing strength to the economy of the country. What is CSR? Corporate Social Responsibility (CSR) refers to voluntary actions undertaken by mining companies to either improve the living conditions (economic, social, environmental) of local communities or to reduce the negative eff ects of mining projects. By definition, voluntary actions are those that go beyond legal obligations, contracts, and license agreements although evolving legal requirements are leading towards increased regulation of CSR worldwide. Although CSR programs have sometimes been viewed as part of a company’s public relations strategy, they are now
increasingly recognized as a serious effort to deliver sustainable benefits and to improve the well -being of people and communities in which miners operate Corporate conscience is about giving back to the communities that keep your business afloat, maybe even ones beyond your reach. Having a social good culture let’s your employees know they are working for something that is bigger than themselves; their business is not one dimensional and more importantly, it cares about people. I am firm believer that what you put into the world is exactly what you’re going to get out of it. People want to do things that matter, companies that encourage employees to participate in volunteerism and giving back are creating fulfilling environments to work in. Positive impacts of CSR Although the impacts of large- scale mining companies’ CSR programs is difficult to assess at the global or national level, the benefits from these projects can be of great local significance. For example, in Ghana, community health facilitators who were trained with the support of Gold Fields Ltd. provided health services to 8,276 people from 2006 to 2008, and referred an additional 12,342 people to hospital during the same period.[4] Also in Ghana, 692 hectares of oil palm have been planted with the support of Golden Star Resources, and this has become a major source of income for local people.[5] In Bolivia, rural communities close to Glencore International’s Puquio Norte mine obtained
electricity when the company constructed a pipeline with extra capacity.[6] Finally, in Venezuela, a community health center was run with the support of Placer Dome Inc.[2] CSR and Governance Concerns The ability of CSR to sustain development is also limited by the quality of government and its institutions. Paradoxically, CSR has the potential to undermine the role of governments. In developing countries, governments often find it difficult to provide basic social services such as health care, education, the construction of roads, and the supply of energy.[13, pp.86-88] Poor service provision can lead local communities to demand that mining companies provide needed services, and in effect become a substitute for government. This reliance on CSR may undermine and distort the capacity of governments to provide social services, since citizens may stop demanding service provision and accountability from their governments, thus decreasing the incentives for i mproved government efficiency and service provision. The mining industry must therefore balance the risks of becoming too involved and taking the place of government against the risks of not being involved enough with the community and facing opposition. [20] Examples: 10. Toms ”One for one” motto is a well known phrase. They’ve recently upped the ante by donating a portion of their sunglass sales to vision care for children in need. But it’s not just consumers that are involved in Toms’ social good, it’s employees as well. Toms’ employee s participate in an annual Shoe Drop where they travel and donate a variety of goods to
children. Their careers page specifically calls for employees that want to change lives and be a part of a movement. 8. PG&E does its part to serve the communities of California. On Earth Day employees help clean and restore 18 state parks. They are exemplary members of Habitat for Humanity and volunteer by providing solar p anels on new Habitat homes. Employee volunteerism hits inside the home as well by participating in various food programs providing those struggling to make ends meet with care packages and thousands of pounds of groceries. The employees clearly care about their Coast. Ben and Jerry's ice cream offers one prominent example; the company uses only fair trade ingredients, and developed a dairy farm sustainability program in its home state of Vermont. Starbucks has created its C.A.F.E. Practices guidelines, which are designed to ensure the company sources sustainably grown and processed coffee by evaluating the economic, social and environmental aspects of coffee production. Tom's Shoes, another notable example of a company with CSR at its core, donates one pair of shoes to a child in need for every pair a customer purchases.
