Entrepreneurship

1. Entrepreneurship Delivered in: The IslamiaUniversity Bahawalpur Presented By: Tasawar Javed

2. Strategic Management Process • Clear Vision and meaningful Mission Statement • A vision is the result of entrepreneur’s dream of something that doesn’t exist yet and the ability to paint a compelling picture of that dream for everyone to see. • It answer the question “why are we going?” 3 ways to define • Vision provides direction • Vision determines decisions • Vision motivates people

3. Clear vision and mission Statement • Mission Statement • Addresses another basic question of any business venture: it should include following • Purpose • Why is the company is in the business? What is the organization for? • Strategy • How it is going to achieve the purpose • Policies and standards of behaviour • Without policy and standards that help staff to make decisions on day to day basis the strategy has little value • Values • Values are the feelings and moral principle that lie behind the company’s culture

4. Tips for powerful Mission Statement Keep it short Keep it simple Take a broad view, but not too broad Get anyone involved Keep it current Reflect the values that are worth of your employees best efforts Reflect a concern for the future Keep the tone of the statement positive and upbeat Ethical foundation for your company Look at other companies’ mission statement to generate ideas Should be appropriate for your company’s culture Use it

5. Company’s strengths and weaknesses • Strengths • Positive internal factors that a company can use to accomplish its mission, goals, and objectives • Weaknesses • Negative internal factors that inhibit the accomplishment of a company’s mission, goals, and objectives • Opportunities • Positive external options that a firm can exploit to accomplish its mission, goals, and objectives • Threats • Negative external forces that inhibit a company’s ability to achieve it mission, goals and objectives

6. Key Success Factors • Key success Factors • The factors that determine a company’s ability to compete successfully in an industry • Controllable variables determine the ability of any restaurant in his market segment to compete • Identifying the KSF’s in an industry allows entrepreneurs to determine where they should focus their companie’s resources strategically

7. Competitor Analysis • Competitor analysis • A Competitive intelligence exercise enables entrepreneurs to update their knowledge of competitor by answering the following questions • Who are primary competitors? Where are they located? • What distinctive competencies have they developed? • How do their cost structures compare to yours? Their financial resources? • How do they market their products and services? • What do customers say about them? How do customers describe their products or services; their way of doing business: the additional services they might supply? • What are their key strategies? • What are their strengths? How can your company surpass them? • What are their major weakness? How can your company capitalize on them? • Are new competitors entering the business?

8. Goals and Objectives Goals: The broad, long range attributes a business seeks to accomplish; they tend to be general and sometimes even abstract Objectives; More specific targets of performance, commonly addressing areas such as profitability, productivity, growth and other key aspects of a business

9. Three Strategic Options Cost leadership a strategy in which a company strives to be the lowest cost producer relative to its competitors in the industry Differentiation a strategy in which a company seeks to build customer loyalty by positioning its good or services in a unique of different fashion Focus a strategy in which a company select one or more market segments, identifies customers’ special needs, wants, and interests, and approaches the with a good or services designed to excel in meeting those needs, wants, and interests.

10. Thank You!!!! Q&A