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Business Environment

Business Environment. Lecture 1 8 ( L5/S2) – Entrepreneurship & Enterprise Milena Malinowska. Definitions. Enterprise & entrepreneurship are key concepts ascribed to business activity

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Business Environment

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  1. Business Environment Lecture 18(L5/S2) – Entrepreneurship & Enterprise Milena Malinowska

  2. Definitions • Enterprise & entrepreneurship are key concepts ascribed to business activity • They define the initiative (and the initiator) for setting a new business venture, based on ideas and innovation • Business entities of small and medium size comprise an almost full majority (out all entities)

  3. Enterprise • Enterprising refers to “spotting opportunities, creating new ideas and having the confidence and skills to turn these ideas into working realities” (Wetherly&Otter, 2011) • It involves varying degree of risk • It requires dealing with uncertainty • It rests upon creativity and innovation skills • Enterprising increases competitive advantages (with the same set of resources) • Social vs. Commercial enterprises

  4. Entrepreneur • A person who initiates new business or enterprise (commercial or social) • Entrepreneurs are opportunity seekers, who deal with uncertainty and risk • May or may not be the business owner: • Social entrepreneur – staring an enterprise with a social objective • Serial entrepreneur – starting many enterprises • Intrapreneur – employee of a very large corporation acting as an entrepreneur

  5. NCGE - Concepts • Enterprise Concept – developing the personal enterprising skills • Entrepreneurial Concept – applying the enterprising skills to new/existing ventures • Innovation Concept – the final improved product/service

  6. NCGE Leadership Concept (Source: NCGE – Leading the Entrepreneurial University, 2009)

  7. (Source: http://www.bsl-lausanne.ch/index.php/eng/content/download/2021/34648/file/FauchartGruberAMJ_Oct2011.pdf) Social Identity Theories

  8. Total Entrepreneurial Activity (%)

  9. What is SME? • Small and Medium sized Enterprises are the driving force behind economic growth • A competitive market economy can only function with numerous players • 99% of business enterprises in the EU are SME • SME produce 50-70% of total turnover and provide 60-70% of the jobs

  10. Features of SME Pros Contras • Flexibility • Less responsibilities • Less bureaucracy • Tailored to meet local needs • Liquidity problems • Hardly accumulate resources • Hardly influence the environment • Lack power in negotiations • Lack of managerial talent • Lack of carrier opportunities

  11. Starting a business Stage of growth Investment Expand Sell Lifestyle Growth Decline / bankrupt Trading Ready to start Planning & Development Proven Idea Idea Time

  12. MAIR model + Plan & Strategy and Organization & Administration (Source: http://www.hanage.com/ncge/Advice.htm)

  13. SME in the UK (Source: Wetherly&Otter, 2011)

  14. SME in BG (Source: www.nsi.bg 2011)

  15. Business sectors (BG) Professional, scientific and technical activities Trading Hospitality services Manufacturing

  16. Business sectors (UK) Real Estate & Renting Construction Trading Social & Personal Services

  17. Female entrepreneurship (Source: Global Entrepreneurship Monitor 2008)

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