What is the resource-based view of entrepreneurship?5 answersThe resource-based view (RBV) of entrepreneurship emphasizes the significance of resources and capabilities in driving firm performance and competitive advantage across various disciplines like marketing, supply chain management, and strategic management. In the context of technology-based start-ups, RBV highlights the role of technological capabilities and entrepreneurship in influencing technological innovation positively, with entrepreneurship acting as a moderator that enhances the effect of technological competitiveness on innovation. Moreover, in the realm of corporate entrepreneurship within small and medium-sized enterprises, RBV is utilized to explain how High-Performance Work Systems (HPWS) can impact corporate entrepreneurship through strategic flexibility, with CEO empowering leadership and state-ownership acting as moderators in this relationship.
What are the characteristics of newly established companies?5 answersNewly established companies exhibit various characteristics that significantly influence their survival and growth. Factors such as the background, experience, networking, diversity, and composition of the founding directors or board members play a crucial role in determining the trajectory of success or failure of these firms. Additionally, organizational characteristics like the amount of capital invested at start-up and customer structure are strongly linked to the survival of newly created enterprises. Human capital, including the entrepreneur's experience and level of education, also impacts the success of these ventures, albeit to a lesser extent in some cases. Overall, a combination of entrepreneurial, organizational, and environmental factors shapes the characteristics of newly established companies, influencing their ability to thrive in the market.
How much should be allocated to budgeting for company expanding to a new market?5 answersTo determine the allocation for a company expanding into a new market, it is crucial to consider factors like profitability, customer responsiveness, revenue growth potential, and marketing effectiveness. Traditional budgeting methods often rely on simple rules like percentage of sales or competitive parity, which may not be optimal for dynamic marketing allocation. A novel Excel-based decision support model has been developed for multi-product, multi-country firms, considering marketing dynamics, growth potential, and profit contribution, leading to significant profit improvements of over 50% in real-world applications. Additionally, research suggests that optimal allocation involves balancing profit contribution and elasticity across products and segments, with a new rule showing superior performance compared to traditional methods in computer simulations. By integrating these insights, a company can make fact-based and near-optimal budgeting decisions for entering a new market.
What are the best new businesses to start in 2023?4 answersIn 2023, there are several promising new businesses to consider. One such business is the construction of a biobased-ethylene plant in the US Southeast, which would serve customers seeking low-carbon-footprint raw materials. Another opportunity lies in the development of solid-state battery cell designs, with plans to produce prototype battery cells for electric vehicles. Additionally, the expansion of ethoxylation capacity in China presents a potential investment opportunity for the production of ingredients for pharmaceuticals and personal care products. The market for biodegradable polymers is also growing, with the availability of technology to make polyhydroxyalkanoate from plant-based oils. Finally, the demand for sustainable jet fuel and renewable energy solutions offers potential for businesses focused on producing these environmentally friendly alternatives.
What are the challenges that entrepreneurs face when starting a new business?5 answersEntrepreneurs face various challenges when starting a new business. These challenges include acquiring funds due to short or poor credit history. Insufficient native language competence can make it difficult to communicate with potential clients and suppliers, understand regulations, and access local entrepreneurial institutions. Gathering appropriate knowledge about market conditions, current needs, and market dynamics in the new country is also a challenge. Additionally, new entrepreneurs often struggle to hire experienced and skilled human resources, as their businesses are typically small. Internal challenges faced by new entrepreneurs include developing business ideas and vision, raising capital for start-up, and finding the right business location. External challenges include competition, unforeseen business challenges, and others. Entrepreneurs also face challenges related to globalization, such as increased competition, financial issues, and ICT challenges. In Ghana, entrepreneurs face challenges related to funding availability, lack of planning and management skills, lack of competitiveness and technology innovation, and legal and regulatory framework.
How much does a new enterprise ressource planning system cost.a company?5 answersThe cost of a new enterprise resource planning (ERP) system for a company can vary significantly. ERP systems have been implemented in Fortune 500 companies at an average cost of $15 million, with some implementations costing as high as $300 million. The worldwide market for ERP systems is predicted to reach a total value of $49.5 billion by 2025. The deployment of a complete ERP system can take several years and several hundred million dollars. The Department of Defense (DoD) reported cost decreases totaling $680.9 million for four ERP systems and cost increases of $298.9 million for two systems. It is important to note that the cost of an ERP system can vary depending on the size and complexity of the company, as well as the specific requirements and customization needed for the system.