CAOT 31 Lecture Notes - Lecture 11: Pest Analysis, Social Entrepreneurship, Decision Points
3 Oct 2020
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Document Summary
Strategic entrepreneurship combines strategy and entrepreneurship and includes both advantage-seeking strategy activities and opportunity-seeking entrepreneurial activities to create value. Strategy is not enough and organisations also need entrepreneurship: entrepreneurship is a process by which individuals, teams or organisations identify and exploit opportunities for new products or services that satisfy a need in a market. Opportunity recognition: opportunity recognition means recognising an opportunity, circumstances under which products and services can satisfy a need in the market or environment. Steps in the entrepreneurial process: opportunity recognition -> feasibility analysis -> business plan -> industry conditions and competitor analysis -> business model and strategy -> financing and funding. It is an iterative rather than a sequential process. Invention involves the conversion of new knowledge into a new product, process or service. Innovation involves the conversion of new knowledge into a new product, process or service and the putting of this new product, process or service into actual commercial use.
