MGB223 Study Guide - Fax, Kfc, Competitive Advantage

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20 Jan 2017

Document Summary

Entrepreneurship: the process, brought about by individuals, of identifying new opportunities and converting them into marketable products or services (creating something new, novel and interesting) An entrepreneur is the driver of the entrepreneurial process, the person is willing to take calculated risks in terms of time, money, opportunity and energy. They are able to gather an effective team and marshal required resources, they are equipped with the vision to recognise opportunities where others see chaos, contradiction and confusion. Creativity can be described as the production of new and useful ideas in any domain. It stems from creative thinking, knowledge and motivation. Innovation is the successful implementation of creative ideas within an organisation. Resource based theory considers that firms have different starting points for resources (resource heterogeneity) and that other firms cannot get them (resource immobility). Recognising and analysing opportunities (who, how and where) How opportunities are discovered: information asymmetry, prior experience in an industry, entrepreneurial alertness, social networks and creativity.

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