Exam 2 (slides) Flashcards
Parochialism
- is viewing the world solely through its own eyes and perspectives
- it not recognizing that others have different ways of living and working
Ethnocentric Attitude
the parochialistic belief that the best work approaches and practices are those of the home country
Polycentric Attitude
managers in the host country know the best work approaches and practices for running their business
Geocentric Attitude
a world-oriented view that focues on using the best approaches and people from around the globe
The World Trade Organization
functions as the only global organization dealing with the rules of trade among nations
Entry Mode
When considering to begin operations in a foreign country management has 5 entry modes to consider:
- exporting
- licensing
- franchising
- strategic alliance/ joint venture
- wholly owned subsidiary
What is entrepreneurship?
puts together all the resources needed – the money, the people, the strategy and the risk-bearing ability to transform the invention into a viable business
4 Entrepreneur Questions
What are we going to do?
How are we going to do it?
Why does anybody care?
How will it make money?
Feasibility of the Idea
- Product / Service Feasibility
- Industry / Market Feasibility
- Organizational Feasibility
- Financial Feasibility
Intrapreneurship?
- large corporations are more than passive bystanders in entrepreneurial explosions
- established companies try to find and pursue new and profitable ideas – to do so they need entrepreneurs
Successful Entrepreneur Characteristics
- Passion for business
- Product / Customer Focus
- tenacity despite failure
- execution intelligence
Common Myths about Entrepreneurs
- They are Born not made
- they are gamblers
- they are motivated primarily by money
- should be young and energetic
