Week 5-6 Slides
Week 5-6 Slides
Week 5-6 Slides
Grade 8
01
Enterprise &
Characters of a successful
entrepreneur.
Prior knowledge
What is business?
business refers to an organization or enterprising entity engaged in
commercial, industrial, or professional activities.
The drive they have to With each new opportunity, an entrepreneurs need to evaluate
continuously ask questions and entrepreneur must run tests to situations and remain flexible
challenge the status quo can determine if it’s worthwhile to to ensure their business keeps
lead them to valuable pursue. moving forward, no matter what
discoveries easily overlooked by unexpected changes occur.
other business professionals.
Characteristics of a successful
entrepreneur
Being decisive doesn’t always it’s critical to surround Successful entrepreneurs are
mean being correct. yourself with teammates who comfortable with encountering
Entrepreneurs need the have complementary talents and some level of risk to reap the
confidence to make challenging contribute to a common goal. rewards of their efforts;
decisions and see them through Being aware with strength and however, their risk tolerance is
to the end. If the outcome turns weaknesses. tightly related to their efforts
out to be less than favorable, to mitigate it.
the decision to take corrective
action is just as important.
Characteristics of a successful
entrepreneur
● Financial assistance
● Incubator program
● Mentorship and networking
Government support
Financial assistance
● grants
● Loans
● Tax breaks
Government support
Incubator program
providing startups with the necessary resources,
mentorship, and guidance to fuel their growth.
Growth success
Advantages of growth
● purchasing - by getting discounts for buying in bulk
● marketing - by spreading the cost of promotion over
larger sales
● overheads - by spreading the staff or administrative
costs across a greater output
Advantages of growth
Business growth can also enable you to:
Opportunities Threats
1. What new technology can we use? 1. What regulations are changing?
2. Can we expand our operations? 2. What are competitors doing?
3. What new segments can we test? 3. How are consumer trends changing?
Business growth strategies
■ Market Penetration: cut prices, improve its distribution network, invest more in marketing
and increase existing production capacity
■ Market Development: reaching new customer segments or expanding internationally by
targeting new geographic areas.
■ Product Development: making some modifications in the existing products to give increased
value to the customers for their purchase or developing and launching new products.
■ Diversification: entering new markets with new products that are either related or
completely unrelated to a company’s existing offering.
aNSOFF MATRIX
Internal growth strategy
● Seeks to optimize internal business processes to
increase revenue.
● this strategy relies on companies using their own
internal resources.
● Internal growth strategy is all about using existing
resources in the most purposeful way possible.
Example:
cutting wasteful spending and running a leaner operation by automating some of its
functions instead of hiring more employees.
external growth strategy
increasing output or business reach with the aid of resources
and capabilities that are not internally developed by the
company itself.
types
● Mergers and Acquisitions
● Strategic Alliance
Mergers & Acquisitions
Merger : when 2 companies join to make a new organization
Acquisitions: when a company takes over another company
examples
Strategic alliances
an arrangement between two companies to undertake a mutually
beneficial project while each retains its independence.
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