Strategic Management Assignment-1

May 29th, 2015
Studypool Tutor
A. T. Still University
Course: strategic_management_
Price: $20 USD

Tutor description

A small-business firm is independently owned and operated, is not dominant in its field, and does not engage in innovative practices. An entrepreneurial venture, in contrast, is any business whose primary goals are profitability and growth and that can be characterized by innovative strategic practices. The basic difference between a small-business firm and an entrepreneurial venture, therefore, lies not in the type of goods or services provided, but in their fundamental views on growth and innovation.

Word Count: 3981
Showing Page: 1/45
DEFINITION OF SMALL-BUSINESS FIRMSAND ENTREPRENEURIAL VENTURES A small-business firm is independently owned andoperated, is not dominant in its field, and does notengage in innovative practices. An entrepreneurial venture, in contrast, is anybusiness whose primary goals are profitability andgrowth and that can be characterized by innovativestrategic practices. The basic difference between a small-business firmand an entrepreneurial venture, therefore, lies not inthe type of goods or services provided, but in theirfundamental views on growth and innovation.THE ENTREPRENEUR AS STRATEGIST Often defined as a person who organizes and managesa business undertaking and who assumes risk for thesake of a profit, an entrepreneur is the ultimatestrategist. He or she makes all the strategic as well asoperational decisions. All three levels of strategycorporate, business, and functionalare the concernsof this founder and ownermanager of a companyStrategic planning: Strongly related to small-business financialperformance Many small firms do not use the processSmall Business Reasons for Notusing Strategic planning Not enough time:Day-to-day operating problems take up the timenecessary for long term planning. Its relatively easy tojustify avoiding strategic planning on the basis of dayto-day crisis management Unfamiliar with strategic planning:A small-business CEO may be unaware of strategicplanning or may view i

Review from student

Studypool Student
" Wow this is really good.... didn't expect it. Sweet!!!! "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1819 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors