Welcome to Week 3!
Entrepreneurship: Strategic Management
Ashton Converse
“TIME IS AMAZING…” Do you Agree or Disagree?
Objectives/Schedule
 Welcome (Do You Feel Welcome Here?)
 Quick Talk about Time
 Review (Lets get your brains focused for fun learning)
 Converse about Terms in Depth
 Business Plan Work Time
 Discuss Leadership and Why People Follow?
 Research Companies related to your desired Business
Talking About Time
 What do you think about time?
 Does keeping time (minute to minute; hour to hour)
help us? How/How not?
 The timing of every part and aspect in business involves
correct timing.
Review
 Boeing vs. Airbus…which company seems to be
doing better?
 Why is this company doing better”?
 What is a strategy?
 What is Risk?
 What is a competitive advantage?
 What is a global economy?
 What are resources?
LETS DISCUSS
 “We are in the information Age.” What does this
mean?
 Individually (by yourself) write down what you think
is the impact of technology in business today?
 Now, take time to talk to 2 other people around you
about what you wrote.
 Share your ideas and help each other learn.
 Last, have 1 person from your group go to the board
and write your idea.
Converse about Concepts
 Strategic Competition
 Achieved when a firm successfully formulates and implements
a value-creating strategy
 Competitive Advantage
 When a firm implements a strategy competitors are unable to
duplicate or find too costly to try to imitate
 Strategic Flexibility
 A set of capabilities used to respond to various demands and
opportunities existing in a dynamic and uncertain competitive
environment
 Organizational Culture
 complex set of ideologies, symbols and core values that are
shared throughout the firm and influences how the firm
conducts business
Converse
about
Concepts
 Capability
 The capacity for a set of resources to perform a task or an
activity in an integrative manner
 The Resources-Based Model
 Mission Statement
 Specifies the business or businesses in which the firm intends
to compete and the customers it intends to serve
 Vision Statement
 A picture of what the firm wants to be and in broad terms what
it wants to achieve
 Stakeholders
 Three Groups (page 20)
 They have influence on the firm’s performance
 Strategic Leaders
 People located in different parts of the firm using the strategic
management process to help the firm to reach its vision and
mission
Good Company Leadership
 What are some characteristics of people who
you want to work at your business?
 What does a company with good leadership
look like?
 How can you be a good leader for a company?
 What does good leadership do to a (how does it
influence) company?
Chapter 2: Lets Jump In
 Exploring the External Environment Competition and
Opportunities
 Lets glance through the objectives
 Now: Your Time; each of you will read through the
“Environmental Pressures on Wal-Mart” article
 When you are finished, I will need you to respond to the
following areas:
 Briefly: what is the articles main point?
 What is Wal-Mart doing?
 What does Wal-Mart need to think about?
Work Outside of Class
 Research and find a company that is similar to your
“dream” company you want to work for or own.
 Look for the following areas: (write them on paper)
 Business Name and Logo
 Mission Statement
 Vision Statement
 When you find this information and write it down, next
write a response including the following information:
 What do you like about their Name, Mission, and Vision
Statement?
 WHY?
 What could they improve (what may be good to change)
Each Person Design Your Business
 Over the Weekend, each of you will develop the
following things. You must create your own (NEW)
business/organization/type of company.
 You need to create a business plan to share with
everyone in the class. Your business plan must include
the following things: (will be ½ a page to 1 page…no
longer)
 Business/Organization NAME
 What the business is designed to DO?
(services/goods/etc.)
 A MISSION Statement
 A VISION Statement
 Why you want people to JOIN YOU to make this
business happen?