The American Dream Essay - 819 Words

Growing up, I always thought the â€Å"American Dream† was having a nice suburban house with a husband, a few kids, and a golden retriever. I think of people within the Middle Class had it pretty good because of the nice house and adorable, tightknit family. The dream has never really changed, and I don’t think what my imagination of it ever will. Something else I think of when thinking about the â€Å"American Dream,† I immediately think about is all the people that come to the United States from all over the world for a fresh start. Their fresh start literally starts on the street with the few dollars that they thought would be useful for their new beginning. Quickly, they realize they can’t afford to live here because of the housing and low†¦show more content†¦But now that I’m at a public university, I can maintain a slightly better budget. When going through my budget and how much it would cost to go here, they forgot to mention the ex tra 700 dollars I was going to owe. I’m not sure where I was supposed to get the money that they didn’t tell me about, and I don’t think they thought or cared about it. This also adds to being a part of my parents income for my FASFA, that is actually a large amount – I didn’t know that they made that much combined. But the university thinks my parents will help with paying for my college, the answer is a HUGE no. All of my siblings that have gone through college are held responsible for what they put themselves through, my parents believe that we are capable of it, somehow. They do help here and there when I desperately need it, and I appreciate them for that. My parents both went to college, but this was at a time where college was affordable for the average family. My dad was able to juggle three jobs while in college. I don’t understand how considering I can’t get even one job because I don’t qualify for Work Study because of how much parents make. I also don’t have a car because all of my previously owned cars have ended up killing themselves sometime while I owned them. I can definitely say millennials do have it the hardest. With low incomes, expensive housing, and constant loans nagging you ever move youShow MoreRelatedEssay On The American Dream1004 Words   |  5 PagesThe American Dream: Is it Only a Dream? From the moment colonists stepped foot on American soil, freedom flowed through their skin. The new country would bring endless opprotunities to anyone who wished to pursue their dreams. Through years of effort, the United States was born and along with it a sense of equality and meaning. Today, America has much to stand for. Although times were rough along the way, the American dream is one of being free and having a voice. America has proven itself to beRead MoreAmerican Dream Essay3358 Words   |  14 PagesTHE AMERICAN DREAM THE AMERICAN DREAM Section #1 a. The impact cultures in North America have on the United States is that each region adapted the traditions and/or beliefs of those who settled in that area by maintaining dance, music, and crafts. Many English settlers did not respect the Native American cultures, and were seen as uncivilized and/or savages. Basically there was a clash of cultures, with new ideas pushing away old ways and mayor cultures oppressing others. b. ImmigrationRead MoreThe American Dream Essay755 Words   |  4 PagesA great dream, The American Dream. Or is it? Is my American Dream the same as your American Dream? Does it help? Or is it harmful? Do you know? â€Å"To achieve wealth, status, business, family, house, and (a) car(s).† That is the modern american dream. That’s is quite different compared to the original American Dream, â€Å"Every person has the opportunity to achieve their own idea of happiness.† Which version is your version? Or maybe your version is different. Have you thought about what different versionsRead MoreEssay on The American Dream1459 Words   |  6 PagesThe American Dream in Death of a Salesman, The Great Gatsby, and Maggie: A Girl of the Streets Millions of immigrants come to America each year to seek their American Dream. Many people believe that rising social mobility and success is possibleRead MoreEssay On The American Dream1456 Words   |  6 Pagesorder for them to come to the United States and pursue the American Dream. The American Dream has a different meaning for everyone. Many people might think of the American Dream as being able to get a job in order for them to be able to help their family members who they left back in their native country, while for others t he American Dream will be to be able to purchase their first home in the United States, while for others the American Dream might be to have a good job in order for them to pay forRead MoreAmerican Dream Essay992 Words   |  4 Pagesdifferent issues as they settle in the United States. Although these problems may vary, the message is the same; the American dream is a lot more difficult to achieve than previously thought. Although every immigrant is different in the problems they face while in the country, one problem seems to stand out from the rest. The biggest obstacle for immigrants to overcome to achieve the American dream is in the field of jobs. The biggest problem immigrants face is finding work in which they can support themselvesRead MoreThe American Dream Essay1480 Words   |  6 PagesThe American Dream is a concept that has circulated around the world and has caused people from other countries, and those who live in America, to come to our nation and take advantage of the opportunities in place to better their lives. The definition of the American Dream, provided by James Truslow Adams in his book The Epic of America (1931), is â€Å"a land in which life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement†¦It is not a dreamRead MoreThe American Dream Essay799 Words   |  4 PagesWhat is the American Dream? In America, numerous cultures and ethnic backgrounds are present. The American Dream is a subjective phrase, with different meanings for different people. The novels Into the Wild by Jon Krakauer, The Bean Trees by Barbara Kingsolver, and I Know Why the Caged Bird Sings by Maya Angelou, portray different definitions of the American Dream. In theory, the American Dream is the thought that through hard work, anyone can achieve their goals in this country. In Into the WildRead MoreEssay On The American Dream936 Words   |  4 Pagespersecution. Starting with the European settlements in the 1600s and many waves of diverse groups of people migrated after thus creating this ideology known as the America Dream which encompasses the opportunity at a better life and growth in all aspects political, economic religious etc. But at what cost what is often forgot is the American nightmare which is included the perverse and horrifying accounts of colonialism, diaspora and slavery. Slaves were not migrants they did not come here on their ownRead MoreEssay On The American Dream1328 Words   |  6 Pagestheir personal needs. But of course, as many other families in America did and still do, they had a dream. The American Dream. Which was to come to America for a better life and provide a better future for their family and the future generations of the family. And I am proud to say that they accomplished that American dream. Because I, as an American who comes from Latino origins am the American dream. My family s past has had a very profound influence on me as a person. Since I was a child, I

Peace and Conflict Advocating the Use of Non-Violoent...

When we are trying to attain world peace, we must first start with peace between individuals as these relationships are the building blocks of society and nations. Peace can be achieved by non-violent means or by the use of lethal force. This essay will explore notions of peace and conflict, advocating the use of non-violent means for resolving conflict. The environmental and social cost of lethal force is very high and unsustainable. Never the less, there are situations when justice requires the use of lethal force and examples of these will be discussed. The paper will conclude with the argument that ongoing life enhancing structural reform is required for the management and the prevention of future violent conflicts throughout the†¦show more content†¦Now that we have an understanding of what peace is, what then is conflict and how do we resolve it? What is conflict? The Oxford Dictionary defines conflict â€Å"as an encounter with arms, a fight, especially a prolonged struggle†, (as mentioned in Tillet, 1991, p.1). The Chinese symbol of crisis has two characters, one representing danger and the other representing opportunity, (Lantieri, L. Patti, J.1996, p.53). Michael Banks claims that conflict is necessary, as it provides the catalyst for change and progress in society. Peace education’s aim shouldn’t be to abolish conflict, but to facilitate its healthy expression and to bring it within society’s control, (as cited in Sandole Sandole-Staroste, 1987, p. 260). Karl Marx was one the first people to analyse conflict, believing that people are creative and generally cooperative, but who face the tyranny of capitalism. Marx believed that conflict between the bourgeoisie (the owners of capital and means of production) and the proletariat (the working class) would lead to a revolution, whereby the workers would over throw the owners, (Scimecca, 1993, p.214). John Burton speaks of conflict resulting from inherent basic human needs being unmet and as a perception of incompatible values between the parties, that can only be resolved through structural changes, (Tillet, 1991,

My Folk Dance Experience Essay Example For Students

My Folk Dance Experience Essay This was a great class that I took. I took this class because I love dancing even if it in my room in front of the mirror with the door closed. I have a great experience. I loved that I was able to become close with more upperclassman. I also feel like since I was the most enthused and voicetress in the class that made more people want to open up to the class. I loved that was able to teach the second graders how to do a new dance that I had just learned how to do myself. I enjoyed them wanting to learn how to do these dance. I was so nervous performing in front of them. I did not want to see me mess up. I just wanted to do the dance correctly so that I will have an impact on them. I wanted them to see older students doing an older dance and them wanting to do the same dance that we did too. But knowing that I messed up just made me want to have more fun doing the dance than looking so serious with a fake smile on my face. Which that smile on my face, ties into me dancing at the senior center. I am pretty sure the roles were reverse. I am pretty sure that the older people did not want to mess up in front of a bunch of college students, but at the end of the night we, the college students were ones messing up with a smile on our faces. I was so happy to dance with them. They were so kind to us and patient with us when we did not get a dance immediately than some students. At the end of the night we were all happy and wanted to download some of the songs that we heard that night. I figured out that my favorite dance out of all the dances I learned was the North Kerry Set Fig. 1. I think I like this dance so much because it was a very energetic just like me. We did a lot of hopping and moving around the body so much that I never had time to take a break. I also love medieval movies, so I felt like this is one of the dances that could have during that time period. I could appreciate a class more than I did this class. My teacher Mrs. Sarnelle is such a sweet teacher. She was a very great teacher and she expected so much from me, which made me what to do great in her class. This class also allowed me to become more of a leader than just sit back and do whatever the instructor told us to do. I was able to help people become more of a good dancer. I am very happy that I stood back when I needed to and stepped up when I needed to. This was a great class and I will miss it next year, but I will recommend this class to people here at Mary Baldwin College when I am gone next year.

Thematic Analysis Of Things Fall Apart Essay Example For Students

Thematic Analysis Of Things Fall Apart Essay Achbe in the novel â€Å"Things fall apart† conveys a flavor of traditional African culture in the 1800`s. But despite this, it seems to be the tragedy of okonkwo that embodies the theme of the novel. Many of Achebe`s themes are not limited to the events in his novel, but relate to any situation in which traditional values are questioned and people from different cultures meet. My focus in this presentation will be on the theme of religion and theme of justice. Like any good religion the Igbo religion comes with many superstitions. Personal chi is one of the superstitions in the Igbo tribe. We will write a custom essay on Thematic Analysis Of Things Fall Apart specifically for you for only $16.38 $13.9/page Order now Chi can be said to be a personal fragment of the Supreme Being unique for each individual. It determines much of a person’s success and character. â€Å"When a man says yes his chi says yes also. † Pg 19 but at the same time a man does not challenge his chi. â€Å"The evil you have done can ruin the whole clan. The earth goddess whom you have insulted may refuse to give us her increase, and we shall all perish. † Pg 22 Ezeani said this to okonkwo in response to his challenge against his chi, by beating his wife during the week of peace. Okonkwo can be an example for a person challenging his own chi since his desperate desire to succeed his chi, does not let him go any further than failure, destruction and death. Chi is simultaneously a destiny and an internal commitment that cannot be denied. The Igbo religion has a tendency to symbolize numerous amounts of divine gods. They have a god for every different natural phenomonum that occurred. These things of worship were things such as trees, pieces of wood, hills, caves etc. For every symbolic god there was a being in the clan that represented it. Ezeani the priestess of the goddess of the earth represented the goddess of earth (Ani). The clan seeks knowledge from the god through the oracle of the hills and caves. Other symbols in the Igbo religion are the sacred silk cotton tree and the evil forest. The festivals, in the novel contribute to the development of this theme as well. The two festivals â€Å"Week of peace† and â€Å"The Feast of the New Yam† visualizes the importance of it to the clan and the power gods have. The week of peace was one of the means of unification of the clan and appeasement for the gods in control over the crops. And â€Å"the feast of the new yam† signaled the beginning of the New Year to the clan and it was the time of festivity and gratitude to Ani, the earth goddess. This earth goddess was the source of all fertility, ultimate judge of moral conduct, and was in close communion with departed fathers. (Pg. 26 top) Sacrifices were another element that made up the Igbo religion. Sacrifice helped to mediate one’s relationship with their gods. Sacrifices ranged from animal down to basic fruits from trees. Animals were a symbol of spiritual as well as the physical means of sacrifice. The body itself is a part of the living world but initially belongs to the spiritual realm. Sacrifices were also used to cure illness, increase fertility, an even aid in the defeat of a neighboring enemy etc. The death of Ikemeumafa can be an example of sacrifice to avoid war over an umofian woman who had been killed in mbiano. Achbe in his novel doesn’t only develop the Igbo religion, but also introduces Christianity. I find this to be an interesting aspect of this theme, since it visualizes the mixture of religions. Achbe is careful in presenting both the negative and positive aspects of Christianity and it’s impacts on the Igbo people. For e. g. achbe supports Nwoye`s conversion to Christianity by Nwoye`s unhappiness at oknokwo`s anger, outrage over the sacrifice of ikemufa, and his father’s role in that murder. Christianity believes in the doctrine of the holy trinity and the Igbo religion believes in the ancestral spirits on the many gods in the religion. .u9f9be88a9ae5f5cca8c233a14df7ab6f , .u9f9be88a9ae5f5cca8c233a14df7ab6f .postImageUrl , .u9f9be88a9ae5f5cca8c233a14df7ab6f .centered-text-area { min-height: 80px; position: relative; } .u9f9be88a9ae5f5cca8c233a14df7ab6f , .u9f9be88a9ae5f5cca8c233a14df7ab6f:hover , .u9f9be88a9ae5f5cca8c233a14df7ab6f:visited , .u9f9be88a9ae5f5cca8c233a14df7ab6f:active { border:0!important; } .u9f9be88a9ae5f5cca8c233a14df7ab6f .clearfix:after { content: ""; display: table; clear: both; } .u9f9be88a9ae5f5cca8c233a14df7ab6f { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u9f9be88a9ae5f5cca8c233a14df7ab6f:active , .u9f9be88a9ae5f5cca8c233a14df7ab6f:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u9f9be88a9ae5f5cca8c233a14df7ab6f .centered-text-area { width: 100%; position: relative ; } .u9f9be88a9ae5f5cca8c233a14df7ab6f .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u9f9be88a9ae5f5cca8c233a14df7ab6f .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u9f9be88a9ae5f5cca8c233a14df7ab6f .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u9f9be88a9ae5f5cca8c233a14df7ab6f:hover .ctaButton { background-color: #34495E!important; } .u9f9be88a9ae5f5cca8c233a14df7ab6f .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u9f9be88a9ae5f5cca8c233a14df7ab6f .u9f9be88a9ae5f5cca8c233a14df7ab6f-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u9f9be88a9ae5f5cca8c233a14df7ab6f:after { content: ""; display: block; clear: both; } READ: Society today EssayThis is a major difference and unfortunately the mixture of the two religions ended up in actions causing rage and anger on either sides. The justice of the Igbo people depends heavily on the decision made by ancestral spirits and the oracle of the hills and caves. The Igbo tribe follows laws that are natural and unwritten, yet understood as parts of the tradition. The court meeting of the Igbo tribe was a masculine communal ceremony which was held in the village ilo. It was the highest court to take care of the disputes between the villagers. Although there is the presence of a judge and jury in the court, the jury was made up of nine different spirits and the judge was the evil forest. This shows that the Igbo people depended on their spirits for their justice to be served. The court proceedings seem to be similar to a normal court session, despite the way in which they are carried out. For e. g. the way in which the members are addressed like bodies and â€Å"our father†. and uzowlu touching the ground to salute the judge. I find this court to be more of a civil court rather than a criminal court since it only deals with the disputes between villagers. But on the other hand at times through the novel, the earth goddess can be seen as a source of justice, since she punishes okonowo for beating his wife during the week of peace and also later exiles him from umofia for 7 years for shooting a clan’s man accidentally. Many times throughout the novel, when a person commits a crime the court is disregarded for e. g. when the umofian woman was killed by a neighboring village man. Umofia called upon the oracle of the hills and caves to seek permission on starting the war. Instead mbiano offered to sacrifice a lad of theirs for their fault. This shows that the problem of a villager was the problem of the whole village. When the justice system of the Igbo tribe was overtaken by the European justice system there was still doubt that whether proper justice will be served in the society of umofia. No longer did the court depend on the spirits for a decision. Anyone who went against the white man’s law was held prisoner. Although this court system was highly organized, there was no justice. When the eruwugu was unmasked by Enoch there was no action taken by the court considering it to be a crime in the Igbo culture. But when the churches were burned down, the district commissioner makes a sly approach to arrest the men involved in the violence, considering it to be crime. I find that the invasion of the Europeans into umofia deprived the Igbo people of their freedom and religion. To conclude I find both the themes to be an interesting aspect of the novel things fall apart. The theme of justice mostly relies on the gods of the Igbo people and their spirits. The theme of religion in the novel doesn’t only visualise the Igbo religion and Christianity, but also conveys the message that â€Å"The mixture of religions is hardly ever bloodless. †

Harriet Tubman Essays - African Americans In The Civil War

Harriet Tubman Essays - African Americans In The Civil War Harriet Tubman ?Every great dream begins with a dreamer. Always remember, you have within you the strength, the patience, and the passion to reach for the stars to change the world.? (American escaped slave, Civil War Soldier and Abolitionist, 1820-1913) And that?s exactly what Harriet Tubman did. She was the Moses of her people, leading more than 300 slaves to freedom, in an operation called The Underground Railroad. She put her life in serious danger over and over again by making trips back and forth from the north to the south to free more slaves. In spite of her childhood tragedies, she grew up into a powerful role model for people everywhere. She was one of eleven kids born to Harriet Greene and Benjamin Ross. Both her parents were slaves. The Brodas plantation in Dorchester County, Maryland is where she was raised and owned by Edward Brodas, and ?People said that he was the meanest slave owner around? (Sheran). As a small child Tubman spent most of her time with her grandmother who was too old to work. At the age of six Tubman was considered old enough for labor. Brodas loaned her to a young white couple who had her weaving. Young Tubman liked to slack off a lot because she was lazy at first, and as a result she was beaten. The couple was tired of her laziness so they assigned her to check muskrat traps for punishment. While doing this job she caught the measles and bronchitis from the icy water. She was deemed useless and sent her back to Brodas, where her mother nursed her back to health before attending to more work. Tubman?s next owner was Ms. Susan, where she became a house keeper and babysitter for Ms. Susan?s infant. Tubman had no idea how to care for a baby, and was abused every time the baby would cry. She would get nervous and worry a lot about the baby crying because she did not want to get abused for it. However, Ms. Susan?s sister came in town one week and kindly taught her how to tend to the baby. Things got better after that, but not for long because one day she was setting the table when Ms. Susan saw her take a sugar cube and went after her with a rawhide switch. Tubman sprinted out of sight as fast as she could,?While running Harriet had her first feeling of freedom? (Shearn). She lived in squalor for nearly a week with pigs, and was scared of the mother pig . Before starving to death and scared that she would get shot, she finally returned to Ms. Susan?s only to be greeted by a brutal beating and sent back to Brodas. At age twelve, working for a middle aged man, she began loading and splitting wood. As Tubman?s muscles grew she began doing tasks even a grown man had difficulty with. She felt as she could do just about anything a man could just as well, or even better; but if a task appeared to be unfinished, she would get beaten and have to do it all over again, feeling lazy for not doing it the first time. Suffering such physical abuse as a child scarred her for life. She used to get whipped at least five times before breakfast for years, but it doesn?t compare to what happened when she was just twelve. She saw a man getting beat on trying to escape and as the slave owner told Tubman to help tie him up she refused she knew it was wrong to help tie him down, and she wanted him to get away and be free. The slave made a run for it and the man who was trying to catch him threw a brick at the slave but instead of hitting the man, it hit Tubman right in the head. She ended with a fractured skull and brain damage, resulting in random blackouts the rest of her life. Growing up, Tubman was always aware of how unfair life was. The slaves would work in the blazing hot fields and were forced to sing while the masters sat in the shade and watched (Dixon).One day a

Real Talk Is grad school worth it

Real Talk Is grad school worth it It comes with a high price tag and time commitment, but lots of jobs seem to want a degree beyond a bachelor’s or associate’s. So, is grad school worth it? According to the Bureau of Labor Statistics, the simple answer is yes. Those with doctoral degrees, professional degrees, or master’s degrees have higher median usual weekly earnings and lower unemployment rates. While there are counterpoints to this idea (like Bill Gates, Steve Jobs, or Oprah, who made their wild successes without obtaining any degrees in higher education) and data showing that an electrician or plumbing apprenticeship may be a better investment than either a B.A. or a Ph.D., generally speaking the higher degree of learning you have, the higher your weekly income.But this is all in the abstract- and your real-life situation may not appear so simple as a bar chart. What about the tuition costs, the investment of your time and effort, the job opportunities and earning years you give up in the m eantime, and the possibility that it might not work out the way you want?The question most people need to ask first is: can I afford the short-term pain for the potential long-term gain? There are also differences in every industry and every degree program- some, like a medical degree, will get you a monetary return on investment sooner than an MFA in painting. Earnings vary by industry, demographics, and location, and of course by individual, and a graduate degree does not automatically line your pockets with more cash each week. (In the short-term, it will do the exact opposite.) Degrees also gain and lose earning potential over time; going to law school was a much better bet in the year 2000, before natural learning search algorithms eliminated much of the entry-level work, than it is today. You may also consider other factors like the value the graduate degree has beyond earning potential.But no matter what type of degree you seek, it is work and it is a gamble. So here are a fe w factors to consider before you fill out your FAFSA and brush up on your math skills for the GRE.If you are currently employed and the company will pay for it:Take advantage of professional advancement programs within your current job. If your employer helps pay for grad school and you can juggle courses and your day job, then go for it. This helps take care of one of the main drawbacks of graduate school: going broke. Depending on the degree program, universities might even offer stipends and assistantships.Getting funding assistance of any kind is one of the key bonuses that can help you get that degree to take you further in your professional endeavors. And, if you can remain gainfully employed while seeking a degree, your personal risk is considerably diminished. At the very least, you won’t need to find a new job if the degree program does not pan out.If you consider your qualifications for future positions:For some positions, you simply need a graduate degree. Libraria n? Yes. Architect? Yes. Doctor? Yes. If the dream job you always see posted on your favorite job website requires a graduate degree, then it’s time to seriously consider investing in that future to make the dream achievable. The trickiness of the situation comes when you make yourself overqualified for other positions. For example, if you have a graduate degree in marketing, but have no job experience, you may be screened out of the applicant pool for entry-level jobs. In cases like this, it is vital to explore internship opportunities while in school and cultivate real-world work experience too.If the degree has value beyond earning potential:If you simply have a love of learning or a passion you want to follow, is it worth it? This is the case where â€Å"worth† may be defined beyond the monetary value. This means you will enjoy grad school with its challenges, but you may set yourself back monetarily for a few years. If you want a degree in art history, thereâ€℠¢s no guarantee you will ever get a job as a museum conservator. You may still end up with a sales job and a vast knowledge of 16th century painters in your head.Beyond personal enrichment, there are other types of value for a graduate degree- for example, if the program offers good connections and internships. This can help with careers that are harder to break into like television, acting, or journalism.If you consider the money now vs. money in the future:Degrees with more immediate pipelines to job opportunities (like nursing, law school, or an MBA program) tend to charge tuition; artist’s MFA degrees or a PhD in academic subjects that are less market-oriented tend to offer tuition remission, stipends, assistantships or on-campus jobs. (If they don’t, then it’s much less worth it; don’t go into debt for a nonprofessional graduate degree!) If you’re not in a professional degree program, the lean years may extend a bit longer beyond grad school, and you may only gain success years later as you work towards your goal around your day job.If you are considering using the degree to teach at the college level:The job market for professors has stagnated over the last decade, with a severe glut of degree holders and a dearth of jobs teaching full-time in university departments. Increasingly those earning a PhD in programs of study that can last 5-10 years are seeking out â€Å"alt-ac† jobs- meaning nonacademic jobs- or spending years doing low-wage, low-security teaching work before leaving the profession. Do the research on your field and its job prospects before you commit to spending so many of your prime earning years in graduate school for a teaching career that might never materialize, no matter how smart you are or hard you try.

Financial Accounting Essay Example | Topics and Well Written Essays - 1250 words

Financial Accounting - Essay Example Further analysis shows that not only the Gross Margins have gone up by 1.73%, but there is huge decrease in operating expenses by 6.18% of revenue in 2005 comparing 2004.This efficiency in operating activities has been attained because of under noted contribution: The other contributor to increase in net margins is the ‘other incomes’ by 0.49%; whereas provision for taxation has snatched 2.16% of net margins. A summary showing various effects on net margin is drawn as under: Total stockholders equity has increased by $2390m, mainly because of increase in 2005 retained earnings by 1.58% as compared to 2004. There is no preferred capital and the entire equity belongs to common stockholders. The increase in stockholders equity is not as high as in increase in the net income. In nutshell, contribution of the increase in net income played the major role resulting into tremendous hike in ROE for 2005. The increases in sales and efficiency shown in the reduction of operating costs have caused a double effect in boosting the net earnings. Though total stockholders’ equity also rose in 2005 but this high was mainly caused by increase in retained earnings affected by net earning increase, maintaining the major effect resulting into increased net earnings on ROE At present The Financial Accounting Standard Board (FASB) is the body that formally issues accounting pronouncements in US. In fact FASB replaced Accounting Principal Board (APB) as the primary private body setting accounting standards for US; and in 1973 FASB formally succeeded American Institute of Certified Public Accountants (AICPA) as accounting standard body. The GASB is the other body setting accounting standards for states and municipal entities. Auditing Standard Board of AICPA issued SAS 91, which in fact formally recognized FASB pronouncements within auditing standards structures. FASB issues Statement of Financial

Do the potential advantages of GM food outweigh possible drawbacks Essay

Do the potential advantages of GM food outweigh possible drawbacks - Essay Example With this in mind, it is therefore vital that we understand genetic modification as it relates to our food products, in order to explore more fully the science and controversy surrounding its risks and benefits in our world today. Using this information, we can then make an educated decision as to whether the sale and use of such products would be to our gain or to our detriment. Background First, it is vital that we understand what the words â€Å"genetically modified food† actually mean to the general public and to the scientific community. â€Å"Genetically modified†, or GM, food, is a food crop that has had its genetic code, as designated by the DNA of the plant, altered in some way that makes it different from the original food crop (Forman, 2009). The other commonly heard term GMO refers to a genetically modified organism. This is slightly different from a GM food crop in that it is a wider term. GMO can be any kind of genetically modified product, but the term is most often used in reference to food product organisms, such as soybeans that have been altered to resist colder climates or bacteria that have been designed to be useful in the manufacture of cheese (Whitman, 2000). The sale and human consumption of genetically modified food crops is generally more controversial than the usage of genetically modified organisms in food manufacture, as such organisms are used only in the manufacturing process and are not present in the final consumer product (Forman, 2009). In the approximately fifteen years that genetic modification have been in practice for food and consumer goods, there have been three major tiers of progress. The first level was changes to food at a level generally unnoticeable to the consumer. This included changes to products that primarily affect the growers, such as giving the plants insecticide resistance or a lengthier period of ripeness. While this tier was the only one in effect, most consumers were unconcerned about gen etic modification and there seemed to be little conflict. The second level, however, gained much more widespread coverage. This stage started to involve changes to product that were visible all the way down to the consumer level, such as altering colour and nutritional content. The newest and next generation of genetically modified foods is currently in the research phase, and primarily focuses on medicination uses for GMO. This involves the creation of pharmaceutically-active food crops, which could be designed to contain vaccines or medicines for developing nations (Magana-Gomez and Calderon de la Barca, 2009). All three of these categories are currently ongoing, and all have a wide variety of both helpful and harmful possibilities. Risks and Concerns One major concern for many consumers and companies that purchase food products is the relative newness of the genetic modification process (Forman, 2009). While most produce and meat that we eat today is already greatly modified from its â€Å"wild† phenotype to make it more palatable, have better yields, or for myriad other reasons, the traditional breeding methods used to produce these crops have been in use for hundreds and even thousands of years. The scientific community generally considers such methods proven safe by the basic fact that they are still in use after all this time with no serious detrimental effects on the human

THE COOP Essay Example for Free

THE COOP Essay 1. What is the size of the loss at the Coop? What could have been attributed to this loss? (Be thorough in your analysis) Answer: In 1994, â€Å"‘The Coop’s† average sales were $775,000, and there were 76 stores in total. So the Coop would reach the sales $58,900,000(76 x $775,000 =$58,900,000). If Coop were able to maintain the 10% growth per year. In 1995 Coop’s sales should be $64,790,000 ($58,900,000 x (1 +10%) =$64,790,000). However, due to the 6% average decline in sales for 20 stores, the real sales in 1995 is $62,310,000 (20 x $775,000 x (1-6%) + 56 x $775,000 x (1+10%) =,310,000). So in total Coop lost $2,480,000 ($64,790,000 – $62,310,000 = $2,480,000) in 1995. There are many factors may result in Coop’s sales decline. Firstly, Coop may fail to meet the consumer needs. The Chicken Coop founded in 1974, and the specializing in chicken never changed. However the consumer’ taste and habit have changed today. Also, the consumer targeting between the age of 18 and 45 is too board. Secondly, the manger does not have depth knowledge about the market. Wallace made business plan rely on his hotel business experience. Thirdly, the number of new employee increased because of the business expanding. However, there are many new employee are less trained, so the quality of the service decreased. Also, the Coop’ sales did not increase, the cost of the new employee increased a lot. Lastly, the competitors are improving. For example the KFC complemented its advertising with special promotions and provide a variety products service. All the four fa ctors may have been attributed to Coop’s sales loss. 2. Analyze the dynamics between McMichael and Wallace. Are they looking in the same direction? Why, why not? Answer: McMichael and Wallace are two of the top managers. All of them are paid close attention to customers. They realized the lack of customer sight and market insight, but they have different views about the market research and the sales slump. McMichael worked for Coop science 1982, she always thinks the quality of the food is the core competence of Coop. As same as Buckmeister, she believes the motto â€Å"We are chicken†. So she thinks the better food quality and service could help Coop solve the sales problem. For Wallace, he is relatively new to the company and has extensive experience in the hotel business. Wallace focus on renew the brand image to meet current consumer needs. He provided new menu to attract more consumers. Wallace thinks Coop need new market activities  improve competitive advantages. Both McMichael and Wallace are thinking from their narrow functional area. 3. Evaluate each of the initiatives proposed by Buckmeister, Wallace, and McMichael (pros and cons). Answer: McMichael suggested Quality Inspection Program and The taste. The Quality Inspection Program will help Coop improve the quality of the food, service and facilities, these all important factors to attract consumers and increase sales. However, these program only provide current information about Coop stores, it does not provide information about consumer taste and competitor situations. The Taste grogram provided the information of competitors, it help Coop to make positive change to reflect competitive environment. However the information gathered from loyal customer may not represent all the consumer thought. And it has the cost of the program is high. Wallace suggested Brand Image Monitoring Surveys and The Customer Experience Study. The Brand Image Monitoring Surveys will gather quantitative data on the Coop’s brand image vis-à  -vis its competitors. A market research supplier would interview customers and potential customer by telephone. This program may help Coop gather a lot of representative information. However it cost too much. And personally I do not like answer the telephone survey, especially pick up a call from restaurant which I have never been. The Customer Experience Study provided consumer some benefit if they cooperate with Coop’s survey, I think it will help for Coop’s brand image and attract loyal consumer. However, I do not think this is the best way to gather information with so many costs. Coop should consider is that worth to cost $45,600 and even more. Buckmeister’s Customer Feedback Cards is a direct and easy way to get consumer feedback, and it cost less and response well. However, it will make employees and mangers work more. And the flexibility is poor, also this method only gather information from current Coop consumer. 4. Which one(s) would you support and why? Answer: I support Wallace’s suggestion. McMichael’s suggestion focus on the customer service and food quality, I do not think this the main factors related to Coop’s sales decrease. I think Coop should focus on consumer information research. Coop is old company failed to meet current consumer needs. Wallace’s suggestion will help Coop gather large information about consumer thinking, and then they can make changes to reflect the market  development. 5. What would be the total cost of your selected market research and is it well justified? Answer: Brand Image Monitoring Surveys was the most expensive option that The Coop was considering. Proposals from market research suppliers ranged from $20,000 to $50,000, and it may need 900 interviews. The Customer Experience Study would cost $45,000 and even more. I think the cost is not justified, because not very consumer will cooperate with the survey. I do not think every telephone survey will be successes answered, but Coop has to pay it.

Freebasing on fight club Essay -- Film Review, Fincher

According to psychotherapist Isaac Marks, behavioral addictions involve, â€Å"routines of dysfunctional and purposeful behavior,† (10.4: 28). All humans engage in some form of addictive activities whether it gambling, eating disorders, hyper-sexuality, or even nervous tics. The severity of such addictions is founded in Freudian ideals of parenting and early childhood development. Addictions, whether chemical or behavioral, can consume one’s life when left unchecked. The cycle of addiction begins at first exposure and continues through until the addict dies or is rehabilitated. The film Fight Club, directed by David Fincher, is a representation of the cycle of addiction. Jack begins his cycle of addiction by trying to fill a void in his life. The world Jack lives in as well as the life he has created has no value or purpose. Jack works as a recall coordinator and his life is reduced to trips across the country to evaluate the cost benefit ratio of recalling malfunctioning cars while living out of suitcases. When at home Jack fills his prefabricated apartment with worthless mass produced IKEA furniture. Additionally, Jack suffers from insomnia and states that his lack of sleep makes him feel like â€Å"a copy of a copy of a copy,† (Fincher 1999). The sum of these emotions culminates in Jack feeling that his life is missing something. Psychotherapist Jason Ward writes in the Healthcare Counseling & Psychotherapy Journal that â€Å"the main features of addiction are obsession and compulsion, focused around an object or behaviour which, it is believed, will somehow bring transformation of the person's inner world,† (10.4: 25). Addict s are looking for something to make them feel whole, secure, or safe and Jack is no exception (10.4: 26).... ...hands is metaphoric of Jack tearing down the impediments of his addiction and thus the destruction of his self-hate and loneliness. While it was written more than six years before the release of Fight Club, the song A Drug Against War by the industrial band KMFDM relates the idea of behavioral addiction by stating, â€Å"No need for needles, no injection, this substance substitutes, love and affection,† (Konietzko et al). While this song pertains to war, its’ statements echo the cause behind Jack’s addiction. Indubitably this film is a portrayal of the character Jack’s descent into addiction. Behavioral addiction afflicts everyone but the depth is dependent on a lack of affection in the formative years of one’s life. Behavioral addictions occur when one uses a dysfunctional behavior to mask the pain in their lives and this is precisely what Jack does in this film. Freebasing on fight club Essay -- Film Review, Fincher According to psychotherapist Isaac Marks, behavioral addictions involve, â€Å"routines of dysfunctional and purposeful behavior,† (10.4: 28). All humans engage in some form of addictive activities whether it gambling, eating disorders, hyper-sexuality, or even nervous tics. The severity of such addictions is founded in Freudian ideals of parenting and early childhood development. Addictions, whether chemical or behavioral, can consume one’s life when left unchecked. The cycle of addiction begins at first exposure and continues through until the addict dies or is rehabilitated. The film Fight Club, directed by David Fincher, is a representation of the cycle of addiction. Jack begins his cycle of addiction by trying to fill a void in his life. The world Jack lives in as well as the life he has created has no value or purpose. Jack works as a recall coordinator and his life is reduced to trips across the country to evaluate the cost benefit ratio of recalling malfunctioning cars while living out of suitcases. When at home Jack fills his prefabricated apartment with worthless mass produced IKEA furniture. Additionally, Jack suffers from insomnia and states that his lack of sleep makes him feel like â€Å"a copy of a copy of a copy,† (Fincher 1999). The sum of these emotions culminates in Jack feeling that his life is missing something. Psychotherapist Jason Ward writes in the Healthcare Counseling & Psychotherapy Journal that â€Å"the main features of addiction are obsession and compulsion, focused around an object or behaviour which, it is believed, will somehow bring transformation of the person's inner world,† (10.4: 25). Addict s are looking for something to make them feel whole, secure, or safe and Jack is no exception (10.4: 26).... ...hands is metaphoric of Jack tearing down the impediments of his addiction and thus the destruction of his self-hate and loneliness. While it was written more than six years before the release of Fight Club, the song A Drug Against War by the industrial band KMFDM relates the idea of behavioral addiction by stating, â€Å"No need for needles, no injection, this substance substitutes, love and affection,† (Konietzko et al). While this song pertains to war, its’ statements echo the cause behind Jack’s addiction. Indubitably this film is a portrayal of the character Jack’s descent into addiction. Behavioral addiction afflicts everyone but the depth is dependent on a lack of affection in the formative years of one’s life. Behavioral addictions occur when one uses a dysfunctional behavior to mask the pain in their lives and this is precisely what Jack does in this film.

Enterperneurship and Notes

Entrepreneurship—MGT602 VU Table of Contents Lesson No. Title / Topic 1 Introduction 2 The Nature and Importance of Entrepreneurship 3 Entrepreneurial Process/ Start up 4 The Entrepreneurial and Intrapreneurial Mind 5 The Entrepreneurial and Intrapreneurial Mind (Contd†¦ ) 6 The Entrepreneurial and Intrapreneurial Mind (Contd†¦ ) 7 The Entrepreneurial and Intrapreneurial Mind (Contd†¦ ) 8 The Individual Entrepreneur 9 The Individual Entrepreneur (Contd†¦ ) 10 The Individual Entrepreneur (Contd†¦ 11 International Entrepreneurial Opportunities 12 International Entrepreneurial Opportunities 13 International Entrepreneurial Opportunities (Contd†¦ ) 14 International Entrepreneurial Opportunities (Contd†¦ ) 15 International Entrepreneurial Opportunities (Contd†¦ ) 16 Creativity and Business Idea 17 Creativity and the Business Idea 18 Legal Issues for the Entrepreneur 19 Legal Issues for Entrepreneur (Contd†¦ ) 20 Legal Issues for the Entr epreneur (Contd†¦ ) 21 Creating and Starting the Venture 22 Creating and Starting the Business Venture (Contd†¦ 23 Creating and Starting the Venture (Continued) 24 Creating and Starting the Business Plan Continued) 25 The Marketing Plan 26 The Marketing Mix 27 The Organizational Plan 28 The Organizational Plan (Continued) 29 The Organization Plan (Contd†¦ ) 30 The Financial Plan 31 The Financial Plan (Continued†¦ ) 32 Pro Forma Sources and Uses of Funds 33 Pro forma Sources and Uses of Funds 34 Bank Lending Decision 35 Sources of Capital 36 Sources of Capital (Contd†¦ ) 37 Capital Sources in Pakistan Preparing for the New Venture Launch: Early Management Decisions 38 (Contd†¦ ) Page No. 3 06 08 13 15 18 20 22 24 26 29 33 35 37 39 40 43 46 49 52 54 56 58 60 62 65 68 70 72 75 77 81 83 85 87 89 91 95  © Copyright Virtual University of Pakistan 1 Entrepreneurship—MGT602 VU 39 Preparing for the New Venture Launch: Early Management Decisions (Contdâ € ¦ ) 40 Preparing for the New Venture Launch: Early Management Decisions (Contd†¦ ) 41 Preparing for the New Venture Launch: Early Management Decisions (Contd†¦ ) 96 97 99 42 Preparing for the New Venture Launch: Early Management Decisions (Contd†¦ ) 43 New Venture Expansion Strategies and Issues 44 New Venture Expansion Strategies and Issues (Contd†¦ 45 Entrepreneurship and Pakistan 102 103 105 108  © Copyright Virtual University of Pakistan 2 Entrepreneurship—MGT602 INTRODUCTION Lesson 01 LEARNING OBJECTIVES 1. 2. 3. 4. 5. VU 1. To introduce the concept of entrepreneurship and its historical development. 2. To explain the entrepreneurial decision process. 3. To identify the basic types of start-up ventures. 4. To explain the role of entrepreneurship in economic development. 5. To discuss the ethics and racial responsibility of entrepreneurs. NATURE AND DEVELOPMENT OF ENTREPRENEURSHIP The term entrepreneur comes from the French and translates â€Å" between-taker† or go-between. † Earliest Period In this period the money person (forerunner of the capitalist) entered into a contract with the go-between to sell his goods. While the capitalist was a passive risk bearer, the merchant bore all the physical and emotional risks. Middle Ages In this age the term entrepreneur was used to describe both an actor and a person who managed large production projects. In such large production projects, this person did not take any risks, managing the project with the resources provided. A typical entrepreneur was the cleric who managed architectural projects. 7th Century In the 17th century the entrepreneur was a person who entered into a contract with the government to perform a service Richard Cantillon, a noted economist of the 1700s, developed theories of the entrepreneur and is regarded as the founder of the term. He viewed the entrepreneur as a risk taker who â€Å"buy[s] at certain price and sell[s] at an uncertain price, t herefore operating at a risk. † 18th Century In the 18th century the person with capital was differentiated from the one who needed capital. In other words, entrepreneur was distinguished from the capital provider.Many of the inventions developed during this time as was the case with the inventions of Eli Whitney and Thomas Edison were unable to finance invention themselves. Both were capital users (entrepreneurs), not capital providers (venture capitalists. ) Whitney used expropriated crown property. Edison raised capital from private sources. A venture capitalist is a professional money manager who makes risk investments from a pool of equity capital to obtain a high rate of return on investments. 19th and 20th Centuries In the late 19th and early 20th centuries, entrepreneurs were viewed mostly from an economic perspective.The entrepreneur â€Å"contributes his own initiative, skill and ingenuity in planning, organizing and administering the enterprise, assuming the chance of loss and gain. † Andrew Carnegie is one of the best examples of this definition, building the American steel industry on of the wonders of industrial world, primarily through his competitiveness rather than creativity. In the middle of the 20th century, the notion of an entrepreneur as an innovator was established.  © Copyright Virtual University of Pakistan 3 Entrepreneurship—MGT602Innovation, the act of introducing something new, is one of the most difficult tasks for the entrepreneur. VU Edward Harriman and John Pierpont Morgan are examples of this type of entrepreneur. Edward reorganized the Ontario and southern railroad through the northern pacific trust and john developed his large banking house by reorganizing and financing the nation’s industries. This ability to innovate is an instinct that distinguishes human beings from other creatures and can be observed throughout history. DEFINITION OF ENTREPRENEUR The concept of entrepreneurship from a person al perspective has been explored in this century.This exploration is reflected in the following three definitions of an entrepreneur: In almost all definitions of entrepreneurship, there is agreement that we are talking about a kind of behavior that includes: 1. Initiative taking 2. The organizing and reorganizing or social/economic mechanisms to turn resources and situations to practical account. 3. The acceptance of risk or failure. To an economist, an entrepreneur is one who brings resources, labor, materials, and other assets into combinations that make their value greater than before, and one who introduces changes, innovations, and a new order.To a psychologist, such a person is typically driven by certain forces- the need to obtain something, to experiment, to accomplish or perhaps to escape the authority of others. Entrepreneurship is the dynamic process of creating incremental wealth. Our definition of entrepreneurship involves four aspects: 1. Entrepreneurship involves the creation process. 2. It requires the devotion of the necessary time and effort. 3. It involves assuming the necessary risks. 4. The rewards of being an entrepreneur are independence, personal satisfaction, and monetary reward.For the person who actually starts his or her own business there is a high failure rate due to poor sales, intense competition, lack of capital or lack of managerial ability. THE ENTR EPRENEURIAL DECISION PROCESS (Deciding to become an entrepreneur by leaving present activity ) Many individuals have difficulty bringing their ideas to the market and creating new venture entrepreneurship and the actual entrepreneurial decisions have resulted in several million new businesses being started throughout the world.Although no one knows the exact number in the United States. Indeed, millions of ventures are formed despite recession, inflation, high interest rates, and lack of infrastructure, economic uncertainty and the high probability of failure The entrepreneurial decision process entails a movement from something to something— a movement from a present life style to forming a new enterprise. To leave a present live-style to create something new comes from a negative force–disruption. Many companies are formed by people who have retired, moved, or been fired.Another cause of disruption  © Copyright Virtual University of Pakistan 4 Entrepreneurship—MGT602 is completing an educational degree. The decision to start a new company occurs when an individual perceives that forming a new enterprise is both desirable and possible. VU KEY TERMS Breakthrough innovations A new product with some technological change Business ethics The study of behavior and morals in a business situation Desirability of new venture formation Aspects of a situation that make it desirable to start a new company.Entrepreneur Individual who takes risks and starts something new Entrepreneur as an innovator An individual developing something unique Entrep reneurial decision process Deciding to become an entrepreneur by leaving present activity Entrepreneurship Process of creating something new and assuming the risks and rewards  © Copyright Virtual University of Pakistan 5 Entrepreneurship—MGT602 THE NATURE AND IMPORTANCE OF ENTREPRENEURSHIP Lesson 02 VU LEARNING OBJECTIVES 1. To introduce the concept of entrepreneurship and its historical development. . To explain the entrepreneurial decision process. Desirability of New Venture Formation (Aspects of a situation that make it desirable to start a new company) The perception that starting a new company is desirable results from an individual’s culture, subculture, family, teachers and peers. American culture places a high value on being your own boss, being a success and making money therefore, it is not surprising to find a high rate of company formation in the United States.On the other hand in some countries making money is not as valued and failure may be a disgrac e. The rate of business formation in these countries is not as high. Many subcultures that shape value systems operate within a cultural framework. Studies indicate that a high percentage of founders of companies had fathers and/or mothers who valued independence. Encouragement to form a company is also gained from teachers, who can significantly influence individuals. An area having a strong educational base is also a requirement for entrepreneurial activity.Peers are important, also, as is an area with an entrepreneurial pool and peer-meeting place. Possibility of New Venture Formation (Factors making it possible to create a new venture) Although the desire of new venture formation derived from the individual’s culture, subculture, family, teachers and peers needs to be present before any action is taken, the second feature necessary centers around this question â€Å"What makes it possible to form a new company? † Formal education nd previous business experience giv e a potential entrepreneur the skills needed to form and manage a new enterprise. Although educational systems are important in providing the needed business knowledge, individual will tend to be more successful in forming in fields in which they have worked. The government also contributes by providing the infrastructure to help a new venture. The market must be large enough and the entrepreneur must have the marketing know-how to put together the entire package. Finally, financial resources must be readily available.Although most start-up money comes from personal savings, credit, and friends, but there is often a need for additional capital. Riskcapital availability plays an essential role in the development and growth of entrepreneurial activity.  © Copyright Virtual University of Pakistan 6 Entrepreneurship—MGT602 VU KEY TERMS Foundation companies A type of company formed from research and development that usually does not go public. Gazelles Very high growth ventures. Government as an innovator A government active in commercializing technology High-potential ventures.A venture that has high growth potential and therefore receives great investor interest Entrepreneurship Entrepreneurship within an existing business structure Iterative synthesis The intersection of knowledge and social need that starts the product development process Lifestyle firm A small venture that supports the owners and usually does not grow Ordinary innovation Z new product with little technological change Possibility of new venture formation Factors making it possible to create a new venture Copyright Virtual University of Pakistan 7 Entrepreneurship—MGT602 ENTREPRENEURIAL PROCESS/START UPS Lesson 03 LEARNING OBJECTIVES 1. To identify the basic types of start-up ventures. 2. To explain the role of entrepreneurship in economic development 3. To discuss the ethics and racial responsibility of TYPES OF START-UPS Life-Style Firms A life-style firm exists primarily to su pport the owners and usually has little growth opportunity.This type of firm may grow after several years to 30 or 40 employees. Foundation Companies VU A type of company formed from research and development that usually does not go public. This firm can grow in five to ten years from 40 to 400 employees. High-Potential Venture A venture has high growth potential and therefore receives great investor interest. The company may start out like a foundation company, but its growth is far more rapid. After five to ten years the company could employ around 500 employees.These firms are also called gazelles and are most important for the economic development of an area ROLE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT The role of entrepreneurship in economic development involves initiating change in the structure of business and society. One theory of economic growth depicts innovation as the key, not only in developing new products, but also in stimulating investment interest. The new capi tal created expands the capacity for growth (supply side), and new spending utilizes the new capacity and output (demand side. In spite of the importance of investment and innovation in the economic development of an area, there is still a lack of understanding of few factors which are as follows: †¢ The product-evolution process is the process through which innovation develops and commercializes through entrepreneurial activity, which in turn stimulates economic growth. It begins with knowledge in the base technology and ends with products or services available in the marketplace. †¢ The critical point in the process is the intersection of knowledge and a recognized social need, called the iterative synthesis.This point often fails to evolve into a marketable innovation. Most innovations introduced in the market are ordinary innovations, with little uniqueness. Technological innovations refer to new products with significant technological advancements. †¢ †¢ â⠂¬ ¢ Breakthrough innovations mean the development of new products with some technological change. Regardless of the level of uniqueness or technology, each innovation evolves into and develops towards commercialization through one of three mechanisms: the government, entrepreneurship, or entrepreneurship.Entrepreneurship has assisted in revitalizing areas of the  © Copyright Virtual University of Pakistan 8 Entrepreneurship—MGT602 VU inner city. Individuals in inner-city areas can relate to the concept and see it as a possibility for changing their present situation. GOVERNMENT AS AN INNOVATOR A government active in commercializing technology is known as an innovative government. Commercializing technology is frequently called technology transfer. However, few inventions resulting from government-sponsored research have reached the commercial market.Most of the by-products from scientific research have little application to any social need. The government lacks the busines s skills needed for successful commercialization. Government bureaucracy and red tape also often inhibit the timely formation of the business. Recently, federal labs have been required to commercialize some of their technology each year and some are providing entrepreneurial training Intrapreneurship Intrapreneurship refers to entrepreneurship within an existing organization or business structure. Existing businesses have the financial resources, business skills, and arketing and distribution system to commercialize innovation successfully. Often the bureaucratic structure, emphasis on short-term profits, and structured organization inhibit creativity. Some corporations have tried to establish an Entrepreneurial spirit in their organization, some in the form of strategic business units (SBUs. ) Intrapreneurship can also bridge the gap between science and the marketplace. It is the practice of using entrepreneurial skills without taking on the risks or accountability associated with entrepreneurial activities.It is practiced by employees within an established organization using a systemized business model. Employees, perhaps engaged in a special project within a larger firm are supposed to behave as entrepreneurs, even though they have the resources and capabilities of the larger firm to draw upon. Capturing the dynamic nature of entrepreneurial management (trying things until successful, learning from failures, attempting to conserve resources, etc. ) adds to the potential of otherwise static organizations without exposing those employees or self mployed people to the risks or accountability normally associated with entrepreneurial failure. Employee Intrapreneur An employee Intrapreneur is the person who focuses on innovation and creativity and who transforms a dream or an idea into a profitable venture, by operating within the organizational environment. Thus, Intrapreneurs are inside entrepreneurs who follow the goal of the organization. Employees, perhaps e ngaged in a special project within a larger firm are supposed to behave as entrepreneurs, even though they have the resources, capabilities and security of the larger firm to draw upon.Capturing a little of the dynamic nature of entrepreneurial management (trying things until successful, learning from failures, attempting to conserve resources, etc. ) adds to the potential of an otherwise static organizations without exposing those employees to the risks or accountability normally associated with entrepreneurial failure Entrepreneurship The third method for bridging the gap between the science and the marketplace is via  © Copyright Virtual University of Pakistan 9 Entrepreneurship—MGT602 VU entrepreneurship. Many entrepreneurs have difficult time bridging this gap and creating new ventures.They may often lack managerial skills, marketing capabilities, or financial resources. They frequently do not know how to interface with banks, suppliers, customers, and distributors. Ye t, entrepreneurship is the most effective method for bridging the gap and creating new enterprises, these activities affect an areas economy by building the economic base and providing jobs. ENTREPRENEURIAL CAREERS AND EDUCATION Since 1985 there has been an increased interest in entrepreneurial careers fostered by factors such as increased media coverage of entrepreneurs and employment shifts.A conceptual model for understanding entrepreneurial careers views the career stages as interacting with other stages and events in the individual’s life, the life-cycle approach. This approach conceptualizes entrepreneurial careers in nine categories. 1. Educational environment 2. The individual’s personality 3. Childhood family environment 4. Employment history 5. Adult development history 6. Adult family/non-work history 7. Current work situation 8. The individual’s current perspective 9.The current family situation Although there exist a common perception that entrepren eur are less educated than the general population however studies have found entrepreneurs overall and female entrepreneurs in particular, are far more educated than the general population. However, this education sometimes does not develop the specific skills needed in the venture, especially for women entrepreneurs. Childhood influences have been explored, particularly in terms of values and the individual’s personality . The traits most frequently researched are the need for achievement, locus of control, risk-taking, and gender identity.The research on the childhood family environment of the entrepreneur has had more definite results. Entrepreneurs tend to have self-employed fathers, and many also have entrepreneurial mothers. The family plays an important role in establishing the desirability of entrepreneurship as a career. Employment history also has an impact on entrepreneur careers in both positive and a negative sense. Entrepreneurs tend to have a higher probability of success when the venture created is in their field of experience. Negative displacement (such as dissatisfaction with various aspects of ones job) also encourages entrepreneurship.Although no definite research has been done on the adult development history of entrepreneurs, it appears to also affect entrepreneur’s careers. One’s development history has somewhat more of an impact on women, since they tend to start businesses at a later stage in life. There is a lack of data on adult family/non-work history and the available data adds little understanding towards entrepreneurial career development. Entrepreneurs are known for their strong work values, their long workdays, and their dominant management style. They tend to fall in love with the organization and will sacrifice almost Copyright Virtual University of Pakistan 10 Entrepreneurship—MGT602 VU anything in order for it to survive. While in college, few future entrepreneurs realize that they will pursue e ntrepreneurship as their major life goal. Relatively few individuals will start a business immediately after graduation. Entrepreneurship education is a fast growing area in colleges and universities. While the courses vary by university, there is a great commonality, especially in the initial few courses. The skills required by entrepreneurs can be classified in to three main areas: 1.Technical skills involve such things as writing, listening, oral presentations, coaching, and technical know-how. 2. Business management skills include those areas involved in starting, developing and managing any enterprise. 3. Personal entrepreneurial skills differentiate an entrepreneur from a manager and include inner control (discipline), risk taking, innovativeness, persistence, visionary leadership, and being change oriented. These skills and objectives form the basis of the modular approach to an entrepreneurship curriculum.Today entrepreneurs are recognizing the need to learn some of the scie nce of management in an MBA program in order to grow their businesses effectively in the global environment. ETHICS AND SOCIAL RESPONSIBILITY OF ENTREPRENEURS The entrepreneur must establish a balance between ethical exigencies, economic expediency, and social responsibility. A managers attitudes concerning corporate responsibility tend to be supportive of laws and professional codes of ethics. Entrepreneurs have few reference persons, role models, and developed internal ethics codes.Entrepreneurs are sensitive to peers pressure and social norms in the community as well as pressures from their companies. While ethics refers to the â€Å"study of whatever is right and good for humans,† business ethics concerns itself with the investigation of business practices in light of human values. The word â€Å"ethics† stems from the Greek ethos, meaning custom and usage. Development of Our Ethical Concepts Socrates, Plato, and Aristotle provide the earliest writings dealing with ethical conceptions; earlier writings involving moral codes can be found in both Judaism and Hinduism.American attitudes on ethics result from three principle influences: Judeo-Christian heritage, a belief in individualism and opportunities based on ability rather than social status. Research on business ethics can be broken down into four broad classifications: 1. Pedagogically-oriented inquiry 2. Theory-building without empirical testing 3. Empirical research, measuring the attitudes and ethical beliefs of students and academic faculty 4.Empirical research within business environments THE FUTURE OF ENTREPRENE URSHIP In spite of the differences in definition of entrepreneurship, there are common aspects such as risk taking, creativity, independence, and rewards. Entrepreneurship is currently being embraced by educational institutions, governments, societies, and corporations. Schools are increasing their emphasis on entrepreneurship in terms of courses and academic research. In Eu rope many universities have started programs in entrepreneurship. There has also been an increase in academic research, endowed chairs and centers of Copyright Virtual University of Pakistan 11 Entrepreneurship—MGT602 VU entrepreneurial activity. Governments have also promoted the growth of entrepreneurship. Individuals are encouraged to form new businesses and provided tax incentives, roads, and a communications system to facilitate this creative process. Some state governments are developing strategies for fostering entrepreneurial activity. The venture capital industry has benefited from lowering of capital gains tax rates and more relaxed rules regarding pension fund investment. Society’s support of entrepreneurship is critical in providing motivation and public support.The media has played a powerful role in developing public support. Media coverage uplifts the image of the entrepreneur and growth companies. Articles have appeared in newspapers such as New York Ti mes, The Wall Street Journal, and the Washington Post. Business magazines such as Barrons, Business Week, Forbes, and Fortune have provided coverage. Magazines such as Black Enterprise, Entrepreneur, Inc. , and Venture focus on issues of the entrepreneurial process. Television on both a national and local level has highlighted entrepreneurship. Large companies will continue to have a special interest in Entrepreneurship in the future.The largest 15 companies account for over 20 percent of the total U. S. research and development. Other companies will create more new businesses through Entrepreneurship. KEY TERMS Product-evolution process Process for developing and commercializing an innovation Risk taking Taking calculated chances in creating and running a venture. Technological innovation A new product with significant technological advancement Technology transfer Commercializing the technology in the laboratories into new products  © Copyright Virtual University of Pakistan 12 E ntrepreneurship—MGT602THE ENTREPRENEURIAL AND INTRAPRENEURIAL MIND LEARNING OBJECTIV ES 1. To explain the aspects of the entrepreneurial process. 2. To explain the differences between entrepreneurial and managerial domains. 3. To explain the organizational environment conducive for entrepreneurship. 4. To identify the general characteristics of an Entrepreneur. 5. To explain the process of establishing entrepreneurship in an organization. VU Lesson 04 ENTREPR E NEURIAL PROCESS The entrepreneurial process involves finding, evaluating, and developing an opportunity by overcoming the strong forces that resist the creation of something new.Phase 1: Identifying and Evaluating the Opportunity Most good business opportunities result from an entrepreneur being alert to possibilities. Some sources are often fruitful, including consumers and business associates. Channel members of the distribution system-retailers, wholesalers or manufacturer’s reps-are also helpful. Technically -oriented individuals often identify business opportunities when working on other projects. Each opportunity must be carefully screened and evaluated-this is the most critical element of the entrepreneurial process. . The evaluation process involves looking at b. The creation and length of the opportunity c. Its real and perceived value d. Its risks and return. e. It’s fit with the skills and goals of the entrepreneur f. Its differential advantage in its competitive environment It is important to understand the cause of the opportunity, as the resulting opportunity may have a different market size and time dimension. The market size and the length of the window of opportunity are the primarily bases for determining risks and rewards.The risks reflect the market, competition, technology, and amount of capital involved. The amount of capital forms the basis for the return and rewards. The return and reward of the present opportunity needs to be viewed in light of any possible s ubsequent opportunities as well. The opportunity must fit the personal skills and goals of the entrepreneur. The entrepreneur must be able to put forth the necessary time and effort required for the venture to succeed. One must believe in the opportunity enough to make the necessary sacrifices.Opportunity analysis, or an opportunity assessment plan, should focus on the opportunity and provide the basis to make the decision, including: a. A description of the product or service b. An assessment of the opportunity c. Assessment of the entrepreneur and the team d. Specifications of all the activities and resources needed e. The source of capital to finance the initial venture The most difficult aspect of opportunity analysis is the assessment of the opportunity. Phase 2: Develop a Business Plan A good business plan must be developed in order to exploit the opportunity defined.A good business plan is important in developing the opportunity and in determining the resources required, obta ining those resources and successfully managing the venture.  © Copyright Virtual University of Pakistan 13 Entrepreneurship—MGT602 VU Phase 3: Determine the Resources Required. Assessing the resources needed starts with an appraisal of the entrepreneur’s present resources. Any resources that are critical must be distinguished from those that are just helpful. Care must be taken not to underestimate the amount and variety of resources needed. Acquiring needed resources, while giving up as little control as possible, is difficult.The entrepreneur should try to maintain as large an ownership position as possible, particularly in the start-up stage. As the business develops, more funds will probably be needed, requiring more ownership be relinquished. Alternative resource suppliers should be identified, along with their needs and desires, in order to structure a deal with the lowest cost and loss of control. Phase 4: Manage the Enterprise. The entrepreneur must employ t hese resources through implementation of the business plan. This involves implementing a management structure, as well as identifying a control system.KEY TERMS Administrative domain The ways managers make decisions Business plan The description of the future direction of the business Corporate culture The environment of a particular organization Entrepreneurial domain The ways entrepreneurs make decisions Entrepreneurial process The process through which a new venture is created by an entrepreneur Entrepreneurial culture The environment of an entrepreneurial-oriented organization Entrepreneurship Entrepreneurship within an existing business organization Opportunity identification The process by which an entrepreneur comes up with the opportunity for a new venture Opportunity parameters Barriers to new product creation and development Top management commitment Managers in an organization strongly supporting entrepreneurship Traditional managers Managers in a non-entrepreneurial-orie nted organization Window of opportunity The time period available for creating the new venture  © Copyright Virtual University of Pakistan 14 Entrepreneurship—MGT602 VUTHE ENTREPRENEURIAL AND INTRAPRENEURIAL MIND (continued†¦) Lesson 05 LEARNING OBJECTIVES 1. To explain the aspects of the entrepreneurial process. 2. To explain the differences between entrepreneurial and managerial domains. 3. To explain the organizational environment conducive for entrepreneurship. 4. To identify the general characteristics of an entrepreneur. 5. To explain the process of establishing entrepreneurship in an organization. MANAGERIAL VERSUS ENTREPRENEURIAL DECISION MAKING The difference between the entrepreneurial and managerial styles involves five business dimensions. Strategic Orientation The entrepreneur’s strategic orientation depends on his or her perception of the opportunity.This orientation is most important when other opportunities have diminishing returns accompanied by rapid changes in technology, consumer economies, social values or political rules. When the use of planning systems is the strategic orientation, there is more pressure for the administrative domain to be operant. Commitment to Opportunity The entrepreneurial domainis pressured by the need for action and has a short time span in terms of opportunity commitment. The administrative domain (the ways mangers make decisions) is not only slow to act on an opportunity, but the commitment is usually for a longer time span. Commitment of Resources An entrepreneur is used to having resources committed at periodic intervals, often based on certain tasks or objectives being reached.In acquiring these resources the entrepreneur is forced to achieve significant milestones using very few resources. In the administrative domain, the commitment of resources is for the total amount needed. Administrative-oriented individuals receive personal rewards by effectively administering the resources under t heir control. Control of Resources The administrator is rewarded by effective resource administration and has a drive to own or accumulate as many resources as possible. The entrepreneur, under pressure of limited resources, strives to rent resources on an as-needed basis. Managerial Structure In the administrative domain, the organizational structure is formalized and hierarchical in nature.The entrepreneur employs a flat organizational structure with informal networks. CAUSES FOR RECENT INTEREST IN INTRAPRENEURSHIP  © Copyright Virtual University of Pakistan 15 Entrepreneurship—MGT602 VU Interest in intrapreneurship has resulted from events occurring on social, cultural, and business levels. There is an increasing interest in â€Å"doing your own thing. † Individuals frequently desire to create something of their own. They want responsibility and want more freedom in their organizations. Frustration can develop and result in the employee becoming less productive or leaving the organization. This has recently caused more discontent in structured organizations.When meaning is not provided within the organization, individuals often search for an institution, such as entrepreneurship, that will provide it. Intrapreneurship is one method for stimulating and capitalizing on those who think that something can be done differently and better, such as Xerox Corporation’s commitment to Xerox Technology Ventures. It is important to instill the intrapreneurial spirit in an organization in order to innovate and grow. In a large organization problems occur that thwart creativity and innovation. This growth and diversity that can result are critical, since large corporations are more efficient in a competitive market than are smaller firms.The resistance against flexibility, growth, and diversification can be overcome by developing a spirit of entrepreneurship, called Intrapreneurship, within the existing organization. There are social, cultural, and business pressures for Entrepreneurship. Hyper competition has forced U. S. companies to focus on new product development and increased productivity. Reductions in large corporation’s staff are being absorbed in the workforce, particularly in small businesses. Entrepreneurial endeavors consist of four key elements. 1. New business venturing refers to the creation of new business within an existing organization. 2. Organizational innovativeness refers to product and service innovation with an emphasis on development and innovation in technology. 3.Self-renewal reflects the transformation of organizations through the renewal of the key ideas on which they are built. 4. Proactiveness includes initiative and risk taking, as well as competitive aggressiveness KEY TERMS Administrative domain The ways managers make decisions Business plan The description of the future direction of the business Corporate culture The environment of a particular organization Entrepreneurial domain The ways entrepreneurs make decisions Entrepreneurial process The process through which a new venture is created by an entrepreneur Entrepreneurial culture The environment of an entrepreneurial-oriented organization Entrepreneurship  © Copyright Virtual University of Pakistan 16 Entrepreneurship—MGT602Entrepreneurship within an existing business organization Opportunity identification The process by which an entrepreneur comes up with the opportunity for a new venture Opportunity parameters Barriers to new product creation and development Top management commitment Managers in an organization strongly supporting Entrepreneurship Traditional managers Managers in a non-entrepreneurial-oriented organization Window of opportunity The time period available for creating the new venture VU  © Copyright Virtual University of Pakistan 17 Entrepreneurship—MGT602 VU THE ENTREPRENEURIAL AND INTRAPRENEURIAL MIND (continued†¦) Lesson 06 LEARNING OBJECTIVES 1. 2. 3. 4. 5. To expl ain the aspects of the entrepreneurial process. To explain the differences between entrepreneurial and managerial domains. To explain the organizational environment conducive for entrepreneurship. To identify the general characteristics of an entrepreneur. To explain the process of establishing entrepreneurship in an organization.CORPORATE VERSUS INTRAPRENEURIAL CULTURE Smaller, aggressive, entrepreneurial firms are developing more new products and becoming dominant in certain markets. Many companies are attempting to create the same spirit, culture, and rewards of entrepreneurship in their organizations. The typical corporate culture has a climate and reward system that favors conservative decision making. Emphasis is on gathering large amounts of data as the basis for a rational decision. Risky decisions are often postponed until hard facts are gathered or a consultant is hired. Often there are so many approvals required that no individual feels personally responsible for the proj ect. The guiding principles in a traditional corporate culture are: 1. 2. 3. 4. 5. 6.Follow instructions given Do not make mistakes Do not fail Do not take initiative Stay within your turf and protect your backside This restrictive environment is not conducive to creativity, flexibility, and risk taking The guiding principles of intrapreneurs Aspects of an Entrepreneurial culture are quite different: 1. 2. 3. 4. 5. Develop visions, goals, and action plans Be rewarded for actions taken Suggest, try, and experiment Create and develop Take responsibility and ownership There are differences in the norms of the two cultures. The traditional culture is hierarchical in nature, with established procedures, lines of authority, and control mechanisms. These support the present corporate culture, and do not encourage new venture creation.The culture of an intrapreneurial firm has a flat organizational structure with networking, teamwork, sponsors, and mentors. Close working relationships help establish an atmosphere or trust that facilitates accomplishment of visions. Individuals make suggestions across functional areas, resulting in cross-fertilization of ideas. The two cultures produce different types of individuals and management styles.  © Copyright Virtual University of Pakistan 18 Entrepreneurship—MGT602 VU Motivation Traditional managers are motivated primarily by promotion and typical corporate rewards. Entrepreneurs and intrapreneurs thrive on independence and the ability to create.Intrapreneurs expect their performance to be suitably rewarded. There are also time orientation differences. Managers emphasize the short run, entrepreneurs the long run, and intrapreneurs somewhere in between. Intrapreneurs use a midpoint mode between delegation of managers and direct involvement of entrepreneurs. Entrepreneurs and intrapreneurs are moderate risk takers; managers are much more cautious. Most entrepreneurs fail at least once, and Intrapreneurs learn to concea l risky projects from management until the last possible moment. Traditional managers tend to be most concerned about those at higher levels, entrepreneurs serve self and customers, and intrapreneurs add sponsors.CLIMATE FOR INTRAPRENEURSHIP In establishing an Intrapreneurial environment, certain factors and leadership characteristics need to be present. The first of these is that the organization operates on the frontiers of technology. Since research and development are key sources for new product ideas, the firm must operate on the cutting edge of technology and encourage and supporting new ideas instead of discouraging them. Second is experimentation, or trial and error, is encouraged. Successful new products usually do not appear fully developed; instead they evolve. A company wanting to establish an intrapreneurial spirit has to establish an environment that allows mistakes and failures.Without the opportunity to fail, few corporate intrapreneurial ventures will be developed. Third an organization should make sure that there are no initial opportunity parameters, such as turf protection, inhibiting creativity in new product development. Fourth, the resources of the firm need to be available and easily accessible. Often, insufficient funds are allocated not to creating something new but instead to solving a problem that have an immediate effect on the bottom line. Some companies, such as Xerox, 3M, and AT&T have established separate venture capital areas for funding new internal ventures. Fifth a multidisciplinary team approach needs to be encouraged.One key to Intrapreneurial success is the existence of â€Å"skunkworks† involving key people. Developing the needed team work for a new venture is further complicated by the fact that a team member’s promotion within the corporation is related to performance in the current position, not in the new venture. The corporate environment must establish a long time horizon for evaluating the success o f the overall program. Sixth the spirit of intrapreneurship cannot be forced on individuals; it must be voluntary. Most managers in a corporation are not capable of being successful intrapreneurs. Those who do emerge from this self selection process must be allowed the latitude to carry a project through to completion.An intrapreneur falls in love with the new venture and will do almost anything to ensure its success. The seventh characteristic is a reward system. The intrapreneur needs to be appropriately rewarded for the energy and effort expended on the new venture. An equity position in the new venture is one of the best motivational methods. Eight a corporate environment favorable for intrapreneurship has sponsors and champions throughout the organization that supports the creative activity and resulting failures. Finally the intrapreneurial activity must be whole-heartedly supported by top management.  © Copyright Virtual University of Pakistan 19 Entrepreneurship—MGT 602 VUTHE ENTREPRENEURIAL AND INTRAPRENEURIAL MIND (continued†¦) Lesson 07 LEARNING OBJECTIVES 1. 2. 3. 4. 5. To explain the aspects of the entrepreneurial process. To explain the differences between entrepreneurial and managerial domains. To explain the organizational environment conducive for entrepreneurship. To identify the general characteristics of an Entrepreneur. To explain the process of establishing entrepreneurship in an organization. INTRAPRENEURIAL LEADERSHIP CHARACTERISTICS There are certain individual characteristics needed for a person to be successful Entrepreneurs, including: 1. Understanding the environment 2. Being visionary and flexible 3. Creating management options 4.Encourage teamwork while employing a multi-disciplined approach 5. Encouraging open discussion 6. Building a coalition of supporters, and persisting An Entrepreneur needs to understand all aspects of the environment. Part of this ability is reflected in individual’s level of creativity . Creativity tends to decrease with age and education. The individual must be creative and have a broad understanding of the internal and external environments of the corporation. The intrapreneurial person must be a visionary leader-a person who dreams great dreams. Leadership is the ability to dream great things and communicate them in a way that people say yes to being a part of the dream.To establish a successful new venture, the intrapreneurial leader must have a dream and overcome all obstacles to achieve it. The third necessary characteristic is that the intrapreneur must be flexible and create management options. An intrapreneur is open to and encourages change. By challenging the beliefs and assumptions of the corporation, an intrapreneur can create something new in the organization structure. He or she must possess the ability to encourage teamwork and use a multi-disciplined approach. Every new company formation requires a broad range of business skills. The intrapreneur must be a good diplomat to minimize disruption. Open discussion must be encouraged to develop a good team for creating something new.Many corporate managers have forgotten that frank, open discussion is part of the learning process. A successful venture can be formed only when the team feels the freedom to disagree and to critique an idea. The degree of openness among the team depends on the degree of openness of the intrapreneur. Openness leads to a strong coalition of supporters and encouragers. The intrapreneur must encourage each team member, particularly during hard times. A good intrapreneur makes everyone a hero. Only through persistence will a new venture be created and successful commercialization result. ESTABLISHING INTRAPRENEURSHIP IN THE ORGANIZATION To establish an intrapreneurial environment, the organization must implement a procedure.This can be done internally, but it is easier to use an outsider to facilitate the process. This is particularly true when the environ ment is very traditional. There are some steps involved in it. Step 1: The first step is to secure a commitment to intrapreneurship in the organization by top, upper, and middle management. Without top management commitment, the organization will never be able to make the necessary changes. Once top management has committed to intrapreneurship for a sufficient length of time, the concept is introduced throughout the organization. This is effectively accomplished through seminars. General guidelines need to be  © Copyright Virtual University of Pakistan 20 Entrepreneurship—MGT602 VU stablished for intrapreneurial venture development. Next, intrapreneurial leaders need to be identified, selected, and trained. Step 2: Ideas and general interest areas should be identified, along with the amount of risk money that is available. The overall expectations and target results should be established, specifying time frame, profitability requirements, and impact of the organization. A m entor/sponsor system needs to be established. Step 3: A company needs to use technology to make itself faster and more flexible. Technology has allowed small companies to act like they are big ones. Large companies can use technology to make them responsive and flexible.Step 4: The organization can use a group of managers to train and share their experiences with other members. These sessions should be conducted one day per month for a specified period of time. Information about intrapreneurship and about the company’s specific activities should be well publicized. Step 5: The organization needs to develop ways to get closer to its customers by tapping the data base, hiring from smaller rivals, and helping the retailer. Step 6: An organization must learn to be more productive with fewer resources. With middle management cutbacks, more control has been given to lower levels of the organization. The span of control should be increased. Step 7: The organization needs to establis h a strong support structure.Because they do not immediately affect the bottom line, intrapreneurial activities can be overlooked and receive little funding. These ventures require flexible, innovative behavior, with the intrapreneurs having total authority over expenditures and access to funds. Step 8: The support must involve trying the rewards to the performance of the intrapreneurial unit. This encourages team members to work harder and compete more effectively. The equity portion of the compensation is particularly difficult to handle. Step 9: The organization needs to implement an evaluation system that allows successful units to expand and unsuccessful ones to be eliminated.PROBLEMS AND SUCCESSFUL EFFORTS Intrapreneurship, also called corporate venturing, is not without problems. One study found that new ventures started within a corporation performed worse than those started independently. Independent start-ups tend to outperform corporate start-ups. There are many examples of companies that have successfully implemented intrapreneurship. 3M allows employees to devote 15 percent of their time to independent projects. After failing to recognize the potential of Wozniak’s personal computer, Hewlett-Packard has taken steps to take advantage of future opportunities. Even IBM has developed the independent business unit concept. The problems of ntrapreneurship are not insurmountable, and the concept can lead to new products, growth and the development of an entirely new corporate environment and culture.  © Copyright Virtual University of Pakistan 21 Entrepreneurship—MGT602 THE INDIVIDUAL ENTREPRENEUR Lesson 08 LEARNING OBJECTIV ES 1. To identify some key entrepreneurial feelings and motivations. 2. To identify key elements in an entrepreneur’s background. 3. To discuss the importance of role models and support systems. 4. To identify the similarities and differences between male and female entrepreneurs. 5. To explain the differences between inventors and entrepreneurs. VU ENTREPR E NEURIAL FEELINGS There is no â€Å"true entrepreneurial profile†- entrepreneurs come from many educational backgrounds, family situations, and work experiences.A potential entrepreneur may presently be a nurse, secretary, assembly line worker, sales person, mechanic, home maker, manager or engineer. A potential entrepreneur can be male or female and of any race or nationality. Locus of Control One concern people have when forming is whether they will be able to sustain the drive and energy required to form something new and to manage the new enterprise and make it grow. While research results are inconsistent, internal control seems to be a characteristic of entrepreneurs. Internal beliefs appear to differentiate entrepreneurs from the general public, but not from managers. Managers and entrepreneurs both have an internality tendency. Feelings about Independence and Need for Achievement.The entrepreneur also has the need for i ndependence, to do things in his or her own way and time. Another controversial characteristic is the entrepreneur’s need for achievement. McClelland specified three attributes as characteristics of entrepreneurs: 1. Individual responsibility for solving problems and setting and achieving goals. 2. Moderate risk taking as a function of skill. 3. Knowledge of results of decision/task accomplishment. McClelland concluded that a high need for achievement leads individuals to engage in entrepreneurial behavior, although other studies have been inconsistent. Risk Taking Risk taking seems a part of the entrepreneurial process.However, it has not yet been empirically established whether risk-taking is a distinguishing characteristics of entrepreneurs. ENTREPR E NEURIAL BACKGRO UND AND CHARACT E RIST ICS Only a few background characteristics have differentiated the entrepreneur from the general populace or managers. Childhood Family Environment The impact of birth order and social st atus has had conflicting research results. There is strong evidence that entrepreneurs, both male and female, tend to have self-employed or entrepreneurial fathers. Having a father who is self-employed provides a strong inspiration in the example of independence and flexibility of self-employment.This feeling of independence is often further enforced by an entrepreneurial mother. The overall parental  © Copyright Virtual University of Pakistan 22 Entrepreneurship—MGT602 VU relationship may be the most important aspect of the childhood environment in establishing the desirability of entrepreneurial activity. Parents of entrepreneurs need to be supportive and encourage independence, achievement, and responsibility. This supportive relationship appears to be most important for females. Female entrepreneurs tend to grow up in middle- to upper-class environments, where families are child-centered, and are similar to their fathers in personality.KEY TERMS Departure points The act ivities occurring when the venture is started Inventor An individual who creates something new Locus of control An attribute indicating the sense of control that a person has over life Moral-support network Individuals who give psychological support to an entrepreneur Entrepreneurship – MGT602 VU  © Copyright Virtual University of Pakistan 23 Entrepreneurship—MGT602 VU THE INDIVIDUAL ENTREPRENEUR (continued†¦) Lesson 09 LEARNING OBJECTIVES 1. To identify some key entrepreneurial feelings and motivations. 2. To identify key elements in an entrepreneur’s background. 3. To discuss the importance of role models and support systems. 4. To identify the similarities and differences between male and female entrepreneurs. 5. To explain the differences between inventors and entrepreneurs.ENTREPRENEURIAL BACKGROUND AND CHARACTERISTICS Education Education appears important in the upbringing of the entrepreneur, in the level of education obtained and in playing a majo r role in coping with problems. Although formal education is not necessary for starting a new business, it does provide a good background. In education, female entrepreneurs previously experienced some disadvantage, with few having degrees in engineering, science, or math. The ability to deal with people and communicate clearly in written and spoken work is also important. Personal Values Studies have failed to indicate that entrepreneurs can be differentiated on personal valued from managers, unsuccessful entrepreneurs, or the general public. Leadership, support, aggression, benevolence, conformity, creativity, veracity, and resource seeking may also be important.A successful entrepreneur is frequently characterized as a winner; winning may be a prerequisite for his or her actually becoming one. Age Entrepreneurial age is the age of the entrepreneur reflected in the experience. Entrepreneurial experience is one of the best predictors of success. In chronological age, most entrepren eurs start their careers between ages 22 and 55. Earlier starts in an entrepreneurial career seem to be better than later ones. Generally, male entrepreneurs start their first venture in their early 30s, while women tend to do so in their middle 30s. Work History Dissatisfaction with one’s job often motivates the launching of a new venture. Previous technical and industry experience is also important once the decision to start a business is made.Experience in the following areas is particularly important: financing; product or service development; manufacturing; development of distribution channels; and preparation of a marketing plan. As the venture becomes established, managerial experience and skills become more important. Entrepreneurial experience becomes increasingly important as the complexity of the venture increases. MOTIVATION While motivations may vary, the reason cited most often for becoming an entrepreneur independence-not wants to work for anyone else. Other mo tivating factors differ between male and female entrepreneurs. Money is the second reason for men’s starting a venture. Job satisfaction, achievement, opportunity, and money are the second order reasons for women.  © Copyright Virtual University of Pakistan 24 Entrepreneurship—MGT602 VUKEY TERMS Motivations That causes people to do something Need for achievement An individual’s need to be recognized Need for independence. Being one’s own boss-one of the strongest needs of an entrepreneur Professional-support network Individuals who help the entrepreneur in business activities Role models Individuals influencing an entrepreneur’s career choice and style Social status The level at which an individual in viewed by society Work history The past work experiences of an individual  © Copyright Virtual University of Pakistan 25 Entrepreneurship—MGT602 VU THE INDIVIDUAL ENTREPRENEUR (continued†¦) Lesson 10 LEARNING OBJECTIVES 1. To identify some key entrepreneurial feelings and motivations. 2.To identify key elements in an entrepreneur’s background. 3. To discuss the importance of role models and support systems. 4. To identify the similarities and differences between male and female entrepreneurs. 5. To explain the differences between inventors and entrepreneurs. ROLE MODELS AND SUPPORT SYSTEMS One of the most important factors influencing entrepreneurs in their career choice is role models. Role models can be parents, relatives, or successful entrepreneurs in the community. Role models can also serve in a supportive capacity as mentors during and after the new venture is launched. This support system is most crucial during the start-up phase.It is important that an entrepreneur establish connections to support resources early in the venture formation process. As contacts expand they form a network with density (extensiveness of ties between two individuals) and centrality (the total distance of the entrepreneu r to all other individuals. ) The strength of ties between the entrepreneur and any individual is dependent on the frequency, level, and reciprocity of the relationship. An informal network for moral and professional support benefits the entrepreneur. Moral-Support Network It is important for the entrepreneur to establish a moral support network of family and friends. Most entrepreneurs indicate that their spouses are their biggest supporters.Friends can provide advice that is more honest than that received from others, plus encouragement, understanding, and assistance. Relatives can also be sources of moral support, particularly if they are also entrepreneurs. Professional-Support Network The entrepreneur also needs advice and counsel, which can be obtained from members of a professional support network. A mentor-protege relationship is an excellent way to secure the needed professional advice. The mentor is a coach, sounding board, and advocate. The individual selected needs to be an expert in the field. An entrepreneur can initiate the â€Å"mentor-finding process† by identifying and contacting a number of experts.The mentor should be periodically apprised of the progress of the business so that a relationship can gradually develop. Another source of advice is a network of business associates. Self-employed individuals who have experience in starting a business are good sources. Clients and buyers are also important as they provide word-of-mouth advertising. Suppliers are good components of the professional-support network-they help to establish credibility with creditors and customers, and provide good information on trends in the industry. Trade associations are good network additions, as they keep up with new developments and can provide overall industry data. Affiliations ith individuals developed in hobbies, sporting events, civic involvements and school alumni groups are excellent sources of referrals, advice, and information. Each entrepreneur needs to establish both a moral- and a professional-support network to share problems with and gain overall support. MALE VERSUS FEMALE ENTREPRENEURS Women are now starting new ventures at three times the rate of men. Women form over 70  © Copyright Virtual University of Pakistan 26 Entrepreneurship—MGT602 VU percent of all new businesses. Women now own over 8. 5 million small businesses, an increase of over 45 percent since 1990. In some respects female entrepreneurs possess very different motivations, business skills, and occupational backgrounds.Factors in the start-up process for male and female entrepreneurs are different, especially in such areas as support systems, sources of funds, and problems. Men are motivated by the drive to control their own destinies. Women tend to be more motivated by the need for achievement arising from job frustration. Departure points and reasons for starting the business are similar for both men and women. Both generally have a strong i nterest and experience in the area of their venture. For men, the transition to a new venture is easier when the venture is an outgrowth of a present job. Women often leave a previous occupation with a high level of frustration and enthusiasm for the new venture rather than experience.Start-Up Financing Males often have investors, bank loans, or personal loans in addition to personal funds as sources of startup capital. Women usually rely solely on personal assets or savings. Obtaining financing and lines of credit are major problems for women. Occupations Both groups tend to have experience in the field of their ventures. Men more often have experience in manufacturing, finance, or technical areas. Most women usually have administrative experience, often in service-related fields. Personality Both men and women tend to be energetic, goal-oriented, and independent. Men are often more confident and less flexible and tolerant than women. Backgrounds The backgrounds of male and female entrepreneurs tend to be similar.Women are little older when they embark on their careers. Men often have studied in technical- or business-related areas, while women tend to have liberal arts education. Many women busi