say that managing a new venture differs from managing an existing operation along five key management issues

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directly involved in the dynamic, and very complex, interrelationship between financial management and business strategy

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The worst-case scenario “at work” is getting fired

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Five key Management Issues

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- the controlling word in the phrase “entrepreneurial management” is “entrepreneurial.

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- the controlling word in the phrase “entrepreneurial management” is “management.

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- is the concept of utilizing creative and innovative abilities, skills, and expertise to efficiently open and manage a startup organization. It is the practice of taking entrepreneurial knowledge and executing it for increasing the effectiveness of new business venturing

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- the means of solving a mass problem through a unique and profitable business solution

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Heart of Entrepreneurial Management

-What is the venture about

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- is a legal disclosure a franchisor must give to prospective buyers.;

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Finally, the franchisor receives ongoing or a percentage of the operation’s sales.;

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- based on a marketing concept which can be adopted by an organization as a strategy for business expansion. Where implemented, a franchisor licenses its know-how, procedures, intellectual property, use of its business model, brand, and rights to sell its branded products and services to a franchisee. In return the franchisee pays certain fees and agrees to comply with certain obligations, typically set out in a Franchise Agreement.

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Five Primary Functions of a Manager

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- a person who gets things done through his subordinates. with the aim of accomplishing business objectives efficiently and effectively. He may directly command to workers, or he may direct the supervisors, who will command workers. Therefore, he is the one under whose supervision, his subordinates work and report to him. Managers can be managers, middle-level managers, low-level managers

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Characteristics of a successful entrepreneur -

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- a person who creates a new enterprise by assembling inputs (i.e. land, labor and capital) for production purposes.;

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french origin ‘go between’ or ‘between-takers’.

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How will it recognize the final destination -

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- The final reason for business success or failure is how much the owners of an enterprise have a good grasp on the rules and regulations governing their sector of the economy; this includes having a clear understanding of the tax structure.

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- The decision-making process involves identifying a goal, getting the relevant and necessary information, and weighing the alternatives in order to make a decision.

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- A ninth reason for business success or failure is timin

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- Another reason for business success or failure is how a company manages its inventory. In order to keep the right mix of products on the shelves, an enterprise needs to think through its supply chain processes. Too much inventory can tie up working capital, but too little inventory can lead to shortages and lower customer satisfaction

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- A seventh reason for business success or failure is how a company relates to its customers. This seems like a no-brainer, but the better an organization handles its client base, the more apt it will be to stay in business

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- A sixth factor important to the success or failure of a business is available financing

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- When getting ready to implement a new business, another important factor for success or failure is the nature of the direct and indirect competition for the same product or service

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- Another factor for business success is the formulation of a comprehensive business plan. Knowing about an industry and sketching out a vision is only the beginning of a successful enterprise

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. - In order to do anything well, a person or company must do their homework to gain a deep understanding of the factors that are essential for success.

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- second factor of business success, A corporate vision is a scripted understanding of what a company wants to do and how they want to accomplish it. A well-defined vision allows members of an organization to unite for a common cause with singular aim and all energy focused in one direction

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- The first factor for business success, This type of business management style has also been called transformational leadership

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- franchisor must fully disclose any risks, benefits or limits to a franchise investment. This information covers fees and expenses, litigation history, approved business vendors or suppliers, estimated financial performance expectations, and other key details.;

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How much money does it need and when -

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What structure is best -

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What does it need to get there -

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How will it get there -

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Where should it go -

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