Values and Interest

Step 1: Values, Interests and Skills Review the following information related to the importance of Career Self-Assessment. http://www. job-hunt. org/career-change/self-assessment. shtml Write one paragraph reflecting on your values. I value life and life itself and the lives of my family and the people who are close to me. I also value religion and the guidance that it portrays. I value my education and professional career because it has helped to make me what I am today. I work because I not only have to, but because I want the experience and the knowledge that I will gain from a life of work.I want to be able to use this knowledge to not only help myself and my family, but to also help and teach others, and to also make a different so that I can leave and everlasting impression on whoever I may come in contact with. I also value the ability to speak and to speak freely. I value my ability to be self motivated in whatever task that I may be given. Write one paragraph reflecting on y our interests. I am interested in having a career in the heath care administrative field, may it be information, quality control, managed care, finance, marketing etc.This has always been a passion of mine to work in this type of environment because I feel as though these are the areas in health care that are really being overlooked and neglected, and I really want to make a different in organizing and using my knowledge and skills to improve upon these various areas. I enjoy working with people and I don’t have a problem working alone. I love to work in environments that are outgoing and organized and process the ability to grow and be exposed to different things. Write one paragraph reflecting on your favorite skills.My favorite skills are the ability to analyze and research along with effective communication. I also apply information creatively to specific problems or tasks that I may be faced with or assigned to along with sort data and objects, compile and rank informati on, identify alternative courses of action, set realistic goals and follow through with a plan or decision, manage time effectively, predict future trends and patterns, and accommodate multiple demands for commitment of time, energy and lastly set priorities. Step 2: Personality Assessment Review the information at http://www. myersbriggs. org/my-mbti-personality-type/mbti-basics/Include each of the four letters of your code below. Use one line for each letter. After reviewing the meaning of each letter, include your interpretation of this information and what this means to you. (Your response should be a minimum of two sentences. ) I I prefer to keep to myself and not let matters or issues in the outside world effect how I live my life. NI love to interpret reason and analyze things. I tend to use these skills when I am learning something new and researching TI am a thinker. I prefer to think about things logically before I go ahead and make any major decisions on anything.P or JI use both perceiving and judging because I like to make decisions but I am also open to new ideas. Step 3: Reflection Now that you have completed a reflection of your values, personality, skills and interests write one to two paragraphs indicating how this information ties to your career. Be sure to consider all four elements you reflected upon. The purpose of this assessment was to reflect on finding out who you as a person, what are your interest, values and the skills that you possess. All of these are factors that will be needed in order to build a successful personal and professional life.The assessment also helps you to figure out your likes and dislikes that you may have regarding various activities. The personality assessment also helps you to find out what type of person you are, and this may also consider what type of people you or what type environment you may work best in. Such as being in tuned with yourself or the outside world, being a thinker or follower, a self start er or person who likes to told what to do. The purpose of the self assessment tool is that people who share similar interests will also enjoy the same type of work and how important different values are to you.Examples of these values, which play an important role in one's job satisfaction, include autonomy, prestige, security, interpersonal relations, helping others, flexible work schedule, outdoor work, leisure time, and high salary. In addition to determining what you're good at, the skills assessment also helps you figure out what you enjoy doing. The skills you use in your career should combine both characteristics. You can use the results of the skills assessment to make some changes by acquiring the skills you need for a particular career.

Chick-fil-A Customer Service Essay

Chick-fil-A president Dan Cathy greeted employees at the newest Charleston area restaurant with a Bible verse, a prayer and a message about doing business the â€Å"Chick-fil-A Way. † Most people recognize the famous Chick-fil-A cows and their misspelled pleas to â€Å"Eat Mor Chikin. † But not everyone may be aware of Chick-fil-A’s unique way of doing business. With a focus on quality food, superior customer service and dedicated employees, Chick-fil-A has built a restaurant empire. Another freestanding restaurant opened Sept. 29 on Dorchester Road near the Ashley Phosphate Road intersection in North Charleston. Two days before the opening, new employees—called â€Å"team members† in the Chick-fil-A world—served dinner to their family members and listened as Cathy explained the importance of smiling and treating customers with honor, dignity and respect. Chick-fil-A’s mission, he said, is â€Å"to glorify God by being a faithful steward of what is entrusted to us. † Sandwich history Cathy is the son of Chick-fil-A founder S. Truett Cathy, who entered the restaurant business in 1946 when he opened Dwarf Grill in an Atlanta suburb. It would be another 20 years before the world was introduced to Chick-fil-A. In 1961, Truett Cathy accepted leftover pieces of chicken breast from Goode Brothers Poultry. The poultry company provided airlines with boneless, skinless chicken breasts that would fit in the plastic trays used to serve food on airplanes but had plenty of leftover pieces to sell. Truett Cathy had considered adding chicken to his menu and decided to take the poultry company up on its offer to take the leftover pieces too big for the airline trays. Truett Cathy spent months perfecting the recipe and figuring out the best way to cook the chicken quickly. After four years, he had a boneless chicken sandwich. According to Chick-fil-A history, Truett Cathy originally called it a chicken steak sandwich but began thinking of something that could carry a trademark. The best cut of a steak is the fillet, so why not call the sandwich a chicken fillet, he thought. The name morphed into chick fillet and eventually became Chick-fil-A (with a capital â€Å"A† to emphasize quality). The first Chick-fil-A opened in Atlanta’s Greenbrier Mall in 1967. The first freestanding restaurant opened in Atlanta about 20 years later. The restaurant has continued its incredible growth, expanding heavily into the western United States, introducing a breakfast menu and healthier menu options. The Chick-fil-A Way Certainly Chick-fil-A isn’t the only quick service restaurant to make billions, but what sets Chick-fil-A apart is the company’s corporate philosophy, its emphasis on values, customer service and treating employees like family members. Dan Cathy attributes the company’s success to his 84-year-old father, whom he describes as a tremendous influence, a â€Å"patriarch† and â€Å"Moses figure† in the family and in the company. Thanks to his father’s influence, Chick-fil-A has â€Å"stayed the course,† Dan Cathy said. Despite the many potential distractions, the company stays focused on its recipes, hot food, clean restrooms—the things that are important to customers. Interestingly, Dan Cathy refers to his company as being in the hospitality business—not usually the first description that comes to mind when thinking about fast food. But Cathy said the idea of being in the hospitality business began when his family opened its first diner. â€Å"That’s our heritage, our roots,† he said. When the focus is on the customers and employees, success will follow, according to Chick-fil-A’s philosophy. â€Å"It’s all about the people,† Dan Cathy said. â€Å"You can’t have great tasting food until you have a good relationship with your employees. † Chick-fil-A offers $1,000 college scholarships to its employees, having awarded about $20 million during the past 30 years. The company also has a unique agreement with its operators, providing franchisees with the chance to sublease a restaurant for $5,000. Each month operators pay the corporate office 15% of gross sales and 50% of net profits as a franchise fee. Operators are assured a minimum annual income of $30,000. The company continues its long-standing tradition of being closed on Sundays, so employees can spend time with their families and attend a worship service. Despite opportunities to go public, Chick-fil-A remains a private company so it can retain control over its key values. Chick-fil-A has proven a business with values and principles can do well. And not just survive but thrive, Dan Cathy pointed out. In 2004, Chick-fil-A achieved sales of $1. 74 billion—an increase of 13. 8% over 2003. The company is opening 61 new restaurants this year, and customer satisfaction scores are the highest they have ever been, Cathy said. The company will introduce milkshakes to its menu next summer. And a spicy chicken sandwich is being tested in the Tampa, Fla. , area. Family ties have local roots Operating the new Dorchester Road location is Daniel Dickerson, whose family has been operating Chick-fil-A for years. His father was one of the first Chick-fil-A operators, and his brother, Patrick Dickerson, is the operator of the Mount Pleasant Chick-fil-A. Raised in Charleston, Daniel Dickerson previously ran a store in Ocala, Fla. Dickerson said he looks up to the Cathy family and also tries to live up to the legacy his own father left behind. Dickerson oversees 72 part- and full-time employees at his North Charleston store. Many of the employees are teenagers, and Dickerson—following a company tradition—employs students who are involved in their schools and extracurricular activities. Chick-fil-A promotes involvement and works around students’ schedules. Dickerson said he would rather have 20 students with less availability than students who aren’t involved in their schools. At the family night celebration, Dan Cathy assured the parents of the many teenage employees their children would be working in a supportive environment. If grades aren’t maintained, students’ work schedules could be cut back. From providing scholarships to closing on Sundays, Chick-fil-A continues to do business its own way, based on principles Truett Cathy instilled in the company more than 50 years ago. In 2002, Truett Cathy published Eat Mor Chikin: Inspire More People, a book that explains â€Å"Doing Business the Chick-fil-A Way. † Truett Cathy opens a chapter on priorities and commitment by recalling when a reporter asked him how he would like to be remembered. Cathy responded, â€Å"I think I’d like to be remembered as one who kept my priorities in the right order. We live in a changing world, but we need to be reminded that the important things have not changed, and the important things will not change if we keep our priorities in proper order. † Holly Fisher is the supplements editor for the Business Journal.

Gulf War III - How successful was Operation Desert Storm Could it have Essay

Gulf War III - How successful was Operation Desert Storm Could it have achieved more How joint was it - Essay Example Moreover it was the case that Iraq stated that they would bombard Israel with rockets should there be any military incursions into the nation of Iraq. So if based upon the parameters of liberating Kuwait, protecting the Kingdom of Saudi Arabia and protecting Israel than the operation would have been considered a complete success. However, one could argue that there were a number of ancillary objectives such as overthrowing Saddam Hussein, or the liberation of Kurdistan. And taken from this perspective the military incursion would have not been considered an overall success. As a final point, one could also make the argument that one additional objective as argued by Gordon & Trainor (1995) was for the US to demonstrate their military muscle in the middle east. Effectively showcasing their new military technology and superior leadership by Schwarzkopf and Powell. As a result of this action a significant military power in the Middle East had their entire military industrial complex nea rly annihilated. If viewed as a stand alone engagement, it could have been argued that the military engagement could have achieved more insofar as the United States later engaged in hostile action with the nation of Iraq during the second gulf war.

Reaction paper on the documentary called The corporation Essay

Reaction paper on the documentary called The corporation - Essay Example These are just a few of the mind games businesses use as bait to catch the big fish in a sea of high-potential buying power of consumers today. With this said, understanding what goes into the process of the â€Å"prey-predator† in the business kingdom & how the predator uses temptation to blur the lines between â€Å"needs† and â€Å"wants† is crucial for everyone as consumers to know when to take a bite and when to commit to a non-indulgent fast. The Corporation documentary written by Joel Bakan and directed by Mark Achbar and Jennifer Abbott shows they are up to one thing in producing this material – to breach into the politics of the pursuit of power and profit of businesses today. First of the points this documentary has tackled that is worthy of notice would be the difference in the business environment before and today. In the past, all that a business would pursue would be to breakeven from the cost of operating the business and earning beyond that was considered a bonus. However, contemporary businesses today, I believe spend half the time minding their own business and the other half monitoring their competitors’ moves and constantly on the lookout for events that they could use to benefit them. Just like dirty politics as we call it, there are a lot of hidden secrets to the success and downfall of business tycoons. Some of the well-kept secrets that have been revealed by this documentary would be the reality of the bargaining activities of corporations to fight for their rights that human beings alike enjoy, the business hoax against the United States President Franklin Roosevelt, the suppression of a news-worthy story of a television station so they could protect certain parties affiliated to them, and the most trivial among all would be the alleged involvement of IBM in the historical Nazi holocaust that destroyed so many lives (Bakan, J.). Indeed, what can be a matter of just being provided quality products and s ervices for consumers like us could come from controversial undertakings waiting to be avenged. The second point that awakened my cognizance was when the writer of the documentary tagged corporations today as either being a person or a psychopath (Bakan, J.). It was for me automatic to comprehend how corporations are so much like people. They have rights to intellectual property, tangible properties, properties that are backed up by contracts and trusts which a company could always fight for to propel a peaceful and at the same time speedy development of their business. Aside from that, just like people, corporations have certain needs that would smoothly fit Maslow’s hierarchy – Physiological needs that pertains to legal documents, capital, manpower, & goods needed before they could start operating the business; Safety from market-reach-devouring competitors; The need for belongingness in a certain business category, being fully equipped for competition; Achieving utm ost self-esteem by being top of mind of not only one’s chosen target market but including those that are not; And lastly, the highest would be self-actualization where competitors’ moves does not directly affect one’s business performance anymore. However, what is naked to consumers’ eyes would be when corporations start being a psychopath. This could be

Unit 6 Assignment Example | Topics and Well Written Essays - 500 words

Unit 6 - Assignment Example Imbalances in wage structure arise when there is a deviation from the optimum wage set by the self-regulating system in the economy. I feel there are imbalances in the wage structure in our economy. The labor market comprise of different types of workers differing from one another in a number of ways with the job differing in characteristics both in terms of wage and in terms of other nonmonetary attributes (Mankiw, 2011). In order to protect employees from exploitation by their employers, the government sets a minimum wage limit. This has been of help raising the wages of the less skilled compared to what they would have earned in a labor market that is unregulated. However, despite this, the wages of some workers have been set above the equilibrium level arising to disequilibrium in the labor market (Mankiw, 2011). We can also attribute this to compensating differentials which refers to the difference in wages which arises from other nonmonetary characteristics of various types of jobs which is quite prevalent in our economy. An example would be employees with similar qualifications but since one works during a night shift earns more. Employees deployed to work in hardship conditions may be compensated more compared to employees with similar qualifications but working under friendly environments. Human capital is the accumulation of investment in people with the most explication of it being education. The perspective of demand and supply postulates that there exists a correlation between high wages and the level of education. Additionally, firms demanding for labor tend to be more willing to pay more for the highly educated employees since they tend to have higher marginal productivity due to their proficiency (Mankiw, 2011). On the other hand, the suppliers of labor tend to also be more willing to pay the costs of becoming educated only if there is a reward for that. Thus the difference in wages between the highly educated

Dallas Essay Example | Topics and Well Written Essays - 500 words

Dallas - Essay Example The city was under both the Spanish and French colonial governments before boundaries placed it under Spain. This adds to its great historical background and makes it unique and a tourist favorite. The planning of the city is done extremely well, with the buildings well arranged and the roads and streets offer easy navigation through the city. Although it lacks a navigable link to the sea, the scenery in Dallascity is just irresistible; the Trinity River winds itself through the city and serves as an ideal position to view the sunset either on the ferry or on the shores before it disappears into Houston (Hanson 68). Dubbed the romantic spot, couples always gather on the shores of this river and just sink into each other’s eyes while enjoying the beautiful environment around them. White Rock Lake is another beautiful area to visit in Dallas. It is a water reservoir where families go to spend their weekends and free time. Activities such as boating, rowing, jogging, and biking all serve as a means of entertainment to the people. There is also an Arboretum and Botanical garden located to the east shore of the lake that provide good relaxing places and serve as a tourist at traction sites (Hanson 21). Dallas has a humid subtropical climate, which favors most of the best outdoor activities. For instance, during the summer, the city records very high temperatures that range between 38 and 42 degree Celsius, which are favorable for swimming, and other water activities (Hanson 22). Winters in Dallas are mild warm with lots of snow rising up to 1.5 inches off the ground. Spring and autumn bring the most pleasant weather with the showing of wild flower that beautifully colors the environment (Hanson 22). A staple in Dallas is the Chilean Sea Bass on Lobster Risotto. This dish has gained recognition around the world due to its effect on the taste buds, and you simply cannot visit Dallas without paying a visit to one of the steakhouses

MEDICATION ERROR Essay Example | Topics and Well Written Essays - 500 words

MEDICATION ERROR - Essay Example Medication error can occur at the pharmacy, at the doctor’s office, at home, or in the hospital. Various causes of medication error have been cited including confusion regarding different drugs with the same names, inadequate information concerning sensitivities and drug allergies of a particular patient, and difficulty in reading prescriptions that are handwritten among others (Naylor, 2002). In order to have a better understanding of this topic, this paper will discuss medication error in general, with particular reference to the medication safety, prevention, as well as reporting. Medication should at all times achieve its main aim of relieving pain and suffering, managing symptoms of chronic diseases, and treating infectious diseases. Medication safety is one of the main strategies that can help in realizing this goal. Caregivers, pharmacists, and patients should focus on critical elements of medication safety which are safe storage, safe dosing, and safe disposal. Medicines should be stored in the right locations and under the recommended temperatures (Banja, 2005). Safe storage also involves keeping drugs out of reach of children. It also involves keeping them where they can be destroyed such as in the backpack or in the purse. Medication safety further entails safe dosing; under and overdosing are preventable. This starts by ensuring that the right prescription is made. After that, caregivers and patients should be vigilant in reading the medication instructions and labels in order to take the right dose. The final aspect of medication safety is safe disp osal of medicines. In an event that medications are not needed anymore or they are out of date, they should be disposed appropriately. This can be done through community’s medication take-back program, or by dissolving them in water if they are solid, or by removing personal information and any instructions from the

Carry out a close linguistic analysis of the following texts using any Assignment

Carry out a close linguistic analysis of the following texts using any appropriate analytical approaches encountered in Part 2 o - Assignment Example And perhaps that is where the creativity of the poet comes in, the ability to draw from the entirety of the canon and yet portray it with a fresh perspective as one’s own. In turn, this is what the parody has also attempted to do. The introductory lines of Text One showcase a range of juxtapositions as a literary device. The words ‘dead’ and ‘dull’ give a contrast when read alongside the positive words such as ‘April’, ‘Spring’, and ‘lilacs’. The syntax is also prominent as we are left with various present participles which are placed at the ends of the first five lines. This gives us a feeling that there is movement which is taking place and we are part of the progression. The language is to the point while maintaining its paradoxical beginnings. The alliteration is smooth (‘Winter kept us warm’) and the action of the poem keeps us in a place which is somewhere between and within the present and the past. Another literary device used is the poet’s use of sudden sound effects. An example is the monosyllabic verse execution of line 4, and the /s/ and /l/ which dominate from line 8 onwards. The second text seems to keep none of this in mind and goes along the text as a simple conceptual guide, failing to pick up on the points of formalistic techniques. If anything, it inserts colloquial language at every given opportunity. When comparing both of these texts and attempting to dub one as more ‘literary’ then the other, I find Carter’s systematic analysis a key tool in carrying out such a linguistic analysis. Of course different levels can be used as done by Bradford but that can be done at a later stage. This may be since Carter gives a checklist to work out at the surface levels whereas Bradford’s style calls for a more layered reading of the texts. Using both methods one can achieve both a vertical as well as horizontal understanding of the level of literariness of both the texts. First off, The Wasteland can be read in itself and understood as a work of poetry but perhaps to reach the full meaning one may need an understanding of the works which are incorporated by Eliot. A way of overcoming this is by the index and notes provided by Eliot himself to the poem. The parody, by virtue of being written for the sake of comic reminiscence, requires one to know at the most basic level what it is a parody of whether one understands the parodied or not. In this way, I would place Text One as somewhat medium dependent and Text Two as highly medium dependent. Genre mixing also takes place in both of these texts. The Wasteland uses a number of other languages throughout. In this excerpt Latin and Russian is used. No translation is provided and a consultation outside the text needs to take place. Text Two on the other hand attempts to avoid this. No Latin is used and the Russian employed at the end is given a translation, showing that one need not pay attention to the sounds or the literary effects taking place in the text but simply on the new spun meaning which is accorded by it. The semantic densities of the texts need to be understood as well. There are a number of levels at work in Eliot which are carried over into the parody as well. These levels are of course linguistic levels and depend mostly on sound. Where Eliot focuses on this, the parody

Industrial Safety Jobs in Oklahoma Research Paper

Industrial Safety Jobs in Oklahoma - Research Paper Example The legal environment is a factor because there are strict laws in place which compels the organizations to ensure that the workers are safe and that al the measures of industrial safety are in place. These laws are in place not only in the developed countries but also in the developing countries. This shows the level of importance which governments have for the industrial safety. The humanitarian argument has its roots is humanities. It suggests that it is the responsibility of the organization to ensure that the fellow humans are not treated in any inhumane way. The proponents of this concept suggest that if an organization does not focus on industrial safety, it can have a severe implication on its image and eventually profits. The economic argument, as discussed earlier, is based on simply the costs of industrial hazards. Moreover, if the legal aspect is also held into consideration, then an organization should also keep in mind the legal penalties and fines which the government can impose because of safety breaches. The situation in Oklahoma in particular and the US in general is such that the Chemical Safety Board is seriously working to ensure that a proper system is in place for industrial safety. This has led to an increase in opportunities for jobs in this area. For instance, CSB is now considering implementing a program in which a greater emphasis is placed on the employee involvement in the safety ensuring process. In this way the workers can equally participate in monitoring, controlling and more importantly owning the safety process. If, for instance, an accident occurs, the employees can now directly report the issue to the CSB and thus CSB can investigate on quick and accurate information (Rick, 2012). The prospect of industrial safety in Oklahoma is promising. The state is included in one of those places where this concept is being taken seriously. There are many universities which are offering programs for

Analysis of Walmart leadership Research Paper Example | Topics and Well Written Essays - 750 words

Analysis of Walmart leadership - Research Paper Example Further, he convinces them to change their perceptions, and expectations in the process of achieving a common goal. According to Bass, the transformational leadership is made up of several elements such as; focusing on vital priorities, promoting harmony and unity, motivating followers/workers to focus on a common organization goal, and being consistent in decision making. Thus, transformational leadership moves the subject/follower beyond their immediate self interests via inspiration, individualized consideration and intellectual stimulation. Also, transactional leadership tends to refer to the mutual relationship between the follower and the leader to exchange ideas so as to meet their self interests (Bass, 1985; Yammarino et al., 1993). Transformational leadership tends to produce greater positive effects than other leadership styles. The leaders at Walmart utilize this leadership style while running the organization. The transformational theory is made up of four critical elements; inspirational motivation, intellectual stimulation, idealized influence and individualized consideration. Transformational leadership often leads to excellent performance that tends to go beyond the expected outcomes. Lowe et al. (1996) in his analysis of more than 39 studies done to evaluate transformational theory and leadership found out that leaders who exhibited transformational characteristics proved to be more effective leaders than those who did not. Further he stated that these findings were applicable to both higher and lower level leaders as well as to mangers/leaders working in private and public settings. Tracey and Hinkin (1994, 1996) sought to analyze the nature and formation of transformational leadership in the hospitality industry. Their findings indicated that organizational success in the hospitality business industry required leaders who were able to utilize their vision and recognize the relevant environmental changes and how to manage them

See the Truth, Perceive the Lie Essay Example for Free

See the Truth, Perceive the Lie Essay Nietzsche explains nature as an overall relative to humans; he proposes a potent and significant explanation of the development of language and the realization of concepts. He achieves this by exploiting the successive effects on human awareness. He suggests that originally humans were an artistically creating subject as he puts it. Whose essential human determination is the construction of metaphors? Due to evolution, humankind developed a capacity to reason, distrust, remember, and control. Humans were driven by instincts which established themselves directly into inventive sounds, gestures and metaphors. Humans thereof signify the motivation, which ultimately develops into the base of language. As a result, humans manipulate this metaphor of understanding a stimulus, which may well vary from one to another; as it is totally subjective. The ossification of language begins, these instinctual sounds are combined and expanded throughout a community, and arise to turn into ordered and solid words which in sequence combine into a progressively established language. In such manner, language turns into an unyielding, sum of common notions, perceptions, and ideas. Now, as soon as the reader gets comfortable with Nietzsche’s view of language. Everything changes, language arbitrates amongst the human perception and the reality being sensed, this transition happens when he explains that, in order for us to further study the development of concepts. We need consider that â€Å"every concept arises from the equation of unequal things† which he considers â€Å"cases which are never equal and thus altogether unequal†, in other words, every word immediately becomes a concept exactly to the extent that it is not intended to function as a reminder of the sole and fully individual unique experience to which it owes its source; but it would be better to say, a word converts into a concept in that it all together has to fit a myriad more or less related cases, in which situation if I consider only the boundaries proposed by Nietzsche, I conclude in harmonizing with his point of view. In addition to constructing language, humans likewise form concepts for everything they come across. Nietzsche describes that concepts are groupings wherein the mind unconsciously collects analogous matters into, despite the fact that actually, each person is sole and individualized. Nietzsche gives the example â€Å"Just as it is certain that one leaf is never totally the same as another, so it is certain that the concept leaf is formed by arbitrarily discarding these individual differences and by forgetting the distinguishing aspects†. Wherein one comprehends a leaf, were many have ever been alike who have similar physiognomies thus we classify each one as a leaf. This in my opinion is tremendously subjective as he proves it. Consider the Platonic realism, or even, in metaphysics, a universal. Where it is explained what particular things have in common, namely characteristics or qualities; by Plato these are inherit to our existence and just scaled to what is grasped. But for Nietzsche, humans clutch everything in order to have a certain kind of organization and case inside their personal environment, crafting yet an additional sense of truth. In distinction to the unexpected, unsettled realm of sense, in Nietzsche’s view, the structure of ideas exhibits solid uniformity and breathes out in reason the power and â€Å"coolness† which characterizes mathematics. As Nietzsche declares, no one who has sensed this calm gasp of reason will hardly be certain that even the concept that is as â€Å"bony, foursquare, and transposable as a die† is nonetheless just the â€Å"residue of a metaphor† , and that the impression which is involved in the creative conversion of a nerve stimulus into images, is the foundation of every single concept. But in this sense truth means â€Å"never violating the order of caste and class rank†. This relation of math, logic, and reason with â€Å"truth† is the only case were I wholly come to an agreement with Nietzsche, and wish to point out the importance, especially of math, as a tool used to understand the surrounding world. Nietzsche reasons that concepts do not occur in nature for the reason that each solitary creature and object is individualized and sole in one way or another and as a result, cannot be considered an additional foundation of truth. Essentially, Nietzsche trusts that we ought to take every incentive and consider it according to its distinct features as an alternative of grouping them into concepts. The conceptual order is stratified by a pyramidal order according to castes and degrees, the creation of a new world of laws, privileges, subordinations, and clearly marked boundaries†. The conceptual direction challenges humanity as more dense, more general, better recognized, a â€Å"new world†. This new world as Nietzsche describes â€Å"seeks a new realm and another channel for its activity, and it finds this in myth and in art generally†. This determination constantly puzzles the conceptual categories and groups by bringing onward new changes, metaphors, and metonymies. It persistently shows a passionate need to alter the world which presents itself to humans, so that it will remain as â€Å"colorful, irregular, lacking in results and coherence, charming, and eternally new as the world of dreams†. But there is one detail left unnoticed by Nietzsche. The tendency of humans to rule over one’s kind. Governments, religions, all bring forth ranks, classes, castes. Every human under such parent, directly or indirectly is never able to freely sense â€Å"truth† in its most accessible form so to build upon it, which results in the imprisonment and trickery forced upon such humans into building up on virtual, man-made â€Å"truths†. Nietzsche considers this environment of fixed concepts is in need of an insolent, inventive reply. â€Å"But man has an invincible inclination to allow himself to be deceived D and is, as it were, enchanted with happiness when the rhapsodist tells i him epic fables as if they were true, or when the actor in the theater acts more royally than any real king. So long as it is able to deceive without injuring, that master of deception, the intellect, is free; it is released from its former slavery and celebrates its Saturnalia. † he endorses an existential valor that declines the power of the conceptual order, its sanctions and embargos, and its inevitabilities. This transition is one from sanction to character. The artistic determination is not strictly defeated but hardly restrained. In other words, this enormous charter and laying of concepts to which the penurious man grips his entire existence so that he may reserve himself is but a framework and puppetry for the most daring acts of the freethinking intellect. In a few words, I myself do not completely agree with Nietzsche on the matter of language and concepts. If for example we take into consideration any other intelligent species on our planet besides humans, we can clearly note that a form of communication exists between them, and furthermore there exist a primitive form of conceptualization. If for example dogs are considered, it is evident that dogs are clearly able to communicate with each other, even with humans at some degree; this could be a form of language (for them). Again dogs, can obviously distinguish a car from a human, they can even tell apart humans from one to another as a dog will not attack his owner, or even the owners friends and family, when guarding the house. In my opinion this demonstrates how it is natural to manifest language and concepts, which shows that it is nature’s choice to be projected to us in such manner. Nietzsche’s sole target, in my understanding, is to demonstrate that language, concepts, truths, and lies are all unreal, just a view, since humans were the ones who fashioned language and in sequence, concepts, which in Nietzsche’s opinion do not truly exist in nature. Instead, we use it to sort and organize our own surroundings while using it as a way to cooperate with other humans. But if we really wish to be so subjective about our surroundings then even Nietzsche is wrong. If we really aim to judge what is true and what is not, then we should consider a higher form of perception, our brain itself. We see through our eyes, but are these images the actual view of this world? We hear with our ears, but are these sounds really there? We smell with our nose, but is this the actual scent? We feel when we touch, but is there really something there?

IKEA Essay Example for Free

IKEA Essay

Essay On Critical Incident Analysis During Placement Nursing Essay

Essay On Critical Incident Analysis During Placement Nursing Essay This essay will reflect on critical incident which took place at my placement. It will outline how critical incident analysis is incorporated in the care provision of people with mental health problems particularly from a nursing perspective. I will also attempt to point out the weakness and the values of reflection and analyse care provision in a more structured therapeutic approach. Bandman and Bandman, (2002) suggest that in order to analyse an incident we need to think critically, reflecting on our beliefs, ideas, feelings and use of language. Gamble and Brennan, (2000) suggest that relationship between reflection and critical thinking emphasises the need for critical thinking to be based on reflective thinking. In this essay I shall also draw on Johns Reflective Cycle (Pearson et al 1996) to give the reader a clear understanding and analysis of the incident, highlighting risk management as a major issue of concern. I will also highlight the daily risks, which Mental Health Nurse s face in relation to the ethics, policies and procedures that guide them. All names have been changed for reasons of confidentiality Nursing and Midwifery Council, (2008). Drawing upon an incident within my most recent placement, the discussion will reflect on the therapeutic intervention of family therapy as long-term psychotherapeutic intervention to treat an identified patient diagnosed with paranoid schizophrenia. It will also critically analyse the benefits and shortfalls of this intervention. Description Reflecting on the incident described later in this essay, I found it more appropriate to use Johns Reflective Cycle, (Pearson et al 1996) because it focuses on both the patient and the nurse unlike other models that lack a user focus reflection mainly on the nurses feelings, ideas, beliefs and judgements. Johns Reflective Cycle (Pearson et al 1996) places great emphasis on the feelings, emotions and insight of the client as well as the practitioner, which I feel is of greater significance as it offers a more objective perspective. The reflective cycle is also very clear, easy to follow, easy to understand and gives the reader a clear analysis of the incident which is very important in making sense of the whole reflective process. Johns reflective cycle illustrates the following framework; first stage- phenomenon, second stage-rationale, third sage-causal essential factors, fourth stage-reflection, fifth stage-alternative actions, sixth stage-conclusion. Following this guideline it is that one can structure their reflection and bring out sense to the whole reflective process. I chose to write about this incident because I feel it emphasizes the risks mental health nurses face when working with mentally disturbed people. It shows how policies and procedures can disempower professionals, placing them at increased risk of aggressive or disruptive behaviour. I also found it easy to use the critical incident analysis technique to evaluate possible therapeutic intervention in patient care. The risk posed by the patient in this scenario could have been reduced if the nurses involved in the patient care used psychosocial interventions. The incident described in this essay call into question the policies and procedures used in Community Mental Health Services on dealing with crisis or emergency situation and the duty of care as a role the nurse. Legally and ethically nurses are not allowed to search patients in the community, (Thomas et al 1997) which places staff in a very vulnerable position which is very evident after reading and reflecting on the scenario. Zack suffers from Paranoid Schizophrenia. Following is a brief summary on Schizophrenia in order to give the reader a picture of the patients condition. Schizophrenia is a broad term given to group of mental illness which are traditionally characterised by thought disorder, auditory and visual hallucinations, delusional beliefs along with emotional and behavioural disorder leading to progressive deterioration and social withdrawal Ironbar and Hopper, (1989). This patient in-particular suffers from Paranoid Schizophrenia, distinguished by intense thought disorder, delusions and hallucinations, the sufferer having perceptions, beliefs and ideas of reference that things are being said about them and things being done to them which they believe may cause them harm Thomas et al (1997). Medical treatment involves long-term use of psychotropic medications such as anti-psychotic drugs and mood stabilisers. From a social model approach research has shown that long-term psychotherapy programme s such as family therapy have proven effective Thomas et al (1997). Patient Profile and Context Zack is 28 year old male outpatient known to the Mental Health Services since 2001 with a diagnosis of Paranoid Schizophrenia. Zack is an asylum seeker from Algeria and of Muslim origin, though he is not very strict with the religion. He visits the clinic every fortnight for his depot (Depixol) injection. When is unwell, he develops ideas that Jews and homosexuals are conspiring against him and believes he has special powers. Both his parents are alive; they believe he brings shame to the family due to his mental illness. There has been growing concerns about Zacks family not doing enough to help him through his illness and neglecting his needs. Staff has raised the need to engage the family in family therapy as a way of helping Zack and family cope with his illness but as yet no family members has agreed to this type of intervention. Scenario/Phenomenon-Reflection The Depot clinic normally opens at eleven oclock following the weekly Community Mental Health Team meeting. Zack was due for his depot injection that day but he arrived two hours early looking unkempt. The Community Psychiatry Nurse (CPN) and I went to talk to Zack and told him that we were having a meeting therefore he had to come back when the clinic opens. Zack said he wanted to have his injection early because he wished attend the Muslim celebrations taking place locally that day. He displayed signs of being mentally disturbed, talking and muttering to himself about apparently meaningless and strange things. Zack appeared to be very hostile and provocative with fluctuating thoughts. The CPN insisted Zack had to wait but he was adamant on receiving the depot immediately. Zack became increasingly agitated, pacing up and down, raising his voice shouting abusive words to us. Zack began to make treats of arson, claiming he had a knife. He suggested he would stab one of us if we did not adhere to his demands. As soon as he said that and having observed his behaviour, I was perplexed on the one hand the need to do something about this patient who was clearly unwell and in need of support and treatment, while also being mindful of the risk to both the CPN and myself. The CPN decided to minimise the risk by agreeing to give Zack his injection and getting him out of the building as quickly as possible. I felt this was a risky decision because if Zack did have a knife we were potentially placing ourselves in greater danger by engaging with him further. I pulled the CPN to the side I let my feelings known. The CPN responded by informing me that Zack did not have a history of violent or aggressive behaviour nor was he known to carry knives. I felt we needed to make sure Zack was not carrying any knives or sharps before we went into the clinical room to give him his injection. The CPN then asked Zack calmly and politely if he was carrying the knife at this point Zack produced a knife from inside his jacket. We followed the Trust policy for dealing with armed and dangerous patients that you must call for back-up; we pressed the alarm alerting other staff for assistance. The police were called and arrived very quickly they seized the knife Zack was also found to be carrying a screwdriver. He was taken to an acute admissions ward of a nearby hospital under Section 2 of the Mental Health Act (1983) for further assessment of his mental state. His family were informed but they seemed not to be concerned. Influencing Factors Family therapy involves the whole family in the treatment process based on the understanding that a particular symptom or group of symptoms, exhibited by a family member. Reflecting on Zacks relationship with his family it is important to note that due to their culture the family had negative attitude towards the illness and they felt it brought shame to the family. By educating the family, which is a major component of family therapy, it helps gain understanding into the illness, how they can monitor, support and supervise the patient which contributes to the development of insight and helps reduce risk of relapse and hospital admission. Fadden, (1999) cited by (Gillam 2002, p106) defines psycho educational interventions as those interventions where the patient and family members are seen together, where is acquisition component in addition to a didactic element where the primary aim is reduction of relapse in the patient It has been shown that those patients who have family who are willing to engage in the patients care in a supportive manner have an enhanced probability of maintaining stability in their mental state. Therefore, use of family therapy as a long-term psychosocial intervention reduces the risk of relapse, which is what happened in this scenario with Zack. Engaging with the patient is very important in providing care and monitoring people with schizophrenia and it would be very important for the patient and his family. The family also feel supported by the therapist who works with them to help develop an understanding of the illness and reduce their fear and misguided prejudices. As a nurse/therapist it would be important to understand effects of culture in this situation and try to bring awareness to the family that mental illness is very common and maybe show the family statistics on how many people live with mental illness. It would also be important to educate the family on understanding the improvement rate for people who engage into family therapy and benefits. Evidence based practice would be very important when working with this family as it shows proof that treatment can actually work and has been proven to do so in many cases. Family therapy has been found to be effective, as an adjunct to drug therapy in the management of schizophrenia Birchwood, (1994), therefore the family should monitor that patient is taking medication as required. By encompassing family therapy, psycho education it encompass the involvement and support of family members in the care of an individual Gillam, (2002) which is very important in this scenario. This helps the family gain understanding into the illness and accepts it even though this might be difficult due their cultural beliefs. Staffs are always at risk of aggressive patients and therefore there is great need for risk assessment. Clinical risk is concerned with the danger in which an individual might pose to themselves or others Gamble and Brennan, (2000). Research has identified that the occurrence of violence, arson and homicide depends on additional situational factors and their accumulation lead to increased risk. In this situation having observed the incident from the beginning, I observed Zacks escalating behaviour, presentation such as speech, voice tone, gestures and they determine a lot in ones mental state Gamble and Brennan, (2000). There are other precipitating factors leading to this incident such as the psychosocial environment and stimuli in this case the day of the depot coinciding with the celebrations. If it was a different day, maybe Zack would not been very paranoid and carrying a knife. Also the fact that staff could not meet his needs, it made him more aggressive and in a way no one would have known he was carrying a knife. Psychiatry nurses face importance of risk assessment due to the restrictions they have in searching people who they suspect to be dangerous. The fact that Mental Health Clinics have no enough security measures to detect people who bring in weapons, it increases the risk. Staffs are limited in the procedures of working with patients and it is illegal and unethical to go through patients things or searching them without their consent Thomas et al, (1997). Mental illnesses can manifest in a way that can cause distress to both the patient family and carers but with the help of such therapies as family therapy I recommend it. I believe that Zack could benefit more from it. This intervention has been proven useful by research in the management of schizophrenia Gamble and Brennan, (2000), therefore it is useful to use such therapies inform our care as part of evidence based practice. Rowland and Goss, (2000), writes about evidence based practice as the aspirations nurses should deliver care and therapy based on procedures that are known through research to be effective. Family therapy help the patient cope with their condition and improve their quality of life. Relatives and carers also benefit and by empowering the patient, the family members help the patient change their behaviour Slade and Haddock, (1996) cited by Gamble and Brennan (2000). Research carried out in the last twenty years on high Expressed Emotion (EE) by the Social Psychiatry Unit at the Institute of Psychiatry provided evidence of negative impact of high (EE) on the course of the family of a schizophrenic patient Gamble and Brennan, (2000 ). Families find distress in copying with the condition but they are also showed hostile behaviour by the sufferer and eventually become emotionally over involved. These developments led to the development of family therapy intervention. Family therapy reduces the effect of schizophrenia such as hospitalisation and relapse Ironbar and Hooper, (1989). If Zacks family was involved in care, this incident might not have happened. Family therapy also improves patients functioning and lowers the burden on the family. If one receives support from family, he is more likely to improve adherence to medication, less violent and lower negative family effect. A component of family therapy includes engagement of families and patients, behaviour, self-management, maintenance of skills, dealing with violence, risk management, assessment, cultural issues, over involvement and interpersonal boundaries, Gamble and Brennan, (2000). In Zacks situation all the above on family therapy would be helpful and it involves issue on culture hence Zacks family feels he is a disgrace to the family, which is part of their cultural beliefs. Making them understand the illness would be more helpful in coping with Zacks illness. Research has also found out that these psychosocial interventions are more useful than taking routine medication treatment and not only benefit patient, but also family carers and relatives Ironbar and Hooper, (1989). In helping this patient, this type of intervention should help him gain insight and doing individualised care with the nurse in the therapy it can be achieved. Gillam, (2002) suggests the importance of using drug treatment therapy in conjunction with family therapy for maximum benefit to the patient, family and carers. Reflecting more on this scenario, it brings out issues of concern and critical incident analysis would be very important to guide the whole reflecting process. Developing skills on reflecting enables one to learn more effectively from practice situation and identify what you have learned in practice John, (2000). There is also emphasis that reflection is related to a complex and deliberate process of conscious thinking about interpreting experience in order to learn from it. In this incident I used my knowledge on risk management to lower the risks Mental Health Nurses face in working with mentally ill patients. I was trying to minimise the occurrence of an event that would be dangerous. Considering the importance of critical incident analysis to analyse this scenario was because it gives me an understanding and appreciation of the whole Clinical Incident Analysis (CIT) process. I also chose family therapy because as noted before the family could offer a lot of help to the patient, but only if they can engage with the patient and understand the mental illness and how they can lower the fear and prejudices of living with somebody with a mental illness. Before this incident happened, I felt very nervous that being a student nurse involved in such a difficult situation. However, my feelings changed later when Zack was found to be carrying a knife. Having not emphasised on the nurse to check if the patient actually had the knife, this could have lead into someone getting hurt or even killed by the patient. This was also a learning process for me I learnt that besides taking medication like in this situation, the patient was on medication, there are other therapeutic interventions which can be used to lower the stresses in the family of a schizophrenic patient and help the patient manage and cope with his own illness. Critical incident analysis was very important in giving structure to the whole reflection process and gain appreciation to therapeutic interventions that nurses can use in managing schizophrenia. On the other hand I knew it was unethical and illegal to search this patient, but I felt in such incident, nurses should have the power to search thought to be dangerous or threatening to staff. Evidently, according to reports from Department of Health (DH) (2008), there has been an increase in the violent incidents involving staff working with patients with mental health problems. The issue of risk management, risk assessment is something not to ignore in Mental Health Nursing. Risk management is intended purpose of assessment process, reducing severity of identified risks though they vary over time and circumstances Gamble and Brennan, (2000). Gates et al (2000) identifies clinical risk assessment as an established tenet of Psychiatry Nursing treatment. The establishments of National Service Framework and Guidelines (DOH, 2008) have emphasised on practitioners on the importance of risk assessment. There have been a large number of tragedies and homicidal incidents involving psychiatry patients therefore there have been high expectations in considering risk assessment as a major tool in mental health nursing. Alternative Strategies In this incident I felt I had to remind the CPN on the danger Zack was posing to us, reflecting on practice Thomas et al (1997). This is achieved by assessing situations and judge how dangerous they could be or how best you can deal with them in a professional and ethical way. NMC, (2008) states that professionalism and accountability in all our practices and by being accountable, you have a good cause to justify your actions in this situation safety was a priority. In future if I face the same situation, I would act quicker and take precautions to safety in time. I would also use good interpersonal skills to try and talk to the patient. I would also use my knowledge of risk management and safety precautions since nurses have a duty to look after themselves as well as public, than just looking after the patient Stern and Drummond, (1995). I would also consider that when working with people with schizophrenia there is great need to engage into psychotherapy interventions, family therapy a priority adjunct to drug therapy. Conclusion- Learning In conclusion, the essay clearly considers the values of family therapy as a possible psychotherapeutic intervention to be used in the management of schizophrenia. It also gives appreciation of the whole process. The essay also demonstrates the importance of ongoing clinical supervision and the role of a Psychiatry Nurse. Evidently throughout the essay, it is clear that mental health nurses face a great risk in their day to day practices in working with mentally ill patients. Highlighted is the importance of reflecting and using Clinical Incident Analysis (CIT) process as a major tool to help the whole reflective process. The stages of Johns reflective cycle were used in the essay as it enabled the writer to identify the phenomenon. The need for risk assessment and critical thinking you are able to analyse and reflect on an incident and bring more sense to the reader. Word Count: 3294

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Aristotle's View Is life really about the 'money', the 'cash', the 'hoes', who has the biggest gold chain or who drives the shiniest or fastest car, who sells the most albums or who has the most respect? Aristotle challenges views, which are similar to the ones held and shown by rap artists such as Jay-Z and the Notorious B.I.G., by observing that everything in the universe, including humans, has a telos, or goal in life. He states that the goal of a human life is to achieve happiness or eudaimonia. I believe that Aristotle is completely correct in his reasoning of the purpose of human nature. He even explains how happiness is different for every person, and each different type of person has a different idea of eudaimonia. He then goes on to talk about how a person must do all things in moderation, not doing the excess but at the same time doing just enough. This idea, called the "golden mean of moderation" was the backbone support to Aristotle's idea of human telos because it concluded that living a virtuous life must be the same for all people because of the way human beings are built. Aristotle argued that the goal of human beings is happiness, and that we achieve happiness when we fulfill our function. Therefore, it is necessary to determine what our function is. The function of a thing, or its telos, is what it alone can do, or what it can do best. Like the function of the eye is to see, Aristotle declared the human being as the "rational animal" whose function...

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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