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Chapter 14 Strategies for Firm Growth ·          Internal Growth Strategies Internal growth stragies involve efforts taken within the firm itself, such as new product development, other product-related strategies, and international expansion, for the purpose of increasing sales revenue and profitability. 1.        New Product Development New product development involves designing, producing, and products as a means of increasing firm revenues and profitability. The keys to effective new product and service development, which are consistent with the material on opportunity recognition and feasibility analysis follow; a)        Find a need and fill it b)       Develop products that add value c)        Get quality and pricing right d)       Focus on a specific target market e)   ...

Chapter 13. Preparing for and Evaluating the Challenges of Growth ·          Preparing for Growth Most entrepreneurial firms want to grow, especially in the short term, growth in sales revenue is an important indicator of an entrepreneurial venture’s potential to survive today and successful tomorrow. These are 3 important things for a business to prepare for growth: 1.        Aprreciating the Nature of Business Growth The first thing that a business can do to prepare for growth is to appreciate the nature of business growth. Sometimes businesses grow at a measured pace and then experience a sudden upswing in orders and have difficulty keeping up. 2.        Staying Committed to a Core Strategy A firm’s core strategy is largely determined by its core competencies. 3.        Planning for Growth A business owner should step back and measure the...

Chapter 12. The Importance of Intellectual Property ·          The Importance of Intellectual Property Intellectual property is any product of human intellect that is intangible but has value in the marketplace. The four key forms of intellectual property is patents, trademarks, copyrights, and trade secrets. There are common intellectual property mistakes entrepreneurial firms make : A.       Not Properly identifying all their intellectual property B.       Not fully recognizing the value of their intellectual property C.       Not legally protecting the intellectual property that needs protecting D.       Not using their intellectual property as part of their overall plan for success There are 2 primary rules of thumb for deciding if intellectual property protection should be pursued for a particular intellectual asset; A. ...