Definition[ edit ] Strategic management processes and activities Strategic management involves the formulation and implementation of the major goals and initiatives taken by a company's top management on behalf of owners, based on consideration of resources and an assessment of the internal and external environments in which the organization competes. Strategic planning is analytical in nature and refers to formalized procedures to produce the data and analyses used as inputs for strategic thinking, which synthesizes the data resulting in the strategy. Strategic planning may also refer to control mechanisms used to implement the strategy once it is determined. In other words, strategic planning happens around the strategic thinking or strategy making activity.
Kyrgyzstan Turkey Manas University E-mail: Entrepreneurship is basically the practice of starting a business in order to earn profit on new found opportunities. Entrepreneurship is a challenging task as many businesses which start fail to take off.
Entrepreneurship has many uncertainties especially when new products are created for which there is no existing market. Entrepreneurship affects economic growth in various ways.
It is through entrepreneurship that important innovations enter the market leading to new products or production process which eventually increases efficiency through bringing competition in the market.
This paper discourses the impact of entrepreneurship on economic growth. Ideas and concepts that emerge from entrepreneurs increase our knowledge and what consumers may prefer through introducing variations of existing products and services in the market.
This speeds up innovation of new products in the market as a result of the longer working hours and more efficient nature of entrepreneurs as their income is directly linked with their working input. Entrepreneurship leads to introduction of new goods with new quality and value.
Their innovativeness introduces new ways of production and new markets that have not been exploited. It is through entrepreneurship that new source of supply are discovered and creation of new business organisations that directly affect the economy. Creation of new business opportunities through entrepreneurship, productivity and innovation leads to economic growth.
This therefore means that when there is more entrepreneurship in an economy more growth is expected. Entrepreneurship, Economic Growth, Innovativeness 1. Although studies bringing forth this knowledge have rather been based on theoretical grounds, others have been drawn from drawn from empirical evidence.
It important to note that a significant amount of existing literature has been based on the 1 observation of firms, establishments and regions in terms of their economic performance, growth and survival. The facts that can be derived from these studies link economic growth with the size and age of the firm or an establishment.
According to Van Stel, Carree and Thuriknewly established firms and very small firms experience systematically faster growth compared to the already established larger firms.
The connection between entrepreneurship and economic growth measured in terms of performance of the firm has been extended even beyond observing the establishment to accommodate geographic regions. This paper discourses how entrepreneurship can be related directly economic growth and how entrepreneurship is at the heart of economic growth of any nation.
There has been a problem in defining and measuring entrepreneurial factors and this has further complicated the exact contributions to economic growth.
According to Carree and Thurikthe concept of entrepreneurship is multidimensional and largely ill-defined.
The best examples of these intermediate variables include innovation, competition mainly characterized by exit and entry of firms, variety of supply and particular energy and efforts of invested by entrepreneurs.
These conditions include personal traits, cultural and institutional factors as shown in Fig 1 below. Appreciating Entrepreneurship Conditions Personal traits, institutional and cultural elements Entrepreneurship largely multidimensional 2 Intermediate Linkages Innovation, competition variety and entrepreneurial efforts Economic Growth Source: Carree and Thurik This implies that linking entrepreneurship to economic growth will be to amalgamate individual to aggregate levels.
In this manner, novel products, production modalities, organizational schemes and product-market combinations are created.
The entrepreneurs seek to introduce their newly crafted ideas in the existing market in the face of obstacles and uncertainties. As identified by scholars such as Schumpeter, Kirzner and Knight, entrepreneurs can be termed as innovators, profit opportunists and uncertainties and risk takers respectively.
Schumpeter drew his attention to understanding an entrepreneur as an innovator. An entrepreneur according to Kirzner perceived profit opportunities. This role is what was labeled Kirznerian entrepreneurship. The last role of an entrepreneur is that of assuming the several risks and uncertainties which may be associated with running a business.Issuu is a digital publishing platform that makes it simple to publish magazines, catalogs, newspapers, books, and more online.
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Describe how you would use the balanced scorecard to help support your understanding of how to make your resource based strategy work in the company. Develop a strategic HRM policy for Ryanair. Your policy should include critical evaluation of the various models of strategic HRM in relation to the Ryanair business strategy.
If you are interviewing for a creative role and you have enough experience to create a portfolio of your work, you may be asked to bring it with you to the interview, and to have an in-depth discussion about the pieces you have chosen to include. Our friendly customer service team are on hand for whatever you may need.
Please enter your details and we'll aim to call you back within your requested time frame! (Please note: phone support is currently available in English only.) We take your instructions to tailor an awesome essay just the way. You do best in your profession and your personal life by doing well with respect to your capacity and values rather than trying to do better than another person or organization.
Judge your success by what you had to give up in order to get it.