Entrepreneurship and Venture Management Summary

May 26, 2007 0 comments

Entrepreneurs need to maintain the same enthusiasm for management as they do for their idea if their vision of something different is to be successfully achieved in the long term. They need to motivate their associates and provide them with a vision of the new order to help them through the transitional process. Entrepreneur and organization need to achieve harmony, where transactions between all players produce a win win situation. Venture management skills, like entrepreneurial skills, develop through training and experience.

Entrepreneurs need to recognize and manage the benefits that drive other members of the organization to ensure they receive adequate opportunity to achieve them. But above all they need to identify and manage customer-valued benefits and make them readily available by channeling the organizations energy towards complete customer satisfaction. If the business satisfies a customer-valued benefit, customers will be prepared to pay to receive it.

The ability to spot the opportunity presented by the unfulfilled customer valued need is the archetypal entrepreneurial skill.

Effectiveness and efficiency in mobilising resources, while motivating and leading others to achieve complete satisfaction of customer valued needs is the acme of managerial skill. The organisation requires both entrepreneurial and management skills, without the one the other may not be required.

Posted by Lisa
Categories: Business Entrepreneurship

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