Entrepreneurship

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Entrepreneurship New venture creation David H. Holt james Madison university ‎Hall of 10‏ اي 

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Part one “oN Entrepreneurship and free Enterprise O Part one provide an overview of entrepreneurship and the concept of starting new venture. Chapter one is a foundation chapter that defines entrepreneurship and describes entrepreneurial characteristic. The chapter also addresses small business and corporate entrepreneurship, focusing on contemporary issues of new venture development. 

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Part one “oN Entrepreneurship and free Enterprise O Chapter 2 introduces the concepts of creativity and innovation, describing how entrepreneurs recognize opportunities and translate ideas into commercial venture. It also identifies common myths ascribed to entrepreneurs and provide real- world examples of successful entrepreneurs. 

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Part one ‏ره‎ Entrepreneurship and free Enterprise O Chapter 3 addresses small business and corporate entrepreneurship , differentiating between them and the world of high- growth new ventures. The chapter also explores particle consideration for family- owned and personal service business and explain how corporate entrepreneurs reconcile their careers with their entrepreneurial aspirates. Chapter 4 introduces a model for planning a new venture. This model became the foundation for the remainder of the text. 

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21 “> Entrepreneurship and New venture Opportunities Objectives 1- describe how entrepreneurship evolved from economic theory. 2- explain entrepreneurship and characteristics of entrepreneurs. 3- discuss small business as a dimension of entrepreneurship. 4- describe the concept of corporate entrepreneurship. 5- explain how entrepreneurship has influenced economic development and productivity recent years. 

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‎and New venture Opportunities‏ ی ‎O The concept of entrepreneurship has been around for a very long time, but its resurgent popularity implies a ‎sudden discovery. As if we had stumbled onto a new direction for American enterprise. America was discovered by entrepreneurs and nourished by entrepreneurs, and the united state became a world economic power through entrepreneurial activity. They are inspired people, often adventures, who can at once disrupt a society and instigate progress. They are risk takers who seize opportunities to harness and use resources in unusual ways, and entrepreneurs will thrust us into the twenty-first century with a thunderous roar. ‎ ‎ 

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AN entrepreneurial perspective O Entrepreneurship is one of the four mainstream economic factors: land, labor, capital, and entrepreneurship. early references to the entrepreneur in the 14 century spoke about tax contractors- individuals who paid a fixed sum of money to a government for the license to collect taxes in the region. Tax entrepreneurs bore the risk of collecting individual taxes. O Entrepreneurship was a common topic in economic essays for much of the 18" and 19" centuries. Notable early French, British, and Austrian economists wrote enthusiastically about entrepreneurs as the change agent of progressive economics. 

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۱ Enterpnse linvestme ۳ *| mation acks and _ || Entrepreneur sells ‘ransport farm 3 produceto —__‘|| at uncertain prices. market. alse early view of entrepreneurial behavior 

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قال ار 7 Priori ty Delivered bal value use 

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Profile Henry Ford O Starting a decade after most automobile manufactures had been established in the united state, Henry ford created the manufacturing miracle that launched a modern era in industry. His genius was in engineering an assembly line process, and his process was an historic innovation. Ford reversed the fundamental way things were manufactured. during his lifetime, ford instituted more than a thousand innovations, and at one time he had more ford automobiles on the road than the rest of the worlds manufactures combined. 10 

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Who is an entrepreneUf? O With a definition in mind, we still have trouble identifying entrepreneurs, finding them , or determining what they do. Is the local gas station owner an entrepreneur? Are there entrepreneurs in corporations? In schools? In government? There are no short answer to these question, and there are no formal guidelines for classifying entrepreneurs. There is no entrepreneurial licensing procedure and no evidence of professional status. O tn an effort to understand better. Researchers have sought to define traits common to a majority of individual who start and ventures. john Hornaday of Babson college was among the first to use surveys and intense interview to develop a composite list of entrepreneurial traits. these are summarized in exhibit 1-1. 11 

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Exit 11 characteristic of Successtul entrereneurs Energetic and diligent Creative, need to achieve Dynamic leader Responsive to suggestion Resourceful an persevering perceptive with foresight Responsive to criticism 12 Self- confident and optimistic Able to take calculated risk Respond positively to challenges Flexible and able to adapt Knowledgeable of markets Able to get along well with others Independent minded Versatile knowledge 

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erent, Smal business, and Corporate ۳ سس ‎THE TERM ENTREPRENEUR MAY BE PROPERLY APPLIED TO THOSE WHO‏ ‎INCOBATE NEW IDEAS, START ENTERPRISES BASED ON THOSE IDEAS,‏ ‎AND PROVIDE ADDED VALUE TO SOCIETY BASED ON THEIR‏ ‎INDEPENDENT INITIATIVE. HOEVER, INDIVIDUALS who simply substitute‏ ‎income by leaving jobs to operate local stores or independent service‏ ‎business are described as SMSLL businessperson. The person who‏ ‎establishes a fast- food franchise chain is called an entrepreneur, but the‏ ‎local restaurant owner is called a small business person. The small‏ ‎business person may exhibit these characteristic, but only coincidentally,‏ Corporate entrepreneurship, sometimes referred to as entrepreneurship, is concerned with innovation that leads to new corporate divisions or subsidiary ventures in established, larger firms. The concept of entrepreneurship does not exclude managers in large organization from being entrepreneurs if they combine resources in unusual ways to create innovative new products or services. 13 

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La Perspective On Small Business O During the small 1970s small business created more than 6 million new jobs for Americans. At the same time, fortune 500 firms cut employment by nearly 10 percent, for a net loss of more than a million jobs. During the first half of the 1980s, new jobs form small business enterprises eclipsed the gain of the 1970s, and today, more than 16 million small business account for approximately 97 percent of all non farm business . Between 1980 and 1987, 66 percent of all new jobs in the united states were in firm with fewer 1000 employees generating less than $10 million in annual sales. Figure 1-3 illustrates these relative changes. 14 

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‎Wayne ۳‏ الا اام ااا ‏اال ۱۸۱۸/۹/۵۱ ‎O New jobs in the united state(*1000) ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎LT ‏نأا‎ ‎ ‎ ‎-200 ]- ‎year 1970-1974 1975-79 1980- 1984 1985-1989 15 ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ 

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Defining Small Business - O According to the small business administration, a small business is one that does not dominate its industry. SBA uses these benchmarks for evaluating loans and providing business assistance. Fast food franchises, such as McDonalds, generate million in sales with only a few employees. On the other hand, firms with several thousand workers may have low sales volume. In general, small business seldom dominate their industries and rely on filling a “niche” in local or regional markets. 16 

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Defining Small Business, O Family enterprises are locally owned and operated, often by one person called a sole proprietor. Proprietors may have started their business in an effort to supplement or replace family income. Many are services based firms that rely on an owners skills. types of businesses that are family owned vary widely and can include retail stores. in the absence of a successor, the life of a venture is limited to the working life of its founder. succession is a serious problem, and successful business owners often must resign themselves to dissolving their firms. 17 

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Defining Small Business ee O Personal service firms rely crucially on unique skills of their founders or key employees. in most instances, the business is the person, and succession is unlikely unless a son or daughter develops comparable skills. many of enterprise become quite large and are distinguished from smaller personal service firm by their growth characteristic. 18 

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ps of smal business: Advantages and Disadvantges disadvantages Family liability for the business, unsure succession Personal liability and lack of secure income with out clear succession Less freedom and adventure than others , contracted to franchisor for services and royalty lease payments advantages Offers economic independence, promotes family unity Offers personal freedom and use of talent and skills for personal growth Franchisor provides most business start up needs with relative income security type Family enterprise Personal service firm(psf) franchise 

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Profile O Century 21 O Based in Irvine, California, century 21 is the worlds largest real state organization. with more than 6,700 franchised office in the united state, Canada, Japan, and great Britain, the company generates $50 billion annually in world revenue. Century 21 plans to open an additional 500 units in England, Scotland , Wales, and northern Ireland, and 800 units in France, Belgium, Luxemburg, Switzerland, and the Netherlands during the early 1990s. By awarding sub franchises territories or major regions to one substantial franchisee, century 21 has created a global network of expanding enterprise, each capable of opening new location and managing growth. 

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O Discuss why many new ventures start small and remain small. O Define personal service firm, and describe three that you frequent. O Distinguish between a franchisor and a franchisee. 

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“~~ Document preparation productivity changes with ne tect | | | | | | | | | | lectronic Word processing memory system system 

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Incubation: Verification Preparation: Idea germination : 

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Results in new knowledge Results in new Or processes Products, services IThe creation of| Something new The transformation Of an idea or Resources into Useful applications Invention versus innovation invention innovation 

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Denes An oven application To provide: Value to customers Reward for employees Revenues for investors Satisfaction for founders | Commercial implementatio! To accomplish: Organization Product design Manufacturing services Organizing 1 resources To obtain: Materials Technology Human resources capital Analytical planning To identify: Product design Marl strategy Financial need 

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(1 innovation <~ Key people in technological innovation 

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repreneurship And Free Enterprise Electric Technologic in: Electricity Adding Ftectronic vacuumec (2880s) Machines Tubes (19205) switching devices Electromechanical Rays and control lVacuum tube| Electronic Mechanical = ‏لدم‎ ‘Computer ‘Adding Binary input/output (19595) 0 System ‘System i (1890s) (1940s) imid- 1880s} Knowledge in; ‏مس‎ ‎Artificial language Hollerith Code (1890s) ‘Transistor semiconductor languages process system Digital system data storage memory system technology Mainframe system, and supercomputer Evolution of the electronic computer 

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۷ ۳ Family ‏مس‎ ‘succession roprietorshi| ‘Owner retires Or quit incorporates Partners retire Or quit New venture Start-up partnership sold merged ‘New corporate formation Business acquired Possible changes in new venture status Goes bankrupt Or terminat failed »| corporation 

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La Small Business And corporate Entrepreneyrship: contrastig Enterprise 

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Me his essa crate enters con stn ce 

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Entrepreneurship And ree Enterprise COMPANY BULLDS TO MARKET COAST SAVING=11% INVESTORY OVERHEAD(7%) MATERIAL PURCHASES(31%) MANUFACTURING LABOR AND PERSONAL COSTS (33%) ADMINISTRATION, SALES, AND INDIRECET COSTS(33%) COMPANY BULLDS TO INVESTORY INVESTORY OVERHEAD MATERIAL PURCHASES (34%) IMANUFACTURING LABOR (AND PERSONAL COSTS (35%) ADMINISTRATION, SALES, AND INDIRECT COSTS(20%) Relationship of inventory costs to total costs. 

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>>| Hardware software for smi Office system stand-alone retail system for home or office Office network |__| systems for multiuse environments Creates [Educational services in] Compute distinct [primary and secondary| rretailer | competency in lsystems: selected niche 2220019275 |__| management software |__| Professional services system and support Hardware reseller Tor } discount import. systems: Niche markets for computer - related retailers 

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La Staged: Formal team phase Corporate support Provides budget And mandate for team To pursue formal Development Of innovation Stage3: Bootleg phase Working informally ‘Team proposes idea To organization For formal Development ‘And support Stage2: Network phase Innovator seeks advice ‘And support form Colleagues to Develop the idea Stagel: ‏لب]‎ ‎Solo phase Individual nurtures idea To establish feasible Innovation to develop 

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555 210 0002 0 Stage2: Feasibility development Idea generation by innovator [Development team initiates} Stage2 with budget ‘And company support Feasibility Plan developed [Corporate review by| ‘Committee on Product innovation Project ° لا Project approve For stage2 With team assigned Ai 9 all DUST ص[ stagel: initiation 1 ‘Ad hoc team develops Preliminary model ۱ Initial proposal written Corporate review By ‘Committee on vation product inno denied 

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sage Project transferred To corporate For normal processing Corporate development Ensues; innovation |_| Team members Return to posts Project introduced to ‘Corporate R&D WITH TEAM control 

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rapier 4 ۳۵ 1 

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Later growth stage The evolution of a lVenture into a large| Company with active ‘Composition in an Established industry Early growth | _, stage A period of often rapid Development and growth when the Venture may undergo major change: in markets; finance, and Resource utilization Start-up stage The initial period of Business when the Entrepreneurs must Position the venture lin a market and make Necessary Adjustment to Assure survival pre-start-up stage The period during Which entrepreneurs| [Plan the venture and| Do the preliminary Work of obtaining Resources and Getting Organized prior to Start-up 

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What is the purpose of the venture? Business concept What does the entrepreneur want to ‏ان‎ = ‘Accomplish with business? N Product research: is the product or service feasible? Market research: who will buy? where are they? What competitors exist? Product-market study Financial projections: what cash is Financial Needed? How will income be generated? planning *|What expenses are expected? What is invested?| Borrowed? nat is needed to meet operating requirements’ N Getting ready to start: the entrepreneur Must find resources; purchase beginning inventory |Hire throes needed at start-up and obtain necessary licenses Pre-start-up implementation Pre-start-up activities 

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0 QO Sales: to attain monthly sales volume as projected at prices ——_—_—_—_—— ‏یی‎ O projected in feasibility plan. To achieve projected sales mix of projected and services as summarized In feasibility plan. Revenue: to achieve cash flow with in budget based on sale volume and price projection. To meet targets above variable costs with appropriate operating margins. Growth: to realize incremental growth within seasonal pattern of forecast. To maintain balance of growth with ability to underwrite inventory. Position: to solidify a long-term in a appropriate markets as a result of adaptation during start-up 

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Sales increase rapidly as New products gain Wide acceptance in new markets Incremental growth is Within a comfort zone of The ventures resources and Owners profit objectives. Sales increase slowly Because of the Nature of the Product or the limited market و ‎CII‏ زا 

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Chackpoint O Describe the four stage in the growth model and how they differ. O Explain five set of activities essential during the start-up-stage. O Define growth continuum and contrast new venture activities at the polar extremes. What is the ‘comfort zone’ in the continuum? 

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Venture Describe the propose and nature of defined The business juct of or service to Be sold Market Icharacteristic Describe market size and location and customers Entrepreneurial team — Describe the founders key people And their roles. = Describe estimates of revenue and expenses Founders, debt , and capital needed. مص ان ما او Financial ‏مه‎ | 

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Or service will be positioned in growth Markets. Js, discount, quantity and —_| Strategy of combining appropriate uses Of public relation, advertising, displays, Events, demonstration, personal sales, etc. Ise of market channels, including retail, catalog, Personal sales or other ‘Approaches. Quality and relativity , use and how the product Description of service-after-sale policies, repair] Service and product warranties, Define leadership roles, Persons responsible for marketing and sales. 7 ۳ of marketing plan 6 tS Product or service Pricing ‎ives‏ سا ‎ ‎Promotional ‎mix ‎ ‎ ‎Distribution ‎channels ‎Service and warranties ‎ ‎Marketing ‎leadership ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ 

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La LET DUN RIRS. Describe Assumption Market niche for Positioning firm Pricing approach Used in plan. Distribution or Method of Making a market Analyze Competitors Existing competitors With similar or Services Evaluate Markets Future markets and Trends for changes Window of Business opportunity Niche position Information, Identify Potential Customers Demographic profile ‘Characteristic of Customers, age Income, ete. Buying habits and Relevant Information for new venture. 

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SYNOPSIS FOR LEARNING 1-Describe the marketing concept and its relevance to new ventures 2-Explain marketing research in terms of pre_start up planning 3- Describe primary sources of market research information 4- Describe the five forces of a competitive analysis 5- Discuss the major implication of market research for entrepreneurs 

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Objective ما له با نم نم مخ موی با و لو تا حتف Qesoribe wa expanded view oP a powpaey's product Cxphita how detrbutod ts pat oP ‏مه بووین‎ ‏و‎ he odewertes of prowoiras. Oxkkese he power oP prick wih respent to ‏جح سنج‎ 2 ۵ ۵ 5 ۵ ۵ 

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Marketing function 1- product 2- distribution 3- promotion 4- price 

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La Figure 9-1 Elements in marketing strategy Define marketing responsibilities Product development Distribution channels Promotion mix Pricing policy Strategic Marketing | Marketing objectives |——*| objective plan Marketing Marketing research program Allocation 200 Of resource Marker. ["]_ Implementation Feed back Of program 

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1- Product concepts 1- Consumer Goods: “convenience product * shopping product specially product 2- Industrial Goods: “direct materials * indirect materials * capital assets * contracted services * MRO product( stand for maintenance, repair, and operating. 

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La Figure 9-2 classifications of consumer goods Essential services Having intangible Value; consumers May avoid; Life insurances Legal services, Funeral services, Family and estate Planning Expensive items with Unique characteristics ; few competitors or Substitutes: fashion Clothes, antiques , luxury vacations, jewels Major items or Services vices with Higher margins and ‘Competitors ; Differentiated product And services: furniture, VCRs, microcomputers Commodities or Common services; low margins and many Competition: tooth ; pasts, soap, Soups, cereals 

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La Figure 9-3 classifications of industrial Goods Direct Indirect: Capitat materials materia ascats Raw materials, parts, subassemblies, and i ‏فح مساوق‎ Facilities and ‏ی‎ aires supplies used inthe | equipment of all types, ۳ Process of conversion| _| often requiring major ‏روما‎ ‘Or manufacturing: Financing: building, stitutional 1 Robotics, Buyer: metals blots, Engines, resins, microchips lubricants, packaging| computers 

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کم Figure 9-3 classifications of industrial Goods 

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باط -2 OP ectrepreveuss kave dePiced thet- 2۳ ‏.اه بیبح سا لاله میشاب‎ luxury ‏ها وه‎ toieaded Por spevtdiy workets vad high-tasowe couuvers wil ut be oP Pered through u discount choccet 

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La Matching markets with products and services Effective distribution strategies will define channels that complement products and service characteristics. entrepreneurs , therefore, must consciously select ways to position their venture through market channels that match expectations of consumers with characteristics of products and services. There are three strategic categories for distribution called: 1) Intensive Distribution systems 2) Selective Distribution systems 3) Exclusive Distribution systems 

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Channel of Distribution 1- consumer channels: the first of four alternative consumer channels is direct link between manufacture and end customers 2- Industrial channels: industrial marketing channels exist between two or more institutions or companies. 

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کم Figure 9-4 consumer Distribution channels | ‏سس‎ | factory_direct sales consumer factory-directly to merchandiser, ‎catalog company telemarketer ۳3 ۳‏ تس ‎factory to wholesale , contract distribution, reprehensive, ‎ ‎ ‎factory to exporter, importer exclusive ,agent , freight broker ‏و وس و ۳ - ‎ ‎ 

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کم Figure 9-5 Industrial distribution channels Alternative channel Alternative channel Alternative channels 

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3- promotion Vke role oP prowoiicd ts to Pociitae exckooes ‏وراه‎ ‎prysizdice ved ther nsiowers. Oowwerrid euierprses ae powered wil Porwiey cleus 0 boul ter services; und wt ‏تمس امرس‎ west bet their poostiueds koow wht they do. dPPerect pes oP ederprises wil kwe dicot Prowsiood wines uiliztocy ‏سم اه زیون و‎ wetkods. Or wil desorbe these wetods vad address the coup oP ‏مه‎ ‎ePPevive prowviicod wh. 

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Advertising ‎Prow oP kopersond broadrartny‏ هت مق ‎The pervs‏ ,لین وی موی یمتا ‎b xbertotey boca ty to‏ ] ‎owe Prow tro punches our dy hero.‏ ‎Phere oF two opprowhes tp adbertotoy. Pret, a cowpony wll ry 9) prod through « dsirbutos systew by Pirtoy Porwutod sabes troudk wer weds. ‎The veoodd ‏و موی‎ a ph sete where advertotay & drevied toward oor chareel wewber ‎ 

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La Figure 9-6 promotion mix for pull and push strategies Publlelty Producers seek major publicity To enhance Product and company images Local stores and dealers seek Community publicity foe) Retailer initiates personal selling as Customers are pulled in to store and dealers ايام 300 0 Producer initiates sales Promotion for Retailer , incentives For distributors ascot) Emphasis on producer who! pull’ consumers Through national ads Support of advertising For retailer to attract, Local buyers. 

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La Figure 9-6 promotion mix for pull and push strategies ی ‎|Producer may seek‏ ‎Publicity for‏ ‎limage and support|‏ ‎Of brand, but‏ ‎Retailer initiates‏ ‎Active publicity‏ ‎effort‏ | Retailer emphasize Personal contact With customers to Anchor sales Promotion ; no involvement by promotion push system Caer elu Producer supports Retailers but Does not directly Offer sales Promotion jretailer Initiates main Sales efforts Berean) Producer allocate Advertising budget To emphasize retail Effort retailers emphasize ads to Attract customers 

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4- Whe prive vee pos Por ‏موه عل ع الم وه‎ vodue, ond the price vee ‏رو عون‎ coupled wits "previa io rewword risk tobtay. rives are koows by vier caves, tochidtay Pores, Pees, titeresis , fips, tulioa, ‏لو‎ ۰ 

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کم Figure 9-7 pricing to maintain margins Factory-direct 59.95-4.00= 

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Marketing strategies Q®s dePioed eater, 0 worhetny struew is 0 pooSiNey ‏فجن رنه وه زرا مجح ما موم للم و(‎ wil 

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Strategic objective Growth. Growth is measured through sales activities and should be expressed in term of sales dollars or units sold. Profitability. Every commercial enterprise will have profit objectives, but these can be expressed several ways. Customers service. An essential objective is to define how the enterprise will serve customers. Human resources. In addition to the personal aspirations of founders, most excellent companies have human resource objectives such as helping employees improve their career opportunities, or improving performance through job skill training . 

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Figure 9-8 common start-up strategies Concentration Focal product, services, or Dred ep ‏ری‎ ‎Line of merchandise markers Segment or niche Concentric diversification Of products or services New product or services | | Directed to same market Focal product, services, or ‏و ادكه لمحا‎ Segment or niches Line of merchandise Those initially As those initially ‏بای سیم‎ offered Concentric diversification Of markets or customers Focus of products, New markets segments Focal product, services, or Services, or line of Opened through Line of merchandise Merchandise is expanded Maintained [Rang of customers, niches 

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Synopsis for learning d- TdeatiPy ced describe the worketoy Puostioas trot ©- Orsonbe wo expanded view oP a powpaay's product. 9- Caplan how disiibuios is port oP ‏بجاو‎ ‏جمس اص وح خأو‎ 

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Synopsis for learning @- TdediPy ond ‏وا جوم‎ votewpries oP provwotiod. S- Oddress the power oP prictay wis respect to Vew vevture. 9- Ogsorbe te privay woul sirdeses ‏رام‎ ‎by edtrepreveurs. >2- ‏ودب ها مهار‎ eleweus oP a workettay pho. 

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Ckapter 0 international markets: New venture opportunitities 

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Objective (- Oesoribe changes to (Gurvpe thot provide ppportuaiies Por dobal trade. ©- Cxplaia why the pariPic ries is ported to Puerco busicess. 9- Cxploic how ‏وه موم هه‎ fovolved ict exports ‏وی له‎ و 4] 9- ‏له موه ام موه مه با ایو‎ help ot DUPrseUs ‏وی له و۱7‎ 

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Figure 10-1 The importance of trade 

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Direct Exporting as a form of going International ا 

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Figure 10-3 indirect exporting as a from of going international 

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کم Progressive stages of international involvement یج( Low licenses franchises __joint ventures wholly owned subsidiaries minority majority branch production owner owner office _ facilities 

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La Exhibit 10-1 Essential provisions of soviet joint venture regulation + JVs have the status of legal entities under soviet law and will operate independently on the basis of their own operating budgets and financing. “JVs must be approved and registered with the state on the basis of a negotiated agreement between the partners * land, mineral rights, and water and forest resources are leased to the JV by the state . ~ the JV statutes are by partner agreement and determine the aims of the venture , its location , the participants shares, the assets, the administrative structure , and priority in liquidation. 

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share of assets is determined in rubles based on agreed prices related to world markets with currency converted at official exchange rates. Equipment and materials contributed by the western partner are duty-free. JVs may conduct import and export operations and participate in domestic markets. all foreign currency expenditures by the JV must be based on internally generated currency from foreign sales or other such means. JVs may apply for financing on commercial terms from soviet banks in both hard currency and rubles. 4 ate 

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franchising Croachistoy is 0 wethod oP doiog bustcess by whick o Proochiser is qrocied the right i oPPer sell or distribute yoods Dr services umder u systew oreued by the Proackisor . Gpevidly, Proochistoy is 0 special Pore ‏دكا رتسا اه‎ ‏رورم‎ rights tou busiuess powwept. 

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Joint ventures Moving up the scale of international involvement, entrepreneurs can pursue joint ventures with foreign companies. A joint venture is a shared ownership by two or more organizations in which the investors have an equity investment in separate enterprise .the crucial point here is that unlike a license or franchise that seldom requires direct investments, the joint venture requires specific equity investments by all parties. 

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La F ig ure 10-5 pattern of joint venturing in peoples republic of china 

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La The foreign environment of business Services and their counterparts in manufacturing and merchandising have several things in common. They must take in to consideration cultural, legal, political , and economic characteristics that exist overseas. No one can simply transplant a domestic business in to foreign environment without adjustments. 

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Figure 10-6 Environmental factors influencing decisions to go international Decision to export ۱0۲ invest in foreign [Business operation: 

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La What legal requirements must be satisfied Entrepreneurs must determine licenses requirement in the united states and for the host foreign country . For example, u.s. export regulations are quite specific that any one involved in trade must have one of two types of licenses : General licenses Validated licenses 

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Figure 10-7 general and validated licenses for alidated licenses| exporting General licenses 

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Synopsis for learning 1- describe changes in Europe that provide opportunities for global trade 2- explain why the pacific rim is important to American business 3- examine how entrepreneur can become involved in exports and imports. 4- identify ways entrepreneur can go international with investments. 

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Synopsis for learning 5- describe how entrepreneur would find more information and help on overseas opportunities and exporting naryam shawakh,farnaz shahmohamadian 

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منرل. دكثر محمود احمديور داريانى