1. What stood out in the reading?
Reading about Corning's Breakthrough Innovations since 1879 was interesting. I neither knew that Corning developed the glass envelope for Thomas Edison's lightbulbs nor that they developed a process for mass-producing television picture tubes.
2. Confusing aspect of the reading
Earlier in the reading, the author stated that an innovation is only something that creates value for the customer, but later he talked about business model innovations which only seem to benefit company operations, not end users. But, I suppose that having a more effective business model will allow the company to better satisfy customer needs in the long run. And I suppose this is what the author could have meant.
3. What two questions would I ask the author?
How do you know when it is necessary to innovate and better to keep with current production, and how do you evaluate costs and decide what route will be most effective at increasing profits? Does producing complementary assets yield more profit or creating new product all together?
4. Was the author wrong about anything?
The author stated that he disagrees with much of the writing on innovation today which supports radical innovation claiming it is the key to growth. The author rebutted that the vast majority of profits are created through routine innovation. Well, I think that radical innovation is what makes the biggest impact and can very effectively set one company apart from competitors, attract new customers, and support growth. While routine innovation does pretty much guarantee steady increase in profits, a major way for a company to get ahead of others is by radically innovating when possible.
Thursday, March 3, 2016
Week 15 Reading Reflection
1. What stood out in the reading?
I found it interesting that SKS's business strategy is based on entrepreneurial principles that are also used by Starbucks and McDonald's. Like these two giant companies, SKS standardizes its products and front-line processes in order to achieve profitability.
2. Confusing aspect of the reading
I guess one confusing aspect was how the company guarantees its customers a large market share. Little detail was given on how this is done.
3. What two questions would I ask the author?
How did you decided that a high volume approach was the way to go for your business, and how do you manage to provide high quality goods at such low costs even with high volume? How did you effectively communicate your business to the women so that they would accurately understand your offering and be sure to give their payments on time?
4. Was the author wrong about anything?
The article was about the personal business strategy of SKS Microfinance and what the company does to achieve profitability. So no, I did not particularly disagree with anything stated. I simply learned more and more about the company as I continued reading.
I found it interesting that SKS's business strategy is based on entrepreneurial principles that are also used by Starbucks and McDonald's. Like these two giant companies, SKS standardizes its products and front-line processes in order to achieve profitability.
2. Confusing aspect of the reading
I guess one confusing aspect was how the company guarantees its customers a large market share. Little detail was given on how this is done.
3. What two questions would I ask the author?
How did you decided that a high volume approach was the way to go for your business, and how do you manage to provide high quality goods at such low costs even with high volume? How did you effectively communicate your business to the women so that they would accurately understand your offering and be sure to give their payments on time?
4. Was the author wrong about anything?
The article was about the personal business strategy of SKS Microfinance and what the company does to achieve profitability. So no, I did not particularly disagree with anything stated. I simply learned more and more about the company as I continued reading.
Week 14 Reading Reflection ch. 3 and 4
1. What stood out in the reading?
I hadn't heard of the term "intrapreneurship" before, so it was interesting to learn about the infusion of entrepreneurial and large bureaucratic structures. Companies are seeking innovative talent now more than ever, and this concept easily lets them do so. As a result, companies are re-engineering their organizational structures and changing the way employees think as a whole. "Ecovision" was a new concept. I learned that this particular leadership style encourages openness and flexibility within the organization with attention to social demands that are constantly evolving.
2. Confusing aspect of the reading
Figure 4.1 "Classifying decisions using a conceptual framework" was a bit confusing following the different quadrants and layers within the inner circle.
3. What two questions would I ask the author?
Why did you say, "Today’s entrepreneurs are faced with many ethical decisions, especially during the early stages of their new ventures?" I would think that ethical issues would constantly resurface as the business grows and evolves. You said yourself, "continual conflict over the ethical nature of decisions is quite prevalent."
Why do you think that legal requirements typically follow behind moral standards of society? Are businesses more proactive in addressing these moral issues of society than is the law?
4. Was the author wrong about anything?
I don't particularly agree with rule 7 in table 3.1 "Rules for an Innovative Environment." The rule states, "expect clever bootlegging of ideas-secretly working on new ideas on company time as well as on personal time." I think a more effective way of getting workers to be innovative while still being productive on company time is set aside actual "innovation hours" where it is the employees' tasks to think of innovative ideas for the company. I don't think employees should be encouraged to innovate above all else because then other important business operations can become unfinished or carelessly attended to. Also, I think personal time should be personal time...not more work time. Having employees constantly innovate on their time away from work can backfire on in-office work time due to fatigued employees and low morale.
I hadn't heard of the term "intrapreneurship" before, so it was interesting to learn about the infusion of entrepreneurial and large bureaucratic structures. Companies are seeking innovative talent now more than ever, and this concept easily lets them do so. As a result, companies are re-engineering their organizational structures and changing the way employees think as a whole. "Ecovision" was a new concept. I learned that this particular leadership style encourages openness and flexibility within the organization with attention to social demands that are constantly evolving.
2. Confusing aspect of the reading
Figure 4.1 "Classifying decisions using a conceptual framework" was a bit confusing following the different quadrants and layers within the inner circle.
3. What two questions would I ask the author?
Why did you say, "Today’s entrepreneurs are faced with many ethical decisions, especially during the early stages of their new ventures?" I would think that ethical issues would constantly resurface as the business grows and evolves. You said yourself, "continual conflict over the ethical nature of decisions is quite prevalent."
Why do you think that legal requirements typically follow behind moral standards of society? Are businesses more proactive in addressing these moral issues of society than is the law?
4. Was the author wrong about anything?
I don't particularly agree with rule 7 in table 3.1 "Rules for an Innovative Environment." The rule states, "expect clever bootlegging of ideas-secretly working on new ideas on company time as well as on personal time." I think a more effective way of getting workers to be innovative while still being productive on company time is set aside actual "innovation hours" where it is the employees' tasks to think of innovative ideas for the company. I don't think employees should be encouraged to innovate above all else because then other important business operations can become unfinished or carelessly attended to. Also, I think personal time should be personal time...not more work time. Having employees constantly innovate on their time away from work can backfire on in-office work time due to fatigued employees and low morale.
Week 13 Reading Reflection ch. 14
1. What stood out in the reading?
Reading about the importance of an LOI was interesting. I wasn't informed on the difference between a term sheet and an LOI before. Reading about the development of Dubai was also interesting. By diversifying the clientele of it's large development companies, Dubai's economy was able to continue to grow.
2. Confusing aspect of the reading
The checklist for analyzing a business was a bit long and hard to follow. One must check the business history, the market and competition, the sales and distribution, manufacturing, physical facilities, ownership, financial information, and management.
3. What two questions would I ask the author?
What are the most important elements to look for when analyzing a business? What do you think is the most effective venture valuation method?
4. Was the author wrong about anything?
There wasn't anything in this chapter that I questioned or disagreed with. Apart from maybe not placing such a high importance on the order of the steps in analyzing businesses operations, the steps themselves seemed logical and well thought-out.
Reading about the importance of an LOI was interesting. I wasn't informed on the difference between a term sheet and an LOI before. Reading about the development of Dubai was also interesting. By diversifying the clientele of it's large development companies, Dubai's economy was able to continue to grow.
2. Confusing aspect of the reading
The checklist for analyzing a business was a bit long and hard to follow. One must check the business history, the market and competition, the sales and distribution, manufacturing, physical facilities, ownership, financial information, and management.
3. What two questions would I ask the author?
What are the most important elements to look for when analyzing a business? What do you think is the most effective venture valuation method?
4. Was the author wrong about anything?
There wasn't anything in this chapter that I questioned or disagreed with. Apart from maybe not placing such a high importance on the order of the steps in analyzing businesses operations, the steps themselves seemed logical and well thought-out.
Week 12 Reading Reflection ch. 13
1. What stood out in the reading?
It was interesting to learn that entrepreneurial actions and strategic actions overlap in creating wealth for businesses. I also found the entrepreneurial strategy matrix interesting in that it measures a business's level of risk and innovation.
2. Confusing aspect of the reading
Following the strategic management process map was a bit confusing. Seeing how strategic inputs affect strategic actions which affect strategic outcomes and provide feedback was pretty elaborate.
3. What two questions would I ask the author?
Since a lack of planning often results in poorly executed new ventures, would you recommend a business continuing with current ventures and procedures until adequate time, knowledge, expertise, trust, and costs are sorted out among employees or leaping into new ventures with the help of outside sources that can provide these missing qualities?
Does there come a point where strategic planning wouldn't pay off as well as it could in other condition and circumstances? What would you suggest business do in these cases in terms of starting new ventures?
4. Was the author wrong about anything?
The author stated that "the actual execution of a strategy is almost as important as the strategy itself," but I would have to say that the execution is more important than the planned strategy. Without action, there is no use for a strategy. Also, strategies are ever-changing due to various factors in the market place. While having strategies are good guidelines, a company is most successful with a strong workforce who can execute efficiently and effectively, while realizing that deviation from the plan is sometimes necessary in order to receive the most beneficial outcome for both the business and its stakeholders.
It was interesting to learn that entrepreneurial actions and strategic actions overlap in creating wealth for businesses. I also found the entrepreneurial strategy matrix interesting in that it measures a business's level of risk and innovation.
2. Confusing aspect of the reading
Following the strategic management process map was a bit confusing. Seeing how strategic inputs affect strategic actions which affect strategic outcomes and provide feedback was pretty elaborate.
3. What two questions would I ask the author?
Since a lack of planning often results in poorly executed new ventures, would you recommend a business continuing with current ventures and procedures until adequate time, knowledge, expertise, trust, and costs are sorted out among employees or leaping into new ventures with the help of outside sources that can provide these missing qualities?
Does there come a point where strategic planning wouldn't pay off as well as it could in other condition and circumstances? What would you suggest business do in these cases in terms of starting new ventures?
4. Was the author wrong about anything?
The author stated that "the actual execution of a strategy is almost as important as the strategy itself," but I would have to say that the execution is more important than the planned strategy. Without action, there is no use for a strategy. Also, strategies are ever-changing due to various factors in the market place. While having strategies are good guidelines, a company is most successful with a strong workforce who can execute efficiently and effectively, while realizing that deviation from the plan is sometimes necessary in order to receive the most beneficial outcome for both the business and its stakeholders.
Week 10 Reading Reflection ch. 11
1. What stood out in the reading?
I was familiar with almost all of the information in this chapter because I've already taken financial and managerial accounting classes. However, I wasn't necessarily familiar with investing activities, and I learned some new information here. It was interesting to learn how long-term investing activities affect cash flow. I also learned quite a bit about pro forma statements that I didn't know before.
2. Confusing aspect of the reading
In "entrepreneurship in practice: watching your accounts receivables" the author made a statement that entrepreneurs sometimes have to "take on credit cards" that charge high interest rates so that they can keep their business running. I am just a bit confused on what the author meant by this statement. Are the business owners requiring their customers to use particular credit cards that have high interest rates? Or are the business owners charging their customers extra to use credit? Both? Also, understanding horizontal analysis and vertical analysis was a bit confusing.
3. What two questions would I ask the author?
I was familiar with almost all of the information in this chapter because I've already taken financial and managerial accounting classes. However, I wasn't necessarily familiar with investing activities, and I learned some new information here. It was interesting to learn how long-term investing activities affect cash flow. I also learned quite a bit about pro forma statements that I didn't know before.
2. Confusing aspect of the reading
In "entrepreneurship in practice: watching your accounts receivables" the author made a statement that entrepreneurs sometimes have to "take on credit cards" that charge high interest rates so that they can keep their business running. I am just a bit confused on what the author meant by this statement. Are the business owners requiring their customers to use particular credit cards that have high interest rates? Or are the business owners charging their customers extra to use credit? Both? Also, understanding horizontal analysis and vertical analysis was a bit confusing.
3. What two questions would I ask the author?
How would you recommend start-ups to lower their amount of uncollected account receivables? What exactly is meant by "taking on credit cards" that charge excessive interest rates?
4. Was the author wrong about anything?
I didn't disagree with or question anything the author introduced. Because the chapter was discussing the basics of accounting, the information was all pretty straight-forward and fact-based.
Week 9 Reading Reflection ch. 10
1. What stood out in the reading?
It was interesting to learn about the three different marketing philosophies. I also found it interesting that three major factors influence ones selection of a particular marketing philosophy.
2. Confusing aspect of the reading
The "changing priorities and purchases in the family life cycle" table was a bit confusing to follow. There were a lot of "priorities" and "major purchase" changes for each stage in one's life cycle.
3. What two questions would I ask the author?
What instances have you personally seen that prove that the consumer-driven philosophy is the most successful? Then, if little competition exits, is it necessary to follow a consumer-driven philosophy?
4. Was the author wrong about anything?
In the Consumer Behavior section, the author discusses five types of consumers: innovators, early adopters, early majority, late majority, and laggards. I remember reading about these types of consumers in a previous class as well. However, I don't necessarily believe that any one person falls directly into one category during each of his/her shopping experiences. Someone may be an early adopter in one particular product category such as personal care items yet be laggard when it comes to clothing. The opposite can just as easily be true. A person may be so passionate about new trends in fashion that they are the first to purchase a new hot-ticket piece of clothing. However, this same person may be a laggard when it comes to replenishing basic personal care items like toothpaste that they opt for home remedies like lemon juice and baking soda before finally deciding to go to the store and purchasing more. Peoples' emotions and day-to-day changes in lifestyle can also affect their buying behavior.
It was interesting to learn about the three different marketing philosophies. I also found it interesting that three major factors influence ones selection of a particular marketing philosophy.
2. Confusing aspect of the reading
The "changing priorities and purchases in the family life cycle" table was a bit confusing to follow. There were a lot of "priorities" and "major purchase" changes for each stage in one's life cycle.
3. What two questions would I ask the author?
What instances have you personally seen that prove that the consumer-driven philosophy is the most successful? Then, if little competition exits, is it necessary to follow a consumer-driven philosophy?
4. Was the author wrong about anything?
In the Consumer Behavior section, the author discusses five types of consumers: innovators, early adopters, early majority, late majority, and laggards. I remember reading about these types of consumers in a previous class as well. However, I don't necessarily believe that any one person falls directly into one category during each of his/her shopping experiences. Someone may be an early adopter in one particular product category such as personal care items yet be laggard when it comes to clothing. The opposite can just as easily be true. A person may be so passionate about new trends in fashion that they are the first to purchase a new hot-ticket piece of clothing. However, this same person may be a laggard when it comes to replenishing basic personal care items like toothpaste that they opt for home remedies like lemon juice and baking soda before finally deciding to go to the store and purchasing more. Peoples' emotions and day-to-day changes in lifestyle can also affect their buying behavior.
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