ENTREPRENEURSHIP

Entrepreneurship



Table of Contents

Executive Summary3

Questions:3

References9

ENTREPRENEURSHIP

Executive Summary

Based on the case given in “Dream Deferred: The Story of a High-Tech Entrepreneur in a Low-Tech World”, this paper provides answers to some basic questions that why Monique Mandy failed to launch a new innovation in Tanzania, effect of country and market conditions on her business, the importance of social capital and networks in entrepreneurship and what Monique Mandy learnt out of this failure. This paper also suggests her that what she should do or avoid next time. Monique Mandy failed to launch a new innovation in Tanzania due to the lack of experience and countries internal policies. Country and market conditions had an effect on Mandy's business. The social capital and networks have much importance in entrepreneurship. Monique learned that start-up businesses in the 3rd world must prohibit the do-good investors.

Questions:

1. Why did Monique Mandy fail to launch a new innovation in Tanzania?

Monique Mandy failed to launch a new innovation in Tanzania due to the lack of experience and countries internal policies. Because of increased global competition and the birth of the information age, business professionals are extremely busy keeping up with a wealth of available information and changes in technology. There just isn't a lot of time during the workday to engage in innovation. A few companies encourage their employees to spend a portion of their time on ideas outside their normal course of duties(Barringer 2009, 93). However, this lack of time should not prevent an innovative individual who has a passion for an idea from putting together a team, writing a business plan, harnessing the necessary internal resources, and making the innovation a reality. (Steyaert 2004, 179-196)

Without financing, a corporate innovator's idea will remain only a vision. For this reason, the successful innovator must either develop knowledge about financial projections and calculations, or recruit a member of their team who has this knowledge and is willing and able to develop this aspect of the venture plan. Executives are not going to invest money in a new venture unless the entrepreneur can demonstrate the potential for a return on the investment that the company needs to achieve. As with any organization, funds are limited, and support of new products and services is determined by extensive market research, detailed financial projections, and contingency plans in case the sales projections are overestimated. (Bygrave 2010, 85)

To help them in their assessment of these political wars, the corporate innovator needs an ally higher in the organization who oversees the progress of the corporate venture. These allies also act as buffers guarding innovators against unnecessary organizational bureaucratic interference. This allows the corporate entrepreneur to concentrate on his/her venture. Sponsors can also act as coaches for corporate innovators. They are most effective if they have personally championed an idea earlier in their career. In the latter case, they also serve as role models who can offer empathy and optimism through a critical but trusting attitude. (Venkataraman 2007, 119-38)

The greatest of all the obstacles for ...