Entrepreneurship (overview)

ENTRERPRENEURSHIP & ITS IMPORTANCE:

The term entrepreneur comes from the French and translates "between-taker" or "go-between." In early period the money person (forerunner of the capitalist) entered into a contract with the go-between to sell his goods. In the 18th century the person with capital was differentiated from the one who needed capital. In the late 19th and early 20th centuries, entrepreneurs were viewed mostly from an economic perspective. The entrepreneur "contributes his own initiative, skill and ingenuity in planning, organizing and administering the enterprise, assuming the chance of loss and gain."

DEFINITION OF ENTERPRENEURSHIP:

The concept of entrepreneurship from a personal perspective has been explored in this century.

T.Q.M. (Overview)

Quality Focus Approach to Management

“There are really only three types of people: those who make things happen, those who watch things happen, and those who say, ‘What happened?”

The total quality concept as an approach to doing business began to gain wide acceptance in the west in the late 1980s and early 1990s. However, individual elements of the concept – such as the use of statistical data, teamwork, continual improvement, customer satisfaction, and employee involvement – have been used by visionary organizations for years. It is the pulling together and coordinated use of these and other previously disparate elements that gave birth to the comprehensive concept known as total quality.

Why Focus on Quality?

People deal with the issue of quality continually in their daily lives.

Organizational Behavior (Overview)

What Is Organizational Behavior?

Organizational Behavior is a field of study that investigates the impact that individual, groups and structure have on behavior within organizations, for the purpose of applying such knowledge toward improving an organization’s effectiveness.

An organization is a collection of people who work together to achieve a wide variety of goals, both goals of the various individuals in the organization and goals of the organization as a whole. Organizations exist to provide goods and services that people want. These goods and services are the products of the behaviors of workers.

Organizational behavior is the study of the many factors that have an impact on how individuals and groups respond to and act in organizations and how organizations manage their environments.

Although many people assume that understanding human behavior in organizations is intuitive, many

Managerial Economics

What is managerial economics?

n  Managerial economics is the use of economic analysis to make business decisions involving the best use (allocation) of an organization’s scarce resources

n  Managerial economics is (mostly) applied microeconomics (normative microeconomics)

Managerial economics deals with

“How decisions should be made by managers to achieve the firm’s goals  - in particular, how to maximize profit.”

            (Also government agencies and nonprofit institutions benefit from knowledge of economics, i.e. efficient recourse allocation is important for them too...)

Relationship between Managerial Economics and Related Disciplines

E-Commerce

E-COMMERCE DEFINITION

Electronic commerce is an emerging concept that describes the process of buying and selling or exchanging of products, services and information via computer networks including the internet

E-COMMERCE CLASSIFICATION

A common classification of EC is by the nature of transaction:

Business-to-Business (B2B): electronic market transactions that take place between organizations

Business-to-Consumer (B2C): retailing transactions with individual shoppers – typical shopper at Amazon.com is a consumer

Consumer-to-Consumer (C2C): consumer sells directly to consumers, examples -individuals selling in classified ads, auction sites allowing individuals to put up items for auction – e.g, e-bay

Consumer-to-Business (C2B): individuals who sell products or services to organizations and those

who seek sellers and conclude a transaction

Prototypes

Prototyping is the production of a working model of a system. The traditional system development is what user specified their requirements to the analyst who then developed a system keeping in view those requirements with little or no further involvement. Prototyping lets the user ‘view’ the system while it is being developed and makes corrections or amendments. Prototype model repeatedly refined until it is acceptable.

There are two prototype are used to for system development: -

1-     Throwaway prototype

2-     Working prototype

THROWAWAY PROTOTYPE

The throwaway model acts as a communication device between user and developer and visual aids in the learning process. The user is better able to explain his requirements from the model developed. It is a demonstration to user how the differ screen is used. Screen-based simulations enable the analyst to lead the user and find out the problems of users. There are no database is underlying, nor the facilities of storage and data manipulation.

WORKING PROTOTYPE

The working prototype is an extension of the throwaway prototype and will implement some of the important features of the system.

Following are the steps of the traditional prototyping-based system

development process:-

• Team
• Schematic  (diagram)
• Prototype
• Presentation
• Feedback
• Consultation
• Completion
• Acceptance
• Installation

CONTROL

The process of monitoring activities to ensure that they are being accomplished as planned and of correcting any significant deviations.

Three different approaches to designing control systems have been identified:

·        Market Control: An approach to control that emphasizes the use of external market mechanisms to establish the standards used in the control system.