Preview

Lego

Good Essays
Open Document
Open Document
849 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Lego
2014 Entrepreneurship Homework Format
Deadline:Before starting class of October 23rd
Submission: To the box of Ch.2 in the class room. Type and print your homework on A-4 size paper (in case of two pages, staple them).
Ch.2: The Entrepreneurial Process
ID#:12411216 Class ID#:96 Name: Tuan Dung Nguyen
Three
Major Points of Ch.2 In chapter 2, the writer mainly discusses about entrepreneur process which is based on Carol Moore’s Model. Generally speaking, entrepreneur process includes “all the functions, activities and actions that are part of perceiving opportunities and creating organization to pursue them.” Carol examines the process in the following steps, including: innovation, triggering event, implementation, and growth. Among all activities, functions taking part in the process, triggering event is considered as the key factor to found up a new business. In the meaning, at the stage of founding up, personal attributes and environment factors shape the entrepreneurial traits of nascent organizations. For example, “dream, decisiveness, doers, determination, dedication, devotion, details, destiny, dollars, distribute” are important characteristics of successful entrepreneurs, and perhaps, differentiate those with non-entrepreneurs. Moreover, as important as personal attributes, external influences do make strong impact on entrepreneur’s success. They are, for example, role models, sociological factors such as support from family responsibility, the trade-off between experience versus optimism and energy, contacts, social connection with customers, supplier, investors, bankers, etc.
As one of the three corner-stones for any entrepreneur, evaluating opportunities decides success of new business. As the matter of fact, in today market, “the crucial ingredients for entrepreneurial success are a superb entrepreneur with a first-rate management team and an excellent market opportunity.” Also, it is said that it is when opportunity and preparation meet

You May Also Find These Documents Helpful

  • Good Essays

    Assignment 4

    • 2820 Words
    • 14 Pages

    Assignment-4 (Chs. 10, 12 and 13 : these chapters are marked different in the 7th ed. Chs 12 and 13 of the 6th ed are marked as Chs 13 and 14 in the 7th ed) Due by Midnight of Sunday, June 29th, 2014 (Dropbox 4): Total 125 points…

    • 2820 Words
    • 14 Pages
    Good Essays
  • Good Essays

    Lego Final

    • 1719 Words
    • 5 Pages

    Answer 1. Companies outsource production of their products for the following reasons: Lack of technical expertise, or expert labor in certain operations; reduce manufacturing costs due to the availability of cheap labor; make less investments in expensive equipment, staff and IT systems; optimize resource utilization and free up management time from outsourced routine supporting activities to focus on its core competencies; and when domestic manufacturing capacity is reached.…

    • 1719 Words
    • 5 Pages
    Good Essays
  • Powerful Essays

    Gm 520 Research Paper

    • 4631 Words
    • 19 Pages

    Running a successful business can be very difficult without the right tools. As more and more people start or consider starting their own business, it is important that they understand the core steps that are required to launch successful ventures. These steps include spotting, assessing, selecting and executing opportunities presented.1…

    • 4631 Words
    • 19 Pages
    Powerful Essays
  • Good Essays

    Lego Case Study

    • 1016 Words
    • 5 Pages

    1. How did the information systems and the organization design changes implemented by Knudstorp align with the changes in business strategy?…

    • 1016 Words
    • 5 Pages
    Good Essays
  • Satisfactory Essays

    Lego Group

    • 915 Words
    • 4 Pages

     Founded in in 1932 by Ole Kirk Kristiansen and it is based in Billund, Denmark • 1935: The LEGO Duck • 1936:Numskull Jack on the goat • 1946: Wooden bricks with decorations • 1947: Plastic ball for infants • 1948: A game of Tiddlywinks • 1949: The LEGO Automatic Binding Brick with four and eight studs. • 1951: The plastic tractor (Ferguson) • […] • 1958: the Lego brick • […]…

    • 915 Words
    • 4 Pages
    Satisfactory Essays
  • Powerful Essays

    Lego Case Study

    • 1248 Words
    • 5 Pages

    Q.1: How did the information systems and the organization design changes implemented by knudstorp align with the changes in business strategy?…

    • 1248 Words
    • 5 Pages
    Powerful Essays
  • Powerful Essays

    Lego Report

    • 2938 Words
    • 12 Pages

    Lego sets have been around for the past 50 years and have been enjoyed by people from all around the world. Very recently, Lego released a website called “Lego Cuusoo” through which people can create and submit their own ideas for a Lego project. Following the submission of the project onto the website, a voting process occurs; if enough support is gathered, the project moves into the production stage and is then sold through Lego. The revenue is shared with the developer as well. Accordingly, the objective of the MSCI 100 project consisted of entering our own idea of a Lego Project onto the website.…

    • 2938 Words
    • 12 Pages
    Powerful Essays
  • Good Essays

    The Lego Case

    • 1010 Words
    • 5 Pages

    Expectations: a. Saving cost by outsourcing to low-cost countries: Prior to outsourcing, LEGO owned and operated production plants mainly in relatively high labor-cost countries, such as the United States, Switzerland and the South Korea. The main reason for this is that LEGO built plants close to its main markets to save transportation cost. But LEGO finally realized that the reduced labor cost in some labor-intensive countries outweighed the reduced transportation cost. Then they decided to outsource to Flextronics who has production capacity in low-cost regions; b. Subcontracting to Flextronics allowed LEGO to reach the economy of scale as well as reduce production complexity by combining its production with that of other Flextronics’ clients; c. Contracting production to Flextronics can help LEGO eliminate the risk of production price fluctuations.…

    • 1010 Words
    • 5 Pages
    Good Essays
  • Satisfactory Essays

    The Lego Case

    • 353 Words
    • 2 Pages

    The toy industry has proven to become one of the most competitive and ambitious environments in the global economy’s history. This is because there is little room for companies, such as The Lego Group and its’ competition, to give any downward variability in quality, price and how much their customers value their toys for entertainment. The toy industry is a very saturated market with little room for a drop off in market share. Most organizations within this industry had to find ways to cut cost through their multiple channels in order to make the largest return on the slim margins that this market has for “luxury items” such as toys. This meant that The Lego Group had to focus on better returns on their supply chain process and lower costs whenever the largest financial in the company's history took place starting in the early 1990’s and continuing on into the new century.…

    • 353 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Lego - Structure and Stuff

    • 1030 Words
    • 5 Pages

    It is LEGO philosophy that “good play” enriches a child’s life – and its subsequent adulthood. With this in mind, the LEGO Group has developed and marketed a wide range of products, all founded on the same basic philosophy of learning and developing – through play.…

    • 1030 Words
    • 5 Pages
    Powerful Essays
  • Powerful Essays

    Lego Group

    • 3539 Words
    • 15 Pages

    LEGO is one of the largest companies in Denmark and a company with a very strong brand. But even so, their economy fell apart in 2003-2004 and we are interested in what they did wrong and what they did to turn their significant loss around to a profit in 2005. So our problem is:…

    • 3539 Words
    • 15 Pages
    Powerful Essays
  • Powerful Essays

    Organization vs Institution

    • 4505 Words
    • 19 Pages

    But before that, an entrepreneur needs the Vision and to decide about a Mission, pronounce his innovative \ creative policies and set them rolling. This has to be done with a long – term fore sight. He should be able to visualize future generations ahead set out his Vision and spell it out clearly with specific goals and stand as a leader and motivate her \ his people to shoulder his vision by converting them into action plans. They have to go deep, exploring the feasibility and collect adequate data, compound it to come to a decision. Where required, collect research data of the products \ service etc. After finishing all the above and having justified, they can set the ball rolling for the initiation of organization \ institution, which…

    • 4505 Words
    • 19 Pages
    Powerful Essays
  • Best Essays

    The most important traits that all entrepreneurs must retain to have any form of success will be discussed with backing arguments from related literature. While there are many other characteristic, within the scope of this piece three essential traits are discussed. Of interest is the characteristics of confidence, while it will be the negative implications off excessive confidence will be outlined. Additionally, the ability to think creatively and innovative to help differentiate an entrepreneur from a manager or executive is to be analysed based on a example of Steve Jobs. Finally, leadership and it's importance to an entrepreneurs organisation to allow people to share the vision of the entrepreneur.…

    • 2185 Words
    • 9 Pages
    Best Essays
  • Satisfactory Essays

    Starting a Small Business

    • 489 Words
    • 2 Pages

    Many people have dreams of starting and running their own businesses during their life-time. For many people, creating a product or service that is enjoyed or utilized by customers will provide a very satisfying sense of accomplishment. This feeling cannot be met at a job in which they work for someone else. “Nearly one million individuals start their own business every year (Pinson 2004).” Starting a business takes more than an idea. It takes certain kinds of people and proper planning. It takes financial funding and hard work. Before a person even attempts to start a business a person should decide whether or not he or she has the kind of personality and skills to be a successful entrepreneur.…

    • 489 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Task one of this case study refers to the examination of Annie Hall’s achievements which include “Time for a Change”. I am required to discuss and identify the skills, attributes, and behavior of the entrepreneur Annie Hall which will be discussed and analyzed further. I will also list my own thoughts and observations regarding the skills required to persevere as an entrepreneur and I will make parallel comparisons with those of proven business theorists.…

    • 1712 Words
    • 5 Pages
    Powerful Essays