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[INSERT TITLE HERE] 2 [INSERT TITLE HERE] Student Name Allied American University Author Note This paper was prepared for [INSERT COURSE NAME], [INSERT COURSE ASSIGNMENT] taught by [INSERT INSTRUCTOR’S NAME]. Directions: Please answer the following questions using complete sentences. A minimum of one paragraph is required for each response. Each paragraph must be five to seven sentences in length. 1. In what ways does an entrepreneur's vision affect the company's strategic plan? 2. Give three reasons why many entrepreneurs do not like to formulate strategic plans. 3. Describe the entrepreneurial strategy matrix and explain why it is effective for entrepreneurs. 4. Briefly identify and describe the stages of development for a new venture. 5. How can entrepreneurs build an adaptive firm? Be complete in your answer. 6. Identify and describe the four key factors that need to be considered during the growth stage. 7. What is meant by managing paradox and contradiction? 8. Identify five unique managerial concerns of growing businesses. 9. Define the one-person-band syndrome. 10. Explain the concept of entrepreneurial leadership. [INSERT TITLE HERE] 4 [INSERT TITLE HERE] Student Name Allied American University Author Note This paper was prepared for [INSERT COURSE NAME], [INSERT COURSE ASSIGNMENT] taught by [INSERT INSTRUCTOR’S NAME]. Directions: Read the cases below and answer the questions using complete sentences. Your completed submission should be at least five pages in length in APA format. Be sure to use and cite at least two outside, scholarly sources. Visit the Academic Resource Center for helpful APA formatting techniques. Case Study I: Hendrick’s Way When Hendrick Harding started his consumer products firm, he was convinced he had a winning product. His small, compact industrial drill was easier to use than any other on the market and cost 30 percent less than any of the competitors’ drills. The orders began to pour in, and within six months Hendrick’s sales surpassed his first year’s estimate. At the end of the first 12 months of operation his firm was grossing more than $50,000 a month, and he had a six-week backlog in filling orders. The rapid growth of the firm continued for two years. Beginning about four months ago, however, Hendrick began to notice a dip in sales. The major reason appeared to be a competitive product that cost 10 percent less than Hendrick’s drill and offered all the same benefits and features. Hendrick believes that with a couple of minor adjustments he can improve his product and continue to dominate the market. On the other hand, Hendrick is somewhat disturbed by the comments of one of his salespeople, George Simonds. George spends most of his time on the road and gets to talk to a great many customers. Here is what he had to say to Hendrick: “Your industrial drill has really set the market on its ear. And we should be able to sell a modified version of it for at least another 36 months before making any additional changes. However, you need to start thinking about adding other products to the line. Let’s face it; we are a one-product company. That’s not good. We have to expand our product line if we are to grow. Otherwise, I can’t see much future for us.” The problem with this advice is that Hendrick does not want to grow larger. He is happy selling just the industrial drill. He believes that if he continues to modify and change the drill, he can maintain a large market share and the company will continue to be profitable. As he explained to George, “I see the future as more of the past. I really don’t think there will be a great many changes in this product. There will be modifications, sure, but nothing other than that. I think this form can live off the industrial drill for at least the next 25 years. We’ve got a great thing going. I don’t see any reason for change. And I certainly don’t want to come out with a second product. There’s no need for it.” 1. What, if anything, is the danger in Hendrick’s thinking? Why would some be concerned about his line of thought and the potential outcomes? Explain in detail. 2. Could the concept of understanding managerial versus entrepreneurial as described in the chapter be of any value to Hendrick? Why or why not? In your answer, be sure to compare and contrast the two concepts and give at least two examples of each. 3. Using Table 13.3 as your point of reference, how would you describe Hendrick’s focus? Based on your evaluation, what recommendations would you make to him? Case Study II: Keeping Things Going The Clayton Company has grown 115 percent in the past year and 600-plus percent in the past three years. A large portion of this growth is attributable to Jan Clayton’s philosophy of hiring the best possible computer systems people and giving them the freedom they need to do their jobs. Most of Jan’s personnel operate as part of work teams that analyze, design, and implement computer systems for clients. The process works as follows: First, the company will get a call from a potential client indicating that it needs to have a computer system installed or special software written for its operations. Jan will send over one of her people to talk to the client and analyze the situation. If it turns out that the Clayton Company has the expertise and personnel to handle the job, the client will be quoted a price. If this price is acceptable, a Clayton group will be assigned the project. An example of a typical project is the client who called three weeks ago and wanted to purchase five personal computers for the firm’s engineering staff. The company wanted these machines hooked up to the main computer. Additionally, the firm wanted its computer-aided design software to be modified so the engineers could see their computer-generated drawings in a variety of colors, not just in monochrome. The Clayton group installed the entire system and modified the software in ten working days. Jan realizes that the growth of her enterprise will be determined by two factors. One is the creativity and ingenuity of her workforce. The other is the ability to attract talented personnel. “This business is heavily labor intensive,” she explained. “If someone wants a computer system installation, that may take 100 labor hours. If I don’t have the people to handle the project, I have to turn it down. My expansion is heavily dependent on hiring and training talented people. Additionally, I need more than just hard workers. I need creative people who can figure out new approaches to handling complex problems. If I can do these two things, I can stay a jump ahead of the competition. Otherwise, I won’t be able to survive.” To try to achieve these key factors for success, Jan has initiated three changes. First, she has instituted a bonus system tied to sales; these bonuses are shared by all of the personnel. Second, she gives quarterly salary increases, with the greatest percentages going to employees who are most active in developing new programs and procedures for handling client problems. Third, she has retreats every six months in which the entire staff goes for a long weekend to a mountain area, where they spend three days discussing current work-related problems and ways to deal with them. Time is also devoted to social events and to working on developing an esprit de corps among the personnel. 1. In what phase of the venture life cycle is Jan’s firm currently operating? Defend your answer. Compare and contrast the phases of the life cycles of firms. Identify at least one company within each phase and explain why you selected it. 2. How are Jan’s actions helping to build an adaptive firm? Give three specific examples. Be sure to describe and define adaptive firm in your answer. 3. If Jan’s firm continues to grow, what recommendations would you make for future action? What else should Jan be thinking about doing in order to keep things going along smoothly? Be specific in your answer. Assuming the role of a consultant, identify areas that Jan should be concerned about or keep a watchful eye on as she moves forward.

Paper For Above instruction

Entrepreneurship is a dynamic arena where vision, strategy, and adaptability converge to determine the success or failure of a venture. An entrepreneur’s vision fundamentally influences a company's strategic plan because it provides the guiding purpose and long-term aspiration for the organization. A clear vision helps determine which markets to pursue, what products or services to develop, and how to allocate resources effectively (Kotter, 2012). For instance, Steve Jobs’s visionary mindset revolutionized Apple’s strategic direction, emphasizing innovation and design. Conversely, a misaligned or nebulous vision can lead a company astray, resulting in wasted resources and strategic drift (Mullins, 2013). For example, a founder who lacks clarity about future goals may fail to adapt to market changes, risking obsolescence. Thus, a compelling vision anchors a firm's strategic planning, ensuring all actions align with the core purpose and future aspirations, fostering coherence and motivation among stakeholders (Baron, 2008).

Many entrepreneurs are reluctant to formulate formal strategic plans for multiple reasons. First, they often see planning as restrictive and incompatible with the spontaneity of entrepreneurial activity (Gilad & Levine, 1986). Entrepreneurs typically value flexibility and swift decision-making, which rigid plans might stifle. Second, some perceive strategic planning as time-consuming and resource-intensive, diverting focus from immediate operational concerns (Bryant & Snell, 2013). Third, entrepreneurs may lack confidence in their ability to predict future market conditions accurately, leading to skepticism about the utility of formal plans (Unger et al., 2011). For example, startups frequently prioritize agility over formal planning, adapting quickly to unforeseen opportunities. Despite these concerns, structured strategic planning can provide clarity, guide resource allocation, and foster proactive problem-solving, crucial for sustained growth (McKinney & Wang, 2018).

The entrepreneurial strategy matrix is a strategic tool that categorizes strategic options based on two dimensions: environmental stability and resource capacity (Wheelen & Hunger, 2012). Its effectiveness lies in helping entrepreneurs identify appropriate strategies—whether they should pursue aggressive growth, stability, or retrenchment—based on current organizational and environmental conditions. For example, in a highly dynamic environment, entrepreneurs might adopt an agility-focused strategy, emphasizing innovation and rapid response. Conversely, in stable markets, a focus on incremental improvements and efficiency may be suitable. The matrix guides entrepreneurs to align their strategic approach with their internal resources and external environment, reducing risk and optimizing growth potential (Barney & Hesterly, 2015). Its visual simplicity and adaptability make it especially valuable for entrepreneurs navigating uncertain markets, as it clarifies strategic choices and fosters focused decision-making.

The development stages of a new venture typically encompass the seed, startup, growth, and maturity phases. The seed stage involves idea conception, feasibility analysis, and initial funding, where entrepreneurs validate their concept and assess market needs. The startup phase focuses on product development, market entry, and establishing customer bases. Growth stage is characterized by expanding operations, market penetration, and revenue acceleration. The maturity phase involves market saturation, increased competition, and a focus on efficiency and diversification (Kuratko, 2017). For example, a tech startup like Slack transitioned through these stages, progressing from a seed idea to a mature company with global reach. Recognizing these stages enables entrepreneurs to tailor their strategies, manage resources efficiently, and anticipate challenges specific to each phase, thereby increasing the likelihood of long-term success.

Building an adaptive firm involves developing capabilities that enable continuous learning, flexibility, and resilience in the face of environmental changes (Sull, 2009). Entrepreneurs can foster adaptability by promoting a learning culture where experimentation and feedback are integral. For example, Jan Clayton’s business model emphasizes hiring talented and creative personnel, which is essential for adapting to technological and market changes. She also encourages innovation through performance-based incentives and team retreats, which stimulate new approaches to problem-solving. Additionally, fostering open communication channels and decentralizing decision-making empower employees to respond swiftly to challenges (Garvin & Roberto, 2005). An adaptive firm remains responsive, constantly evolving its strategies, structures, and processes to sustain competitive advantage amid volatility.

If Jan Clayton’s firm continues its growth trajectory, several strategic actions are advisable. First, scaling the talent acquisition and development process is crucial, perhaps through formal mentorship programs, to ensure talent retention and continuous innovation (Youndt et al., 2004). Second, the firm should invest in scalable infrastructure, such as advanced project management tools, to enhance coordination as team sizes expand. Third, expanding market reach via strategic alliances or geographic diversification can leverage growth opportunities. Moreover, Jan should consider formal strategic planning processes that integrate long-term vision with operational flexibility to manage increased complexity (Barreto, 2010). It is vital to monitor organizational culture, employee engagement, and communication channels, maintaining the entrepreneurial spirit while instilling structured growth controls. Constant evaluation of market trends and technological advancements will also ensure the firm remains adaptive and competitive.

In conclusion, understanding the role of vision, strategic flexibility, and organizational adaptability is crucial for entrepreneurial success. Hendrick Harding’s case exemplifies the risks of complacency and over-reliance on a single product, highlighting the importance of strategic foresight. Conversely, Jan Clayton’s approach underscores how fostering talent, innovation, and an adaptable culture sustains rapid growth. As entrepreneurs evolve their ventures, balancing strategic planning with agility, nurturing talent, and anticipating future challenges will be decisive. By adopting a proactive, informed stance, entrepreneurs can better navigate the complexities of business development and secure long-term success in competitive markets.

References

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