Entrepreneurialism

Ma.na.gement. Top management usuaHy has financial or production orientation and interests in commodity chemicals. Eor specialty chemicals, top management often is entrepreneurial, versed in customers needs and dedicated to solving customers problems. 

The same money invested in a project with a (DCFRR) of 10 percent would, by Eq. (9-108), obtain an entrepreneurial return i = 8.37 percent on the whole investment, i.e., 8.37/ 100. Investment of the entrepreneur s own money would only achieve an aftertax return of (0.1)(1 — 0.40) = 6 percent on 50, or 3/ 100 of total investment. The incentive to the entrepreneur to manage the projeci thus corresponds to a tax-free income of 5.37/ 100 of total investment. In practice, money is borrowed from more than one source at different interest rates and at different tax liabihties. The effective cost of capital in such cases can be obtained by an extension of the above reasoning and is treated in detail by A. J. Merrett and A. Sykes Capital Budgeting and Company Finance, Longmans, London, 1966, pp. 30 8). 

Research, development and entrepreneurial activities are peiwasive, fueled by ever-growing demands for lighter, smaller and more powerful batteries with even more reliability and extended shelf life for industrial, automotive, military, business, medical, and home uses. Mobile communications, coiuput-... 

The first known entrepreneurial invention devoted to BDS development was awarded to Environmental Bioscience Corp., which led to two inventions protected with five patents ... 

A moderate growth of these appliance production figures can be expected - depending on many socio-economic and technical factors as well as entrepreneurial activities among competing companies and brands. 

Entrapment, of ligand in affinity chromatography, 6 397 Entrepreneurial Technology... 

The homeland, like the discipline as a whole, is a terrain that is recognized for what it is both by its native members and by outsiders. External recognition is an important element of disciplinary identity. Chemistry can be said to have existed as a clearly defined discipline earlier than physics partly because it was a domain clearly recognized by others as a well-defined body of knowledge and of laboratory practice, useful in medicine, agriculture, and industry. Chemistry was of more immediate interest than natural philosophy or physics to civic and entrepreneurial interests. 

Religious strife in the seventeenth century had driven families of skilled Huguenot silk workers like the Sarasins to the haven of this quiet old river port and city-state. A century later their entrepreneurial energy and judicious intermarrying had transformed Bale into a thriving merchants and bankers oligarchy of some 15,000 inhabitants. The town s broad streets, town houses, and steepled churches reflected its reputation for prosperity, order, and restrained Protestant piety. 

The first edition1 of this book was published approximately 13 years ago. Its primary objective was to present an overview and a "roadmap" of the process of new drug discovery and development, particularly oriented to individuals or companies entering the pharmaceutical field. It was written by one of the authors (Smith), with no contributors, and drawn on Smith s experiences in the industry and field over the course of nearly 40 years. In the second edition, the scope of the first book has been expanded and technical details in the form of hard data have been included. In addition to the editors own commentary and contributions, the major part of the book is the result of contributions of experts in the industry. New chapters on risk assessment, international harmonization of drug development and regulation, dietary supplements, patent law, and entrepreneurial startup of a new pharmaceutical company have been added. Some of the important, basic operational aspects of drug discovery and development (e.g., organizational matters, staff requirements, pilot plant operations, etc.) are not repeated in this book but can be found in the first edition. 

Hitt, M. A., Ireland, R. D., Camp, S. M., Sexton, D. L. 2001. Guest editors introduction to the Special Issue Strategic entrepreneurship entrepreneurial strategies for wealth creation. Strategic Management Journal, 22 (Special Issue) 479-491. 

Strategic entrepreneurship integrating entrepreneurial and strategic management perspectives. In M. A. Hitt, R. D. Ireland, S. M. Camp, D. L. Sexton (eds.). Strategic Entrepreneurship Creating a New Mindset. Oxford Blackwell. 

Knowledge Emory 2003. Can large companies be entrepreneurial Emory University (October). http //knowledge.emory.edu/index.cfm fa= viewArticle id=720. 

UPS did not stop with its synchronized commerce initiative, which, in my judgment, was more revolutionary then evolutionary. Chairman Eskew also codified and explained to UPS employees and to Wall Street, UPS s new organic growth strategy. And Eskew named this strategy the Four Quadrant model based on the University of North Carolina basketball team s use of the four-quadrant offense. As he stated, We will call our offense for innovation The Four Quadrants which focuses on innovating existing business operations internally and externally and, likewise, focuses innovation on new entrepreneurial ventures both internally and externally. ... 

UPS s entrepreneurial activities are driven by its venture capital fund and alliances with universities and partners. Here UPS understands that... 

Worse, entrepreneurial spirit became the ticket to noncompliance. In effect, we had over 1,800 different businesses under one roof - each of our stores was run like a separate company. People said, Hey, I m an entrepreneur that means I m not going to do what you tell me. As a company, that meant we could not go to a vendor like Ortho, buy an end cap of home pest control, and put it in every store. When we sent it to the stores, the store manager might well invoke the entrepreneurial spirit and say, It s my store I choose not to participate. As a store manager, I was just as guilty of this as everyone else, second-guessing every decision that came out of the Store Support Center at corporate headquarters. 

In the last few years, we have made dramatic changes to address these issues and strike a new balance. We still want managers to be entrepreneurial in taking care of customers and sales, but when it comes to operations - things like configuring the store and managing associate performance - we have put company-wide policies and procedures in place and we expect people to follow them. Instead of over 1,800 different businesses, we now have one. 

This was exactly the sort of entrepreneurial spirit that The Home Depot s founders had in mind when they created the company twenty-five years ago, and we have every intention of preserving it. 

SYSCO s entrepreneurial culture is historically based. The company was created by John F. Baugh, an entrepreneur, who convinced eight other foodservice entrepreneurs to merge all their companies on a partial earn-out basis to create the beginnings of his novel idea - a national foodservice distribution company created to meet the future needs of the projected high-growth out-of-the-home cooked meal business. 

SYSCO s entrepreneurial culture is emphasized on a daily basis in the following ways. 

This entrepreneurial culture is further evidenced by an open door policy, transparency, information-sharing within and across business units, and by a best-practices mentality. All of this leads to the industry s best retention rates of 82% for sales people and drivers, which are the key customer-facing positions. At the officer level, retention rates exceed 99% with an average tenure greater than twenty years. 

SYSCO s entrepreneurial culture is further evidenced by the fact that six of its top seven executives are former line operators of its business units. They know the intimate details of the business operations. These executives are 90% internally and operationally focused on a daily basis. 

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