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Part one

Entrepreneurship and free EnterprisePart one provide an overview of entrepreneurship and the concept of starting new venture. Chapter one is a foundation chapter that defines entrepreneurship and describes entrepreneurial characteristic. The chapter also addresses small business and corporate entrepreneurship, focusing on contemporary issues of new venture development. 2

Part one

Entrepreneurship and free EnterpriseChapter 2 introduces the concepts of creativity and innovation, describing how entrepreneurs recognize opportunities and translate ideas into commercial venture. It also identifies common myths ascribed to entrepreneurs and provide real- world examples of successful entrepreneurs.3

Part one

Entrepreneurship and free EnterpriseChapter 3 addresses small business and corporate entrepreneurship , differentiating between them and the world of high- growth new ventures. The chapter also explores particle consideration for family- owned and personal service business and explain how corporate entrepreneurs reconcile their careers with their entrepreneurial aspirates. Chapter 4 introduces a model for planning a new venture. This model became the foundation for the remainder of the text.4

Objectives1- describe how entrepreneurship evolved from economic theory.2- explain entrepreneurship and characteristics of entrepreneurs.3- discuss small business as a dimension of entrepreneurship.4- describe the concept of corporate entrepreneurship.5- explain how entrepreneurship has influenced economic development and productivity recent years.

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The concept of entrepreneurship has been around for a very long time, but its resurgent popularity implies a sudden discovery. As if we had stumbled onto a new direction for American enterprise. America was discovered by entrepreneurs and nourished by entrepreneurs, and the united state became a world economic power through entrepreneurial activity. They are inspired people, often adventures, who can at once disrupt a society and instigate progress. They are risk takers who seize opportunities to harness and use resources in unusual ways, and entrepreneurs will thrust us into the twenty-first century with a thunderous roar. 6

Entrepreneurship is one of the four mainstream economic factors: land, labor, capital, and entrepreneurship. early references to the entrepreneur in the 14th century spoke about tax contractors- individuals who paid a fixed sum of money to a government for the license to collect taxes in the region. Tax entrepreneurs bore the risk of collecting individual taxes. Entrepreneurship was a common topic in economic essays for much of the 18th and 19th centuries. Notable early French, British, and Austrian economists wrote enthusiastically about entrepreneurs as the change agent of progressive economics.7

8Entrepreneur buys farm produce at creation pricesEntrepreneur repacks and transport farm produce to market.Entrepreneur sells food produce in city at uncertain prices.investmenttransformationProfit or loss

Grain in field has very low valueBulk grain from farmer has low valueMilled flour for baker has high valueBread at bakery for sale has high valueDelivered baked bread is highest value usePriority 8Priority 7priority3Priority 2Priority 19

Starting a decade after most automobile manufactures had been established in the united state, Henry ford created the manufacturing miracle that launched a modern era in industry. His genius was in engineering an assembly line process, and his process was an historic innovation. Ford reversed the fundamental way things were manufactured. during his lifetime, ford instituted more than a thousand innovations, and at one time he had more ford automobiles on the road than the rest of the worlds manufactures combined. 10

With a definition in mind, we still have trouble identifying entrepreneurs, finding them , or determining what they do. Is the local gas station owner an entrepreneur? Are there entrepreneurs in corporations? In schools? In government? There are no short answer to these question, and there are no formal guidelines for classifying entrepreneurs. There is no entrepreneurial licensing procedure and no evidence of professional status.In an effort to understand better. Researchers have sought to define traits common to a majority of individual who start and ventures. john Hornaday of Babson college was among the first to use surveys and intense interview to develop a composite list of entrepreneurial traits. these are summarized in exhibit 1-1. 11

Self- confident and optimistic Energetic and diligent

Able to take calculated risk Creative, need to achieve

Respond positively to challenges Dynamic leader

Flexible and able to adapt Responsive to suggestion

Knowledgeable of markets Take initiative

Able to get along well with others Resourceful an persevering

Independent minded perceptive with foresight

Versatile knowledge Responsive to criticism

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THE TERM ENTREPRENEUR MAY BE PROPERLY APPLIED TO THOSE WHO INCOBATE NEW IDEAS, START ENTERPRISES BASED ON THOSE IDEAS, AND PROVIDE ADDED VALUE TO SOCIETY BASED ON THEIR INDEPENDENT INITIATIVE. HOEVER, INDIVIDUALS who simply substitute income by leaving jobs to operate local stores or independent service business are described as SMSLL businessperson. The person who establishes a fast- food franchise chain is called an entrepreneur, but the local restaurant owner is called a small business person. The small business person may exhibit these characteristic, but only coincidentally, Corporate entrepreneurship, sometimes referred to as entrepreneurship, is concerned with innovation that leads to new corporate divisions or subsidiary ventures in established, larger firms. The concept of entrepreneurship does not exclude managers in large organization from being entrepreneurs if they combine resources in unusual ways to create innovative new products or services. 13

During the small 1970s small business created more than 6 million new jobs for Americans. At the same time, fortune 500 firms cut employment by nearly 10 percent, for a net loss of more than a million jobs. During the first half of the 1980s, new jobs form small business enterprises eclipsed the gain of the 1970s, and today, more than 16 million small business account for approximately 97 percent of all non farm business . Between 1980 and 1987, 66 percent of all new jobs in the united states were in firm with fewer 1000 employees generating less than $10 million in annual sales. Figure 1-3 illustrates these relative changes. 14

New jobs in the united state(*1000)1970-19741975-19791980- 19841985-1989year-200020040060080015

According to the small business administration, a small business is one that does not dominate its industry. SBA uses these benchmarks for evaluating loans and providing business assistance. Fast food franchises, such as McDonalds, generate million in sales with only a few employees. On the other hand, firms with several thousand workers may have low sales volume. In general, small business seldom dominate their industries and rely on filling a niche in local or regional markets. 16

Family enterprises are locally owned and operated, often by one person called a sole proprietor. Proprietors may have started their business in an effort to supplement or replace family income. Many are services based firms that rely on an owners skills. types of businesses that are family owned vary widely and can include retail stores. in the absence of a successor, the life of a venture is limited to the working life of its founder. succession is a serious problem, and successful business owners often must resign themselves to dissolving their firms.17

Personal service firms rely crucially on unique skills of their founders or key employees. in most instances, the business is the person, and succession is unlikely unless a son or daughter develops comparable skills. many of enterprise become quite large and are distinguished from smaller personal service firm by their growth characteristic. 18

Century 21Based in Irvine, California, century 21 is the worlds largest real state organization. with more than 6,700 franchised office in the united state, Canada, Japan, and great Britain, the company generates $50 billion annually in world revenue. Century 21 plans to open an additional 500 units in England, Scotland , Wales, and northern Ireland, and 800 units in France, Belgium, Luxemburg, Switzerland, and the Netherlands during the early 1990s. By awarding sub franchises territories or major regions to one substantial franchisee, century 21 has created a global network of expanding enterprise, each capable of opening new location and managing growth.

Discuss why many new ventures start small and remain small.

Define personal service firm, and describe three that you frequent.

Distinguish between a franchisor and a franchisee.

501005001000Pen and pencilMechanical typewriterElectric typewriterElectronic memory systemWord processing system

Idea germination :The seeding stage of a New idearecognition The creative processPreparation:ConsciousSearch for knowledgerationalization

Incubation:SubconsciousAssimilationOf informationfantasizingIllumination: recognition of idea as beingFeasiblerealizationVerificationApplication forTest to proveIdea has valuevalidation

inventionThe creation ofSomething newinnovationThe transformationOf an idea orResources intoUseful applications Results in newknowledgeResults in new Products, servicesOr processesInvention versus innovation

Analytical planningOrganizingresourcesimplementationCommercialapplicationTranslation of creative idea into a useful applicationTo identify:Product designMarket strategyFinancial needTo obtain:MaterialsTechnologyHuman resourcescapitalTo accomplish:OrganizationProduct designManufacturingservices

To provide:Value to customersReward for employeesRevenues for investorsSatisfaction for founders

Creative sourcechampionsponsorInventor or originator

Who creates something

New through personal

Vision and effort.Entrepreneur or manager

Age who pursues the

Idea, providing leader

Ship for applicationPERSON OR

ORGANIZATION THAT

BACKS innovation withFinance advice andContacts.Key people in technological innovation

Electricity(1880s)ElectricAddingMachines(1920s)Technologic in:Electronic vacuumedTubes switching devicesElectromechanicalRays and control

Vacuum tubeElectronicComputer(1959s)

Knowledge in:Artificial languagePunch cardInput/outputSystem(1940s)

BinarySystem(1890s)HollerithCode(1890s)Transistor semiconductor languages process systemDigital system data storage memory system technology High-speed microcomputers, minicomputersMainframe system, and supercomputerMechanicalAddingMachine(mid- 1880s)Evolution of the electronic computer

New ventureStart-upfailedsoldpartnershipproprietorshipcorporationFamilysuccessionBusiness purposechangesOwner retiresOr quitGoes bankruptOr terminatesBusinessacquiredNew corporateformationBusinessmergedincorporatesPartners retireOr quitsellsPossible changes in new venture status

ownerInvestmentfinanceInventorycontrolCash controlMarketingAnd salesbookkeepingpurchasingleadershipBusinessplanningCustomerrelationsPersonal andHuman resources

INVESTORY OVERHEADMATERIAL PURCHASES(34%)MANUFACTURING LABORAND PERSONAL COSTS(35%)ADMINISTRATION, SALES, AND INDIRECT COSTS(20%)

COAST SAVING=11%INVESTORY OVERHEAD(7%)MATERIAL PURCHASES(31%)MANUFACTURING LABOR AND PERSONAL COSTS (33%)ADMINISTRATION, SALES, AND INDIRECET COSTS(33%)COMPANY BULLDS TO INVESTORYCOMPANY BULLDS TO MARKETRelationship of inventory costs to total costs.

Computer retailerCreates distinct competency in selected nicheHardware software for small Office systemstand-alone retail system for home or officeOffice network systems for multiuse environmentsEducational services in primary and secondary systemsAccounting and management softwarehardware reseller for discount import systemsProfessional services system and supportNiche markets for computer related retailers

Stage1:Solo phaseStage2:Network phaseStage3:Bootleg phaseStage4:Formal team phaseIndividual nurtures ideaTo establish feasibleInnovation to developInnovator seeks adviceAnd support formColleagues to Develop the ideaWorking informallyTeam proposes ideaTo organizationFor formalDevelopmentAnd supportCorporate supportProvides budgetAnd mandate for team To pursue formalDevelopmentOf innovation

stage1:initiationIdea generation byinnovatorAd hoc team developsPreliminary modelInitial proposalwrittenCorporate review byCommittee onproduct innovation

Project approveFor stage2With team assignedAnd budgetProjectdeniedStage2:FeasibilitydevelopmentDevelopment team initiatesStage2 with budgetAnd companysupportFeasibilityPlandevelopedCorporate review byCommittee onProductinnovationApproved for stage3implementProjectdenied

Stage3:Technology transferProject introduced toCorporate R&DWITH TEAM controlProject transferredTo corporateFor normalprocessing

Corporate developmentEnsues; innovationTeam membersReturn to posts

pre-start-upstageStart-upstageEarly growthstageLater growthstageThe period duringWhich entrepreneursPlan the venture andDo the preliminaryWork of obtainingResources andGettingOrganized prior toStart-upThe initial period ofBusiness when theEntrepreneurs mustPosition the ventureIn a market and make NecessaryAdjustment toAssure survivalA period of often rapidDevelopment and growth when the Venture may undergo major changesIn markets; finance, andResource utilizationThe evolution of aVenture into a largeCompany with active Composition in an Establishedindustry

Business conceptdefinedProduct-marketstudyFinancialplanningPre-start-upimplementationWhat is the purpose of the venture?What does the entrepreneur want toAccomplish with business? Product research: is the product or service feasible?Market research: who will buy? where are they? What competitors exist?

Financial projections: what cash isNeeded? How will income be generated? What expenses are expected? What is invested?Borrowed?What is needed to meet operating requirements?

Getting ready to start: the entrepreneur Must find resources; purchase beginning inventoryHire throes needed at start-up and obtain necessary licenses

Sales : to attain monthly sales volume as projected at prices

projected in feasibility plan.To achieve projected sales mix of projected and services as summarizedIn feasibility plan.

Revenue: to achieve cash flow with in budget based on sale volume and price projection.To meet targets above variable costs with appropriate operating margins.

Growth: to realize incremental growth within seasonal pattern of forecast.To maintain balance of growth with ability to underwrite inventory.

Position: to solidify a long-term in a appropriate markets as a result of adaptation during start-up

Sales increase slowlyBecause of the Nature of theProduct or the limitedmarketIncremental growth is Within a comfort zone ofThe ventures resources andOwners profit objectives.Sales increase rapidly asNew products gainWide acceptance in newmarketsVery slowPerceived comfort zoneVery rapid

Describe the four stage in the growth model and how they differ.Explain five set of activities essential during the start-up-stage.Define growth continuum and contrast new venture activities at the polar extremes. What is the comfort zone in the continuum?

Venture definedProduct orserviceMarketcharacteristicEntrepreneurialteamFinancialsummaryDescribe the propose and nature ofThe businessDescribe the product of or service toBe soldDescribe market size and location andcustomers

Describe the founders key peopleAnd their roles.Describe estimates of revenue and expenses Founders, debt , and capital needed.

Product orservicePricingsystemPromotionalmixDistributionchannelsService and warrantiesMarketingleadershipQuality and relativity , use and how the productOr service will be positioned in growthMarkets.Pricing methods, discount, quantity and Bulk prices.Strategy of combining appropriate usesOf public relation, advertising, displays,Events, demonstration, personal sales, etc.Use of market channels, including retail, catalog,Personal sales or otherApproaches.Description of service-after-sale policies, repairService and product warranties.Define leadership roles,Persons responsible for marketing and sales.

IdentifyPotentialCustomers

Demographic profileCharacteristic of Customers, ageIncome, etc.Buying habits and Relevant Information for new venture.

EvaluateMarkets

Future markets andTrends for changesWindow of Business opportunityNiche positionInformation.

AnalyzeCompetitors

Existing competitors With similar orServices

DescribeAssumption

Market niche forPositioning firmPricing approachUsed in plan

Distribution orMethod of Making a market

SYNOPSIS FOR LEARNING1-Describe the marketing concept and its relevance to new ventures

2-Explain marketing research in terms of pre_start up planning

3- Describe primary sources of market research information

4- Describe the five forces of a competitive analysis

5- Discuss the major implication of market research for entrepreneurs

CHAPTER 9

ObjectiveIdentify and describe the marketing functions that must be addressed by all new ventures. Describe an expanded view of a company's product Explain how distribution is part of marketing infrastructure. Identify and discuss the categories of promotions. Address the concept of pricing with respect to new ventures. Describe the primary growth strategies employed by entrepreneurs. Explain the major elements of a marketing plan.

Marketing function1- product

2- distribution

3- promotion

4- price

Figure 9-1 Elements in marketing strategyStrategicobjectivesMarketing objectiveMarketingplanDefine marketing responsibilitiesMarketing researchMarketingControlsMarketFeed backAllocationOf resource ImplementationOf programProduct developmentDistribution channelsPromotion mixPricing policyMarketing program

1- Product concepts1- Consumer Goods: convenience product shopping product specially product

2- Industrial Goods: direct materials indirect materials capital assets contracted services MRO product( stand for maintenance, repair, and operating.

Figure 9-2 classifications of consumer goodsConvenienceCommodities orCommon services; low margins and many Competition: tooth, pasts, soap,Soups, cereals Major items or Services vices withHigher margins and Competitors ; Differentiated product And services:furniture, VCRs,microcomputersExpensive items with Unique characteristics; few competitors orSubstitutes: fashionClothes, antiques, luxury vacations, jewels

Essential services Having intangibleValue; consumers May avoid;Life insurancesLegal services,Funeral services, Family and estatePlanning

ShoppingSpeciallyOther

Figure 9-3 classifications of industrial GoodsDirect materialsIndirect materialCapital assetsRaw materials, parts, subassemblies, andComponents directly Used in production or Conversion by InstitutionalBuyer: metals blots,Engines, resins, microchips Materials and supplies used in the Process of conversionOr manufacturing:Welding rod, lubricants, packagingFacilities and equipment of all types, often requiring majorFinancing: building,Robotics,computers

Figure 9-3 classifications of industrial GoodsContract servicesMRO suppliesProfessional or supportServices accomplishedBy contracts with otherCompanies rather than internal employment:Engineering , landscapingSupplies bought for maintenance, repair, or Operations and notNecessarily part of Operations or conversionProcesses: rags.solvents

2- DistributionIf entrepreneurs have defined their methods of distribution should be equally clear. A luxury consumer item intended for specialty markets and high-income consumers will not be offered through a discount channel

Matching markets with products and servicesEffective distribution strategies will define channels that complement products and service characteristics. entrepreneurs , therefore, must consciously select ways to position their venture through market channels that match expectations of consumers with characteristics of products andservices. There are three strategic categories for distribution called:

Intensive Distribution systemsSelective Distribution systems Exclusive Distribution systems

Channel of Distribution

1- consumer channels: the first of four alternative consumer channels is direct link between manufacture and end customers

2- Industrial channels: industrial marketing channels exist between two or more institutions or companies.

Figure 9-4 consumer Distribution channels

factory_ direct sales

factory-directly to merchandiser, catalog company telemarketer

factory to wholesale , contract distribution, reprehensive

factory to exporter, importer exclusive ,agent , freight brokerproducerCONSUMERproducer

CONSUMER

RetailproducerproducerwholesaleRetail

CONSUMER

Agent or brokerwholesale

Retail

CONSUMER

Figure 9-5 Industrial distribution channels factory-direct, main channel

Alternative channel

Alternative channel

Alternative channels producerproducer

producerPurchasingorganization

PurchasingorganizationRegionaldistributionIndustrialSupply companyImport-exportAgent orbrokerRegionaldistribution

IndustrialSupply company

Purchasingorganization

3- promotionThe role of promotion is to facilitate exchanges between organization and their customers. Commercial enterprises are concerned with informing clients a bout their services; and not for-profit organizations must let their constituents know what they do. different types of enterprises will have distinct promotional mixes utilizing a variety of promotional methods.We will describe these methods and address the concept of an effective promotional mix.

Advertising

Advertising is a from of impersonal broadcasting through commercial mass media. The pervasive type of promotion is advertising because it is the one from that punctuates our daily lives.

There are two approaches to advertising. First , a company will try to pull products through a distribution system by firing information salvos through mass media.

The second approach is a push system where advertising is directed toward one channel member

Figure 9-6 promotion mix for pull and push strategies

AdvertisingEmphasis on producer who' pull consumersThrough national adsSupport of advertisingFor retailer to attractLocal buyers.

sales promotions Producer initiates salesPromotion forRetailer , incentivesFor distributors Personal sellingRetailer initiates personal selling asCustomers are pulled in to store and dealers

PublicityProducers seek major publicity To enhanceProduct and company imagesLocal stores and dealers seekCommunity publicity

Figure 9-6 promotion mix for pull and push strategiesAdvertisingProducer allocateAdvertising budgetTo emphasize retailEffort retailers emphasize ads to Attract customers

Sales promotionProducer supports Retailers butDoes not directly Offer sales Promotion ;retailer Initiates mainSales efforts

Personal sellingRetailer emphasize Personal contactWith customers toAnchor sales Promotion ; no involvement bypromotion

Publicity Producer may seek Publicity forImage and supportOf brand, but Retailer initiates Active publicity effort

4- pricingThe price one pays for a product is the exchange value, and the price one asks service coupled with a premium to reward risk taking.Prices are known by other names, including fares, fees, interests , tips, tuition, and taxes.

Figure 9-7 pricing to maintain marginsFactory-direct 59.95-4.00=

Marketing strategiesAs defined earlier, a marketing strategy is a consciously formulated plan that describe how a new venture will compete. It focuses the enterprise on activities related to competing in its market niche , subsequently providing guidelines for decisions a bout strategic objectives, allocation of resources, and responsibilities required to implement a marketing plan.

Strategic objectiveGrowth. Growth is measured through sales activities and should be expressed in term of sales dollars or units sold.Profitability. Every commercial enterprise will have profit objectives, but these can be expressed several ways.Customers service. An essential objective is to define how the enterprise will serve customers.Human resources. In addition to the personal aspirations of founders, most excellent companies have human resource objectives such as helping employees improve their career opportunities, or improving performance through job skill training .

Figure 9-8 common start-up strategiesConcentration

Concentric diversificationOf products or services

Concentric diversification Of markets or customersFocal product, services, or Line of merchandiseDirected to a distinct marketsSegment or nicheFocal product, services, or Line of merchandise

New product or services closely related toThose initiallyofferedDirected to same marketSegment or nichesAs those initially offeredFocal product, services, or Line of merchandiseFocus of products, Services, or line ofMerchandise isMaintained New markets segmentsOpened through expandedRang of customers, niches

Synopsis for learning1- Identify and describe the marketing functions that must be addressed by all new ventures.

2- Describe an expanded view of a company's product.

3- Explain how distribution is part of marketing infrastructure .

Synopsis for learning4- Identify and discuss the categories of promotion.5- Address the concept of pricing with respect to new venture.6- Describe the primary growth strategies employed by entrepreneurs.7- Explain the major elements of a marketing plan.

Chapter 10

Objective1- Describe changes in Europe that provide opportunities for global trade.2- Explain why the pacific rim is important to American business.3- Explain how entrepreneurs can become involved in exports and imports.4- Identify ways entrepreneurs can go international with investments.

5- Describe how entrepreneurs can find information and help on overseas opportunities and exporting.

Figure 10-1 The importance of tradetrade as percent of GDPAverage of exports and imports of goods and services

50

40

30

20

10

0

Direct Exporting as a form of going InternationalDomestic manufacture or company seekingExport marketsDirectlyContractswithForeign retailersForeign wholesalersOverseas distributors

Figure 10-3 indirect exporting as a from of going internationalDomestic manufactureOr marketing companySeeking export marketsContracts with intermediaries Who make markets overseasThese include brokers, Registered foreign Agents, EMCs ,ETCs , Foreign importers , andGovernments

Foreignretailers

Foreign wholesalers

Final consumers

Progressive stages of international involvementHigh

Low licenses franchises joint ventures wholly owned subsidiaries minority majority branch production owner owner office facilities

Exhibit 10-1 Essential provisions of soviet joint venture regulation JVs have the status of legal entities under soviet law and will operate independently on the basis of their own operating budgets and financing. JVs must be approved and registered with the state on the basis of a negotiated agreement between the partners land, mineral rights, and water and forest resources are leased to the JV by the state . the JV statutes are by partner agreement and determine the aims of the venture , its location , the participants shares, the assets, the administrative structure , and priority in liquidation.

share of assets is determined in rubles based on agreed prices related to world markets with currency converted at official exchange rates. Equipment and materials contributed by the western partner are duty-free. JVs may conduct import and export operations and participate in domestic markets. all foreign currency expenditures by the JV must be based on internally generated currency from foreign sales or other such means.JVs may apply for financing on commercial terms from soviet banks in both hard currency and rubles.

franchising

Franchising is a method of doing business by which a franchisee is granted the right to offer sell or distribute goods or services under a system created by the franchisor . Specially, franchising is a special form of licensing that involves rights to a business concept.

Joint ventures

Moving up the scale of international involvement, entrepreneurs can pursue joint ventures with foreign companies. A joint venture is a shared ownership by two or more organizations in which the investors have an equity investment in separate enterprise .the crucial point here is that unlike a license or franchise that seldom requires direct investments, the joint venture requires specific equity investments by all parties.

Figure 10-5 pattern of joint venturing in peoples republic of chinau.S company makes direct investment in PRCThrough a joint venture With equity and operating Funds(10-49% owner)Existing or newly formed PRC company combines assets or invests equity In joint venture( 10-51% shared of venture)

Agency of PRC government or designated localRegional political unitCommits minor equity(1-20% owner)

The foreign environment of business

Services and their counterparts in manufacturing and merchandising have several things in common. They must take in to consideration cultural, legal, political , and economic characteristics that exist overseas. No one can simply transplant a domestic business in to foreign environment without adjustments.

Figure 10-6 Environmental factors influencing decisions to go international CultureCustoms, work values, skills, And beliefsPolitical systemLeadership and stabilityLegal infrastructureCommerce law,Ex. Lm systemsEconomics factorsForeign exchange costs,taxes, etc.Decision to exportOr invest in foreignBusiness operations

What legal requirements must be satisfiedEntrepreneurs must determine licenses requirement in the united states and for the host foreign country . For example, u.s. export regulations are quite specific that any one involved in trade must have one of two types of licenses :

General licenses Validated licenses

Figure 10-7 general and validated licenses for exportingGeneral licensesValidated licensesA general export grant for a broadRange of products such as textiles, Chemical, lumber, prepared foods,Grains, and cerealsA specific grant related to one type ofProduct that must be reviewed, such as Aerospace technology andSemiconductor instrumentation

Synopsis for learning1- describe changes in Europe that provide opportunities for global trade

2- explain why the pacific rim is important to American business

3- examine how entrepreneur can become involved in exports and imports.

4- identify ways entrepreneur can go international with investments.

Synopsis for learning

5- describe how entrepreneur would find more information and help on overseas opportunities and exporting