Entrepreneurs and their small enterprises are responsible for almost all the economic growth in the United State. Roland Reagan

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1 Entrepreneurs and their small enterprises are responsible for almost all the economic growth in the United State Roland Reagan

2 Sustainability and Growth Entrepreneurs and their small enterprises are responsible for almost all the economic growth in the United State Ronald Reagan Ramin Cooper Maysami Acting Dean School of Business UNC-Pembroke

3 Preparing for and Evaluating the Challenges of Growth

4 Reasons for Growth Growth for the sake of growth is the ideology of the cancer cell. Edward Abbey

5 Reasons for Growth Reason for Growth Economics of scale Explanation Occur when increasing production lowers the average cost of each unit produced. Economics of scope Occur when the scope (or range) of a firm s operations creates efficiencies.

6 Reasons for Growth Reason for Growth Market Leadership Explanation Occurs when a firm holds the number one or the number two position in an industry or niche market in terms of sales volume. Influence, Power, and Survivability Larger businesses usually have more influence and power than smaller firms.

7 Reasons for Growth Reason for Growth Accommodate the Growth of Key Customers Attract and Retain Talented Employees Explanation Sometimes firms are compelling to grow to accommodate the growth of a key customer. Growth is a firm s primary mechanism to generate promotional opportunities for employees.

8 Three Things a Business Can Do to Prepare For Growth 1. Appreciate the Nature of Business Growth Not all businesses have the potential to be aggressive growth firms A business can grow too fast Business success doesn t always scale

9 Three Things a Business Can Do to Prepare For Growth 2. Stay Committed to a Core Strategy It is important that a business not lose sight of its core strategy as it prepares to grow.

10 Three Things a Business Can Do to Prepare For Growth A firm should establish growth-related plans. 3. Plan for Growth It s also important for a firm to determine, as soon as possible, what its growth strategies will be.

11 Growing Too Fast? Check these signs. Borrowing Money to pay for routine operating expenses; Extremely tight profit margins; Over-stretched staff; Declining product quality s going unanswered; Customer complaints are up; Employees do not look forward coming to work; Operating in a crisis mode becomes the norm; Productivity is falling; The business accountants are starting to worry

12 Managing Growth Growth itself contains the germ of happiness. Pearl Buck

13 Managing Growth It s important for a business owner to know the stages of growth, along with the unique opportunities and challenges that each stage entails.

14 Challenges of Growth Two categories of challenges for firms growth Managerial Capacity Problem Day-to-Day Challenges of Growing a Firm

15 All growth depends upon activity. There is no development physically or intellectually without effort, and effort means work. Calvin Coolidge

16 Managerial Capacity Problem Basic Model of Firm Growth

17 Managerial Capacity Problem Impact of the Managerial Capacity Problem

18 Day-to-Day Challenges of Growing a Firm Challenge Cash Flow Management Explanation A firm requires an increasing amount of cash as it grows. Price Stability If growth comes at the expense of a competitor s market share, a price war could ensue.

19 Day-to-Day Challenges of Growing a Firm Challenge Quality Control Explanation An increase in firm activity can result in quality control issues if a firm is not able to increase its resources to handle the extra work Capital Constraints Capital constraints are an ever-present problem for growing firms

20 Strategies for Firm Growth

21 Without continual growth and progress, such words as improvement, achievement, and success have no meaning. Benjamin Franklin

22 Internal and External Growth Strategies Internal Growth Strategies External Growth Strategies Involve efforts taken within the firm itself, such as new product development, other product related strategies, and international expansion. Rely on establishing relationships with third parties, such as mergers, acquisitions, strategic alliances, joint ventures, licensing, and franchising.

23 Internal and External Growth Strategies

24 Internal Growth Strategies New product development Other productrelated strategies International expansion

25 New Product Development New Product Development Involves the creation and sale of new products (or services) as a means of increasing firm revenues. In many fast-paced industries, new product development is a competitive necessity. For example, the average product life cycle in the computer software industry is 14 to 16 months.

26 New Product Development Keys to Effective New Product and Service Development Find a niche and fill it. Develop products that add value. Get quality right and pricing right. Focus on a specific target market. Conduct ongoing feasibility analysis.

27 New Product Development Common Reasons That New Products Fail Inadequate feasibility analysis. Overestimation of market potential. Bad timing. Inadequate advertising and promotions. Poor service.

28 Other Product Related Strategies Product Strategy Improving an Existing Product or Service Description Often a business can increase its revenues by simply increasing the quality of an existing product or service. Increasing Market Penetration Increasing the sales of a product or service through greater marketing efforts or through increased production capacity.

29 Other Product Related Strategies Product Strategy Extending Product Lines Description Making additional variations of a product so it will appeal to a broader range of clientele. Geographic Expansion Growth via expanding to additional geographic locations.

30 International Expansion International Expansion Another common form of growth for entrepreneurial firms. International new ventures are businesses that, from their inception, seek to derive significant competitive advantage by using their resources to sell products or services in multiple countries. Although there is vast potential associated with selling overseas, it is a fairly complex form of growth.

31 External Growth Strategies Mergers and Acquisitions Licensing Strategic Alliances and Joint Ventures Franchising

32 There are no great limits to growth because there are no limits of human intelligence, imagination, and wonder. Roland Reagan

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