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Four requirements for entrepreneurial management

University/College: University of Arkansas System
Date: October 27, 2017
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Four requirements for entrepreneurial management

Peter Trucker had four requirements for entrepreneurial management In the article “the New Venture”. They are: a focus on the market, financial foresight, bulging a top management team long before the new venture actually needs one and decision of the founding entrepreneur role in his team. Firstly, companies might not be able to foresee that the products they originally designed or planned to sell have been switched to another products or services they did not expect. The company will be successful, if it is market-focused and market- driven to look, listen and satisfy customers. Secondly, as Mr…

Trucker said, “The lack of adequate financial focus and of the right financial policies is, by contrast, the greatest threat to the new venture in the next stage of its growth. ” The more successful a new venture is, the more dangerous the lack of financial foresight. Thirdly, the reason why we should build a top management team long before the venture goes bankrupt Is that the whole team needs long periods to cooperate and function well together. It takes time for team member to form mutual-trust and mutual-understanding. After the founders have done all the market focus, financial foresight and top management am, a new problem evolves.

They need to decide what are their roles and relationships in their team. If the founders refuse to accept it, the business might be messed up or come into problems. As for Louis Assize’s teaching methods, he put the learning processes, ways of thinking, and problem solving in core position by means of observation and self- experience firsthand. His strict adherence to making students to be active observer instead of passive recipients of what he had ready known. In order to meet those four entrepreneurial management requirements, we need to implement the teaching ethos that Assize used to solve problems.

Entrepreneurs should be willing to explore solutions and experience under different circumstances. Instead of a copy cat, the entrepreneur should be proactive and figure out what are best for the business by personal experience. Hewlett and Packard have successfully established a great example of fulfilling Peter Trucker’s requirements. There are two points that I want to discuss here. The first point is that Hewlett and Packard was the perfect example of having consistent market-focus ever since they established the company. HP had rapid growth during he World War II.

It sighed a contract with the Navy for microwave signaling and radar Jamming research, however, it turned many other orders down for its central business on manufacturing testing and measurement Instruments. If HP did not remain as a focused company, It might not exist until now. As for the strategy to “concentrate on bulging a group of complementary products rather than getting involved in a lot of unrelated things”, HP was dedicating on innovation and it only that industry. The second point is based on 4 requirements that the founders should find out what heir new roles and relationship with this company.

Hewlett-Packard started to know each other when they were in Stanford University as classmates. The experience of Packard at GE played the most important role in the future development of HP. He found what is desirable management style for his own company that trust in people, individual responsibility, decentralization, open communication, continual employee development and education, and Joint problem solving which all evolved into the “HP Way’. He implemented his theory and also took management accounting courses in Stanford in order to learn how to run his business.

As for Hewlett, he got his master’s degree in electrical engineering from MIT and then concentrated on developing laboratory applications as a researcher. He collaborated with Peter to invent many useful devices. Both Packard and Hewlett knew what they were good at and what they could do best for the company. Adjusting their roles and relationship with HP was necessary and favorable for the development of the company. Hewlett and Peter story of HP was a successful example for people to implement Peter Trucker’s requirements. Entrepreneurial management is essential for business development in prosperity.

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