Business in general was characterized by reliance on forecasting and prediction. In fact, this is the heart and soul of business plans where financial forecast is the foundation of all management decisions. For decades, traditional management principles thrived to general management practices that were based on historical experience. As the world becomes accustomed to technology innovations and inventions, the application of forecasts and prediction based management is dwindling especially for technology based business such as e-commerce. Market unpredictability and uncertainty has been on all time high even through the barriers to entry in the online business industry is at all-time low.
Most traditional management is not fully applicable to e-commerce entrepreneurship due to its uncertainty and the fast-paced innovation involved. There should be a framework that is suited for e-commerce entrepreneurship and innovation. This topic discusses an entrepreneurial management framework to leverage on the uncertainty and unpredictability of markets.
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Entrepreneurial Management Framework
Entrepreneurial management is a leadership framework designed specifically for twenty-first century uncertainty with the use of a different set of tools that were based on different fields. Though it is not a replacement for the traditional management concepts, it a framework that embraces the rigorous part of innovation management and entrepreneurship.
Developing a business model that makes a profit is not just a creative writing exercise through the visual canvas learned earlier. E-commerce entrepreneurs’ can’t just put their best guesses on the canvases, wait for customers to believe its story and execute right to a tee. Unfortunately, building an e-commerce business does not work this way. Entrepreneurial management framework helps the entrepreneur in the fact finding to quash the assumptions and risk associated with the e-commerce venture.
The videos below reinforces the webinar shown above: