Lecture 9(Edited)

8/2/2019 Lecture 9(Edited)

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MANAGINGENTREPRENEURIAL

VENTURESORGANIZIN(LEC 9)


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Context of entrepreneurship.

Examine entrepreneurship from the perspectiveof the four managerial functions:

a. Planning,

b. Organizing,

c. Leading

d. Controlling.


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Our greatest glory is not in never failing,

but in rising every time we fall.

(Confucius)


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When there is no vision, people perish.

(Franklin D. Roosevelt)


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Anyone who stops learning is old,

whether at 20 or 80. Anyone who keepslearning stays young.

(Henry Ford, 1843 1947)


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When you see a successful business,

someone once made a courageousdecision.

(Peter Drucker)


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Entrepreneurship The process of starting new businesses,

generally in response to opportunities.

Entrepreneurs pursue opportunities by

changing, revolutionizing, transforming, or

introducing new products or services.


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Entrepreneurial Ventures. Organizations that pursueopportunities, are characterized by innovative

practices, and have growth and profitability as theirmain goals.

A Small Business. A business that is independentlyowned, operated, and financed; has fewer than 100

employees; doesnt necessarily engage in any new orinnovative practices, and has relatively little impacton its industry.

- To be entrepreneurial means that the business mustbe innovative, seeking out new opportunities.

- Entrepreneurial ventures may start small, but theypursue growth.


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Importance of Entrepreneurship

Innovation. Process of changing, experimenting,transforming, and revolutionizing a key aspectentrepreneurial activity.

Creative destruction. Process that characterizesinnovation leads to technological changes andemployment growth.

Entrepreneurial firms act as agents of change.

Number of new start-ups. The number of new start-upshas increased every year since 2002. An estimated649,700 businesses were created in USA in 2006.

Job Creation. Small businesses accounted for most of thenew jobs entrepreneurial firms as job creators.


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The Entrepreneurial Process Four key steps:

a. Exploring the entrepreneurial context. The contextincludes realities of todays economic, political/legal,social and work environment. They determine the rulesof the game and which decisions and actions are likelyto be successful.b. Identifying opportunities and possible competitiveadvantages

c. Starting the venture. Researching the feasibility ofventure, planning the venture, organizing the ventureand launching the venture.

d. Managing the venture. Managing process, managingpeople and managing growth.


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What Entrepreneurs Do?

1. An entrepreneur is initially engaged in assessing the

potential for the entrepreneurial venture and thendealing with the start-up issues.

2. Gathers information, identifies potentialopportunities and pinpoints possible competitiveadvantages.

3. Researches ventures feasibility uncoveringbusiness ideas, looking at the competition and

exploring financing options.4. Plan the venture develop a viable organizational

mission, explore organizational culture issues,creating a well-thought out business plan.


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What Entrepreneurs Do? (Contd)5. Organize the venture choose a legal form of

business organization, addressing other legal issuessuch as patent or copyright searches, coming up withan appropriate organizational design for structuringhow work is going to be done.

6. Launch the venture setting goals and strategies,establishing the technology operations, methods,marketing plans, information systems, financialaccounting systems and cash flow managementsystems.

7. Managing the venture managing various processes decision making, establishing action plans,analyzing environment, performance, training,motivation, conflict, effective leader.

8. Manage growth strategies, crises, avenues, exiting.


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Social Responsibility and Ethics Issues

Facing Entrepreneurs

1. Developing a positive reputation and relationship

in communities.

2. Corporate citizenship.3. Skill development vs charity.

4. Protect environment.

5. Ethical consequence of what they do.

d l


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Start-up and Planning Issues

For Entrepreneurial Venture Identifying Environmental Opportunities and

Competitive Advantage

- Opportunities are positive trends in external

environmental factors.- These trends provide unique and distinct possibilitiesfor innovating and creating value.

- Entrepreneurs be able to pin-point the pockets ofopportunities that a changing context provides.

- Organizations do not see opportunities, individualsdo.


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7 Potential Sources of Opportunities

(Peter Drucker)

1. The Unexpected when situations and events areunanticipated, opportunities can be found.

2. The Incongruous when something is incongruous, thereare inconsistencies and incompatibilities in the way itappears. When conventional wisdom doesnt work, thereare opportunities to be captured. Willingness to thinkout of the box, to think beyond the confines oftraditional and conventional approaches.

(Fedex founder Fred Smith recognized in early 1970s theinefficiencies in the delivery of packages and documents).

3. The Process Need opportunities in the various stages ofthe process.


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7 Potential Sources of Opportunities

(Peter Drucker) (Contd)4. Industry and market structures changes in

technology, obsolescence, changes in social values.

5. Demographics characteristics of population.

6. Changes in perceptionchanges in ones view of

reality facts do not vary but their meanings do.

Peoples psychographic profiles change what they

value, believe and care about.

7. New knowledge significant source of

entrepreneurship.


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Researching a Ventures Feasibility

(Generating and Evaluating Ideas) Entrepreneurial ventures thrive on ideas.

Generating Ideas: Sources of ideas unique and varied:

a. Working in the same industry.

b. Personal interests or hobbies.

c. Familiar and unfamiliar products and services.d. Opportunities in external environmental sectorstechnological, socio-cultural, demographics, economic or legal-political.

Entrepreneurs look for:

a. Limitations of what is currently available.

b. New and different approaches.

c. Advances and breakthroughs.

d. Unfilled niches.

e. Trends and changes.


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Evaluating Potential Ideas

Marketplace ConsiderationsPersonal Considerations Who are the potential customers for your

idea: who, where, how many?

What similar or unique product features

does your proposed idea have compared

to whats currently in the market?

How and where will potential customerspurchase your product?

Have you considered pricing issues and

whether the price youll be able to charge

will allow your venture to survive and

prosper?

Have you considered how you will need

to promote and advertise your proposed

entrepreneurial venture?

Do you have capabilities to do what

youve selected?

Are you ready to be an entrepreneur?

Are you prepared emotionally to deal

with the stresses and challenges of being

an entrepreneur? Are you prepared to deal with rejection

and failure?

Are you ready to work hard?

Do you have a realistic picture of the

ventures potential?

Have you educated yourself about

financing issues?

Are you willing and prepared to do

continual financial and other types of

analyses?


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Researching Competitors

(Possible Questions)1. What types of products or services are competitors offering?2. What are the major characteristics of these products or

services?

3. What are the strengths and weaknesses of the competitorsproducts or services?

4. How do competitors handle marketing, pricing anddistribution?

5. What do competitors attempt to do differently from othercompanies?

6. Do they appear to be successful at it? Why or why not?

7. What are they good at?

8. What competitive advantage(s) do they appear to have?

9. What are they not so good at?

10. What competitive disadvantage(s) do they appear to have?

11. How large and profitable are these competitors?


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Feasibility Study An analysis of the various aspects of a

proposed entrepreneurial venture that is

designed to determine the feasibility of a

venture.

F ibilit St d


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Feasibility StudyC. Management

considerationsB. Accounting

considerationsA. Introduction, historical

background, description ofproduct or service1. Personal expertise

strengths and weaknesses.

2. Proposed organizational

design.

3. Potential staffingrequirements.

4. Inventory management

methods.

5. Production and operations

management issues.

6. Equipment needs.

1. Pro forma balance

sheet.

2. Pro forma balance and

loss statement.

3. Projected cash flowanalysis.

1. Brief description of proposed

entrepreneurial venture.

2. Brief history of the industry.

3. Information about the

economy and importanttrends.

4. Current status of product or

service.

5. How you intend to produce

the product or service?

6. Complete list of goods or

services to be provided.7. Strengths and weaknesses of

the business.

8. Ease of entry into the industry

including competitor analysis.

F ibilit St d (C td)


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Feasibility Study (Contd)F. Legal considerationsE. Financial considerationsD. Marketing

considerations1. Proposed business structure

(type; conditions, terms,

liability, responsibility;

insurance needs; buyout and

succession issues).

2. Contracts, licenses, and other

legal documents.

1. Start-up costs.2. Working capital

requirements.

3. Equity requirements.

4. Loans amount, type,

conditions.

5. Breakeven analysis.

6. Collateral.

7. Credit references.

8. Equipment and building

financing costs and

methods.

1. Detailed productdescription.

2. Identify product market

(who, where, how many).

3. Describe the place where

the product will be

distributed (location,

traffic, size, channels, etc).

4. Price determination

(competition, price lists

etc).

5. Promotion plans (role of

personal selling,

advertising, salespromotion, etc).

G. Tax considerations: sales/property/employee; federal, state and local.

H. Appendix: charts/graphs, diagrams, layout, rsums, etc.


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Possible Financing Options

(Research into Options)Entrepreneur s personal resources personal savings, home equity,

personal loans, credit cards, etc.

Financial institutionsbanks, savings and loans institutions,

government-guaranteed loans, credit unions, etc.

Venture capitalistsexternal equity financing provided by

professionally managed pools of investor money.

Angel investorsa private investor (or group of private investors)

who offers financial backing to an entrepreneurial venture in return for

equity in the venture.

Initial public offering (IPO)the first public registration and sale of acompanys stock.

National, state and local governmental business development

programs

Unusual sourcestelevision, shows, judged competitions, etc.


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Planning a Venture Developing a Business Plan: Done after the ventures

feasibility has been researched. Business Plan: A written document that summarizes a

business opportunity and defines and articulates how theidentified opportunity is to be seized and exploited.

- Business Plan requires careful planning and creativethinking.

- Business plan serves as a blueprint and road map foroperating the business, living document, guidesorganizational decisions, and actions throughout life of

business.- Information in feasibility study provides much of thebasis for the business plan.

Business Plan has six major sections.

i l


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Business Plan

(6 Major Sections)

1. Executive Summarya. Summarizes key points about proposed entrepreneurialventure.

b. May include brief mission statement, primary goals, briefhistory of the entrepreneurial venture (timeline), key people

involves in the venture, the nature of the business, conciseproduct or service descriptions, brief explanations of marketniche, competitors and competitive advantage, proposedstrategies and selected key financial information.

2. Analysis of Opportunity. Present details of the perceived

opportunity:a. Sizing up the market by describing the demographics of thetarget market.

b. Describing and evaluating industry trends.

c. Identifying and evaluating competitors.

B i Pl


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Business Plan

(6 Major Sections) (Contd)

3. Analysis of the context. Whereas the opportunityanalysis focuses on the opportunity in a specific

industry and market, the context analysis takes a

much broader perspective. Describes the broadexternal changes and trends taking place in the

economic, political-legal, technological and global

environments.

B i Pl


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Business Plan


4. Description of the Business. Describes how the entrepreneurialventure is going to be organized, launched and managed.

a. Mission Statement.

b. Description of desired organizational culture.

c. Marketing plan including overall marketing strategy, pricing,

sales tactics, service warranty policies, and advertising andpromotion tactics.

d. Product development plan an explanation of developmentstatus, tasks, difficulties and risks and anticipated costs.

e. Operational plans including geographic location, facilities, andneeded improvements, equipment and workflow.

f. Human Resource Plans including a description of keymanagement persons, composition of board of directors,including their background experience/skills, current and futurestaffing needs, compensation, and benefits and training needs.

g. An overall schedule and timetable of events.

B i Pl


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Business Plan


5. Financial Data Projections. Financial plans should cover atleast three years and contain projected income statements,pro forma cash flow analysis (monthly for the first year andquarterly for the next two), pro forma balance sheets, break

even analysis and cost controls. In case of major equipmentor other capital purchases, the items, costs, and availablecollateral be listed. Give explanatory notes where dataseems contradictory or questionable.

6. Supporting Documentation. Important component of abusiness plan. Back up descriptions with charts, graphs,tables, photographs or other visual tools. Useful to includeinformation (personal or work related) about the key

participants in the entrepreneurial venture.


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Venture Capitalist. Individuals who provide

external equity financing through professionally

managed pools of investors money.

Angel Investors. A private investor (or group of

private investors) who offer financial backing to

an entrepreneurial venture in return for equity in

the venture.

Initial Public Offering (IPO). The first public

registration and sale of a companys stock.


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Issues in Organizing Entrepreneurial

Venture

1. The legal forms of organization.

2. Organizational design and structure.

3. HRM.4. How to stimulate and make changes.

5. Continuing importance of Innovation.

l f i i


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Legal Forms of Organization

Critical decision to determine the form of legal

ownership for the venture.

VariationsThree basic ways toOrganizeTwo Factors

a. Sole proprietorship.b. General Partnership.

c. Limited liability Partnership

(LLP).

d. C Corporation.

e. S Corporation.

f. Limited Liability Company(LLC)

*Each with unique tax

consequences, liability

issues and pros and cons.

a. Sole proprietorship.b. Partnership.

c. Corporation.

a. Taxesb. Legal liability

* Entrepreneur wants to

minimize the impact

of both factors.


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Sole Proprietorship A form of legal organization in which owner

maintains sole and complete control over thebusiness.

Is personally liable for business debts.

No legal requirements for establishing a soleproprietorship other than obtaining localbusiness licenses and permits.

Income and loss pass through to the owner andare taxed at the owners personal income tax rate.

Drawback --- unlimited personal liability for anyand all debts of the business.


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General Partnership A form of legal organization in which two or more

business owners share the management and risk ofthe business.

Income and losses pass through to partners and

are taxed at personal rate, flexibility of profit lossallocations to partners.

Ease of formation pooled talent, pooled resources,somewhat easier access to financing, some tax

benefits. Unlimited personal liability, divided authority, and

decisions, potential for conflict, continuity oftransfer of ownership.

Li i d Li bili P hi (LLP)


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Limited Liability Partnership (LLP) A form of legal organization in which there are general partners

and limited partners.

General partners actually operate and manage the business.They have unlimited liability. Must be atleast one generalpartner in LLP.

Can be any number of limited partners. They are passiveinvestors, can give management suggestions to generalpartners. Also, have right to inspect business and make copiesof business records.

Limited partners are entitled to share of profits as perpartnership agreement.

Limited partners risk limited to investment in LLP. Good way to acquire capital from limited partners.

Cost and complexity of forming high.

Limited partners cant participate in management of businesswithout losing liability protection.

Income / losses pass through; taxed at personal rate.

C C i


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C Corporation Most complex to form.

A legal business entity that is separate from its owners andmanagers.

Many entrepreneurial ventures held as closely heldcorporations; are corporations owned by a limited number ofpeople who do not trade the stock publically. Easier access to

resources. Corporation functions as distinct entity and can make

contracts, engage in business activities, own property, sue andbe sued, and pay taxes.

Must operate in accordance with its charter and laws of the

state. Liability limited.

Dividend income taxed at corporate and personal shareholderlevels, losses and deductions corporate.

Extensive record keeping, charter restrictions.

S Corporation


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S Corporation

(Also called Subchapter S Corporation)

A specialized type of corporation that has the regularcharacteristics of a corporation but is unique in that theowners taxed as a partnership, as long as certain criteria aremet.

The classic organizing approach for getting the limited liability

of a corporate structure without incurring corporate tax. Upto 75 shareholders; no limits on type of stock or voting

arrangements.

Income and loss pass through to partners, and are taxed atpersonal rate; flexibility in profit-loss allocation to partners.

Easy to set up, enjoy limited liability protection and taxbenefits of partnership. Can have a tax-exempt entity as ashareholder.

Must meet certain strict requirements.

May limit future financing options.

Li it d Li bilit C (LLC)


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Limited Liability Company (LLC) A relatively new form of business organization; a hybrid

between a partnership and a corporation.

LLC offers liability protection of a corporation, tax benefits of a

partnership, and fewer restrictions than an S Corporation.

Quite complex and expensive to set-up. Needs legal and

financial advice to form LLCs operating agreement, a documentoutlining provisions governing its conduct of business.

Unlimited number of members, flexible membership

arrangements for voting rights and income.

Income and losses pass through to partners and are taxed atpersonal rate, flexibility in profit and loss allocation to partners.

Greater flexibility, not constrained by regulations on C and S

Corporations; taxed as partnership, not as corporation.

Cost of switching from one form to this can be high.

O i ti l D i d St t


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Organizational Design and Structure Choice of an organizations structure an important decision.

Structure problems complicate as entrepreneurial ventures grow.

Having structured organization doesnt mean giving up flexibility (of small

company), adaptability and freedom.

Structural design maybe fluid, yet have the rigidity it needs to operate

efficiently.

Organizational design decisions in entrepreneurial venture revolves aroundsix key elements of organizational structure:

a. Work specialization.

b. Departmentalization.

c. Chain of command.d. Span of control.

e. Amount of centralization or de-centralization.

f. Amount of formalization.

Above six key elements will determine a design--- more mechanistic or

organic.

O i ti l D i d St t (C td)


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Organizational Design and Structure (Contd) A Mechanistic Structure. Would be preferable when

cost efficiencies are critical to the ventures

competitive advantage, when more control overemployees work activities is important, if the ventureproduces standardized products in a routine fashionand when the external environment is relatively stable

and certain. An Organic Structure. Would be the most appropriate

when innovation is critical to the organizationscompetitive advantage, for smaller organizations

where rigid approaches to dividing and coordinatingwork arent necessary, if the organization producescustomized products in a flexible setting, and wherethe external environment is dynamic, complex anduncertain.

HRM Issues in Entrepreneurial Ventures


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HRM Issues in Entrepreneurial Ventures

Two issues:

a. Employee Recruitment.

b. Employee Retention.

Recruitment:

- Recruitment of appropriate employees important.

- Entrepreneurs look for:a. High potential people who can perform multiple roles

during various stages of venture growth.

b. Individuals having passion for business.

c. Unlike corporate counterparts who often focus on filling ajob by matching a person to job requirements, entrepreneurslook to fill critical skills gap.

d. People who are exceptionally capable, self-motivated ,

flexible and multi-skilled, who can help grow the venture.

HRM I i E t i l V t (C td)


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HRM Issues in Entrepreneurial Ventures (Contd) Whereas corporate managers tend to focus on using

traditional HRM practices and techniques, entrepreneursare more concerned with matching characteristics of theperson to the values and culture of the organization, i.e.they focus on matching the person to the organization.

Employee Retention:

- Entrepreneur wants to keep people hired and trained.

- Compensation issues.

- Smaller entrepreneurial firms likely to view compensation

from a total rewards perspective (not just the base pay,incentives/benefits).

- Compensation for them encompasses psychologicalrewards, learning opportunities and recognition in addition

to monetary rewards (base pay, incentives)

H t Sti l t d M k Ch


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How to Stimulate and Make Changes Entrepreneurs face dynamic change.

Entrepreneur wears the hat of change agent; recognizesneed for change and acts as catalyst, coach, cheerleaderand chief change consultant.

Organizational change of any type can be disruptive andscary.

Entrepreneur must explain change to employees,encourage change efforts by supporting employees,getting them excited about change, building them up andmotivating them to put forth their best efforts.

Entrepreneur may have to guide actual change process aschanges in strategy, technology, products, structure orpeople are implemented.

Entrepreneur answers questions, makes suggestions, getsneeded resources, facilitates conflict and does whatever

necessary to implement changes.


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Continuing Importance of Innovation Innovation is a key characteristic of

entrepreneurial venture what makes anentrepreneurial venture entrepreneurial.

Innovation supportive culture in the

organization is crucial.

Employees must perceive that supervisory

support and organizational reward systems are

consistent with a commitment to innovation. Employees-- not perceive their work load

pressures as being excessive or unreasonable.

Leading An Entrepreneurial Venture


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Leading An Entrepreneurial Venture As entrepreneurial venture grows leading becomes crucial.

Personality characteristics of Entrepreneurs

a. List 1. Abundance of self-confidence, high level of motivation,ability to be involved for the long term, high energy level,persistent problem solving, high degree of initiative, ability to setgoals, moderate risk taking.

b. List 2. High energy level, great persistence, resourcefulness,desire and ability to be self-directed, relatively high need forautonomy.

Proactive Personality. A personality trait that describesindividuals who are prone to take actions to influence their

environments. Items on Proactive Scale. Being male, education, having

entrepreneurial parent, proactive personality, greater riskpropensity with primary goal of growth rather than familyincome only.

Motivating Employees through Empowerment


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Motivating Employees through Empowerment

Having motivated employees an important goal forentrepreneurs.

Employee empowerment giving employees the power tomake decisions and take actions at their own.

Successful entrepreneurial ventures must be quick, nimble,ready to pursue opportunities and go off in the right

direction. Empowered employees can provide that flexibilityand speed.

Empowered employees display stronger work motivation,better work quality, higher job satisfaction, lower turnover.

Steps for empowermenta. Participative decision making.

b. Delegation.

c. Fully empowering to do work effectively and efficiently

by using their creativity, imagination, knowledge and skills.

E t A A L d


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Entrepreneur As A Leader Leading the venture ability to articulate a coherent,

inspiring and attractive vision of the future. Visionary companies outperformed non-visionaries by 6

times.

Using employee work teams to perform organizational

tasks, create new ideas and resolve problems. Empowered teams, self-directed teams and cross-

functional teams.

Developing, using teams necessary.

For team efforts to work, entrepreneurs must shift fromtraditional command-and-control style to a coach-and-collaboration style.

Controlling Entrepreneurial Ventures


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Controlling Entrepreneurial Ventures1. Managing Growth. Successfully pursuing growth typically

requires an entrepreneur to manage all challenges

associated with growth.2. Planning for Growth. Best growth strategy is well planned

one. Rapid growth without planning can be disastrous.

- Availability of capital for growth.

- Having a proper financial structure and plan for fundinggrowth.

- Achieving a supportive growth-oriented culture.

3. Controlling for Growth

- Reinforce already established organizational controls.- Maintain good financial records and financial controlsover cash flow, inventory, customer data, sales orders,receivables, payables, and costs.

- Have established procedures, protocols and processes.

A hi i S ti G th


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Achieving a Supportive Growth-

Oriented CultureKey Messages

Keep the lines of communication open inform employees about major issues.

Establish trust by being honest, open, and forthright about the challenges and

rewards of being a growing organization.

Be a good listener find out what employees are thinking and facing.Be willing to delegate duties.

Be flexible be willing to change your plans if necessary.

Provide consistent and regular feedbackby letting employees know the outcome

good and bad.

Reinforce the contributions of each person by recognizing employees efforts.Continually train employees to enhance their capabilities and skills.

Maintain the focus on the ventures mission even as it grows.

Establish and reinforce a wespiritsince a successful growing venture takes the

coordinated efforts of all the employees.

M i D t


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Managing Downturns

What happens when things do not go as planned?

Nobody likes to fail, especially entrepreneurs.

What can be done?

Recognizing Crisis Situations:

- Be alert to warning signs.- Some signals inadequate or negative cash flows, excessnumber of employees, unnecessary and cumbersomeadministrative procedures, fear of conflict and taking risks,

tolerance of work incompetence, lack of a clear mission orgoals, and ineffective or poor communication within theorganization.

Managing Downturns (Contd)


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Managing Downturns (Contd) Boiled Frog Phenomenon. A perspective on

recognizing performance declines that suggestswatching out for subtly declining situations.

- A classic psychological response experiment. In onecase, a live frog dropped into a pan of boiling waterreacts instantaneously and jumps out of the pan. Inthe second case, a live frog dropped into a pan ofmild hot water, gradually heated to boiling point failsto react and dies.

- Similarly, an entrepreneur may not recognize thewater heating up, i.e. a subtly declining situation.- Entrepreneur needs to be alert to signals.

- Do not wait until the water has reached the boilingpoint before you react!

M i D t (C td)


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Managing Downturns (Contd) Dealing with Downturns, Declines and Crises

- Think about it before it happens.

- Have an upto-date plan for covering crises, likemapping exit routes from your home in case of

fire.- Plan should focus on providing specific detailsfor controlling most fundamental and critical

aspects of running the venture cash flow,accounts, receivables, costs and debt.

- Identify specific strategies for cutting costs andrestructuring the venture.

Exiting the Venture


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Exiting the Venture Harvesting: Exiting a venture when an entrepreneur hopes to

capitalize financially on the investment in the venture. Exiting issues:

a. Business Valuation Methods:

- Assets valuations.

- Earnings valuations.

- Cash flow valuations.

b. Have comprehensive business valuation prepared byprofessionals.

Other considerations:

a. Being prepared.b. Deciding who will sell the business.

c. Tax implications.

d. Screening potential buyers.

e. Telling employees before or after sale.

Managing Personal Life Choices and


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Managing Personal Life Choices and

Challenges Entrepreneurs are a special group. They are focused,

persistent, hardworking and intelligent.

They must balance their work and personal lives.

Things entrepreneurs can do:

a. Become good time managers.b. Seek professional advice in areas of business whereneeded.

c. Deal with conflicts as they arise. Never let the

communications break down.d. Develop a network of trusted friends and peers (to talk tofor support and encouragement).

e. Recognize when his or her stress levels are too high. Dosomething about it!


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Intrapreneurship

An intrapreneur who takes hands-onresponsibility for creating innovation of any kind

within an organization.

Intrapreneur maybe the creator or the inventorbut it is always the dreamer who figures out how

to turn an idea into a profitable reality.

Intrapreneurship takes place within an

organization.

Documents

Lecture 9(Edited)