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d) Customer relationships, revenue streams, value proposition

• entrepreneurship = process by which individuals pursue opportnuities without regard to the resources they currently control

=> acquisition and creative use of resources is crucial for entrpreneurs

• resource heterogeneity -> different firms process bundles of different resources

• resource immobility -> some resources are inelastic in supply or costly to copy

• resources = basic building blocks to a firm’s functioning and performance

• are inputs into production process

• can be combined in different ways

• a bundle of resources provides a firm its capacity to achieve superior performance

• valuable

• rare

• imperfectly inimitable

• company well organized

=> sustained competitive advantage

• influence

• inspire

• motivate

the business stakeholders to get access to resources

• communicate strong vision -> an idea that reflects shared values

• ideal and unique image of the future

• positive, general, and emotinally laden idea related to strong values

• projected mental image of the products, services, and organization a leader aspires to

• a form of social influence

• process of guiding people toward the adoption of an idea, attitude, or action

• via psychological and social influence tactics

• via certain communication styles and elements (see also leadership)

• WHAT DO YOU WANT TO ACHIEVE (YOUR GOAL) understanding your and the other party’s goals

• WHAT IS YOUR BATNA understanding your and the other party’s goals BATNA

  = best alternative to a negotiated agreement

• COMPARE YOUR GOAL AND YOUR BATNA

  -> unterstanding your and the other’s party’s limits

• WHAT DOES THE OTHER PARTY WANT TO ACHIEVE

• WHAT CONCERNS DO THEY HAVE

• WHAT IS THEIR BATNA

• achieving a compromise

• bargaining tactics

• the other has low ability or motivation to process information

  => peripheral route of persuasion

• the other has high ability or motivation to process information

  => central route of persuasion

• judgement based on peripheral cues (credibility of source or number of arguments)

• communicator: build on liking, show confidence, enthusiasm, stress similarity to audience

• message: creating emotional bond, emphasize what other side risks to lose rather than what they can gain

• communicate: speaking quickly, using vivid descriptions, metaphors, personal stories

• judgement based on systematic assessment of central cues (credibility of source or number of arguments)

• communicator: demonstrate knowledge and experiences, prove trustworthiness

• message: logical, rationate arguments and strong evidence for feasibility, elaborate benefits

• communicate: two-sided information, present potential pitfalls, demonstrate how you will deal with them

• implies that all wins on one side result in losses on the other side -> competitive situation

• bargaining tactics are double-sworded -> entrepreneurs can influence others, but might also end cooperative business relationships

• reciprocity

• commitment and consistency

• fundamental principal of human interaction

• we try to repay in what another person has provided us

• exchange does not necesarily need to be equal

• reciprocity can arise from uninvited debts and concessions

• Door-in-the-face

• That’s-not-all-folks

• making an extreme requenst and follow it up with a more reasonable one

• the initial request can be an anchor for evaluating the follow-up

• increasing the offer or reducing the cost

• can evoke the feeling of making a bargain

• humans have drive to behave in a consistent way

• people tend to feel pressured to stick to choice or opinion after they made a decision

  
  

• when the decision has been made in public, involved effort or is viewed as internally motivated

• “Foot-in-the-door”

• “Low-balling”

• escalating patterns of requests

• builds a first connection and draws on the connection

• inducements that are withdrawn after commitment is made

• e.g. fees added to the initiall displayed price