How Do Entrepreneurs Integrate Resources?

Whether entrepreneurs can successfully develop opportunities to further develop entrepreneurial activities usually depends on the resources they are able to integrate and integrate.

Although the resources of entrepreneurial enterprises are scarce compared with the large companies that have entered the mature period, the entrepreneurial spirit, unique creativity and social relations of entrepreneurs are equally strategic.

Therefore, for entrepreneurs, on the one hand, we must create the greatest possible value with limited resources, on the other hand, we should also try to acquire and integrate various strategic resources.

Make good use of resource integration skills

Entrepreneurship is always associated with innovation, creation and wealth creation.

An entrepreneur with his own entrepreneurial experience put forward this view: lack of resources, equipment, employees and other resources, in fact, is a huge advantage.

This will force entrepreneurs to focus their limited resources on sales and thus bring cash to enterprises.

In order to ensure the sustainable development of the company, entrepreneurs should ask themselves at every stage, how can we get more value creation with limited resources?

Learn to piece together.

Many entrepreneurs are pieced together experts, by adding some new elements, recombined with existing elements, forming innovative behavior in resource utilization, which may bring unexpected surprises.

Entrepreneurs usually make use of all the resources available to carry out entrepreneurial activities. Some resources may be useless and abandoned to others, but entrepreneurs can integrate them through their own unique experience and skills.

For example, many entrepreneurs of high and new technology enterprises are not professional professionals. They may know a little about technology in a certain field for their interests or other reasons. But with this slight "one or two", they find opportunities and quickly realize the integration of related resources.

Integrating existing resources and coping with new situations quickly is one of the best tools for entrepreneurship.

The patchwork man is good at discerning the attributes of various resources around him with creative eyes, and creatively integrating them.

This kind of integration is not often planned in advance, but is often the product of concrete analysis and "crossing the river by feeling the stones".

This is also a manifestation of the uncertainty of entrepreneurship and test the ability of the entrepreneurs to integrate resources.

Step by step.

Entrepreneurs invest resources in different stages and invest the most limited resources at each stage. This practice is called "step by step". First, the strategy of step by step is frugality, trying to reduce the amount of resources and reduce the cost of management.

But too much emphasis on cost reduction will affect the quality of products and services, and even restrict the development of enterprises.

For example, in order to survive and develop, some entrepreneurs do not pay attention to environmental protection, or embezzlement of other people's intellectual property rights, or even shoddy.

Such entrepreneurial activities may make profits in the short term, but in the long run, their potential for development is limited.

Therefore, we need to be frugal in principle.

The strategy of step by step is to rely on self-reliance and reduce dependence on external resources. The aim is to reduce operational risks and strengthen control over the cause.

In many cases, it is not only the most economical way to do things, but also the way for entrepreneurs to find the goals and objectives of enterprises in the condition of limited resources.

Entrepreneurs who are accustomed to doing things step by step will form a value idea of prudent control and management, which is especially important for the growth of entrepreneurial enterprises and the pition to a stable and mature development period.

Leverage resource leverage

Despite the existence of resource constraints, entrepreneurs will not be restricted by the resources currently controlled or controlled. Successful entrepreneurs are good at leveraging the leverage of key resources, and using others or other enterprises' resources to complete their own business goals: to supplement one resource with another resource, to produce higher composite value; or to leverage one resource to pry and acquire other resources.

In fact, large companies do not just accumulate resources. They are better at exchanging resources, updating and adjusting their resources structure, and accumulating strategic resources. This is the experience that entrepreneurs need to learn.

For entrepreneurs, resources which are prone to leverage effect include human resources and social capital.

The human capital of entrepreneurs consists of general human capital and special human capital. General human capital includes education background, past work experience and personality quality characteristics.

Special human capital includes industrial human capital (knowledge, skills and experience related to specific industries) and entrepreneurial human capital (such as previous entrepreneurial experience or entrepreneurial background).

The survey shows that special human capital will directly play a role in resource acquisition. Entrepreneurs with industry related experience and previous entrepreneurial experience can integrate resources faster and implement market pactions more quickly.

In general, human capital enables entrepreneurs to have knowledge, skills, qualifications, reputation and other resources, and also provides schoolmates, alumni, teachers and other associated social capital.

In contrast, social capital is different from material capital and human capital. It is the benefit that social members derive from different social structures. It is an advantage rooted in social network.

At the level of individual analysis, social capital is the sum of real or latent resources that embed, come from, and emerge in the network of individual relationships. It helps individuals to carry out purposeful actions and bring behavioral advantages to individuals.

Business contacts with frequent contacts between external contacts are more abundant, which helps to enhance entrepreneurs' understanding and understanding of specific business activities, making it easier for entrepreneurs to identify customer needs that are difficult to be found by others in routine business activities, and thus to obtain financial and material resources more easily.

Setting up reasonable interests mechanism

Resources are usually related to interests, and entrepreneurs can get support from family members because family members are not only stakeholders, but also interest groups.

Since resources are related to interests, when entrepreneurs integrate resources, they must design an interest mechanism that helps resources integration, and integrate the potential and non direct resources providers with the help of interest mechanism.

Therefore, integrating resources requires paying attention to interested organizations or individuals, and finding as many stakeholders as possible.

At the same time, it is clear that these organizations or individuals have interest relations with themselves and what they want to do. The stronger the relationship is, the more direct the integration of resources is. This is the basic premise of resource integration.

The interest relationship between stakeholders is sometimes direct, sometimes indirect, sometimes dominant, sometimes invisible, and sometimes even in the absence of circumstances.

In addition, interest relations do not mean that resources can be integrated, and common interests or common interests should be found or developed.

Therefore, after identifying stakeholders, it is very important to carefully analyze each stakeholder's interests one by one. In most cases, the relatively weak interest relationship will become stronger and more conducive to resource integration.

However, having common interests or interests in common does not mean that resources can be smoothly integrated.

Resource integration is a multifaceted cooperation. Effective cooperation requires the expectation that all aspects of interests can really be realized. This requires that we seek and design a win-win mechanism.

A win-win and win-win mechanism has been formed for cooperation in long-term cooperation and mutual trust building. Further cooperation is not very difficult.

But for the first time, the establishment of a win-win mechanism requires wisdom especially, so that the other side can see potential gains and be willing to invest resources in order to gain profits.

Therefore, when designing a win-win mechanism, entrepreneurs should not only help the other party expand their earnings, but also help them reduce their risks.

On this basis, we need to consider how to establish a stable trust relationship and maintain it.