Entrepreneurship and Small Business Management

Section 1: Making Your Business Grow

Section 23.1 Summary
An entrepreneur can take advantage of different strategies to grow his or her business. Intensive growth strategies provide opportunities for growth within a current market. These strategies include market penetration, market development, and product development. Integrative growth strategies give you the opportunity to grow within your industry either vertically or horizontally. Diversification growth strategies provide opportunities outside the market or industry in which your business normally operates. Three diversification growth strategies are synergistic, horizontal, and conglomerate. When considering expansion, entrepreneurs should consider the characteristics of their target markets, how innovative the industry is, their ability to delegate responsibility, and whether they can get everyone else in the company to think like an entrepreneur.

Section 23.1 Reading Organizer
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