entrepreneurial manager mbax 6100 entrepreneurship & small business management frank moyes leeds...
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Entrepreneurial Manager
MBAX 6100MBAX 6100
Entrepreneurship & Entrepreneurship &
Small Business ManagementSmall Business Management
MBAX 6100MBAX 6100
Entrepreneurship & Entrepreneurship &
Small Business ManagementSmall Business Management
Frank MoyesFrank MoyesLeeds College of Business Leeds College of Business University of ColoradoUniversity of ColoradoBoulder, ColoradoBoulder, Colorado
““Progress depends upon Progress depends upon unreasonable men.” unreasonable men.”
GB ShawGB Shaw
Entrepreneurial Manager
Today’s AgendaToday’s Agenda
Entrepreneurial ManagerEntrepreneurial Manager Case: CrunchCase: Crunch Entrepreneur InterviewEntrepreneur Interview Tonight 6:00 Business Plan Competition WhitemyerTonight 6:00 Business Plan Competition Whitemyer NREL trip Feb 2NREL trip Feb 2ndnd at at 2:002:00
Entrepreneurial Manager
Entrepreneur InterviewEntrepreneur Interview
Choose person in an area of interestChoose person in an area of interest 3 years in business, 5 employees3 years in business, 5 employees See website for assignment & questionnaireSee website for assignment & questionnaire Visit their office or facilityVisit their office or facility Observe/talk to customersObserve/talk to customers In depth interview – get beyond the hype and self-In depth interview – get beyond the hype and self-
promotionpromotion Take one hour after interview to draw conclusionsTake one hour after interview to draw conclusions
Entrepreneurial Manager
Interview PaperInterview Paper
Write a 6-page 1.5 spaced paper Write a 6-page 1.5 spaced paper Describes the entrepreneur’s background, motivations for starting the Describes the entrepreneur’s background, motivations for starting the
venture, challenges in growing the venture venture, challenges in growing the venture Evaluates the value proposition (target market, product/service description Evaluates the value proposition (target market, product/service description
and unique benefit)and unique benefit) Conclusion: what makes the company successful (or not)? What are your Conclusion: what makes the company successful (or not)? What are your
recommendations for improvement? recommendations for improvement? Discuss how the findings of the interview apply or are meaningful to you. Discuss how the findings of the interview apply or are meaningful to you.
What have you learned about your own potential to be an entrepreneur? What have you learned about your own potential to be an entrepreneur? Objective is to drill down into the company and thoroughly Objective is to drill down into the company and thoroughly
understand the entrepreneur and how s/he does business understand the entrepreneur and how s/he does business
Entrepreneurial Manager
Entrepreneurial ManagerEntrepreneurial Manager
Characteristics & traitsCharacteristics & traits Different types of entrepreneursDifferent types of entrepreneurs Entrepreneurs vs. small businessEntrepreneurs vs. small business
Entrepreneurial Manager
Entrepreneurial CharacteristicsEntrepreneurial Characteristics
Motivated by achievementMotivated by achievement Innovation & creativityInnovation & creativity Internal locus of controlInternal locus of control Risk-takingRisk-taking Tolerance for ambiguityTolerance for ambiguity Sense of independenceSense of independence PassionPassion ““Traits of entrepreneurs are Traits of entrepreneurs are
closest to juvenile delinquents.”closest to juvenile delinquents.”
Entrepreneurial Manager
What Traits Should Be Avoided?What Traits Should Be Avoided?
InvulnerabilityInvulnerability Being MachoBeing Macho Being AuthoritarianBeing Authoritarian ImpulsivityImpulsivity Outer controlOuter control PerfectionistPerfectionist Know it allKnow it all CounterdepencyCounterdepency
Timmons: New Venture Creation
Entrepreneurial Manager
What Assets are Required?What Assets are Required?
NetworkNetwork Supporting spouseSupporting spouse Financial resourcesFinancial resources OptimismOptimism
Entrepreneurial Manager
What Experience Is Required?What Experience Is Required?
AccountingAccounting Recruiting & hiringRecruiting & hiring SellingSelling Financial projectionsFinancial projections Cash flow managementCash flow management Naming a productNaming a product Choosing office decorChoosing office decor
Entrepreneurial Manager
Do You Have the Right Stuff?Do You Have the Right Stuff? Are you a self starter?Are you a self starter? Can you go 6 months to 2 years without getting paid?Can you go 6 months to 2 years without getting paid? Are you willing to give up vacations, weekends and evenings?Are you willing to give up vacations, weekends and evenings? Are you a decision maker?Are you a decision maker? Are you a people person?Are you a people person? Do you handle rejection well?Do you handle rejection well? Do you think will on your feet?Do you think will on your feet? Do you like to sell?Do you like to sell? Do you handle crisis well?Do you handle crisis well? Would you be able to fire someone?Would you be able to fire someone? Do you want total responsibility and accountability?Do you want total responsibility and accountability?
MD Csordos, 35 Business Lessons for Entrepreneurs
Entrepreneurial Manager
Types of EntrepreneursTypes of Entrepreneurs
Personal achieverPersonal achiever Super-salespersonSuper-salesperson Real managerReal manager Expert Idea GeneratorExpert Idea Generator
JB Minor, Four Routes to Entrepreneurial Success
Entrepreneurial Manager
Personal Achiever Personal Achiever (classic entrepreneur)(classic entrepreneur)
Need for high achievementNeed for high achievement Need for performance feedbackNeed for performance feedback Desire to plan and set goalsDesire to plan and set goals Strong individual initiativeStrong individual initiative Strong personal commitmentStrong personal commitment Internal locus of controlInternal locus of control
JB Minor, Four Routes to Entrepreneurial Success
Entrepreneurial Manager
Super-Salesperson Super-Salesperson (caters to needs of customers)(caters to needs of customers)
Capacity to empathizeCapacity to empathize Social interaction and relationships are importantSocial interaction and relationships are important Need to have strong positive relationships with othersNeed to have strong positive relationships with others Sales force is criticalSales force is critical Background: less education, more experienceBackground: less education, more experience
JB Minor, Four Routes to Entrepreneurial Success
Entrepreneurial Manager
Real Manager (grow the venture)Real Manager (grow the venture)
Desire to be corporate leaderDesire to be corporate leader Desire to competeDesire to compete DecisiveDecisive Desire of powerDesire of power Desire to stand out in a crowdDesire to stand out in a crowd
JB Minor, Four Routes to Entrepreneurial Success
Entrepreneurial Manager
Expert Idea Generator Expert Idea Generator (expertise + creativity = innovator)(expertise + creativity = innovator)
Desire to innovateDesire to innovate Love of ideas, curiousLove of ideas, curious Belief that new products are crucialBelief that new products are crucial Intelligence is the competitive advantageIntelligence is the competitive advantage Desire to avoid taking risksDesire to avoid taking risks
JB Minor, Four Routes to Entrepreneurial Success
Entrepreneurial Manager
Types of EntrepreneursTypes of Entrepreneurs
Personal AchieverPersonal Achiever Super-SalespersonSuper-Salesperson Real ManagerReal Manager Expert Idea GeneratorExpert Idea Generator Are there others?Are there others?
Entrepreneurial Manager
Different Methods Used to Build VenturesDifferent Methods Used to Build Ventures
Independent innovatorsIndependent innovators Pattern multipliers – expand concept through franchise Pattern multipliers – expand concept through franchise
or chainsor chains Speculator – buy and leverage, e.g. landSpeculator – buy and leverage, e.g. land Consolidator – industry roll upConsolidator – industry roll up AcquirersAcquirers Arbitrageur – buy low and sell highArbitrageur – buy low and sell high
K Vesper, New Venture Strategies
Entrepreneurial Manager
Entrepreneurship Entrepreneurship Myths & RealitiesMyths & Realities
Entrepreneurial Manager
Entrepreneurs Are Born?Entrepreneurs Are Born?
100’s of studies: no entrepreneurial prototype100’s of studies: no entrepreneurial prototypeEnvironment, family and self-development are Environment, family and self-development are
keykeyWhy are some countries more entrepreneurial Why are some countries more entrepreneurial
than others? than others? 50,000 chunks50,000 chunks
There is no E gene.
Entrepreneurial Manager
Entrepreneurs are Gamblers?Entrepreneurs are Gamblers?
May be the most risk adverse business peopleMay be the most risk adverse business peopleTake calculated risks, after careful analysis. Try Take calculated risks, after careful analysis. Try
to to MinimizeMinimize Share risks (OPR’s)Share risks (OPR’s)
Entrepreneurs play poker, not slot machines.Entrepreneurs play poker, not slot machines.
Entrepreneurial Manager
Entrepreneurs Want to Be Their Own Boss?Entrepreneurs Want to Be Their Own Boss?
But, you serve many mastersBut, you serve many masters CustomersCustomers SuppliersSuppliers Investors & bankersInvestors & bankers PartnersPartners Employees and their familiesEmployees and their families CommunityCommunity
Double-edged sword. Yes you can make your own Double-edged sword. Yes you can make your own decisions, but there is no-one telling you what to do.decisions, but there is no-one telling you what to do.
Entrepreneurial Manager
Entrepreneurs Are Motivated by Money?Entrepreneurs Are Motivated by Money?
Survey of 500 male entrepreneurs Survey of 500 male entrepreneurs Money 6th out of 10 reasonsMoney 6th out of 10 reasons
Survey of 113 female entrepreneurs Survey of 113 female entrepreneurs Money 11th out of 16 reasonsMoney 11th out of 16 reasons
Desire to achieve, make a differenceDesire to achieve, make a differenceBut, they do like money. Why?But, they do like money. Why?
Money is a way to keep score
Entrepreneurial Manager
Why Start a Business?Why Start a Business?
MoneyMoneyJob securityJob securityLifestyleLifestylePowerPowerHealthHealth
Be your own bossBe your own bossJoy of WinningJoy of WinningFameFameValues & BeliefsValues & BeliefsGet firedGet fired
Entrepreneurial Manager
Entrepreneurs are Lone Wolves?Entrepreneurs are Lone Wolves?
Stereotype inventor working in his labStereotype inventor working in his labMust have a quality management teamMust have a quality management team
Visionary individual is the keyVisionary individual is the key Entrepreneur can’t do everythingEntrepreneur can’t do everything Modify and adapt the visionModify and adapt the vision It’s fun having people around you that you likeIt’s fun having people around you that you like
Entrepreneurs travel in packsEntrepreneurs travel in packsLone wolf can’t get fundingLone wolf can’t get funding
Entrepreneurial Manager
Entrepreneurship Requires Lots of Money?Entrepreneurship Requires Lots of Money?
Opportunity driven, not resource drivenOpportunity driven, not resource drivenLeverage resources: other people’s (OPR’s) Leverage resources: other people’s (OPR’s) Too much money: Too much money:
Lack of disciplineLack of discipline Impulse spendingImpulse spending
Businesses do not fail for lack of moneyBusinesses do not fail for lack of money
Entrepreneurial Manager
Entrepreneurs are LuckyEntrepreneurs are Lucky
Yes!
Entrepreneurial Manager
“Millions of people have “an idea”, but unless they do something with it, their ideas aren’t worth a damn. There are a lot of quacks and kooks out there who claim they invented the Weed Eater, and I don’t doubt that there are some people who genuinely thought of this idea--but what did they do with it? Nothing. What do they deserve? Nothing.” George C. Ballas, inventor of Weed Eater
Just Do ItJust Do It
Entrepreneurial Manager
Next Week’s ClassNext Week’s Class
Entry StrategyEntry Strategy Read BZ-11Read BZ-11 Case: ICEDELIGHTSCase: ICEDELIGHTS Feb 2 at Feb 2 at 2:00pm2:00pm NREL visit NREL visit
Entrepreneurial Manager
TraitsTraits
Misfits: traits of entrepreneurs are closest to juvenile delinquentsMisfits: traits of entrepreneurs are closest to juvenile delinquents I have discovered that all human evil comes from this, man’s I have discovered that all human evil comes from this, man’s
being unable to sit still in a room. Blaise Pascal, philosopher and being unable to sit still in a room. Blaise Pascal, philosopher and mathematicianmathematician
““Progress depends upon unreasonable men.” GB ShawProgress depends upon unreasonable men.” GB Shaw Entrepreneurs typically work half days. 12 hoursEntrepreneurs typically work half days. 12 hours ““The greatest difficulty in the world is not for people to accept The greatest difficulty in the world is not for people to accept
new ideas, but to forget old ones.” John Maynard Keynesnew ideas, but to forget old ones.” John Maynard Keynes ““If I’m in control, I’m probably going to slow.” Mario AndrettiIf I’m in control, I’m probably going to slow.” Mario Andretti A man who wants to lead an orchestra must turn his back to the A man who wants to lead an orchestra must turn his back to the
crowd.crowd.