mse entrepreneurship
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entrepreneurshipTRANSCRIPT
What is an Entrepreneur?
ENTREPRENEURSHIP
Insane perseverance in the face of total rejection.
What Is An Entrepreneur?
ENTREPRENEUR
A vision-driven individual who assumes significant personal and financial risk to
start or expand a business.
What Is An Entrepreneur?
ENTREPRENEURSHIP
The pursuit of opportunity throughinnovation, creativity and hard work
without regard for the resources currently controlled.
Entrepreneurship
• Entrepreneurship: a way of thinking, reasoning, and acting that is:– opportunity obsessed– holistic in approach– and leadership balanced
(This definition of entrepreneurship has evolved over the past two decades from research at Babson College and the Harvard Business School and has recently been enhanced by Stephen Spinelli, Jr., and John H. Muller, Jr., Term Chair at Babson College.)
Entrepreneurs: Born or Made?
Is there inborn talent required?
Assume that the answer is YES: then we can identify the main characteristics if we have them, fine - no others need to apply! we could start spotting talent in kindergarten we could "stream" these people we could discourage people without these talents
Entrepreneurs: Born or Made?
Assume the answer is NO: then schools could teach anyone would be a "profession" like law or medicine companies could establish "nurseries" for them government "incubators" would be successes
The real answer lies somewhere in-between Talent and education is the way
Who is an Entrepreneur?Situational more than personality
AgeDistribution
forStarting Company
Ability
Age
20 3025 35 4540
Flexibility
Who is an Entrepreneur?
Manager’s Opportunities
PerceivedCapability
Future Goals
Change Status Quo
Possible
Blocked
SatisfiedmanagerEntrepreneur
Frustratedmanager
Classicbureaucrat
Burch's Entrep. Personality Traits
1.A desire to achieve• Conquer problems, create successful venture
2.Hard work• Their workload is very hard to match
3.Nurturing quality
4.Acceptance of responsibility• Morally, legally and mentally accountable
5.Reward orientation• Want be rewarded for their efforts
Burch's Entrep. Personality Traits
6.Optimism• Anything is possible
7.Orientation to excellence• Pride in something first class
8.Organization• They are wholly "take charge" people
9.Profit orientation• Profit primarily a gauge of performance
Failure? So what!
• Failure seen differently in America & Europe. In Europe it is a major set-back U.S. expected (required even!) Canada - in between but tending to U.S.
• “Our” System: Many entrepreneurs had been "blue collar" Many come from families of entrepreneurs Many are immigrants or their children But, there are no "rules" that ensure success
• Universally, entrepreneurs shake off failure!
Failure as “Learning Process”
• Ignore it, then start again Some find it easy to blame someone else
• In public, always optimistic Especially with funders Agonise over what went wrong in private
• Willingness to disregard the rules Start from first principles.
• Ability to "bend, not break" rules of life
Classic Entrepreneurship: The Startup
• Raw startup company—an innovative idea that develops into a high growth company
• Qualities of a startup company Strong leadership from the main entrepreneur Complementary talents and outstanding teamwork
of team members Skill and ingenuity to find and control resources Financial backing to chase opportunity
Desirable and Acquirable Attitudes and Behaviors
• Commitment and determination• Leadership• Opportunity obsession• Tolerance of
– Risk– Ambiguity– Uncertainty
• Creativity, self-reliance, and adaptability• Motivation to excel
The Entrepreneurial Process
• It is opportunity/market driven• It is driven by a lead entrepreneur and an
entrepreneurial team• It is resource parsimonious and creative• It depends on the fit and balance among these• It is integrated and holistic
The Timmons Model of the Entrepreneurial Process
Opportunity(2)
Resources(4)
Team(3)
Ambiguity Exogenous forces
Capital marketsUncertainty
Founder(1)
Creativity Leadership
Communication
Business PlanFits and gaps