Enterprise management 1 liverpool business club
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Transcript of Enterprise management 1 liverpool business club
ENTERPRISE MANAGEMENT
1
Who or what is anENTREPRENEUR?
What are the essential skills?How do they work?Can entrepreneurial behaviours be learned?What do you think?
What do entrepreneurs DO?
The supply Of Entrepreneurs
EntrepreneursConventionalLabour pool
Start-up
Fall-out
Wickham
The supply Of Entrepreneurs
EntrepreneursConventionalLabour pool
Wickham
Pull factors
Push factors
Inhibitors
Motivations For Starting a Business
“Pull Influences”
Desire for independence
Desire to exploit opportunity
Turning an hobby into a business
Financial incentive
Motivations For Starting a Business
“Push Influences”
Redundancy
Threat of unemployment
Disagreement with the employer
Entrepreneurship and the drive for change
The PossibleThe Actual
Tension
Wickham
Tension in the entrepreneurial process
Entrepreneurship and the drive for change
Wickham
Tension in the entrepreneurial process -
The financial dimension;
The personal dimension;
The social dimension
Entrepreneurial Ability in Individuals
These categories are:
Need for achievement
Need for autonomy/independence
Creativity
Moderate/calculated risk taking
Drive and determination
Entrepreneurial personal characteristics that can influenceperformance
the ‘great’ person social misfit personality type personality trait social development
The ‘great person’
Entrepreneurs may provide role models
Success makes them look ‘great’ people
Caution: this should not deny entrepreneurial success to others
Social misfit
A view that entrepreneurs: are unable to fit into existing social
situations are characterised by insecurity and
lack of self-esteem display rebellious and deviant behaviour
Caution: dangerous to generalise. For every entrepreneur who lived an unhappy childhood, another can be found who was quite comfortable.
Personality type - a view that entrepreneurship can be characterised into a small number of categories
extrovert vs introvert aggressive vs passive spontaneous vs reserved internally vs externally oriented
Note: practice shows that introverts are as likely to be entrepreneurs as extroverts.
So what?
There are many myths about ‘entrepreneurs’
They are not ‘born that way’ All of us can work in enterprising ways,
if... We want to Are encouraged to by those around us -
culture! Are able to learn to
Enterprise
Enterprise is recognising a problem or need as an opportunity
Finding or creating a solution Acting to make it happen May be through a business venture
or in another way - e.g. social enterprise
Enterpreneurial working:creating new value
Entrepreneurship is the activity of identifying or creating market opportunities
By bringing together resources in a venture and acting to exploit opportunities
Resulting in the creation of new value: Financial - as well as Social Creative Technological Environmental
Entrepreneurship as unlocking value
‘making creative connections between needs/opportunities and capabilities/resources
Entrepreneurship in the economy & society
Increasing value of innovation, technology, knowledge Reducing costs & timescales for transferring data &
materials - increase competitive opportunities Most big organisations no longer work effectively?
(private & public sector) Big organisations control most valuable resources Entrepreneurship is seen as vital for economic
regeneration - create innovations, demand, wealth, jobs? Entrepreneurs have to create opportunities, capture
resources & grow business ventures
Entrepreneurship and Management
Entrepreneurship is focused on identifying new opportunities, innovating, and acting to exploit market opportunities
Management is concerned with the direction, control, resourcing & administration of the business organisation
BOTH are needed for a business enterprise to achieve long term success
Entrepreneurial management
Entrepreneurial working
Opportunity focus Rapid innovation Creating customer
appeal Challenge the
orthodox
Managerial working Strategic focus Organisational
synergy Managing resources Managing
relationships Systematic value
management
Creation of new valueCreation of new value
The conceptual landscape
Creativity Divergent thinking generates new
associations & possibilities
Convergent thinking enables selection between alternatives
Ideas
Solution
Entrepreneurial innovation Creates or exploits new opportunity Provides unique or distinctive solution to
customer need Disruptive: changes the context (Schumpeter) Risk and uncertainty are prevalent conditions Timing and speed is critical Enhances the competitive advantage of the
enterprise - shapes the future Assessed by economic and customer criteria
Opportunity centred entrepreneurship
Process of how people learn whilst exploring and working on an opportunity.
It includes four clusters of activities: Personal enterprise - connecting
opportunities with goals and identity Creating & exploring opportunities Planning to realise opportunities Acting on opportunities
Opportunity centred entrepreneurship
The Entrepreneurial Process: action and success
Opportunity
OrganisationResources
The Entrepreneur
FitFocus
Configuration
The Entrepreneurial Process: action and success
Opportunity
OrganisationResources
EntrepreneurFailure
Success
Learning
Actions
Outcomes