Entrepreneurial Mindset in BC, Canada - Women's Enterprise Centre · 2019-06-26 · 5 About...
Transcript of Entrepreneurial Mindset in BC, Canada - Women's Enterprise Centre · 2019-06-26 · 5 About...
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Entrepreneurial Mindset in BC, Canada RESEARCH SUMMARY
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About the Authors
• Laurel Douglas, MBA, Dip. CED CEO, Women’s Enterprise Centre
• Dr. Lynn Sparling, CPA CMA Professor, Okanagan School of Business
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The Plan TODAY’S PRESENTATION
1 About the
Project
2 Entrepreneurial
Mindset and EMP
3 Our Research
4 Findings and Conclusions
5 Implications
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1 About the
Project
2 Entrepreneurial
Mindset and EMP
3 Our Research
4 Findings and Conclusions
5 Implications
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About Women’s Enterprise Centre
• Non-profit, leading business resource for existing and aspiring BC women business owners
• Provide business loans and advice, skills training, mentoring and a supportive community
• Over $1.62B in economic activity from our loans since 1995
SUPPORTING WOMEN BUSINESS OWNERS IN BC, CANADA
Cecilia Mkondiwa Senior Director, Program Delivery, WEC
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Why This Research?
• Board End: Women entrepreneurs have access to role models, champions and mentors and have the mindset to realize their business potential.
• To this end, we needed to determine: • If women business owners (WBO) have an
entrepreneurial mindset • Whether Entrepreneurial Mindset Profile™ is a
relevant development tool for our clients
ACHIEVING OUR ENDS
Raghwa Gopal CEO, Accelerate Okanagan
WEC Board Member
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1 About the
Project
2 Entrepreneurial
Mindset and EMP
3 Our Research
4 Findings and Conclusions
5 Implications
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Entrepreneurial Mindset
Collection of motives, skills and thought processes that
distinguish entrepreneurs from non-entrepreneurs
(Davis, Hall & Mayer)
Contributes to entrepreneurial
success
WHAT IS IT?
Section 2: Entrepreneurial Mindset and EMP
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Research by Davis, Hall & Mayer
• Wanted to determine variables that distinguish entrepreneurs from non-entrepreneurs
• Normative data includes 330 respondents: • 89% white • 38% female • Southeast US • 161 entrepreneurs
Section 2: Entrepreneurial Mindset and EMP
LEADERSHIP DEVELOPMENT INSTITUTE AT ECKERD COLLEGE
Kerrilee Auger WEC Skills Development Officer, Kelowna
Certified EMP Practitioner
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Entrepreneurial Mindset Profile™ WHAT IS IT?
Tool used to gather EM data for comparison in this paper
Benchmarking tool to assess EM on 14 dimensions: 7 Traits Scales and 7 Skills Scales
Compares scores to averages of entrepreneurs and corporate managers
Section 2: Entrepreneurial Mindset and EMP
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EMP Scales: Traits & Skills
Traits • Personality characteristics • Less susceptible to intervention
Skills • Cognitive and behavioral skills • Can be learned and improved
with intervention
SKILLS CAN BE IMPROVED
Section 2: Entrepreneurial Mindset and EMP
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What Is Measured?
14 DISCRETE SCALES OF EMP
TRAITS • Independence • Preference for Limited Structure • Nonconformity • Risk Acceptance • Action Orientation • Passion • Need to Achieve
SKILLS • Future Focus • Idea Generation • Execution • Self-Confidence • Optimism • Persistence • Interpersonal Sensitivity
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1 About the
Project
2 Entrepreneurial
Mindset and EMP
3 Our Research
4 Findings and Conclusions
5 Implications
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Research Context
Eckerd College Data
US women entrepreneurs US corporates
BC Data
North/South Urban/Rural Growth/ Non-Growth
Southern BC corporates
HOW RELEVANT IS EMP TO OUR SETTING?
Section 3: Our Research
• We introduce economic, geographic and demographic factors to add context to EM profiles
• Compare the EM profiles of various sub-groups of women:
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Methodology
• Descriptive study April to July, 2017 • Respondents filled out demographic survey then
completed EMP assessment • Goal: 200 responses, 100 from
each of Northern BC and Southern BC • Limitations of volunteer sampling
MINDSET MANIA
Section 3: Our Research
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Northern vs Southern BC ECONOMIC AND DEMOGRAPHIC CONTEXT
Section 3: Our Research
Northern BC Southern BC
Profile Primarily rural Urban
Area (sq miles) 193,051 1,113
Population 316,000 2.55 million
Largest city Prince George 226 people/km2
Vancouver CMA 5,249 people/km2
Industry Resource extraction, forestry, mining
Professional services, health care, tourism
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1 About the
Project
2 Entrepreneurial
Mindset and EMP
3 Our Research
4 Findings and Conclusions
5 Implications
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Respondent Profile TOTAL 188 RESPONDENTS
Southern/ Northern (n=188)
55% Southern BC
45% Northern BC
Urban/ Rural
(n=188)
65% Urban
35% Rural
Entrepreneur/ Corporate
(n=185)
80.5% Entrepreneur
19.5% Corporate
SME/IDE (n=125)
82% SME
18% IDE
Section 4: Findings and Conclusions
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BC Women Entrepreneurs’ EMP
HOW DID THEY SCORE?
TRAITS • Independence 2.6 • Prefer Ltd Structure 3.1 • Nonconformity 3.7 • Risk Acceptance 3.9 • Action Orientation 3.8 • Passion 4.2 • Need to Achieve 4.2
SKILLS • Future Focus 3.3 • Idea Generation 4.0 • Execution 3.9 • Self-Confidence 3.7 • Optimism 4.1 • Persistence 4.3 • Interpersonal Sensitivity 3.9
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Research Objectives
1. Do BC Women Business Owners score higher on EM measures than US WBO?
2. Are there differences in entrepreneurial mindset between WBO in Northern BC and WBO in Southern BC?
3. Are the mindsets of urban WBO similar to those of rural WBO?
WE ASKED 6 QUESTIONS
Section 4: Findings and Conclusions
Lisa Will Stonzwear Inc., Vancouver
WEC Loan Client
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Research Objectives (cont’d)
4. Do women running high-growth companies score higher on EM measures than women with low-growth businesses?
5. Does the EM profile of female entrepreneurs vary based on different factors such as number of employees, age, or years in business?
6. Do Southern BC female entrepreneurs score higher on EM measures EM than Southern BC corporates?
WE ASKED 6 QUESTIONS
Section 4: Findings and Conclusions
Christina Willard-Stepan WillStep Coaching, Cumberland WEC Volunteer Mentor
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RO1 COMPARISON: BC WBO vs US WBO
Section 4: Findings and Conclusions
Are BC WBO are more understated?
TRAIT BC Mean
US Mean
Independence 2.61 2.81
Limited Structure 3.07 3.50
Nonconformity 3.72 3.86
Risk Acceptance 3.92 4.06
Action Orientation 3.84 4.09
SKILL BC Mean
US Mean
Idea Generation 4.04 4.24
Execution 3.94 4.10
Self-Confidence 3.66 4.11
Optimism 4.10 4.38
Persistence 4.28 4.54
Interpersonal Sens. 3.89 3.66
Comment:
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BC Women Entrepreneurs’ EMP
1
2
3
4
5
Inde
pend
ence
Ltd.
Str
uctu
re
Non
conf
orm
ity
Risk
Acc
epta
nce
Actio
n O
rient
.
Pass
ion
Nee
d to
Ach
ieve
Futu
re F
ocus
Idea
Gen
erat
ion
Exec
utio
n
Self-
Conf
iden
ce
Opt
imism
Pers
isten
ce
Inte
rper
sona
lSe
ns.
HOW DID THEY SCORE?
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Section 4: Findings and Conclusions
Is this the Northern pioneering spirit?
3.60
3.90
3.69
3.72
3.93
3.75
Self-confidence
Risk Acceptance
Noncomformity
Northern WBO
Southern WBO
Comment:
RO2 COMPARISON: Northern vs Southern BC WBO
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Section 4: Findings and Conclusions
Does this show the resourcefulness needed to live off the beaten track?
3.76
3.95
3.97
4.12
4.07
3.77
3.52
3.72
3.73
3.86
3.78
3.47
Noncomformity
Risk Acceptance
Action Orientation
Idea Generation
Execution
Self-confidence
BC rural
BC urban
Comment:
RO3 COMPARISON: Urban vs Rural BC WBO
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SME/IDE DEFINITIONS
Source: MIT Entrepreneurship Center
Section 4: Findings and Conclusions
Small-Medium Enterprise (SME)
Innovation Driven Enterprise (IDE)
Focus Local/regional markets Global markets
Product/service Not considered innovation Based on innovation that offers competitive advantage
Ownership structure
Sole proprietorships or partnerships
Many different investors and diverse structures
Examples Main street businesses, mom and pop shops
Technology start-ups and export businesses
% of respondents 81.6% 18.4%
RO4: Defining High-Growth vs Low-Growth BC WBO
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Section 4: Findings and Conclusions
1. Future Focus (S) is the only difference between IDEs and SMEs
2. SMEs and IDEs are more alike than we assume, therefore:
All women entrepreneurs possess the mindset to have high-growth businesses!
RO4 COMPARISON: High-Growth vs Low-Growth BC WBO
They’re not so different after all. Comment:
Angela Nagy GreenStep Solutions, Kelowna WEC Loan Client
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Higher on: •Preference for Limited Structure (T)
May hire employees to carry out the more mundane tasks they would rather not complete themselves
•Risk Acceptance (T) More willing to take on responsibility for employees’ livelihood
Lower on: • Interpersonal Sensitivity (S)
May demonstrate that they are more task-oriented than people-oriented
Section 4: Findings and Conclusions
RO5 COMPARISON: BC WBO Demographics They like to delegate. Comment:
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Section 4: Findings and Conclusions
Higher on: •Traits of Independence, Nonconformity, Risk Acceptance and Passion • Skills of Future Focus, Idea Generation, Self-Confidence and Persistence
Lower on: • Skill of Interpersonal Sensitivity
RO6. COMPARISON: BC WBO vs BC Women Corporates
WBO outscore corporates on 8 dimensions. Key Finding:
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Observations: Traits
• Risk Acceptance varies significantly • Highest scores from WBO in higher-risk
locations/sectors
• Consistently high scores for all BC WBO on Passion (mean=4.22) and Need to Achieve (mean=4.22) • Motivated to become entrepreneurs
to make larger impact
PATTERNS HAVE EMERGED
Daiya Anderson Origin Wines, Kelowna
WEC Loan Client
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Observations: Skills
• Davis et al. suggest “self-efficacy” is combination of three Skills
• BC WBO rate high on 2 of 3 • Increasing Self-Confidence
could improve business outcomes
PATTERNS HAVE EMERGED
Self-Confidence
3.66
Optimism 4.11
Persistence 4.27
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Opportunities for Further Research
• Measure the effect of EM Skills training on business outcomes
• Gather EM profiles of: • WBO in BC tech sector • Indigenous entrepreneurs in BC • Males vs female entrepreneurs
EXPAND OUR UNDERSTANDING
Tiffany Bell Haida Gwaii Community Futures,
Masset WEC Volunteer Mentor
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1 About the
Project
2 Entrepreneurial
Mindset and EMP
3 Our Research
4 Findings and Conclusions
5 Implications
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Create data subsets to reflect demographics Break out data by categories such as geography, urban/rural, business type (IDE vs SME)
1 Expand normative data Ensure adequate sample sizes from each category
2 Conduct follow-up research Long-term study may add insight whether experience or EM interventions help improve EM scores on the Skill scales
3
Implications for EMP Tool OUR RECOMMENDATIONS
Section 5: Implications
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Implications for Support Orgs
• Support organizations need to be flexible enough to help entrepreneurs who possess a variety of EM profiles
Offer flexibility in support services
• Should not be used to make sweeping generalizations about the mindset of women entrepreneurs it is an individual development tool
Understand the EMP tool’s limitations
• SMEs and IDEs do not have significantly different EM profiles, which means there is no unique profile of an IDE that differentiates them from SME
Use mindset as a uniting factor for SMEs and IDEs
HOW WE CAN IMPROVE OUR SERVICES
Section 5: Implications
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Strategies to Improve BC WBO Mindsets
• Interventions have the potential to generate economic growth •This is the only significantly different factor between SMEs and IDEs,
and this is a Skill that can be taught
Develop the Skill of Future Focus to achieve
economic growth
• Self-Confidence can affect women entrepreneurs’ ability to access financing, enter non-traditional fields with larger growth opportunities, or access new markets
Improve the Skill of Self-Confidence
•More information/training can make risks seem more manageable to WBO so they can develop this Trait and take calculated risks
Foster the Trait of Risk Acceptance to encourage
business growth
WE CAN HELP THEM
Section 5: Implications
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Laurel Douglas CEO, Women’s Enterprise Centre [email protected] 250.868.3454 ext. 108 womensenterprise.ca
QUESTIONS?
@businesswomenbc
Thank You