Challenging the Unknown

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Entrepreneurs

– Recognize opportunities where others see

chaos or confusion

– Are aggressive catalysts for change within

the marketplace

– Challenge the unknown and continuously

create the future

4

Misconceptions About Entrepreneurship

1. Successful entrepreneurship needs

only a great idea

2. Entrepreneurship is easy

3. Entrepreneurship is a risky gamble

4. Entrepreneurship is found only in small

businesses

5. Entrepreneurial ventures and small

businesses are the same thing

Entrepreneurship: A Mindset

• Entrepreneurship is more than the mere

creation of business:

– Seeking opportunities

– Taking risks beyond security

– Having the tenacity to push an idea

through to reality

• Entrepreneurship is an integrated concept

that permeates an individual’s business in

an innovative manner.

The Evolution of Entrepreneurship

• Entrepreneur is derived from the French

entreprendre, meaning “to undertake.”

– The entrepreneur is one who undertakes

to organize, manage, and assume the

risks of a business.

– Although no single definition of

entrepreneur exists and no one profile can

represent today’s entrepreneur, research

is providing an increasingly sharper focus

on the subject.

Entrepreneurship (Robert C. Ronstadt) :

– A dynamic process of vision, change, and creation

for Incremental Wealth.

– This wealth is created by individuals who assume

major risks in terms of equity, time, and/or career

commitment of providing value for a product or

service.

– The product or service itself may or may not be

new or unique but the entrepreneur must somehow

infuse value by securing and allocating the

necessary skills and resources.

– Requires an application of energy and passion

towards the creation and implementation of new

ideas and creative solutions

Entrepreneurship : Essential

ingredients include:

• The willingness to take calculated risks—

in terms of time, equity, or career.

• The ability to formulate an effective

venture team; the creative skill to marshal

needed resources.

• The fundamental skills of building a solid

business plan.

• The vision to recognize opportunity where

others see chaos, contradiction, and

confusion.

An Integrative Model of Entrepreneurial

Inputs and Outcomes

Source: Michael H. Morris, P. Lewis, and Donald L. Sexton, “Reconceptualizing Entrepreneurship:

An Input-Output Perspective,” SAM Advanced Management Journal 59, no.1 (Winter 1994): 21–31.

Historical Perspectives on

Entrepreneurship

11

Small Business and Entrepreneurial Ventures –

The Differences

• Small Business – Independently owned, operated, and financed

– has fewer than 100 employees

– doesn’t engage in new or innovative practices

– Has relatively little impact on its industry

• Entrepreneurial Ventures – An organization pursuing opportunities

– Characterized by innovative practices

– Main goals are profitability and growth

Current Importance

of Entrepreneurship

1. Innovation

• Process of creating, changing, experimenting, transforming, and revolutionizing

2. Number of New Start-ups

• Important because new firms contribute to economic development through benefits such as product-process innovation

3. Job Creation

• Vital to the overall long-term economic health of communities, regions, and nations

Aspects of Entrepreneurship

Venture

Financing

Social

Entrepreneurship

Corporate

Entrepreneurship

Trends in

Entrepreneurship

Research

Entrepreneurial

Cognition

Global

Entrepreneurial

Movement Family

Businesses

Women

and Minority

Entrepreneurs

Entrepreneurial

Education

The Entrepreneurial Process

1. Exploring the Entrepreneurial Context

2. Identifying Opportunities and Possible

Competitive Advantage

– Opportunities are positive external trends

or changes that provide unique and

distinct possibilities for innovating and

creating value

– Competitive advantage is what sets an

organization apart; it’s competitive edge

3. Starting the Venture

4. Managing the Venture

15

Types of Entrepreneurs

• Novice Entrepreneur

– Has no prior business ownership

experiences as a business founder,

inheritor, or purchaser

• Habitual Entrepreneur

– Has prior business ownership

experience

• Nascent Entrepreneur

– In the process of starting a new

business

– Can be either a novice or a habitual

entrepreneur

Common Characteristics of

Entrepreneurs

• Commitment, determination, and

perseverance

• Drive to achieve

• Opportunity orientation

• Initiative and responsibility

• Persistent problem solving

• Seeking feedback

• Internal locus of control

• Tolerance for ambiguity

• Calculated risk taking

• Tolerance for failure

• High energy level

• Creativity and Innovativeness

• Vision

• Self-confidence and optimism

• Independence

• Team building

Entrepreneurship Theory

• Entrepreneurs cause

entrepreneurship. – Entrepreneurship is a function of the entrepreneur:

– Entrepreneurship is the interaction of skills related to

inner control, planning and goal setting, risk taking,

innovation, reality perception, use of feedback,

decision making, human relations, and

independence.

( )E f e

Typology of Entrepreneurial Styles

Source: Thomas Monroy and Robert Folger, “A Typology of Entrepreneurial Styles:

Beyond Economic Rationality,” Journal of Private Enterprise IX(2) (1993): 71.

The Dark Side of

Entrepreneurship

• The Entrepreneur’s Confrontation with

Risk

– Financial risk versus profit (return)

motive varies in entrepreneurs’

desire for wealth.

– Career risk—loss of employment

security

– Family and social risk—competing

commitments of work and family

– Psychic risk—psychological impact

of failure on the well-being of

entrepreneurs

2–24 Source: Douglas W. Naffziger, Jeffrey S. Hornsby, and Donald F. Kuratko, “A Proposed Research Model of

Entrepreneurial Motivation,” Entrepreneurship Theory and Practice (spring 1994): 33.

A Model of Entrepreneurial Motivation

Opportunity Identification:

The Search for New Ideas

• Opportunity identification is central to

entrepreneurship and involves:

– The creative pursuit of ideas

– The innovation process

• The first step for any entrepreneur is

the identification of a “good idea.”

– The search for good ideas is never

easy.

– Opportunity recognition can lead to

both personal and societal wealth.

Entrepreneurial

Imagination and

Creativity

• How entrepreneurs do what they do:

– Creative thinking + systematic analysis = success

– Seek out unique opportunities to fill needs and wants

– Turn problems into opportunities

– Recognize that problems are to solutions what demand

is to supply

The Role of Creative Thinking

• Creativity

– The generation of ideas that result in the improved

efficiency or effectiveness of a system.

• Two important aspects of creativity exist:

– Process

• The process is goal oriented; it is designed to

attain a solution to a problem.

– People

• The resources that determine the solution.

The Critical Thinking Process

The Creative Climate • Characteristics of a creative climate:

– A trustful management that does not overcontrol the personnel

– Open channels of communication among all business members

– Considerable contact and communication with outsiders

– A large variety of personality types

– A willingness to accept change

– An enjoyment in experimenting with new ideas

– Little fear of negative consequences for making a mistake

– The selection and promotion of employees on the basis of merit

– The use of techniques that encourage ideas, including suggestion systems and

brainstorming

– Sufficient financial, managerial, human, and time resources for accomplishing

goals

Innovation and the Entrepreneur

• Innovation:

– Is the process by which entrepreneurs convert

opportunities into marketable ideas.

– Is a combination of the vision to create a good

idea and the perseverance and dedication to

remain with the concept through

implementation.

– Is a key function in the entrepreneurial process.

– Is the specific function of entrepreneurship.

Process

• Types of Innovation

– Invention

– Extension

– Duplication

– Synthesis

• Sources of Innovation

– Unexpected occurrences

– Incongruities

– Process needs

– Industry and market

changes

– Demographic changes

– Perceptual changes

– Knowledge-based

concepts

Type Description Examples

Invention Totally new product, service,

or process

Wright brothers—airplane

Thomas Edison—light bulb

Alexander Graham Bell—telephone

Extension New use or different

application of an already

existing product, service,

or process

Ray Kroc—McDonald’s

Mark Zuckerberg—Facebook

Barry Sternlicht—Starwood Hotels &

Resorts

Duplication Creative replication of an

existing concept

Wal-Mart—department stores

Gateway—personal computers

Pizza Hut—pizza parlor

Synthesis Combination of existing

concepts and factors into a

new formulation or use

Fred Smith—Fed Ex

Howard Schultz—Starbucks

Major Innovation Myths

• Myth 1: Innovation is planned and predictable

• Myth 2: Technical specifications should be

thoroughly prepared

• Myth 3: Creativity relies on dreams and blue-

sky ideas

• Myth 4: Big projects will develop better

innovations than smaller ones

• Myth 5: Technology is the driving force of

innovation success

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