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Entrepreneurs Challenging The Unknown

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Entrepreneurs Challenging The Unknown Zelimir William Todorovic Ph.D. Doermer School of Business and management Studies Indiana University Purdue University, Fort ... – PowerPoint PPT presentation

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Title: Entrepreneurs Challenging The Unknown


1
EntrepreneursChallenging The Unknown
  • Zelimir William Todorovic Ph.D.
  • Doermer School of Business and management Studies
  • Indiana University Purdue University, Fort
    Wayne

2
Entrepreneur Is it all a Myth
3
Etrepreneurship in the Past
  • If you are a small businessman, you may be as
    extinct as the village blacksmith
  • Small business is as dead as the dodo

4
Entrepreneurship Today
  • 70 of economic activity
  • Between 60 and 80 of new jobs
  • Driven by passion and purpose
  • U.S. standard of living (4 times better than
    former USSR) ascribed to entrepreneurship

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7
The Evolution of Entrepreneurship
  • Entrepreneur is derived from the French
    entreprendre, meaning to undertake.
  • No single definition of entrepreneur
  • Small Business
  • Leadership Style

8
Who Are Entrepreneurs?
  • Entrepreneurs, driven by an intense commitment
    and determined perseverance, work very hard.
    They are optimists who see the cup as half full
    rather than half empty. They strive for
    integrity. They burn with the competitive desire
    to excel.

9
Common Characteristics Associated with
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
  • Integrity and Reliability
  • Tolerance for Failure
  • High Energy Level
  • Creativity and Innovativeness
  • Self-confidence and Optimism
  • Independence
  • Team Building

10
Defining The Concept
  • Recent research has defined corporate
    entrepreneurship as a process whereby an
    individual or a group of individuals, in
    association with an existing organization,
    creates a new organization or instigates renewal
    or innovation within the organization.

11
Entrepreneurial Orientation
Autonomy Innovativeness Proactiveness Competiti
ve aggressiveness Risk-Taking
12
Entrepreneurial Orientation
Dimension Definition
Autonomy Independent action by an individual or
team aimed at bringing forth a business concept
or vision and carrying it through to
completion. Innovativeness A willingness to
introduce novelty through experimentation and
creative processes aimed at developing new
products and services as well as new
processes. Proactiveness A forward-looking
perspective characteristic of a marketplace
leader that has the foresight to seize
opportunities in anticipation of future demand.
Source J. G. Covin and D. P. Sleving, A
conceptual Model of Entrepreneurship As Firm
Behavior, Entrepreneurship Theory Practice,
Fall 1991, pp. 7-25 G. T. Lumpkin and G. G.
Dess, Clarifying the Entrepreneurial Orientation
Construct and Linking It to Performance, Academy
of Management Review 21, no. 1 (1996), pp.
135-72 D. Miller, The Correlates of
Entrepreneurship in Three Types of Firms,
Management Science 29 (1983), pp. 770-91.
Adapted from Exhibit 12.3 Dimensions of
Entrepreneurial Orientation
13
Entrepreneurial Orientation
Dimension Definition
Risk taking Making decisions and taking action
without certain knowledge of probable outcomes
some undertakings may also involve making
substantial resource commitments in the process
of venturing forward.
Source J. G. Covin and D. P. Sleving, A
conceptual Model of Entrepreneurship As Firm
Behavior, Entrepreneurship Theory Practice,
Fall 1991, pp. 7-25 G. T. Lumpkin and G. G.
Dess, Clarifying the Entrepreneurial Orientation
Construct and Linking It to Performance, Academy
of Management Review 21, no. 1 (1996), pp.
135-72 D. Miller, The Correlates of
Entrepreneurship in Three Types of Firms,
Management Science 29 (1983), pp. 770-91.
Adapted from Exhibit 12.3 Dimensions of
Entrepreneurial Orientation
14
Entrepreneurial Orientation
Risk Taking
Innovation
Pro-activeness
15
Managing Innovation
  • Innovation using new knowledge to transform
    organizational processes or create commercially
    viable products and services
  • Some Companies, such as Apple, are always
    innovating popular products, while others are
    constantly struggling for their one great idea.

16
Continuum of Radical and Incremental Innovations
Exhibit 12.1 Continuum of Radical and Incremental
Innovations
17
Innovation Challenges
  • Seeds versus Weeds
  • Experience versus initiative
  • Internal versus external staffing
  • Building capabilities versus collaborating
  • Incremental versus preemptive launch

18
Managing Innovation
  • Firms need to regulate the pace of innovation
  • Incremental innovation (six months to two years)
  • Radical innovation (Typically 10 years or more)
  • Innovation often requires collaborating with
    others who possess complementary knowledge and
    skills
  • Innovation requires the knowledge of the market

19
Market Knowledge needed for Innovation
  • Consumers
  • Competitors

20
Market Knowledge needed for Innovation
  • Consumers
  • Decide on your target consumers
  • Understand your target consumers
  • Common mistakes
  • Knowing the size of the market does not mean you
    know your target consumers
  • Selecting a specific target segment does not mean
    you are going to reject consumers from other
    segments. On the other hand, providing services
    and products to consumers from different segments
    does not mean you are targeting on everybody.

21
Competitors
  • The size of industry
  • The number of competitors/substitutes
  • The competitive advantage for each competitors
  • What is your niche market?

22
The Age of Gazelles
  • A gazelle is a business establishment with at
    least 20 sales growth every year (for five
    years), starting with a base of at least 100,000.

23
Gazelles - Innovation
  • Gazelles are leaders in innovation.
  • Gazelles produce twice as many product
    innovations per employee as do larger firms.

24
Entrepreneurial Assessment Approach
TypeofVenture
Qualitative,Quantitative,Strategic,
andEthicalASSESSMENTS
TypeofEntrepreneur
TypeofEnvironment
Do the Results of the Assessments Make Sense
Given
Stage of Entrepreneurial Career
Prior Experienceand Education
EarlyCareer
MidCareer
LateCareer
25
3Ms Innovation Rules
  • Dont kill a project
  • Tolerate failure
  • Keep divisions small
  • Motivate the champions
  • Stay close to the customer
  • Share the wealth

26
Corporate Entrepreneurship Assessment
Instrument(measured key entrepreneurial climate
factors)
  • Management Support
  • Autonomy/Work Discretion
  • Rewards/Reinforcement
  • Time Availability
  • Organizational Boundary

27
The Entrepreneurial Perspective
  • Although certainly not an exact science, this
    perspective provides an interesting look at the
    entrepreneurial potential within every individual.

28
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29
Business Incubators
  • Business incubators are designed to hatch new
    businesses
  • Incubators provide some a number of resources to
    a new venture

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