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Entrepreneurship

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Transcript

  • 1. Entrepreneurship A strategic viewpoint
  • 2. Entrepreneurship Defined
    • Economically
    • Socially
    • Characteristically
    • Systematically
    • Behaviorally
    • Strategically
  • 3. What is Strategy?
    • The essence of strategy is to match strengths and distinctive competencies with the environment in such a way that one enjhoys a competitive advantage over one’s rivals in the same environment.
  • 4. Entrepreneurship as a business strategy
    • Four Strategic Plans
      • Personal
      • Opportunity Recognition
      • Business Strategy
      • Functional Strategy
  • 5. What is a PES?
    • The equivalent of a personal business plan
    • Puts you in charge of evaluating and shaping choices
    • Puts you in charge of initiating action
    • Choice rather than random happenstance
  • 6. Why plans fail
    • Frustration with lack of immediate success
    • Inability to make the switch to results, or goal orientation.
    • Poor planning and implementation skills.
  • 7. Basis for a Personal Entrepreneurial Strategy
    • Self assessment based on evaluation of
      • Your thoughts and actions
      • Feedback from others
        • Become aware of blind spots
        • Reinforces your concepts of your strengths and weaknesses
    • Evaluation of data that you gather
    • Develop insights about yourself
    • Establish goals to fill in the blank spots
      • Education
      • Experience
    • To make appropriate choices-to find fit with the ideas that present themselves.
  • 8. Crafting the Strategy
    • Profile the past
      • What have you done
      • What are your lifelong preferences
      • What would you most like to be doing
      • How has your history influenced your value system, motivations, attitudes and behaviors
  • 9. Crafting the Strategy
    • Profile the present (cont’d)
      • Take stock of your entrepreneurial attitudes, needs, wants
      • Compare with key attributes of an entrepreneur
        • Determination, commitment, perseverance, goal orientation, internal locus of control
      • Compare with the Behavioral Orientation
        • Promotor or Trustee
      • Compare with the external environmental demands
        • Stress, time constraints,commitment required, ethics
  • 10. Crafting the Strategy
    • Get Constructive Feedback
      • Solicit the feedback
      • Understand the context
      • Set up the interchange-ask questions first
      • Be sure you understand what you are being told. Ask clarifying questions.
      • Encourage straight forward answers-build a supportive climate.
      • Feedback needs to be both positive and negative.
      • Get feedback in writing.
      • No hidden agendas and no games- be honest with yourself
      • Don’t become defensive
      • Be an active listener and listen to answers carefully.
      • Don’t reach conclusions prematurely
  • 11. Structure of a Personal Entrepreneurial Strategy
    • Vision
    • Strengths
    • Weaknesses
    • Personal Wants
    • Specific Goals
    • Plan to fill in the missing pieces
    • Personal strategy-How will you accomplish each of the goals
    • Get feedback from trusted sources
  • 12. Business Strategy
  • 13. Crafting the Strategy
    • Examine the fit between you, the entrepreneur, and the potential opportunity
      • SWOT analysis
      • Sustainable competitive advantage
      • Match attractiveness to entrepreneurial needs
  • 14. Strategy depends on enterprise, entrepreneur, environment (three e’s)
    • Strengths, Weaknesses, Competencies
      • Entrepreneur
      • Enterprise
  • 15. Competencies vs. Core Competencies vs. Distinctive Competencies
    • A company competence, or strength, is the product of organizational learning and experience and represents real proficiency in performing an internal activity
    • A core competence is a well-performed internal activity that is central (not peripheral or incidental) to a company’s competitiveness and profitability
    • A distinctive competence is a competitively valuable activity that a company performs better than its rivals
  • 16. Industry Key Success Factors 3 - 5 really major determinants of financial and competitive success in an industry
  • 17. Distinctive Competencies Key Success Factors and Sustainable Competitive Advantage Distinctive Competencies Key Success Factors Competitive Advantage Sustainable Competitive Advantage
  • 18. Characteristics of Business Strategy
    • Mission and Vision
    • Goals
    • Strategy
    • Implementation
    • Evaluation of Results
  • 19. Process Begins with a Personal and Company Vision
    • Charts your personal and the company’s future strategic course
    • Defines the business makeup for 5 years (or more)
    • Specifies future technology-product-customer focus
    • Indicates capabilities to be developed
  • 20. Goal setting
    • Goals are the targets that you need to accomplish in order to make your vision a reality
    • Goals must be
      • Specific
      • Time constrained
      • Measurable
      • Realistic and attainable
  • 21. Strategy
    • Grand
      • Growth, Pause and Reorganize, Retrenchment
    • Generic
      • Low Cost
      • Differentiation
      • Best Cost
  • 22. Strategy (cont’d)
    • International
      • Domestic
      • Export
      • Multi-country
      • Global
  • 23. Opportunity Recognition Strategy
    • Strategy to create flow of ideas
    • Strategy to quickly and efficiently evaluate ideas
    • Determine fit with PES
  • 24. Four Anchors that Define the Opportunity as a Superior business
    • Create or add significant value to a customer or end user
    • Solve a significant problem or meet a significant want or need for which someone is willing to pay a premium
  • 25. Four Anchors that Define the Opportunity as a Superior business
    • 3. Possess robust market, margins, moneymaking characteristics
    • a. Large enough market (at least $50 million)
    • b. High enough growth rate ( 20% per year)
    • c. High gross margins
    • d. Strong and early free cash flow
    • e. High Profit Potential (10-15 % after tax)
    • f. Attractive, realizable returns for investors (25-30 percent IRR)
  • 26. Four Anchors that Define the Opportunity as a Superior business
    • 4. A good fit with the entrepreneur’s personal criteria and needs, and with the management team’s needs, at this time and in this marketplace with a risk/reward balance
  • 27. Functional Strategies
    • Marketing
    • Financial
    • Organizational
    • Lots of others depending on the venture