The Anatomy Of An Entrepreneur


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The Anatomy Of An Entrepreneur

  1. 1. The recession - An opportunity? <ul><li>Small businesses focus on cash flow, cost containment, customer retention and survival </li></ul><ul><li>Re-evaluate, re-design and refine all aspects of their business to create opportunity </li></ul><ul><li>Improvements through incremental and business model innovation common </li></ul><ul><ul><li>Cheap and available staff </li></ul></ul><ul><ul><li>Job losses lead to Survivalist Entrepreneurs </li></ul></ul><ul><ul><li>Government intervention (cash) </li></ul></ul><ul><ul><li>Market change </li></ul></ul>Dr Andrew Hirst Room 9339
  2. 2. The environment - an opportunity? <ul><li>&quot;The major challenge of this century is how to create prosperity for more people worldwide given climate change…. and providing decent lifestyles for a world population that is expected to double by 2050&quot; </li></ul><ul><ul><ul><ul><ul><li>Timmons and Spinelli 2009 </li></ul></ul></ul></ul></ul><ul><li>Industrial revolution - built on assumption of endless resources! </li></ul><ul><li>New Standards all the time </li></ul><ul><ul><ul><li>WEEE directive </li></ul></ul></ul><ul><ul><ul><li>ISO 14001 </li></ul></ul></ul><ul><li>New Taxes all the time </li></ul><ul><li>New Laws all the time </li></ul><ul><li>New Technology all the time </li></ul><ul><li>Necessity, who is the mother of invention. </li></ul><ul><li>Plato , The Republic </li></ul>Dr Andrew Hirst Room 9339
  3. 3. The Anatomy of a Entrepreneur Dell's Story Lecture 5 - Week 14 Jerry Kaplan - Internet Entrepreneur 5 Key Mistakes
  4. 4. This Weeks Lecture <ul><li>What does the word Entrepreneur mean to us? </li></ul><ul><li>The motivation to become an Entrepreneur </li></ul><ul><li>Personality and preferences </li></ul>Dr Andrew Hirst Room 9339
  5. 5. Definition of Entrepreneur <ul><li>The owner of a business who attempts to make money by risk and initiative </li></ul><ul><ul><ul><li>Harper Collins Dictionary </li></ul></ul></ul><ul><li>Entrepreneur: An individual who starts a new business. </li></ul><ul><ul><ul><li> </li></ul></ul></ul><ul><li>Entrepreneur in English is a term applied to the type of personality who is willing to take upon herself or himself a new venture or enterprise and accepts full responsibility for the outcome </li></ul><ul><ul><ul><li>Wikipedia </li></ul></ul></ul>Dr Andrew Hirst Room 9339
  6. 6. An Entrepreneur is…? <ul><li>Someone who starts and manages a business </li></ul><ul><li>Someone willing to take the risks and the rewards </li></ul><ul><li>Other names for entrepreneur include </li></ul><ul><ul><li>Sole Trader </li></ul></ul><ul><ul><li>Owner Manager / business owner </li></ul></ul><ul><ul><li>Someone who runs their own business </li></ul></ul><ul><ul><li>Serial Entrepreneurs </li></ul></ul><ul><ul><li>Social Entrepreneurs </li></ul></ul><ul><ul><li>Intrapreneurs / Mumpreneurs?! </li></ul></ul>Dr Andrew Hirst Room 9339
  7. 7. Core typology <ul><li>Lifestyle </li></ul><ul><li>Limited growth </li></ul><ul><li>Survivalist </li></ul><ul><li>High growth </li></ul>Dr Andrew Hirst Room 9339
  8. 8. Entrepreneurial Profiles <ul><li>Courtesy of </li></ul><ul><ul><li>My First Break - How entrepreneurs get started </li></ul></ul><ul><ul><ul><ul><ul><li>by Rupert Steiner (1998) </li></ul></ul></ul></ul></ul>Dr Andrew Hirst Room 9339
  9. 9. Bernie Eccleston Started off in motor racing as a hobby Dr Andrew Hirst Room 9339
  10. 10. David Sullivan Sold old (free) football programmes mail order Dr Andrew Hirst Room 9339
  11. 11. Katherine Hamnett Freelance designer that started off making Leather products Dr Andrew Hirst Room 9339
  12. 12. Paul Smith Cyclist turned designer - took a creative approach to open his first shop Dr Andrew Hirst Room 9339
  13. 13. Karan Bilimoria Started by selling Polo Sticks imported from India Dr Andrew Hirst Room 9339
  14. 14. Why become a business owner? Dr Andrew Hirst Room 9339
  15. 15. Why become a business owner? <ul><li>Everyday life </li></ul><ul><ul><li>uncertainty </li></ul></ul><ul><ul><li>barriers to success </li></ul></ul><ul><ul><li>failures </li></ul></ul><ul><ul><li>frustrations </li></ul></ul><ul><li>Opportunity </li></ul><ul><ul><li>Do things your way </li></ul></ul><ul><ul><li>Direct measure of success </li></ul></ul>Dr Andrew Hirst Room 9339
  16. 16. Three key influences <ul><li>created by psychologists Ajzien and FishBein (1980) </li></ul><ul><ul><li>Theory of Reasoned Actions </li></ul></ul><ul><ul><li>Our intended behaviour is predictable based on </li></ul></ul><ul><ul><ul><li>Our beliefs </li></ul></ul></ul><ul><ul><ul><li>Social Pressure </li></ul></ul></ul><ul><ul><ul><li>Our perceived feasibility or ability </li></ul></ul></ul>Dr Andrew Hirst Room 9339
  17. 17. The motivation to be an entrepreneur <ul><li>Desirability </li></ul><ul><li>Tolerance of risk </li></ul><ul><li>Feasibility </li></ul>Dr Andrew Hirst Room 9339
  18. 18. Push or Pull <ul><li>Gilad and Levine (1986) </li></ul><ul><ul><li>Push theory (negative external forces) </li></ul></ul><ul><ul><ul><ul><li>Job dissatisfaction </li></ul></ul></ul></ul><ul><ul><ul><ul><li>difficult finding employment </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Salary </li></ul></ul></ul></ul><ul><ul><ul><ul><li>inflexible work schedule </li></ul></ul></ul></ul><ul><ul><li>Pull Theory (attraction) </li></ul></ul><ul><ul><ul><ul><li>Seeking independence </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Self fulfilment </li></ul></ul></ul></ul><ul><ul><ul><ul><li>wealth </li></ul></ul></ul></ul><ul><ul><ul><ul><li>escape corporate life </li></ul></ul></ul></ul><ul><ul><ul><ul><li>other perceived/real desirable outcomes </li></ul></ul></ul></ul>Dr Andrew Hirst Room 9339
  19. 19. &quot;Wisdom starts by understanding ourselves&quot; Plato Dr Andrew Hirst Room 9339
  20. 20. Learning about ourselves? <ul><li>Psychometric testing </li></ul><ul><ul><li>Myers Briggs Type dynamics indicator </li></ul></ul><ul><ul><li>Learning Styles Inventory </li></ul></ul><ul><li>Numerical and verbal reasoning </li></ul><ul><ul><li>Numerical - </li></ul></ul><ul><ul><ul><li>improve your maths </li></ul></ul></ul><ul><ul><ul><li>get revision material off the web </li></ul></ul></ul><ul><ul><ul><li>All about speed not difficulty </li></ul></ul></ul><ul><ul><ul><li>addition, subtraction, multiplication, division </li></ul></ul></ul><ul><ul><ul><li>Percentage change and percentage increase </li></ul></ul></ul><ul><ul><ul><li>Sudoko helps build concentration and short term memory </li></ul></ul></ul><ul><ul><li>Verbal - read some books, check your grammar! </li></ul></ul><ul><li>Personal vision </li></ul><ul><ul><li>Write your CV with this in Mind </li></ul></ul>Dr Andrew Hirst Room 9339
  21. 21. Myers Briggs <ul><li>The four preferences are as follows: </li></ul><ul><li>  1. Where do you direct your energy? </li></ul><ul><li>Extrovert (E) or Introvert (I). </li></ul><ul><li>  </li></ul><ul><li>2. How do you process information? </li></ul><ul><li>Sensing (S) or Intuitive (N) </li></ul><ul><li>  </li></ul><ul><li>3. How do you prefer to make decisions? </li></ul><ul><li>Thinking (T) or Feeling (F) </li></ul><ul><li>  </li></ul><ul><li>4. How do you prefer to organise your life? </li></ul><ul><li>Judgement (J) or Perception (P) </li></ul><ul><li>ME - ENTP </li></ul><ul><li>Catalyst (ENTP) Catalysts are energetic change agents who are always looking for a new angle. Often pioneers and promoters of change, they look for active environments here they can discuss and debate new ideas. When with people they inject energy, innovation and fun into their activities. </li></ul>Dr Andrew Hirst Room 9339
  22. 22. Dr Andrew Hirst Room 9339
  23. 23. What makes a good Entrepreneur? Dr Andrew Hirst Room 9339
  24. 24. Characteristics of successful Entrepreneurs <ul><li>In David Hall - &quot;Cracking the code&quot; </li></ul><ul><li>Business Acumen </li></ul><ul><ul><li>Spotting opportunities </li></ul></ul><ul><ul><li>Acquiring resource </li></ul></ul><ul><ul><li>Building capacity </li></ul></ul><ul><li>Personal Qualities </li></ul><ul><ul><li>Thinking styles </li></ul></ul><ul><ul><li>Goal orientated </li></ul></ul><ul><ul><li>Attitude and ambition </li></ul></ul><ul><ul><li>Develop indicators of success </li></ul></ul><ul><li>Working With Others </li></ul><ul><ul><li>Creating compelling vision </li></ul></ul><ul><ul><li>Opening up the world </li></ul></ul><ul><ul><li>The needs of others </li></ul></ul><ul><ul><li>Build a culture </li></ul></ul>Dr Andrew Hirst Room 9339
  25. 25. My Profile - Saville Consulting based on David Hall's Dr Andrew Hirst Room 9339
  26. 26. Timmins and Spinelli, 2009 <ul><li>The Entrepreneurial Mind </li></ul><ul><ul><li>Commitment and determination </li></ul></ul><ul><ul><li>Courage! </li></ul></ul><ul><ul><li>Opportunity Obsession </li></ul></ul><ul><ul><li>Tolerance of risk, Ambiguity and Uncertainty </li></ul></ul><ul><ul><li>Creativity, Self reliance, and ability to adapt </li></ul></ul><ul><ul><li>Motivation to Excel </li></ul></ul><ul><ul><li>Leadership </li></ul></ul>Dr Andrew Hirst Room 9339
  27. 27. Today we covered <ul><li>The motivation to be an entrepreneur </li></ul><ul><li>What makes a successful entrepreneur </li></ul><ul><li>The importance of understanding ourselves </li></ul>Dr Andrew Hirst Room 9339 Doug Richards Interview
  28. 28. Next Week <ul><li>Evaluating opportunities </li></ul><ul><ul><li>how do we know when an ideas is right for us? </li></ul></ul><ul><li>Final Thought </li></ul><ul><ul><li>&quot;Nothing in the world can take the place of Persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan 'Press On' has solved and always will solve the problems of the human race.&quot; </li></ul></ul><ul><li>Calvin Coolidge </li></ul>Dr Andrew Hirst Room 9339