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Name lecture 2007 tab
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Name lecture 2007 tab
Name lecture 2007 tab
Name lecture 2007 tab
Name lecture 2007 tab
Name lecture 2007 tab
Name lecture 2007 tab
Name lecture 2007 tab
Name lecture 2007 tab
Name lecture 2007 tab
Name lecture 2007 tab
Name lecture 2007 tab
Name lecture 2007 tab
Name lecture 2007 tab
Name lecture 2007 tab
Name lecture 2007 tab
Name lecture 2007 tab
Name lecture 2007 tab
Name lecture 2007 tab
Name lecture 2007 tab
Name lecture 2007 tab
Name lecture 2007 tab
Name lecture 2007 tab
Name lecture 2007 tab
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Educating Professional Entrepreneurs for the 21st Century: 2007 NAME Lecture by Thomas A. Bryant, Ph.D.

Educating Professional Entrepreneurs for the 21st Century: 2007 NAME Lecture by Thomas A. Bryant, Ph.D.

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  • 1. EducatingProfessional Entrepreneurs for the 21st Century:The Academy of Management, Management Education Division Exchange Presentation for 2007 Thomas A. Bryant, Ph.D. Rohrer Endowed Chair in Entrepreneurial Studies Rowan University, USA @ the Nippon Academy of Management Education, Takamatsu; 23 November 2007
  • 2. Agenda Define the standards Identify the state of the art Discuss the leading edges of the field23 November 2007 Dr. Tom Bryant @ NAME Conference2
  • 3. Why Study Entrepreneurship? Social value of the economy: Goods and services  Innovators create new goods and services  Entrepreneurs test and prove their market potential  Big companies consolidate and distribute efficiently (MANAGEMENT?)  Corporate innovation / entrepreneurship23 November 2007 Dr. Tom Bryant @ NAME Conference3
  • 4. Social Value 2 Jobs  Meaningful work  Wages => exchange value (cash to buy things) Who creates the new jobs?23 November 2007 Dr. Tom Bryant @ NAME Conference4
  • 5. David Birch (MIT), 1979 US Economy: 16 million new jobs Fortune 1000 Companies:  No change in the number of jobs Government / public sector  Minor growth Small business  Not much change “Gazelles” (3% of firms)  Fast growing, job creators -- Led by entrepreneurs23 November 2007 Dr. Tom Bryant @ NAME Conference5
  • 6. Edward Lowe Foundation, 2007 Job creation effects, 2003-2006, Philadelphia MSA Category Stages Ownership Job Creation % of Net New Jobs Firms 1-9 1: Startup Local +105,000 +43% Firms 10-99 2: Growth Local +110,000 +45% Firms 100-999 3 & 4: mid- Local? +10,000 +5% sized Non-profit / Local? +15,000 +7% Public Gains +236,000 Firms > 999 5: Consolidation Not local? -210,000 -93% Losses -210,000 Cumulative +26,000 +7%23 November 2007 Dr. Tom Bryant @ NAME Conference6
  • 7. ENTR Ed vs. SBM Small Business Management (=SBM)  Older field  Focused on excellence in non-growth firms  Efficiency Entrepreneurship Education (= ENTR Ed)  Focused on Creating and guiding GROWTH  Creativity  New Ventures  Innovation management23 November 2007 Dr. Tom Bryant @ NAME Conference7
  • 8. ENTR Ed in Business Schools:Standard: Same as Accounting, Marketing,Finance, MIS, Engineering, or Education Competence in the  Undergraduates: accepted knowledge and Ready to earn a decent current practices living as an entry-level Ready to start work, professional in the field begin career, advance  MBAs: toward senior levels of Ready to earn a good occupation living as an mid-level professional in the field23 November 2007 Dr. Tom Bryant @ NAME Conference8
  • 9. What Do Professional Entrepreneurs Do? MUST focus on successful practitioners NOT the average, or the poor performers Entrepreneurship defined by:  Creating new organizations (for-profit, and social)  Growing at well-above-average rates  Recycling economic resources to higher value uses Who are the model performers?23 November 2007 Dr. Tom Bryant @ NAME Conference9
  • 10. Professional Entrepreneurs Start new ventures --  Add value at above- and sell them for a average rates profit  Create incremental Start new ventures -- value (1+1>2) and keep them growing for a full career  Innovate Take over static or  Seize opportunities declining ventures and  Reject bad deals turn them back into growth engines  Cut their losses early  Accumulate wealth23 November 2007 Dr. Tom Bryant @ NAME Conference10
  • 11. Entrepreneurs Get Paid As managers -- salary As entrepreneurs -- for growth in equity As investors -- for returns on invested capital Daily -- in challenge and excitement Monthly -- salary / owner’s draw Exit -- change in equity value23 November 2007 Dr. Tom Bryant @ NAME Conference11
  • 12. Emergence of ENTR Ed A few courses on Small Business Management David Birch, 1979: Gazelles create jobs Drive to uncover latent entrepreneurs Public support for entrepreneurs and ENTR Ed Focus on Start-ups High value-added startups: Technology? Corporate entrepreneurship: the growth layer Family business: mix of growth and SB Management Edward Lowe Foundation, 2007: “Second stage”23 November 2007 Dr. Tom Bryant @ NAME Conference12
  • 13. Can Entrepreneurship Be Taught? Learned? Many ways! Hard knocks (original) Observation of practice / informal apprenticeship (old-fashioned) Research-based pedagogy (modern) Fastest growing field in Academy of Management for nearly a decade  Over 4000 member in ENT Division now  Over 50% of US colleges and universities23 November 2007 Dr. Tom Bryant @ NAME Conference13
  • 14. Tracks within ENTR Ed Lead Entrepreneurs (15%) Entrepreneurial support providers (25%) Family business inheritors (30%) Corporate innovation managers (30%) Small business experts (?)23 November 2007 Dr. Tom Bryant @ NAME Conference14
  • 15. The Domain: What Skills Do ENTR Students Learn? Opportunity generation /creativity Feasibility assessment Planning new ventures New venture implementation Growth Harvest / exit23 November 2007 Dr. Tom Bryant @ NAME Conference15
  • 16. The Startup Courses Creativity (brainstorming, etc.) Opportunity scanning and selection Feasibility analyses New Business Plans23 November 2007 Dr. Tom Bryant @ NAME Conference16
  • 17. Corporate ENTR Ed Managing growth (organic) Deal-making  Mergers and acquisitions  Divestitures  Abandonments Intellectual property Valuation Innovation management  New Products23 November 2007 Dr. Tom Bryant @ NAME Conference17
  • 18. Managing Growth Only 1 of 14 ENTR courses at Rowan Edward Lowe Foundation data: 45% of USA net job creation occurs among firms with 10- 99 employees, $1Million-$100Million TAB’s Growth course at Rowan:  Buy a business ($100K - $250K, with leverage):  What is worth buying? What is not?  Add value: grow it (by adding what?)  Exit and harvest added value23 November 2007 Dr. Tom Bryant @ NAME Conference18
  • 19. Specialty Courses Franchising Sectors New venture finance  Retail Corporate innovation  Tourism management  Fashion Excellence in Small  Food Business Management  Agriculture Family Business  Manufacturing Technology Social / not-for-profit23 November 2007 Dr. Tom Bryant @ NAME Conference19
  • 20. Can ENTR Ed Fit into Business Ed?  Karl Vesper (U Washington): No, need separate schools (Coleman keynote at USASBE ….)  Bruce (UND): $50 million School of ENTR  More than half of US schools now trying anyway  Many international programs  Faculty converted from  Practitioners (personal evidence, learning, stories)  Strategy, Marketing, Engineering, etc. (Textbooks, research evidence?)  Emerging faculty with PhDs in ENTR: (Louisville, Boulder, MIT, Indiana, UMKC, others)  Does it make a difference? 23 November 2007 Dr. Tom Bryant @ NAME Conference20
  • 21. Where Does ENTR Fit? Creative destruction (Schumpeter, Branson) Innovation: creation and management (Tidd) Insights into the bleeding edge of management (Ducker) Critical importance of dynamic orgs, (Christensen) Intelligence (Romer)23 November 2007 Dr. Tom Bryant @ NAME Conference21
  • 22. Across functional disciplines Accounting: Tax strategies; Cash flow forecasts Strategy: Creation, change, M&A, Marketing: New product / New venture assessments, launches Finance: Valuation, re-assignment of assets, asset classes23 November 2007 Dr. Tom Bryant @ NAME Conference22
  • 23. Methods of Teaching / Learning Lecture / study Practice Theory & Practice Different Learning Styles (e.g., Learning Concept Inventory; Tom Hawk paper) Learning Motivations23 November 2007 Dr. Tom Bryant @ NAME Conference23
  • 24. Motivations to Learn Each student needs at least one thing that pulls him / her into the material With that “velcro,” students then study the rest of the material How do we learn? How many kinds of hooks?23 November 2007 Dr. Tom Bryant @ NAME Conference24
  • 25. Learning Velcro: Conceptual Thinking Written word  Simulations Spoken word  Practice reality Displayed word, e.g.,  Pictures PPT  Video Cases  Music23 November 2007 Dr. Tom Bryant @ NAME Conference25
  • 26. Story-Telling Experiences & Empirically Based Research Story-telling  Empirical literature Direct contact  Broad patterns Students enjoy  Extrapolate Like case method  Not enough detail to Hard to extrapolate to determine valid new situations, different exceptions people.  May limit creativity23 November 2007 Dr. Tom Bryant @ NAME Conference26
  • 27. Theory & Practice Courses  Experiential learning Textbooks  From experts Structured learning  From personal Best practices experience Testable, in common  PBL = Project-Based Relative expertise Learning Body of knowledge  Adapted to individual Modeled on successful  Personal meaning practitioners23 November 2007 Dr. Tom Bryant @ NAME Conference27
  • 28. Internships in Japan, AY2006 Kyodo News, reported in The Daily Yomiuri: 21 November, 2007, p. 2: Education, Science and Technology Ministry (Japan) 50,430 internships from 482 Japanese universities in AY 2006 66% of universities, up 35% over AY 2005 8,000 more internships than AY 200523 November 2007 Dr. Tom Bryant @ NAME Conference28
  • 29. Experiential Learning in ENTR Internships: Projects within the ENTR Center (freshmen?) Apprenticeships: Assistant to the Entrepreneur Junior Partners: Sweat equity, with Senior Partner Employee Manager Partner Owner: Select, plan, launch, operate, exit23 November 2007 Dr. Tom Bryant @ NAME Conference29
  • 30. On-Campus Ventures: 30-60? What campus-related ventures could ENTR students own and operate? Brain-storming session: 3-4 >> 30-65!! Freshmen: work in several Sophomores: buy in Juniors: manage Seniors: own and exit Putting them through college by virtue of ENTR experience: Will parents buy in?23 November 2007 Dr. Tom Bryant @ NAME Conference30
  • 31. Impacts of University ENTR Programs Presence on campus: attitudes, legends, stories  May affect learning models, expected outcomes Indirect: friend, colleague Once over lightly: one workshop or course:  creating potential for lifelong learning Minors and Certificates: skills, attitudes Majors, Specialists: careers, professionals23 November 2007 Dr. Tom Bryant @ NAME Conference31
  • 32. Conclusions Still a very young field: much left to learn Vitally important domain: creating value, and managing its growth. Focus on core outcomes: successful venture development, value-added, change management Professional standards: best practices, measurable outcomes, transferable knowledge.23 November 2007 Dr. Tom Bryant @ NAME Conference32

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