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Malta and Gozo Entrepreneurship Module October 2012

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Slides for the Advance Tourism Entrepreneurship Module, Malta & Gozo, October, 2012

Slides for the Advance Tourism Entrepreneurship Module, Malta & Gozo, October, 2012

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  • Thanks Rite. You probably need to download the presentation first then you can print form there. Thanks. Jim H
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  • Dear Dr. Hamill,
    thanks for the interesting lectures. I am trying to print the presentation. Could you please guide me if this is possible.
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  • 1. ENERGISE2-0.COMDr Jim Hamillwww.energise2-0.comwww.twitter.com/drjimhamill
  • 2. Opportunitiesand challengesfor Malta/Gozotourism andhospitality inbecoming more entrepreneurial.Opportunities for you! ENERGISE2-0.COM
  • 3. AgendaMorning•Entrepreneurship – what is it? – Characteristics of an entrepreneur – Importance•Are you an entrepreneur?•Key Success Factors in Business Start-Ups•Group Breakout Session - Ideation•LunchAfternoon•Ideation, Feedback and Discussion•Roadmap to Success ENERGISE2-0.COM
  • 4. Your Experience My Experience ENERGISE2-0.COM
  • 5. The Entrepreneur Roller Coaster ENERGISE2-0.COM
  • 6. What is an Entrepreneur? ENERGISE2-0.COM
  • 7. Range of DefintionsAn entrepreneur (Wikipedia):•“One who undertakes innovations, finance and businessacumen in an effort to transform innovations into economicgoods“. Includes – new business start up; revitalizing matureorganizations; social entrepreneurship; and intra-preneurship•Entrepreneurial activities range in size from solo projects tomajor undertakings creating many job opportunities•Many kinds of organizations now exist to support would-beentrepreneurs including specialized government agencies,business incubators, science parks, and some NGOs ENERGISE2-0.COM
  • 8. Range of Definitions• 1934: Schumpeter: Entrepreneurs are innovators who use a process of shattering the status quo of the existing products and services, to set up new products, new services• 1961: David McClleland: An entrepreneur is a person with a high need for achievement [N-Ach]. He is energetic and a moderate risk taker• 1964: Peter Drucker: An entrepreneur searches for change, responds to it and exploits opportunities. Innovation is a specific tool of an entrepreneur hence an effective entrepreneur converts a source into a resource• 1975: Albert Shapero: Entrepreneurs take initiative, accept risk of failure and have an internal locus of control ENERGISE2-0.COM
  • 9. Range of Definitions• 1975: Howard Stevenson: Entrepreneurship is "the pursuit of opportunity without regard to resources currently controlled."• 1983: G. Pinchot: Intrapreneur is an entrepreneur within an already established organization• 1985: W.B. Gartner: Entrepreneur is a person who started a new business where there was none before ENERGISE2-0.COM
  • 10. Characteristics of an Entrepreneur ENERGISE2-0.COM
  • 11. What is an Entrepreneur? ENERGISE2-0.COM
  • 12. Importance of Entrepreneurship• Entrepreneurship is a key driver of economic growth, productivity, innovation and employment – critical to economic dynamism• Countries with high levels of entrepreneurial activity tend to out-perform those who don’t have the entrepreneurial spirit• Shift in government policy from support to a small number of large companies to support for business start-ups• What support is available in Malta? ENERGISE2-0.COM
  • 13. Are You an Entrepreneur? ENERGISE2-0.COM
  • 14. GET Test ENERGISE2-0.COM
  • 15. GET TestA person who is highly enterprising has the followingqualities:•A strong need for achievement•Like to be in charge•Seek opportunities and use resources to achieve plans•Believe that they possess or can gain the qualities to besuccessful•Are innovative and willing to take a calculated risk ENERGISE2-0.COM
  • 16. Give yourself a score out of 10 for the following questionsThe more you agree with the question, the higher your score ENERGISE2-0.COM
  • 17. Achievement1. An orientation towards the future2. Reliance on own ability3. An optimistic rather than a pessimistic outlook4. A strong task orientation5. Effective time management6. Results-oriented with yourself and others7. Restlessness, driven and energetic8. Opinionated in defence of ideas and views ENERGISE2-0.COM
  • 18. Achievement9. Determination to ensure that objectives are met even when difficulties arise10. Responsible and persistent in pursuit of aims11. Oriented towards challenging but realistic goals12. Willingness to work long and hard when necessary to complete tasks ENERGISE2-0.COM
  • 19. Need for Autonomy13. Independence, preferring to work alone, especially if they cannot be top dog14. Self expressive, feeling a strongly need to do their own thing their way, rather than work on other peoples projects15. Individualistic and unresponsive to group pressure16. Leadership, preferring to be in charge and disliking taking orders17. Unconventional, and prepared to stand out as being different to others ENERGISE2-0.COM
  • 20. Need for Autonomy18.Opinionated, having to say what they think and make up their own mind about issues19.Determination, strong willed and stubborn about their interests ENERGISE2-0.COM
  • 21. Creative Tendency20. Imaginative, inventive or innovative tendency to come up with new ideas21. Intuition, being able to synthesis ideas and knowledge, and make good guesses when necessary22. Change-orientation, preferring novelty, change and challenges with a dislike of being locked into routines23. Versatile and able to draw on personal resources for projects or problem solving24. Curious and interested in new ideas ENERGISE2-0.COM
  • 22. Calculated Risk Taking25. Decisive, being able to act on incomplete information and good at judging when incomplete information is sufficient for action26. Self-awareness with the ability to accurately assessing their own capability27. Analytical, being good at evaluating the likely benefits against the likely costs of actions28. Goal-oriented, setting themselves challenging but attainable goals29. Effective information management using information to calculate the probability that their actions will be successful ENERGISE2-0.COM
  • 23. Internal Locus of Control30. Opportunistic, seeking and taking advantage of opportunities31. Self-confidence with the belief that they have control over their destiny and make their own luck, rather than being controlled by fate32. Proactive, taking personal responsibility to navigate the problems that arise to achieve success on their terms33. Determination and express a strong willed control over life34. Self-belief, equating the results achieved with the effort made ENERGISE2-0.COM
  • 24. How did you score?Are you an entrepreneur in the making? ENERGISE2-0.COM
  • 25. Business Start UpsKey Success Factors ENERGISE2-0.COM
  • 26. Success Factors1. Thoroughly understand your market/your customers2. Building a strong business model and strategy for competitive advantage (differentiation)3. Understand risk and deal with it4. Have sufficient working capital5. Strong focus on the sales pipeline (including pre-orders) ENERGISE2-0.COM
  • 27. Success Factors6. Strong focus on profit margin7. Strong vision and purpose; passion8. Resilient, persistent and persuasive9. Quality customer base/quality network – high value, high growth potential10. Have the right people/team in place ENERGISE2-0.COM
  • 28. Group IdeationGroup Ideation ENERGISE2-0.COM
  • 29. Group IdeationTwo key questions:•Agree a business idea•Develop an outline Business Plan ENERGISE2-0.COM
  • 30. Finding a Business IdeaGenerate a list of business ideas (max of 3). Choose the mostattractive idea based on:•Attractiveness - Would you enjoy doing it?•Ability to undertake – Do you have the skills needed to do it?•Practicality – Is it something that really can be done?•Potential market demand – Will customers buy it?•Ability to combat competition – Is there competition and can youcombat it in some way?•Ability to differentiate – Can you differentiate it in some way that canbe sustained over a long period?•Price potential – Can you avoid competing simply on price?•Resource availability – Do you think you have, or can get, theresources you need to start up this business? ENERGISE2-0.COM
  • 31. Develop an Outline Business PlanBrief outline of the following:•Your target market; market size and growth potential•Benefits of your product or service; your USP?•Your main competitors; their strengths and weaknesses•The main strengths and weaknesses of your own business? Howwill you differentiate your product/service?•How will you market and promote your business? ENERGISE2-0.COM
  • 32. Developing the Business Plan• What will your main costs be? Fixed and variable.• What is your breakeven point?• What are the critical success factors and how will you make sure that you achieve them?• What funding will you need and where will it come from? ENERGISE2-0.COM
  • 33. Coffee then Ideation ENERGISE2-0.COM
  • 34. Afternoon SessionFeedback and Discussion ENERGISE2-0.COM
  • 35. Balanced ScorecardApproach to Business Start Up ENERGISE2-0.COM
  • 36. A Roadmap for the Future ENERGISE2-0.COM
  • 37. Use a Simplified Balanced Scorecard• Will ensure that the actions and initiatives you take are fully aligned with and supportive of your overall goals and objectives; that KPIs are agreed for monitoring and evaluating on-going performance, impact and ROI; and that all key success factors are considered, especially the organization, people and resource aspects critical to a successful business start-up• A Scorecard approach can also be very useful for internal and external communications – a simple framework to present your business idea, goals, objectives, key actions and initiatives to colleagues, funders and other stakeholders ENERGISE2-0.COM
  • 38. Balanced Scorecard• Not ‘paralysis by analysis’. By providing an agreed framework to follow, the Balanced Scorecard considerably speeds up strategy development and implementation• The steps involved can be captured in a Balanced Scorecard Strategy Map• Five key questions to address…… ENERGISE2-0.COM
  • 39. Balanced Scorecard• What is the overall vision for your business?• What are the key business objectives and targets to be achieved?• Who are your customers?• What are the key actions and initiatives you need to take?• Organisation, Resource and People Issues ENERGISE2-0.COM
  • 40. BSC Strategy Map Brief statement of your overall 2.0/Social Media Vision and MissionStrategic Objectives Strategic Objectives KPIs / Targets KPIs / Targets KPIs / Targets KPIs / TargetsCustomer Perspective Customer Customer Customer Customer Group 1 Group 2 Group 3 Group 4Internal Management Perspective 2.0/Social Media 2.0/Social Media 2.0/Social Media 2.0/Social Media Initiative 1 Initiative 2 Initiative 3 Initiative 4 - Objectives - Objectives - Objectives - Objectives - KPIs - KPIs - KPIs - KPIs - Targets - Targets - Targets - Targets - Actions - Actions - Actions - ActionsOrganisation Perspective Organisation Resource People ENERGISE2-0.COM
  • 41. In Summary……..Business Planning Pays ENERGISE2-0.COM
  • 42. Two MotivationalVideos to Conclude ENERGISE2-0.COM
  • 43. Motivational Video 1 ENERGISE2-0.COM
  • 44. Video 2 is a surprise  ENERGISE2-0.COM
  • 45. Thank YouDream your Dream ENERGISE2-0.COM