Presentation Riga 2013

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Erasmus Intensive Programme: …

Erasmus Intensive Programme:
“Fostering the entrepreneurial spirit in Europe through development of entrepreneurial sales personality”

Riga, 10 – 23 November 2013
Latvi

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  • 1. Prevention of Entrepreneurial Failure in the start-up phase Erasmus Intensive Programme: “Fostering the entrepreneurial spirit in Europe through development of entrepreneurial sales personality” Riga, 10 – 23 November 2013 Latvia Ing. Matthijs H.M. Hammer M.Sc. Senior lecturer Entrepreneurship School of Busuness, Builsing & Technology PhD Researcher Faculty of Product Innovation Management
  • 2. Menu • • • • • • • • Introduction Recall of last week Theoretical background Focus on: ‘Entrepreneurial Sales Personality’ IDP, Business Plan YOU! Talent Development Your App’s-store Application in this week: Business Plan YOU!
  • 3. Introduction • Present yourself, maximum 30 seconds • Present your group, 1 minute • Present your groups result until now, 1minutes & 30 sec. • Present your groups ambition, minimum 2 minutes
  • 4. Recall of last week • Please tell about: • IDP • Effectuation • Business Plan You! • Accounting • Entrepreneurial personality • Leadership
  • 5. Recall of last week • • • • Entrepreneurial process Opportunity recognition Opportunity preparation Opportunity exploitation • Difficult?
  • 6. So, what do you want need more ….
  • 7. A high failure rate 60 % 5 year failure rate Statistique Canada (PALE) Business closure rates by time trading (Cressy, 2006) 49,5% 5 year failure rate Insee (Sine) 39 % 2 year failure rate BTS (Tunisian Solidarity Bank ) 50 % 5 year failure rate CBS (Statistics Netherlands) 50 % 4 year failure rate U.S. Census Bureau (BITS) Diversity of proxy measuring failure (bankruptcy, closure, exit, insolvency, discontinuity, etc.)
  • 8. Theoretical background Causes of Entrepreneurial Failure: • mismanagement, unrealistic expectations, finance and lack of innovation (Cardon, Stevens, & Potter, 2011). • Lack of strategic resources (Michael & Combs, 2008), • planning strategies (van Gelder et al, 2007), • pride (Hayward et al, 2006), • not able to cope with uncertainty (Mc Grath, 1999) • over-optimism and overconfidence (Muir, 2007).
  • 9. Theoretical background Prevalence of discriminant approach (positivism) (Cooper et al.,1994 ; Duchesneau & Gartner, 1990 ; Dahlqvist et al., 2000 ; Littunen et al., 1998 ; Lussier, 1995 ; Lussier & Pfeifer, 2000 ; Reid, 1999 ; Wetter & Wennberg, 2009) Success/Failure = f(X1,X2,X3,..Xn) X1 ? X2 ? X3 ? Y Success/Failure ??? Survivors/Exitors Xn ? Entrepreneurship policy of “picking winners” The “ideal predictive and discriminant factor” opposing successful and failing entrepreneurs does not exist. it impossible to predict exactly how the entrepreneurs will fail.
  • 10. Theoretical background Questions to address: • So what? • How does it imply me? • How does this affect with the Entrepreneurial Sales Personality? • An answer: looking from an interpretative approach. (Askim-Lovseth & Feinberg, 2012; Cardon et al., 2011; Cope, 2011; Crutzen, 2009; Mantere et al., 2013; Seshadri, 2007; Singh et al., 2007; Zacharakis et al., 1999)
  • 11. Theoretical background Dimensions Determinist approach Voluntarist approach Theoretical foundation PEOT RBV Failure causes Concept of failure Source: Khalil, 2010 Entrepreneurial context Discontinuity Entrepreneurial Resources Deficiency Emotive approach GAGT Entrepreneurial Motivation Deception
  • 12. ECONOMIC SUCESS OF THE NEW VENTURE High new venture economic 3 1 performance Exit due to a psychological distress Positive Exit strategy Entrepreneurs' self Deception Psy-ecomomic Economic 4 ’ 4 2 ’ Distress Difficulties Exit due to a Exit to avoid psy-ecomomic distress 4 2 Low new venture economic performance Voluntary exit Involuntary exit Entrepreneur's self satisfaction Psychological Entrepreneurial succes Continuity with Continuity with Distress ECONOMIC FAILURE OF THE NEW VENTURE an increasing economic losses PSYCHLOGICAL SUCESS OF THE ENTREPRENEUR PSYCHLOGICAL FAILURE OF THE ENTREPRENEUR 3 ’ Continuity with Continuity with
  • 13. IDP, Business Plan YOU! ? 5 minutes break for chemical dependencies and biological necessities.
  • 14. Resume • To reduce failure-rates in the start-up phase, compose the best entrepreneur(ial team) available. How? • Talent Development
  • 15. Give examples! WHAT IS A TALENT?
  • 16. A talent is: • Old Greek: a weight or sum of money of that weight. Later the disposition or ´gift of God´. (van Dale, 2009) • Best & Brightest. (Knegtmans, 2009) • Exceptional disposition (Wikipedia, 2010). • Relative. • Talent (Dutch, English, French, African, Catalonian, Russian, German, Romanian, Icelandic, Czech, Danish, Polish, Estonian, Norwegian) • Fi: lahjakkuus, Lv: Talants, Lt: Talentas
  • 17. Facts • Be willing to is more important than be able to. (Knegtmans, 2009)
  • 18. Example See possibilities Know where to find it. Tackle opportunities Successful application
  • 19. Facts • Be willing to is more important than be able to. (Knegtmans, 2009) • Training has more effect than Genetic factors. • Top talent = (talent * mentality) / ego (T. van het Hek, 2000) • Talent is gained by internal motivation and long, effective and focused training.
  • 20. How to develop?
  • 21. What to develop? • Your talents! Exercise 1a • But: what are Your talents? • How to distinguish them?
  • 22. Exercise 1a: Write down YOUR talents.
  • 23. The Competent Egg Talent Structure Knowledge Behaviour Context Application Source: N. Vloon, 2002
  • 24. What suites You? • What do You like? • What distinguishes You? • What is appreciated? • Problem: You don´t know for yourself.
  • 25. Identify Your talents • Use tools as: – 360° Feedback – Personal SWOT – Explicit Your context Exercise 1b: Describe Your context.
  • 26. Exercise 2 5 minutes each You: tell Your Neighbour about your job (or sports). Neighbour: write down where he is positive, explores fun, smiles, is exciting, etc. Ask for examples, achieved goals, feedback from colleagues. At the end, ask for his perceived personal strong points and weak points (about 3 aspects each). Exercise 1 b and 2, are determining your relevant talents.
  • 27. How to develop?
  • 28. Difficulties • SME-issues: – No HRM-department • job coach • assessment centres – No broad scope of specialists – Limited places to work (fte) • job rotation • spare time for development • exemplary roles
  • 29. Talent development in SME´s Pers. SW 360° feedback context Today Talent development Pers. goals Business goals Talent Near Future Talent needed far Future
  • 30. Different ways of development Falcon Goose Source: N. Vloon, 2002
  • 31. Development in SME´s • Training in the same context, maintain the talent. • Training in a different (future orientated) context, increase the talent, makes it more valuable. Exercise 3
  • 32. Exercise 3: 1. 2. 3. 4. Write down your talents today Write down your personal goals and objectives Determine one of your talent to develop Describe a way to practice that talent (knowledge, skill, behavior) in another context then your current professional activity. 5. Do it, with motivation and drive!
  • 33. Summery 1. Determine what your motivation is; what make you have fun. 2. Determine your relevant talents. 3. Determine what is your goal. 4. Create training activities in another professional context. 5. Do it! (with motivation and drive)
  • 34. Your App’s store 1. What is an App’s? Applicability Approvals (2 * App = App’s) 2. What are they? Proof of successful application of your talents / competencies. 3. How do they look?
  • 35. Your App’s store Status Name Description C Concept No evidence of competence B Believe Poor evidence of competence A Awareness Some evidence of competence AA Applicability Approvals Proofed evidence of competence, in simple, single context AAA Advanced Applicability Approvals Proofed evidence of competence, in complex, multiple context Source: Vloon & Hammer, 2013
  • 36. Lessons learned 1. Determine what your motivation is; what make you have fun. 2. Determine your relevant talents. 3. Determine what is your goal. 4. Create training activities in another professional context. 5. Do it! (with motivation and drive) 6. Make your improvements App’s store ready 7. Sell yourself to the winning team of stakeholders
  • 37. Thank You for your Attention