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WHO IS THE ENTREPRENEUR? - SESSION 1
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WHO IS THE ENTREPRENEUR? - SESSION 1

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The entrepreneurs are the main element in the entrepreneurship process. Therefore, it is crucial to understand their drivers, environment, strengths and weaknesses. …

The entrepreneurs are the main element in the entrepreneurship process. Therefore, it is crucial to understand their drivers, environment, strengths and weaknesses.

MAIN TOPICS:
- Introduction of the course
- Who is who?
- What is entrepreneurship and what are the key constructs?
- Who is the entrepreneur
- About entrepreneurs
- « Definitions »

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This session is part of a 10-weeks course given to master students of the SOLVAY BRUSSELS SCHOOL OF ECONOMICS AND MANAGEMENT by professor Olivier WITMEUR.

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  • 1. www.solvayentrepreneurs.be WHO IS THE ENTREPRENEUR? SESSION 1 (out of 10) THE ENTREPRENEUR This session is part of a 10-weeks course given to master students of the SOLVAY BRUSSELS SCHOOL OF ECONOMICS AND MANAGEMENT by professor Olivier WITMEUR.
  • 2. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR •  Introduce the course •  Who is who •  What is entrepreneurship and what are the key constructs •  Who is the entrepreneur QUESTIONS AGENDA RESOURCES •  Introduction •  Course design •  About entrepreneurs •  « Definitions » •  The Entrepreneurial Process (in W. Bygrave & A. Zacharakis, Entrepreneurship, 2011) Desired Outcomes of the Session 2
  • 3. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR INTRODUCTION #1 3
  • 4. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR What have these companies in common? 4 Delhaize , Colruyt, Leclerc, Sears & Roebuck Solvay, Pfizer, Yves Rocher Citroen, Renault, Ferrari McKinsey, Deloitte & Touche, JP Morgan McDonald, Neuhaus Dell, Hewlett-Packard Siemens, Dyson
  • 5. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR Examples of very successful entrepreneurs 5 Richard Branson, Virgin (1989) Larry Page & Sergey Brin, Google (1998) Mark Zuckerberg, Facebook (2004) Steve Job, Apple (1976) Howard Schultz, Starbucks (1971) Anita Roddick, The Body Shop (1976) Jeff Bezos, Amazon (1994) Ingvar Kamprad, IKEA (1943)Hasso Plattner, SAP (1972) Amancio Ortega, ZARA (1974)
  • 6. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR •  No gender •  No education •  No background / experience •  No age •  No family •  … •  No superman/woman •  Can entrepreneurship be taught? •  Science vs. Art? 6 … but everybody can be an entrepreneur.
  • 7. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR Entrepreneurship is … (2 minutes)
  • 8. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR Questions •  How many entrepreneurs do you identify in this film? •  What are the questions and topics that are typically ‘entrepreneurial’? 8 LA LAITERIE DU BERGER - DANONE LATTITUDES h"p://www.youtube.com/watch?v=h7HwwR-­‐VcuA   (6:35)  
  • 9. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR The Entrepreneurial Framework 9 ENTREPRENEUR OPPORTUNITY RESOURCES Conviction Creativity Communication CONTEXT Adaptation Fits & Gaps * Adapted from J. Timmons & A. Bidé
  • 10. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR Entrepreneurship as a Process 10 •  Individual variables: skills, profiles, motivations… •  Group-level variables: reactions from customers, investors, potential employees… •  Societal-level variables: governmental policies, economic conditions… Idea / Opportunity recognition Decision to proceed Analysing the project Assembling resources: team, € … LAUNCH / START Build / Grow Harvest
  • 11. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR COURSE DESIGN 11 #2
  • 12. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR Understand why entrepreneurship matters Introduce key-concepts and best practices in various entrepreneurial settings Challenge your entrepreneurial mindset At the end of course participants must be able to: –  Master new tools and techniques that are part of the ‘entrepreneurial toolbox’ –  Imagine, assess and design an entrepreneurial projects –  Identify the main issues associated with such projects and be able to deal with them End-up with more open questions than definitive answers Work hard Have fun! 12 Desired outcomes of the course
  • 13. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR •  Who is the entrepreneur? •  To what extent are entrepreneurs different from managers? •  What makes a good idea? •  How to start when you don’t have the resources needed? •  What does it take to make decision when you don’t know what comes next? •  What are the typical strategies for starting-up and growing a new venture? •  How entrepreneurship can contribute to a better world? 13 Central questions
  • 14. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR 14 Fail Early, Fast and Cheap to Succeed Sooner. (The course and its main assignment are mainly about mindset, tools and methods)
  • 15. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR ABOUT ENTREPRENEURS 15 #3
  • 16. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR The typical answers cover •  Feeling of freedom •  Ability to innovate •  Personal fulfillment linked to the management of a business •  Rejection of the employee status •  Rejection of big institutions •  Money … in case of success •  Social recognition 16 Motivations of Entrepreneurs
  • 17. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR About Entrepreneurs (a personal view) 17 Network & Social Capital Knowledge & ExpertiseTolerance for Ambiguity Commitment & Courage Passion & Values
  • 18. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR •  Initiative, adventure •  Strong persuasive powers •  Moderate rather than high risk-taking ability •  Flexibility •  Creativity •  Problem-solving ability •  Need for achievement •  Self confidence •  Imagination •  Locus of control 18 The entrepreneurial mindset and attributes •  Leadership •  Hard work •  Self efficacy •  Resilience •  Optimism •  Commitment
  • 19. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR Traits approach: Classical variables 19 Need for achievement (N-Ach) refers to an individual's desire for significant accomplishment, mastering of skills, control, or high standards. Locus of control refers to how much individuals believe they can control events that affect them. Need for achievement Locus of control Ambiguity tolerance is the ability to perceive ambiguity in information and behaviour in a neutral and open way Tolerance for ambiguity Self-efficacy is the extent or strength of one's belief in one's own ability to complete tasks and reach goals Self efficacy
  • 20. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR 20 No pain. No gain.
  • 21. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR Ø  As a revolutionary à ‘Entrepreneurial leadership’ Ø  As a manager à ‘Entrepreneurial management’ Ø  As a salesman Ø  As a team player à Entrepreneurial team 21 Different views on the entrepreneur
  • 22. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR •  Anticipate change and deal with uncertainty •  Willing to take considered risk and trying to reduce it. •  Start without having all resources available •  Mobilize all resources available / Use of inter-personal network –  Financial commitment! •  Ready to get hands dirty •  Blurred frontiers between business and private life •  Not afraid to be alone and to be criticized even by family and friends Leadership skills: o  Decision taking / Use of personal power o  Communication o  Team motivation o  Delegation o  Negotiation 22 The Entrepreneur as a Revolutionary
  • 23. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR About Social Entrepreneurs 23 Social entrepreneurs drive social innovation and transformation in various fields including education, health, environment and enterprise development. They pursue poverty alleviation goals with entrepreneurial zeal, business methods and the courage to innovate and overcome traditional practices. A social entrepreneur, similar to a business entrepreneur, builds strong and sustainable organizations, which are either set up as not- for-profits or companies. Social entrepreneurs are individuals with innovative solutions to society’s most pressing social problems. They are ambitious and persistent, tackling major social issues and offering new ideas for wide-scale change. Rather than leaving societal needs to the government or business sectors, social entrepreneurs find what is not working and solve the problem by changing the system, spreading the solution, and persuading entire societies to move in different directions.
  • 24. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR The Entrepreneur as a Manager 24 Work hard Ø  Time commitment! Specific skills gained from experience Realism, pragmatism, flexibility Accept failure Share success General management skills Ø  Strategy Ø  Sales & Marketing Ø  Project management and planning Ø  Time management Ø  Finances
  • 25. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR Sales is absolutely essential •  To customers •  To the first employee •  To the business partners •  To the financial partners Customer-centricity is a key success factor •  Start with customer’s needs Ø  Their needs, their vision, their situation, their constraints, their processes, their goals, … •  Match product/service and internal sales process to those needs •  Create close relationship (intimacy!) with customers 25 The Entrepreneur as a Salesman
  • 26. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR 26 No sales, No business.
  • 27. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR Complementarities and balance Ø  The dream team = CEO + CTO + CFO Expected qualities of a team •  Relevant experience and track record •  Commitment, determination •  Clear job distribution and collaboration processes •  Creativity •  Adaptability •  Team focus •  Shared vision •  Performance driven, fault-tolerant 27 The Entrepreneur as a Team Player
  • 28. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR Obsession of control Suspicion, paranoia… Oversized need for recognition Not always calm especially when things go wrong Genius or fool? They act the same! 28 The Dark Side of Entrepreneurs * Adapted from M. Kets de Vries (HBR, 1985)
  • 29. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR To be continued… 29 Who is the entrepreneur is the wrong question! How do entrepreneurs think and act?
  • 30. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR WHAT IS ENTREPRENEURSHIP? 30 #4
  • 31. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR Definition 1: The HBS working definition 31 The pursuit of opportunity beyond the resources you currently control. H. Stevenson, USA
  • 32. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR We define the field of entrepreneurship as the scholarly examination of how, by whom and with what effects opportunities to create future goods and services are discovered, evaluated and exploited. 32 Definition 2: The classical academic definition S. ShaneS. Venkataraman * Academy of Management Review, 2000, vol. 25, n°1, 217-226
  • 33. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR Definition 3: Degree of entrepreneurship? 33 New to founders Franchisee Shops Take-over Buy Out Innovation Lawyers, Doctors, …. Change New to market High tech & Social start-ups Ch. Bruyat * Adapted from C. Bruyat (1993) & A. Fayolle A. Fayolle Corporate Spin-offs
  • 34. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR Definition 4: A classical definition 34 A way of thinking and acting that is opportunity obsessed, holistic in approach & leadership balanced for the purpose of value creation. J. Timmons, USA Thinking and acting = There is a “method” Central role of the opportunity (but found or made?) Take all aspects into consideration Need to be managed There are best practices Value for the stakeholders, i.e. founders, team, investors, customers, society…
  • 35. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR 35 NEVER STOP WONDERING & ASKING!
  • 36. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR A real passion for entrepreneurship education and entrepreneurs. •  Student entrepreneurs: 2x •  Full time entrepreneur: once, in a team of 5 •  Coach: 500+ projects over the last 20 years •  (Advisory) Board member in multiple new ventures •  Policy making: 2x •  Director of Solvay Entrepreneurs •  PhD in entrepreneurship in 2008 •  … never as an investor My wife (as Colombo), no kids, one dog (Vicky). 36 Olivier Witmeur (Belgian, 46)
  • 37. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR Solvay entrepreneurs is the entrepreneurship center of the Université Libre de Bruxelles. We support entrepreneurs through the development of their venture, from an idea to a successful and sustainable business. 37 Solvay Entrepreneurs
  • 38. Entrepreneurship Course – Session 1 - 2014 © Olivier WITMEUR Let’s keep in touch! 382014%©%Olivier%Witmeur FOLLOW US ON LinkedIn.com/company/ Solvay-Entrepreneurs in Facebook.com/ SolvayEntrepreneurs f Twitter.com/ SolvayStart t SolvayEntrepreneurs.be www YouTube.com/user/ SolvayEntrepreneurs Foursquare.com/ SolvayStart