Solvay European Summer School 2010 ENTREPRENEURSHIP Introduction: The Entrepreneurial Process Olivier Witmeur Bernheim Cha...
DESIRED OUTCOMES OF AN ENTREPRENEURSHIP COURSE <ul><li>Understand why entrepreneurship matters and is relevant to most of ...
DESIRED OUTCOMES OF THIS SESSION <ul><li>What is entrepreneurship </li></ul><ul><li>What are the key elements in entrepren...
AGENDA <ul><li>09.00-09.15 Introduction </li></ul><ul><li>09.15-10.30 Case discussion: ‘John Roughneen’ </li></ul><ul><li>...
HOW MANY SQUARES DO YOU SEE ? Solvay Summer School 2010 - Olivier Witmeur |
SUCCESSFULL START-UP : A CHALLENGE Solvay Summer School 2010 - Olivier Witmeur |
JOHN ROUGHNEEN CASE DISCUSSION
INITIAL QUESTIONS Be ready for a 5 minutes presentation <ul><li>Group A </li></ul><ul><ul><li>Do you think that John may b...
About (the) entrepreneur(s)
MOTIVATIONS OF ENTREPRENEURS <ul><li>Typical answers cover: </li></ul><ul><ul><li>Feeling of freedom </li></ul></ul><ul><u...
DIFFERENT VIEWS ON THE ENTREPRENEUR <ul><li>As a revolutionaire    Entrepreneurial leadership </li></ul><ul><li>As a mana...
THE ENTREPRENEUR AS A REVOLUTIONNARY <ul><li>Anticipate change and deal with uncertainty </li></ul><ul><li>Willing to take...
‘ ENTREPRENEURIAL LEADERSHIP’ Solvay Summer School 2010 - Olivier Witmeur  | ENTREPRENEURIAL LEADERSHIP SKILLS Visionary T...
THE ENTREPRENEUR AS A MANAGER <ul><li>Work hard </li></ul><ul><ul><li>Time commitment !!! </li></ul></ul><ul><li>Specific ...
THE ENTREPRENEUR AS A SALESMAN <ul><li>Sales is absolutely essential </li></ul><ul><ul><li>To customers </li></ul></ul><ul...
THE ENTREPRENEUR AS A TEAMPLAYER <ul><li>Complementarities and balance </li></ul><ul><ul><li>The dream team = CEO + CTO + ...
THE DARK SIDE OF ENTREPRENEURS <ul><ul><li>Obsession of control </li></ul></ul><ul><ul><li>Suspicion, paranoia, … </li></u...
TWO EXTREME ENTREPRENEURIAL STYLES ? <ul><li>Lifestyle entrepreneurs </li></ul><ul><ul><li>Self employed </li></ul></ul><u...
VIDEO
10 RULES FOR REVOLUTIONARIES (Guy Kawasaki) <ul><ul><li>Jump to the next curve </li></ul></ul><ul><ul><li>Don’t worry, be ...
The Entrepreneurial Process
DESIRED OUTCOMES OF THIS SESSION <ul><li>Challenge the logic of classical strategic thinking </li></ul><ul><li>Introduce t...
THE ENTREPRENEURIAL FRAMEWORK Solvay Summer School 2010 - Olivier Witmeur  | Conviction Creativity Communication Fits & Ga...
ENTREPRENEURSHIP AS A PROCESS <ul><li>Individual variables: skill, profile, motivations… </li></ul><ul><li>Group-level var...
CLASSICAL LIFECYCLE Seed Start-up Expansion Early  development Maturity Renewal  | Solvay Summer School 2010 - Olivier Wit...
EXAMPLES OF BUSINESS ISSUES EVOLUTION   Solvay Summer School 2010 - Olivier Witmeur |  Seed Start-up Early growth Team The...
A DEFINITION OF ENTREPRENEURSHIP <ul><ul><li>A way of  thinking and acting  that is  opportunity  obsessed,  holistic  in ...
OTHER DEFINITIONS <ul><li>The entrepreneurial process involves all the function, activities and actions associated with th...
DEGREE OF ENTREPRENEURSHIP ? Solvay Summer School 2010 - Olivier Witmeur |  Change New  to founders High tech start-ups Fr...
DYNAMIC APPROACH OF ENTREPRENEURSHIP OPPORTUNITY TEAM RESOURCES  | Solvay Summer School 2010 - Olivier Witmeur
Solvay Summer School 2010 - Olivier Witmeur  | Q&A [email_address] www.olivier-witmeur.net
Upcoming SlideShare
Loading in...5
×

Solvay Summer School 2010 - Part 1: The Entrepreneurial Process

1,663

Published on

Introduction course for the Solvay Summer School

Published in: Business
0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total Views
1,663
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
53
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide

Solvay Summer School 2010 - Part 1: The Entrepreneurial Process

  1. 1. Solvay European Summer School 2010 ENTREPRENEURSHIP Introduction: The Entrepreneurial Process Olivier Witmeur Bernheim Chair of Entrepreneurship
  2. 2. DESIRED OUTCOMES OF AN ENTREPRENEURSHIP COURSE <ul><li>Understand why entrepreneurship matters and is relevant to most of us. </li></ul><ul><li>Introduce key-concepts and best practices in various entrepreneurial settings. </li></ul><ul><li>Develop (your) entrepreneurial mindset … and/or take one step back </li></ul><ul><ul><li>More open questions than definitive answers! </li></ul></ul><ul><ul><li>Have fun </li></ul></ul>Solvay Summer School 2010 - Olivier Witmeur |
  3. 3. DESIRED OUTCOMES OF THIS SESSION <ul><li>What is entrepreneurship </li></ul><ul><li>What are the key elements in entrepreneurship </li></ul><ul><ul><li>Who is an entrepreneur </li></ul></ul><ul><li>From idea to success: The entrepreneurial process </li></ul>Solvay Summer School 2010 - Olivier Witmeur |
  4. 4. AGENDA <ul><li>09.00-09.15 Introduction </li></ul><ul><li>09.15-10.30 Case discussion: ‘John Roughneen’ </li></ul><ul><li>11.00-11.30 Lecture: ‘The Entrepreneur’ </li></ul><ul><li>11.30-12.00 Video: Rules for revolutionaries </li></ul><ul><li>12.00-12.30 Lecture: ‘Defining Entrepreneurship’ </li></ul>Solvay Summer School 2010 - Olivier Witmeur |
  5. 5. HOW MANY SQUARES DO YOU SEE ? Solvay Summer School 2010 - Olivier Witmeur |
  6. 6. SUCCESSFULL START-UP : A CHALLENGE Solvay Summer School 2010 - Olivier Witmeur |
  7. 7. JOHN ROUGHNEEN CASE DISCUSSION
  8. 8. INITIAL QUESTIONS Be ready for a 5 minutes presentation <ul><li>Group A </li></ul><ul><ul><li>Do you think that John may be a good entrepreneur? </li></ul></ul><ul><ul><li>What are is strengths and weaknesses? </li></ul></ul><ul><ul><li>Group B </li></ul></ul><ul><ul><ul><li>What are the main issues ate this stage? </li></ul></ul></ul><ul><ul><ul><li>How would you address them? What should John & Glen do next? </li></ul></ul></ul> | Solvay Summer School 2010 - Olivier Witmeur
  9. 9. About (the) entrepreneur(s)
  10. 10. MOTIVATIONS OF ENTREPRENEURS <ul><li>Typical answers cover: </li></ul><ul><ul><li>Feeling of freedom </li></ul></ul><ul><ul><li>Ability to innovate </li></ul></ul><ul><ul><li>Personal fulfillment linked to the management of a business </li></ul></ul><ul><ul><li>Rejection of the employee status </li></ul></ul><ul><ul><li>Rejection of big institutions </li></ul></ul><ul><ul><li>Money … in case of success </li></ul></ul><ul><ul><li>Social recognition </li></ul></ul>Solvay Summer School 2010 - Olivier Witmeur |
  11. 11. DIFFERENT VIEWS ON THE ENTREPRENEUR <ul><li>As a revolutionaire  Entrepreneurial leadership </li></ul><ul><li>As a manager  Entrepreneurial management </li></ul><ul><li>As a salesman </li></ul><ul><li>As a team player </li></ul>Solvay Summer School 2010 - Olivier Witmeur |
  12. 12. THE ENTREPRENEUR AS A REVOLUTIONNARY <ul><li>Anticipate change and deal with uncertainty </li></ul><ul><li>Willing to take considered risk and trying to reduce it. </li></ul><ul><li>Start without having all resources available </li></ul><ul><li>Mobilize all resources available / Use of inter-personal network </li></ul><ul><ul><li>Financial commitment! </li></ul></ul><ul><li>Ready to get hands dirty </li></ul><ul><li>Blurred frontiers between business and private life </li></ul><ul><li>Not afraid to be alone and to be criticized even by family and friends </li></ul>Solvay Summer School 2010 - Olivier Witmeur |
  13. 13. ‘ ENTREPRENEURIAL LEADERSHIP’ Solvay Summer School 2010 - Olivier Witmeur | ENTREPRENEURIAL LEADERSHIP SKILLS Visionary Team player Motivate Communication Influence Firm but Fair Build Confidence & Trust Manage change Deal with ambiguity Flexible but Consistent
  14. 14. THE ENTREPRENEUR AS A MANAGER <ul><li>Work hard </li></ul><ul><ul><li>Time commitment !!! </li></ul></ul><ul><li>Specific skills gained from experience </li></ul><ul><li>Realism, pragmatism, flexibility </li></ul><ul><li>Accept failure </li></ul><ul><li>Share success </li></ul><ul><li>General management skills : </li></ul><ul><ul><li>Strategy </li></ul></ul><ul><ul><li>Sales & Marketing </li></ul></ul><ul><ul><li>Project management and planning </li></ul></ul><ul><ul><li>Time management </li></ul></ul><ul><ul><li>Finances </li></ul></ul>Solvay Summer School 2010 - Olivier Witmeur |
  15. 15. THE ENTREPRENEUR AS A SALESMAN <ul><li>Sales is absolutely essential </li></ul><ul><ul><li>To customers </li></ul></ul><ul><ul><li>To the first employee </li></ul></ul><ul><ul><li>To the business partners </li></ul></ul><ul><ul><li>To the financial partners </li></ul></ul><ul><li>Customer-oriented culture is a key success factor: </li></ul><ul><ul><li>Start with customer’s needs </li></ul></ul><ul><ul><ul><li>Their needs, their vision, their situation, their constraints, their processes, their goals, … </li></ul></ul></ul><ul><ul><li>Match product/service and internal sales process to those needs </li></ul></ul><ul><ul><li>Create close relationship (intimacy!) with customers </li></ul></ul>Solvay Summer School 2010 - Olivier Witmeur |
  16. 16. THE ENTREPRENEUR AS A TEAMPLAYER <ul><li>Complementarities and balance </li></ul><ul><ul><li>The dream team = CEO + CTO + CFO </li></ul></ul><ul><li>Shared vision </li></ul><ul><li>Clear job distribution and collaboration processes </li></ul><ul><li>Performance driven, fault-tolerant </li></ul><ul><li>No family links </li></ul>Solvay Summer School 2010 - Olivier Witmeur |
  17. 17. THE DARK SIDE OF ENTREPRENEURS <ul><ul><li>Obsession of control </li></ul></ul><ul><ul><li>Suspicion, paranoia, … </li></ul></ul><ul><ul><li>Oversized need for recognition </li></ul></ul><ul><ul><li>Not always calm especially when things go wrong </li></ul></ul><ul><ul><li>Genius or fool? They act the same! </li></ul></ul>Solvay Summer School 2010 - Olivier Witmeur |
  18. 18. TWO EXTREME ENTREPRENEURIAL STYLES ? <ul><li>Lifestyle entrepreneurs </li></ul><ul><ul><li>Self employed </li></ul></ul><ul><ul><li>Balance lifestyle and business success </li></ul></ul><ul><ul><li>100 % ownership minded </li></ul></ul><ul><ul><li>Do not seek growth as such </li></ul></ul><ul><li>Serial entrepreneurs </li></ul><ul><ul><li>Focus on opportunity harnessing </li></ul></ul><ul><ul><li>Not control minded … prefer to use all available resources to grow as much as possible </li></ul></ul><ul><ul><li>Start, exit & cash-in and do it again with a new project </li></ul></ul>Solvay Summer School 2010 - Olivier Witmeur |
  19. 19. VIDEO
  20. 20. 10 RULES FOR REVOLUTIONARIES (Guy Kawasaki) <ul><ul><li>Jump to the next curve </li></ul></ul><ul><ul><li>Don’t worry, be crappy </li></ul></ul><ul><ul><li>Churn, Baby, churn </li></ul></ul><ul><ul><li>Break down barriers </li></ul></ul><ul><ul><li>Make Evangelists, not sales </li></ul></ul><ul><ul><li>Avoid death magnets </li></ul></ul><ul><ul><li>Eat like a bird, poop like an elephant </li></ul></ul><ul><ul><li>Think digital, act analog </li></ul></ul><ul><ul><li>Don’t ask people to something that you wouldn’t </li></ul></ul><ul><ul><li>Don’t let “bozosity” grind you down </li></ul></ul> | Solvay Summer School 2010 - Olivier Witmeur
  21. 21. The Entrepreneurial Process
  22. 22. DESIRED OUTCOMES OF THIS SESSION <ul><li>Challenge the logic of classical strategic thinking </li></ul><ul><li>Introduce the logic of ‘Effectuation’ as a way ‘entrepreneurs’ make decision (different than traditional ‘managers’) </li></ul>Solvay Summer School 2010 - Olivier Witmeur |
  23. 23. THE ENTREPRENEURIAL FRAMEWORK Solvay Summer School 2010 - Olivier Witmeur | Conviction Creativity Communication Fits & Gaps ENTREPRENEUR OPPORTUNITY RESOURCES CONTEXT Adaptation
  24. 24. ENTREPRENEURSHIP AS A PROCESS <ul><li>Individual variables: skill, profile, motivations… </li></ul><ul><li>Group-level variables: reactions from customers, investors, potential employees… </li></ul><ul><li>Societal-level variables: governmental policies, economic conditions… </li></ul>Solvay Summer School 2010 - Olivier Witmeur | Idea / Opportunity recognition Decision to proceed Analysing the project Assembling resources: team, € … Launch Build / Grow Harvest/Exit
  25. 25. CLASSICAL LIFECYCLE Seed Start-up Expansion Early development Maturity Renewal | Solvay Summer School 2010 - Olivier Witmeur
  26. 26. EXAMPLES OF BUSINESS ISSUES EVOLUTION Solvay Summer School 2010 - Olivier Witmeur | Seed Start-up Early growth Team The founders. Most of the time the team is not balanced. Sales and techniques are in place. Finance may be outsourced. Every aspect is managed by a full time manager. Product Prototype geared to the main market needs. First version validated by customers. Ready for large scale distribution. Market research First comprehensive ongoing market research. Good knowledge of a first market niche. In depth knowledge of the customers and next market segments identified. Organization Purely informal Better role definition Dedicated management team and experienced boards. Customers relations Informal with innovators. Organized relationship with the first customers. Sales & Marketing processes ready to manage large numbers of customers. Financial needs Prototyping Market research Business planning Scaling up Sales & marketing Working capital Management
  27. 27. A DEFINITION OF ENTREPRENEURSHIP <ul><ul><li>A way of thinking and acting that is opportunity obsessed, holistic in approach & leadership balanced… </li></ul></ul><ul><ul><ul><li>Thinking and acting </li></ul></ul></ul><ul><ul><ul><li>Central role of the opportunity </li></ul></ul></ul><ul><ul><ul><li>Take all aspects into consideration </li></ul></ul></ul><ul><ul><ul><li>Need to be managed </li></ul></ul></ul><ul><ul><li>… for the purpose of value creation </li></ul></ul><ul><ul><ul><li>Value = value for the stakeholders </li></ul></ul></ul><ul><ul><ul><ul><li>Founders, team, investors, customers, society, … </li></ul></ul></ul></ul><ul><li>(J. Timmons) </li></ul> | Solvay Summer School 2010 - Olivier Witmeur
  28. 28. OTHER DEFINITIONS <ul><li>The entrepreneurial process involves all the function, activities and actions associated with the perceiving of opportunities and the creation of organizations to pursue them </li></ul><ul><li>(Bygrave & Hofer) </li></ul><ul><li>The pursuit of opportunity beyond the resources you currently control. </li></ul><ul><li>( HBS working definition, Stevenson) </li></ul> | Solvay Summer School 2010 - Olivier Witmeur
  29. 29. DEGREE OF ENTREPRENEURSHIP ? Solvay Summer School 2010 - Olivier Witmeur | Change New to founders High tech start-ups Franchisee Shops Take-over Buy Out Corporate Spin-offs Innovation Lawyers, Doctors, … . Adapted from Christian Bruyat, 1993 Value creation
  30. 30. DYNAMIC APPROACH OF ENTREPRENEURSHIP OPPORTUNITY TEAM RESOURCES | Solvay Summer School 2010 - Olivier Witmeur
  31. 31. Solvay Summer School 2010 - Olivier Witmeur | Q&A [email_address] www.olivier-witmeur.net
  1. A particular slide catching your eye?

    Clipping is a handy way to collect important slides you want to go back to later.

×