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ICS 394 Session 1 091012
 

ICS 394 Session 1 091012

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ICS 394 Session 1 091012 ICS 394 Session 1 091012 Presentation Transcript

  • ICS 394ENTREPRENEURSHIP STRATEGY Raman Chadha Clinical Professor
  • • Who are you ?• What are you working on?• What are your goals & ambitions?
  • • Become aware & prepared• Apply knowledge & experience• Engage in class• Do real-world work• Work hard
  • • New Venture Creation• Lean Startup & Business Model Canvas• Case Study & Consulting Project
  • • Lessons Learned Blog• LL Presentations• Attendance• Preparation & participation• Book & reading• Quizzes?• Consulting Project
  • DISCUSSION QUESTION #1Many people prefer predictability to unpredictability. Yetentrepreneurship is inherently chaotic, unpredictable, andunplannable.Who will succeed and who will not in this dynamic process?What skills and mindsets are required?How equipped are you for this?
  • DISCUSSION QUESTION #2Great athletic talent is not equal to a great athlete. Why?How does this apply to entrepreneurship?
  • DISCUSSION QUESTION #3In recent years, entrepreneurs have been seen as role models,heroes, and celebrities. Why has this occurred?Is it fair, reasonable, or appropriate? Why or why not?
  • ENTREPRENEURSHIP FLATTENS THE WORLD• Significant impact on the U.S. cultural and economic landscape• Model for business, education, and policymakers around the globe• Exploding in India, China, and the former Soviet bloc• Adoption of the entrepreneurial mind-set is growing exponentially larger and faster Timmons & Spinelli, New Venture Creation, 8th ed.
  • NEW VENTURE FORMATION• Creates economic and social mobility• Is opportunity-centered and rewards talent and performance• Entrepreneurship is not about religion, gender, skin color, social class, or national origin• Women and a number of ethnic and racial groups are excelling at entrepreneurship Timmons & Spinelli, New Venture Creation, 8th ed.
  • THE SELF-EMPLOYED REPORT • The highest level of personal satisfaction • Challenge • Pride • Remuneration ($) • Love of work - it is: – Invigorating – Energizing – Meaningful Timmons & Spinelli, New Venture Creation, 8th ed.
  • INNOVATION IMPACTSmall entrepreneurial firms (since WWII) are:• Responsible for half of all innovation• Credited with 95 percent of all radical innovation• Led to the creation of major new inventions and technologies Timmons & Spinelli, New Venture Creation, 8th ed.
  • Timmons & Spinelli, New Venture Creation, 8th ed.
  • Timmons & Spinelli, New Venture Creation, 8th ed.
  • THE ENTREPRENEURIAL REVOLUTIONEntrepreneurship is:• Taught at over 2,000 colleges, universities, and community colleges.• The focus of a number of educational grants.• Creates most of the net new jobs nationwide.• Self-employment eliminates “glass ceilings” and “glass walls” for women and minorities.• Gaining and growing in elementary through high schools. Timmons & Spinelli, New Venture Creation, 8th ed.
  • THE ENTREPRENEURIAL SOCIETY • The poor get richer • Equal opportunities (not equal incomes) are created • Economic mobility increases • Social mobility increases Timmons & Spinelli, New Venture Creation, 8th ed.
  • PHILANTHROPY & LEADERSHIP• Successful entrepreneurs give back to the community• Colleges and universities – New buildings, classrooms, athletic facilities, and endowed professorships – The largest gifts and the greatest proportion of donors to college capital campaigns• Local churches, hospitals, museums, orchestras, and schools Timmons & Spinelli, New Venture Creation, 8th ed.
  • THE ENTREPRENEURIAL MIND 1. Commitment and Determination 2. Leadership 3. Opportunity Obsession 4. Tolerance of Risk, Ambiguity and Uncertainty 5. Creativity, Self-Reliance, and Adaptability 6. Motivation to Excel Timmons & Spinelli, New Venture Creation, 8th ed.
  • THE ENTREPRENEURIAL MIND• Successful entrepreneurs have a wide range of personality types• Research has considered genetics, family, education, career experience, etc., but no psychological model of entrepreneurship has been supported.• Acquired skills are more important that specific inherent traits Timmons & Spinelli, New Venture Creation, 8th ed.
  • Timmons & Spinelli, New Venture Creation, 8th ed.
  • MYTHS ABOUT ENTREPRENEURS• Entrepreneurs are born, not • Entrepreneurswork longer & made. harder than corporate managers.• Anyone can start a business. • Entrepreneurs have a lot of• Entrepreneurs are gamblers. stress and pay a high price.• Entrepreneurs want the whole • Start a business and fail, and show to themselves. you’ll never raise money again.• Entrepreneurs are their own • Money is the most important bosses and completely startup ingredient. independent. Timmons & Spinelli, New Venture Creation, 8th ed.
  • MYTHS ABOUT ENTREPRENEURS• Entrepreneurs should be young • Ifan entrepreneur is talented, and energetic. success will come in a year or two.• Entrepreneurs are motivated solely by the quest for the • Ifan entrepreneur has enough almighty dollar. capital, s/he can’t miss.• Entrepreneurs seek power and • Entrepreneurs are lone wolves control over others. and can’t work with others.• Any entrepreneur with a good • Unless you’re smart, you can’t idea can raise venture capital. be an entrepreneur. Timmons & Spinelli, New Venture Creation, 8th ed.
  • Exercise:Examine Your Entrepreneurial Mind
  • “It is no embarrassment to reach for the stars and fail to reach them. It is a failure not to reach for the stars.”