Vin Morar – Who is he?• British national from Manchester currently leaving in NL• Degrees in Business finance, Law, Pedagogy & HRD• 25 years international experience in Entrepreneurship• Worked for No 1 Entrepreneurship Centre in Europe at DUBS (UK)• Projects, lectureships and assignments in more than 25 countries (with EU, UNIDO, International Institutions & National Govts)• Currently: - Associate professor in Entrepreneurship - Investor (Portfolio of financial assets & property) - Consultancy business with four associates
What will I talk about tonight? 3 things: • Success in starting and growing your own business • Success in your career and how to be an Intrapreneur • Success as an individual in anything you do &The need to be generally enterprising throughout one’s life!
1. Success in starting & growing your own businessWhen are you ready to be an entrepreneur?Your readiness depends on a combination of four basic factors: IDEA MOTIVATION ABILITY RESOURCES
1. Success in starting & growing your own business Filter Process Motivation Raw Idea R ec y c le X6 e Validate Idea Ref in Scale & Resources Negotiate for Resources Launch ------------------------------------------------ Survival Growth
1. Success in starting & growing your own business Business Start-Up Success Factors• Strong vision and purpose• A good understanding of the market and customer needs• A rationalised strategy for competitive advantage• Sufficient start-up and working capital• Well developed networks• Able to create interdependency with stakeholders
1. Success in starting & growing your own business Business Start-Up Failure Factors• Underestimate start-up time• Overestimate market size• Undercapitalised• Lack of working capital• Lack of expertise (management or product related)• Over dependence on a single person or predicted event• Confuse cash with profit• Wrong location• No U.S.P.• Failure to use appropriate advisors & good networks• Failure to Learn!
1. Success in starting & growing your own business Bottom line…. Sell what customers Want; Not what they need, or what you think is good for them!
2. Success in your career and how to be an Intrapreneur Intrapreneurship DefinitionsPractice of entrepreneurship in an established firm.A person within a corporation who takes direct responsibility forturning an idea into a profitable finished product through assertiverisk-taking and innovation.Intrapreneurship is the entrepreneurial behaviours, attributesand skills that employees display in an established organisation.The essence of intrapreneurship is ‘value adding’ as opposedto the ‘maintenance’ of a function.
2. Success in your career and how to be an Intrapreneur Intrapreneurship Prerequisites Enabling Enterprising Environment Employees Nurture Nature Intrapreneurial efficacy/intensity
2. Success in your career and how to be an IntrapreneurOrganisational Enabling Environment• Remove all hierarchy and give employees total freedom!• Compel all employees to identify who are their customers!• Ask employees to show impact of their work to the whole business!• Abandon meetings and replace with ‘deal’ making!• Assign projects rather than tasks and responsibilities!• Design jobs/functions around specific targets!• Maximise employees exposure/interaction with key stakeholders!• Replace departments with small businesses!• Reward handsomely all quality work, innovations and achievements!• Require employees to buy their job!
2. Success in your career and how to be an Intrapreneur Enterprising Employees - Recommended Trait • Come to work each day willing to be fired! • Do anything to achieve goals, regardless of your job description! • Don’t ask for permission; ask for forgiveness! • Know what your input is worth to the company’s turnover! • Work only with the best! (Find a good mentor) • Only work on projects from their very beginning or you initiate! • Don’t keep a clean desk! • Don’t work for your boss/colleagues; Work only for customers! • Don’t attend meetings; meet to make deals!
3. Success as an individual in anything you do What to Focus on for Personal Successi. Develop an expertise, competence, network, etc, useful to others
3. Success as an individual in anything you do What to Focus on for Personal Successii. Focus on important matters not urgent issues
Important matters V. Urgent Issues Not Urgent Urgent • Trivia, busywork • Needless interruptionsNot Important • Irrelevant phone calls, mail, • Unnecessary reports emails • Unimportant meetings, • Time-wasters phone calls, mail, email • ‘Escape’ activities • Other people’s minor issues • Excessive internet, etc. • Preparation • Crises • Prevention • Fire-fightingImportant • Planning • Pressing problems • Relationship building • Deadline-driven projects, • Opportunity seeking meetings, reports, activities • Re-creation • Values clarification
3. Success as an individual in anything you do What to Focus on for Personal Success iii. Make work; not just do work
3. Success as an individual in anything you do What to Focus on for Personal Successiv. Work on and build up a strong personal networkNB: Key success factor in networking is that you havesomething to offer: a skill, competence, knowledge,resource, contacts, etc, that other people need!
3. Success as an individual in anything you do What to Focus on for Personal Success v. Become a true learner!
Personal Competency/Ignorance Matrix Unconscious Competences Conscious Competences • I do not know what I need to know • I do not know what I need to knowUnconscious Ignorance • I do not know what I can do • I know what I can do State of Total Ignorance No Search for Improvement Not going anywhere No development or change Not doing anything Just plodding with life • I know what I need to know • I know what I need to know • I do not know what I can do • I know what I can doConscious Ignorance Cognisant Enterprising Searching for new skills Adaptive / Innovative Experimenting Coping with uncertainty Learning by doing Searching for improvement
Thank You Very Much Ladies & Gentlemen!I Wish You Great Entrepreneurial Success!