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Bus 400 week 6 ppt 1
- 1. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
Entrepreneurship
Strategy
Entrepreneurship and Strategy:
A Framework for New Venture
Development
Chapter 1
- 4. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
Entrepreneurial Trends
Across the Globe
1 out of every 11 adults around the world.
are engaged in entrepreneurial endeavors.
3 in 5 people involved in entrepreneurship
around the world are opportunity entrepreneurs,
participating in entrepreneurial activities to
exploit a perceived business opportunity.
Young people between the ages of 25 and 34
tend to be more involved than other age groups
in entrepreneurial activity in every country
studied. (Acs et al, 2005)
- 5. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
Strategic Reflection Point
Find an organization that you believe has
a social entrepreneurship mission (explore
a couple of the social entrepreneurship
Websites, including
www.changemakers.net or
www.ashoka.org).
- 6. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
Social Entrepreneurship
Social entrepreneurs seek to provide social
improvements and enhancements to their
communities, including attractive social and
financial return to their key stakeholders.
Both for-profit and not-for-profit ventures can
integrate financial and social outcomes.
- 7. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
The Role of Innovation in
Entrepreneurship Strategy
Between 2000 and 2002, there was an increase in the
number of actively innovative firms (defined as firms with
more than 15 patents during the previous five years).
104 firms were dropped from the database, while 318
firms were added to it.
Small firms are having a powerful influence on
technology. They represented 40 percent of the highly
innovative firms in 2002, up from 33 percent in 2000.
Large firms in biotechnology, medical electronics,
semiconductor, and telecommunications industries have
a higher than anticipated number of citations of small
firm patents.
(Small Business Office of Advocacy, 2004)
- 8. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
Cognitive Style in the New
Venture Formation Process
Intuition and Analysis: Two Cognitive Styles
Intuitives tend to prefer an open-ended
approach to problem solving, use random
methods of exploration, and work well with
ideas that require overall assessment.
Analysts tend to favor a more structured
approach to problem solving, want systematic
methods of investigation, and are more
comfortable with ideas that require step-by-step
analysis
(Allinson & Hayes, 1996;
Kickul, Gundry, & Whitcanack, in press)
- 9. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
That is, two
entrepreneurs
might arrive at the
same intention but
through different
processes.
- 11. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
“The next time I start a new venture . . .”
I will make sure I have sufficient start-up and back-up
capital. Nothing is as sure to kill a new venture as
running out of money early in the game. If your plan says
you need a certain amount of capital, get it—and a little
more, for backup.
I will be certain there is a market for my “great idea”
before I run with it. I’ll never be caught with a “solution in
search of a problem” again!
I will spend more time and care managing the business. I
don’t like to deal with details, but somebody has to or the
business will suffer. Next time I’ll hire a manager to do
right what I was doing ineffectively.
(Canadian Foundation for Economic Education, 2006)
- 12. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
I’ll know something about the business I plan to start.
Nothing is as sure a sign of impending trouble than an
entrepreneur who asks “how hard can it be?” when he or
she has never before done whatever “it” is. I’ll stick to a
business I know, or I’ll make darn sure I learn about it
before I start.
I’ll have “It’s the cash flow, Stupid!” tattooed on my
forehead. Cash-flow problems are easy to understand. If
your suppliers give you 30 days to pay, and you give
your customers 60 days to pay, the cash will flow out
before it can flow in. Duh.
“The next time I start a new
venture . . .”
(Canadian Foundation for Economic Education, 2006)
- 13. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
I will have a lawyer draw up my partnership
agreements. I will not let my partners become
“former friends.”
I will know my competition as well as or better
than my competition knows me, and I will look
for competitors where I least expect to find them.
I will stay on top of new developments. I will
never stop learning about my business and my
customers.
“The next time I start a new
venture . . .”
(Canadian Foundation for Economic Education, 2006)
- 14. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
I will plan for success and growth. Too much success is
a bad thing if you’re not prepared for it.
I will maintain a balance in my life between work and
family. I will not let my success go to my head.
I will learn how to count up to ten. I will not try to make
two and two equal five, just because I’m so sure things
will turn out better than I have any good reason to expect
they will.
“The next time I start a new
venture . . .”
(Canadian Foundation for Economic Education, 2006)
