Who or what is anENTREPRENEUR? What do entrepreneurs DO? What are the essential skills? How do they work? Can entrepreneurial behaviours be learned? What do you think?
The supply Of Entrepreneurs Start-up Conventional Entrepreneurs Labour pool Fall-out Wickham
The supply Of Entrepreneurs Push factors EntrepreneursConventionalLabour pool Pull factors Inhibitors Wickham
Motivations For Starting a Business“Pull Influences” Desire for independence Desire to exploit opportunity Turning an hobby into a business Financial incentive
Motivations For Starting a Business“Push Influences” Redundancy Threat of unemployment Disagreement with the employer
Entrepreneurship and the drive for change TensionThe Actual The Possible Tension in the entrepreneurial process Wickham
Entrepreneurship and the drive for change Tension in the entrepreneurial process - The financial dimension; The personal dimension; The social dimension Wickham
Entrepreneurial Ability in Individuals These categories are: Need for achievement Need for autonomy/independence Creativity Moderate/calculated risk taking Drive and determination
Entrepreneurial personal characteristics that can influence performance the ‘great’ person social misfit personality type personality trait social development
The ‘great person’ Entrepreneurs may provide role models Success makes them look ‘great’ people Caution: this should not deny entrepreneurial success to others
Social misfit A view that entrepreneurs: are unable to fit into existing social situations are characterised by insecurity and lack of self-esteem display rebellious and deviant behaviourCaution: dangerous to generalise. For every entrepreneur who lived anunhappy childhood, another can be found who was quite comfortable.
Personality type - a view that entrepreneurship can be characterised into a small number of categories extrovert vs introvert aggressive vs passive spontaneous vs reserved internally vs externally orientedNote: practice shows that introverts are as likelyto be entrepreneurs as extroverts.
So what? There are many myths about ‘entrepreneurs’ They are not ‘born that way’ All of us can work in enterprising ways, if... We want to Are encouraged to by those around us - culture! Are able to learn to
Enterprise Enterprise is recognising a problem or need as an opportunity Finding or creating a solution Acting to make it happen May be through a business venture or in another way - e.g. social enterprise
Enterpreneurial working: creating new value Entrepreneurship is the activity of identifying or creating market opportunities By bringing together resources in a venture and acting to exploit opportunities Resulting in the creation of new value: Financial - as well as Social Creative Technological Environmental
Entrepreneurship as unlocking value‘making creative connections between needs/opportunitiesand capabilities/resources
Entrepreneurship inthe economy & society Increasing value of innovation, technology, knowledge Reducing costs & timescales for transferring data & materials - increase competitive opportunities Most big organisations no longer work effectively? (private & public sector) Big organisations control most valuable resources Entrepreneurship is seen as vital for economic regeneration - create innovations, demand, wealth, jobs? Entrepreneurs have to create opportunities, capture resources & grow business ventures
Entrepreneurship andManagement Entrepreneurship is focused on identifying new opportunities, innovating, and acting to exploit market opportunities Management is concerned with the direction, control, resourcing & administration of the business organisation BOTH are needed for a business enterprise to achieve long term success
Entrepreneurialmanagement Entrepreneurial working Managerial working Strategic focus Opportunity focus Organisational Rapid innovation synergy Creating customer Managing resources appeal Managing Challenge the relationships orthodox Systematic value management Creation of new value
Creativity Divergent thinking generates new associations & possibilities Ideas Solution Convergent thinking enables selection between alternatives
Entrepreneurial innovation Creates or exploits new opportunity Provides unique or distinctive solution to customer need Disruptive: changes the context (Schumpeter) Risk and uncertainty are prevalent conditions Timing and speed is critical Enhances the competitive advantage of the enterprise - shapes the future Assessed by economic and customer criteria
Opportunity centred entrepreneurshipProcess of how people learn whilst exploring and working on an opportunity.It includes four clusters of activities: Personal enterprise - connecting opportunities with goals and identity Creating & exploring opportunities Planning to realise opportunities Acting on opportunities