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Entrepreneurship & Innovation


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Entrepreneurship & Innovation

  1. 1. Presented By: Darius Waithaka, PhD Candidate Head of SME Solution Center Kenya Institute of Management ENTREPRENEURSHIP & INNOVATION 1
  2. 2. Small Exercise 2
  3. 3. Fostering The Culture of Entrepreneurship and Innovation 3
  4. 4. Entrepreneurship: Overview • Starting a business can be intimidating and challenging but also very rewarding both financially and personally. • Being an entrepreneur is distinct from being a business person. • Entrepreneurs are generally seen as being innovators and leaders as opposed to business people who work with existing ideas. • This has the potential to change the competition structure. You might find as an entrepreneur that your biggest competition is yourself and you will need to be able to motivate yourself from this position. 4
  5. 5. Entrepreneurship: Overview • Entrepreneurs are revolutionary and perhaps take greater risks than a business person would. • They create value, not simply profit, so their approach to various challenges will be different. • The assets you value (employees and customers) will be distinct from those of a business person (real estate and inventory). • There will be challenges, but there are effective ways for dealing with them. 5
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  7. 7. Theory of Entrepreneurship • Schumpeter: Entrepreneurship is creative destruction i.e. destroying the existing order by introducing a new and better order; continuous value addition; continuous creation of improvements. • To innovate is to begin or introduce (something new) for or as if for the first time. • Innovation becomes the effort to create purposeful, focused change in an organization’s economic or social potential 7
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  9. 9. Scope of Marketing How does your organization use customer and market information as a means of understanding their current and future needs. Examine how your organization builds relationships with customers The key factors that lead to customer acquisition, satisfaction, loyalty and retention and to business expansion and sustainability. 9
  10. 10. Branding 10
  11. 11. Why is branding important? • promotes recognition • helps set you apart from the competition • tells people about your business DNA • provides motivation and direction for your staff • strong brand generates referrals • helps customers know what to expect • represents you and your promise to your customer • helps you create clarity and stay focused • helps you connect with your customers emotionally • A strong brand provides your business value 11
  12. 12. Small Exercise: How Entrepreneurial are you? What can you spot? 12
  13. 13. What do you see? FACE VASE 13
  14. 14. What do you see? Face …. A Word??? 14
  15. 15. 15 Entrepreneurship is about looking at things differently; seeing what others cannot see... If you keep doing what you have always been doing you will keep getting what you have always gotten…
  16. 16. Characteristics of an Entrepreneur • Self-confident and optimistic • Able to take calculated risk • Responds positively to challenges • Flexible and able to adapt • Knowledgeable of markets • Able to get along well with others • Independent minded • Versatile knowledge • Energetic and diligent 16
  17. 17. CONT… • Creative, need to achieve • Dynamic leader • Responsive to suggestions • Takes initiatives • Resourceful and persevering • Perceptive with foresight • Responsive to criticism 17
  18. 18. Creating a Business Model: the role of leadership • envisions the future of the organization: the vision; • articulates a compelling vision; • generates consensus on the strategic objectives of the organization; • facilitates the design or change of the Business model; • put in place strategies for managing change. 18
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  20. 20. Fig 1: The strategic planning model 21
  21. 21. Source: PPD Consultants Ltd 22
  22. 22. THE END 23