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Traits of entrepreneurship

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Innovation & Entrepreneurship in the Digital Age: Seven traits of entrepreneurs. Even if you don't start a business, these defining traits of an entrepreneur will serve you well in business and in life.

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Traits of entrepreneurship

  1. 1. Innovation & Entrepreneurship in the Digital Age Geoffrey M. Graybeal, Ph.D. Assistant Professor Jan. 21, 2014
  2. 2. What is innovation?   -the invention of a new device. -the sequence of events from the generation of  an idea to its adoption. -a novel new device, concept, or idea -the adoption of a change that is new to the  organization, group, or society. -anything that is new because it’s different from  the existing forms. Henri Simula, “Concept of Innovation Revisited- a  framework for product innovation” (2007)
  3. 3. What is Entrepreneurship? Textbook definition: An activity that involves the discovery, evaluation and exploitation of opportunities to introduce new goods and services, ways of organizing, markets, processes, and raw materials through organizing efforts that previously had not existed.* *(Venkatarman, 1997; Shane & Venkataraman, 2000)
  4. 4. Who are entreprenuers? Opportunity recognition + Opportunity exploitation Entrepreneurs thought to be unique, rare- can they be taught? No. 1 reason to start a biz is don't want to work for The Man “To be The Man, you gotta beat The Man!”
  5. 5. Media E-ship Definition: the creation and ownership of a small enterprise or organization whose activity adds at least one voice or innovation to the media marketplace. The individual media entrepreneur or small partner entrepreneur groups are the central characters in that organization’s formation, whether the innovator(s) and/or the owner(s)*. 99 % *(Hoag & Seo, 2005)
  6. 6. Media Entrepreneurship
  7. 7. “An entrepreneurial state of mind” 6 traits of an entrepreneur that will serve you well in school and in life (+1 more)
  8. 8. 1. Novel “Entrepreneurs innovate” - Peter F. Drucker One of the fundamental theories of entrepreneurship is that it causes innovation (Schumpeter, 1936).
  9. 9. What are some examples of media innovation? Ideas here…
  10. 10. Some recent media innovations Social sharing (Twitter, Digg, Reddit, Facebook) Content anywhere at anytime (Hulu, Netflix, Amazon, “TV Everywhere” authentication model) User-generated content (YouTube, CNN iReport) New forms of advertising (search/SEO, geolocation targeting)
  11. 11. McKinsey Global Initiative, Social Media Economy report
  12. 12. Compaine & Hoag, 2012 (A Study of Media Entrepreneurs) The Internet has made entirely new forms of media possible. For example, social media and user-generated content (UGC) have created a communication revolution. Technological innovation made media business ideas or entry feasible
  13. 13. 2. Team player Entrepreneurs are the ultimate team players.
  14. 14. Startup mentality - Lean - Fosters innovation - Technology eliminates boundaries for teams - Coffee shop mentality (can work anywhere)
  15. 15. Intrapraneurship “For existing companies, however, disruptive technologies like the Internet do not only provide prospects to expand into new business but also threaten existing business models. Established firms may be thus more or less compelled to behave entrepreneurially in order to defend their position in the market.” (Hass, 2011, JOMBS, p. 64)
  16. 16. 3.Driven Strong work ethic Sacrifices “Hustle”
  17. 17. Entrepreneurial mindset (Dare to be Driven) Professional and personal life are one and the same to an entrepreneur Many times the founder is the driving force behind the company. “The most beautiful time for entrepreneurs is generally in their twenties.”
  18. 18. 4.Decisive Four pillars of entrepreneurship: 1. How do I get funding? 2. How do I approach business development/networking? 3. How do I save money? 4. Where do I find knowledge, mentoring and practical information?
  19. 19. So you want to create a company? Dr. Graybs’ 5 P’s: Considerations & steps:  Product  Partnership  Paperwork  Purse  Promotion
  20. 20. Product- think like a journalist *Who?  Potential customers *What?  Differentiation; market segmentation *Why?  What value will you deliver? *How?  What method you’ll use to reach customers When?  Timeline Where?
  21. 21. 5 P’s: Partnership What type of business do you want?  LLC  Corporation Who will do what? What percentages of ownership will you have? Who will be part of your initial team? Who will you work with or collaborate on the new venture?
  22. 22. Graybs 5 P’s: Paperwork NDA’s Tax Documents Articles of Incorporation State & federal documents Contracts and arrangements
  23. 23. Sample NDA
  24. 24. 5. Strategic *Planning Short term & long-range goals Business Plan • Responsive • Audience/customer needs • Failure (breeds success) • “Pivot” • Evaluative • Benchmarks and assessments
  25. 25. Business model development Business model development  Key partners  Key activities  Key resources  Channels  Revenue streams *Value proposition *Customer relationships *Customer segments *Cost structure
  26. 26. 6.Analytic Audience/consumer insights (“actionable insight”) Market/competitor/SWOT analysis Promotion and message testing and monitoring (brand awareness, social media evaluation) Follow the trends; Predict future trends
  27. 27. Big Data Datafication is the backbone of many of the Web’s social media companies. Why else should we care?
  28. 28. Big data Refers to things one can do at a large scale that cannot be done at a smaller one, to extract new insights or create new forms of value, in ways that change markets, organizations, the relationship between citizens and governments (p. 6, Big Data book). Overturns centuries of established practices and challenges our most basic understanding of how to make decisions and comprehend reality.  Simple correlations, rather than causality (knowing what, not why) Marks the beginning of a major transformation  Paradigm shift?
  29. 29. Big Data in action 1/3rd of all Amazon sales result from recommendation and personalization systems 3/4th of Netflix new orders come from recommendations Target’s “pregnancy prediction” NYC Con Edison manholes The end of theory?  “the data deluge makes the scientific method obsolete.”- Chris Anderson, 2008 Wired magazine post  Big Data itself is founded on theory
  30. 30. Lucky 7: Persuasive
  31. 31. Why do you need to be persuasive? 3-4%
  32. 32. Turn to the crowd in a digital/social age Crowdfunding options -Donation driven -Investment-driven (2012 JOBS Act)
  33. 33. Networking in a digital and social age Virtual world of social networking allows you to connect with people and potential clients whom you might not otherwise meet. Entrepreneurs interact with people in other states and other countries. Successful people have limited profiles Combining online and offline networking is the ideal strategy for today’s entrepreneur
  34. 34. Join the Revolution

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