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.
99% of 110,000 media companies in the U.S. today are small businesses
Not only is it enough to recognize an opportunity, but an entrepreneur acts on it
To underscore how Stone's title sounded bigger than it really was, Bilton reports equity in the company was split with Williams getting 70%, Jack Dorsey, who was CEO and co-founder getting 20%, and Stone, as co-founder getting 3% of the company. That was the same amount as Jason Goldman, who was an early employee working along side those guys. (The rest of the equity went to other early employees.) Read more: http://www.businessinsider.com/how-biz-stone-became-a-twitter-co-founder-2013-11#ixzz2n1HgeUnM
Product: You need an idea or product as a launching point
Only 3 or 4 percent of companies receive the capital funding they are seeking
Traits of entrepreneurship
Innovation & Entrepreneurship in
the Digital Age
Geoffrey M. Graybeal, Ph.D.
Jan. 21, 2014
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)
What is Entrepreneurship?
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
*(Venkatarman, 1997; Shane & Venkataraman, 2000)
Who are entreprenuers?
Opportunity recognition +
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
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)*.
*(Hoag & Seo, 2005)
“An entrepreneurial state of mind”
6 traits of an entrepreneur that will serve you
well in school and in life (+1 more)
- Peter F. Drucker
One of the fundamental theories of
entrepreneurship is that it causes innovation
What are some examples of media
Some recent media innovations
Social sharing (Twitter, Digg, Reddit, Facebook)
Content anywhere at anytime (Hulu, Netflix,
Amazon, “TV Everywhere” authentication
User-generated content (YouTube, CNN
New forms of advertising (search/SEO,
McKinsey Global Initiative, Social Media
Compaine & Hoag, 2012 (A Study of Media Entrepreneurs)
The Internet has made entirely new forms of
For example, social media and user-generated
content (UGC) have created a communication
Technological innovation made media business
ideas or entry feasible
2. Team player
Entrepreneurs are the ultimate team players.
- Fosters innovation
- Technology eliminates boundaries for teams
- Coffee shop mentality (can work anywhere)
“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)
Strong work ethic
Entrepreneurial mindset (Dare to be Driven)
Professional and personal life are
one and the same to an
Many times the founder is the
driving force behind the company.
“The most beautiful time for
entrepreneurs is generally in their
Four pillars of entrepreneurship:
1. How do I get funding?
2. How do I approach business
3. How do I save money?
4. Where do I find knowledge, mentoring and
So you want to create a company?
Dr. Graybs’ 5 P’s: Considerations & steps:
Product- think like a journalist
Differentiation; market segmentation
What value will you deliver?
What method you’ll use to reach customers
5 P’s: Partnership
What type of business do you want?
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
Graybs 5 P’s: Paperwork
Articles of Incorporation
State & federal documents
Contracts and arrangements
Short term & long-range goals
• Audience/customer needs
• Failure (breeds success)
• Benchmarks and assessments
Business model development
Business model development
Audience/consumer insights (“actionable
Promotion and message testing and monitoring
(brand awareness, social media evaluation)
Follow the trends; Predict future trends
Datafication is the backbone
of many of the Web’s social
Why else should we care?
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
Overturns centuries of established practices and challenges our
most basic understanding of how to make decisions and
Simple correlations, rather than causality (knowing what, not why)
Marks the beginning of a major transformation
Big Data in action
1/3rd of all Amazon sales result from recommendation and
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
Turn to the crowd in a digital/social age
(2012 JOBS Act)
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