Becoming a Systematic Entrepreneur?

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Becoming a Systematic Entrepreneur?

  1. 1. Innovation and Entrepreneurship Becoming a Systematic Entrepreneur? Dr. Lynn Martin Professor of Entrepreneurship & Director - Centre for Enterprise, MMU
  2. 2. The Centre for Enterprise at MMU Business School <ul><li>We exist to create and exchange knowledge in enterprise, entrepreneurship and innovation </li></ul><ul><li>Full programme of academic research </li></ul><ul><li>Entrepreneurial leadership expertise </li></ul><ul><li>New “ Tea with the Prof” TM Series </li></ul>
  3. 3. Entrepreneurship as a Process <ul><li>Opportunity identification </li></ul><ul><li>Opportunity development/review </li></ul><ul><li>Opportunity exploitation </li></ul><ul><li>Includes multiple feedback loops </li></ul>
  4. 4. Opportunity and You “ Entrepreneurship involves the nexus of two phenomena: the presence of lucrative opportunities and the presence of enterprising individuals” (Venkataraman, 1997).
  5. 5. A Resource-Based Process <ul><li>Entrepreneurship requires resources </li></ul><ul><ul><li>Human capital (knowledge and skills – including entrepreneurial capital) </li></ul></ul><ul><ul><li>Social capital (networks) </li></ul></ul><ul><ul><li>Financial capital (money and goods) </li></ul></ul><ul><li>My definition </li></ul><ul><ul><li>Entrepreneurship is the innovative combination of resources to identify, develop and exploit opportunities </li></ul></ul>
  6. 6. Opportunities are … <ul><ul><li>Chances to make money by organising current/new resources in a profitable way </li></ul></ul><ul><ul><li>Chances to fulfill non-economic motivations </li></ul></ul><ul><ul><li>Path dependent </li></ul></ul><ul><ul><ul><li>Contextual to your organisation </li></ul></ul></ul><ul><ul><ul><li>Part of a range of alternatives </li></ul></ul></ul><ul><ul><li>Part of a chain </li></ul></ul>
  7. 7. Thought to Take Away How can you be more systematic about your entrepreneurial process? What sorts of new partnerships could you draw value from?
  8. 8. Opportunity Alertness A Practical Framework <ul><li>Get motivated </li></ul><ul><ul><li>Commit to being alert </li></ul></ul><ul><ul><li>Be clear about your motivations, strategy, values </li></ul></ul><ul><ul><li>Position yourself as able to consider bigger opportunities via partnerships </li></ul></ul><ul><li>Increase your resources </li></ul><ul><ul><li>Raise your exposure to the best information </li></ul></ul><ul><li>Systematise your process of gathering information </li></ul><ul><ul><li>Notice/value your own and other’s information </li></ul></ul><ul><ul><li>Take time to link yours and other’s information </li></ul></ul>
  9. 9. Opportunity Review A Practical Framework <ul><li>Create a systematic list of questions to ask about each opportunity </li></ul><ul><li>Create systematic processes for sharing/debating the answers with trusted partners </li></ul><ul><ul><li>Multi-media </li></ul></ul><ul><ul><li>Regular meetings, coffees, lunch </li></ul></ul>
  10. 10. Opportunity Exploitation <ul><li>Develop the dynamic capability to organise resources to successfully exploit opportunities </li></ul><ul><li>Review and edit: </li></ul><ul><li>Your resources </li></ul><ul><li>Your dynamic capability to access/organise resources around opportunities </li></ul>
  11. 11. The Centre for Enterprise at MMU Business School Any Questions? Thank you www.mmucfe.co.uk

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