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Solvay European Summer School 2010 ENTREPRENEURSHIP Effectuation and Intrapreneurship Olivier Witmeur Bernheim Chair of Entrepreneurship
DESIRED OUTCOMES OF THIS SESSION ,[object Object],[object Object],[object Object],Solvay Summer School 2010 - Olivier Witmeur |
Introduction to Effectuation
Managerial Thinking     Causal  Reasonning Selecting between given means to achieve a predefined goal Solvay Summer School 2010 - Olivier Witmeur  |
Strategic Thinking     Creative Causal  Reasoning Generating new means to achieve pre-determined goals Solvay Summer School 2010 - Olivier Witmeur  |
Entrepreneurial Thinking     Effectual  Reasoning Imagining possible new ends using a given set of means Solvay Summer School 2010 - Olivier Witmeur  |
INTRODUCING CAUSAL AND EFFECTUAL LOGICS ,[object Object],[object Object],[object Object],Solvay Summer School 2010 - Olivier Witmeur  |
[object Object],[object Object],[object Object],[object Object],Solvay Summer School 2010 - Olivier Witmeur  |
WHAT IS EFFECTUATION? How do you control a future you cannot predict? Solvay Summer School 2010 - Olivier Witmeur  | Causal Logic Visionary Logic Adaptive Logic Low High Low High PREDICTION CONTROL = Non-predictive control
CAUSATION vs EFFECTUATION ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Solvay Summer School 2010 - Olivier Witmeur  |
Solvay Summer School 2010 - Olivier Witmeur  | CAUSAL EFFECTUAL
THE FIVE PRINCIPLES OF EFFECTUATION ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Solvay Summer School 2010 - Olivier Witmeur  |
THE EFFECTUAL DYNAMIC AND THE BUILDING THE EFFECTUAL NETWORK Solvay Summer School 2010 - Olivier Witmeur  | Who I am What I know Whom I know What can I do? (Affordable loss) Effectual stakeholder commitments Interactions with other people CO-CREATION
DYNAMICS OF THE EFFECTUAL NETWORK Solvay Summer School 2010 - Olivier Witmeur  | Who I am What I know Whom I know What can I do? (Affordable loss) Effectual stakeholder commitments Interactions with other people New means New goals Expanding cycle of resources Actual Means Converging cycle of constraints Actual courses of Action possible  New market / new firm
Cognitive Distribution of Managerial and Entrepreneurial Thinking Effectual Causal Low Low High High Expert Entrepreneurs Experienced VCs Angels Organic Growth Leaders Entrepreneurial Large Firms Corporate Managers Novice VCs Novice Entrepreneurs  | Solvay Summer School 2010 - Olivier Witmeur
FROM CAUSATION TO EFFECTUATION … …AND VICE-VERSA Solvay Summer School 2010 - Olivier Witmeur  | TIME AND EXPERIENCE LOGIC Causal Effectual Novice entrepreneur Expert entrepreneur Start-up firm Large firm Shift in logic necessitated by firm growth Entrepreneurs do not always manage to bridge this gap Moderating effect of resources
Entrepreneurs vs Managers? Introduction to Intrapreneurship
ENTREPRENEURS vs MANAGERS: ENTREPRENEURSHIP AS A BEHAVIORAL PHENEMENON (Adapted from H. Stevenson)  | Solvay Summer School 2010 - Olivier Witmeur ENTREPRENEUR MANAGERS Strategic Orientation Driven by perception of opportunity Driven by resources currently controlled Commitment to opportunity Revolutionary with short duration Evolutionary of long duration Commitment of resources Multistaged with minimal exposure at each stage Single-staged with complete commitment upon decision Control of resources Episodic use of rent of required resources Ownership or employment of required resources Management structure Flat with multiple informal networks Formalized hierarchy Reward philosophy Value-driven Performance-based Team-oriented Security-driven Resource-based Promotion-oriented
ENTREPRENEURS AND INTRAPRENEURS Solvay Summer School 2010 - Olivier Witmeur  | Lifestyle Entrepreneurs Intrapreneurs Owner-Manager in Small Firms Managers in Large Firms Entrepreneurs
Entrepreneurs vs Intrapreneurs Solvay Summer School 2010 - Olivier Witmeur  | ,[object Object],ENTREPRENEUR INTRAPRENEUR Ownership Yes No (employee) Decision power Unlimited as long as shareholders agree Hierarchy Incentive Overall Limited: Bonus, SOP… Risk Large, i.e. may include personal assets Job reputation Strategic Freedom Full To be aligned with the corporate agenda Type of activity Ex-nihilo creation Strat with existing organizational support Sponsors Stakeholders Corporate Management
CORPORATE ENTREPRENEURSHIP ISSUES ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Solvay Summer School 2010 - Olivier Witmeur  | CULTURE STRATEGY (Vision) ORGANIZATION (Tactics)
‘ ENTREPRENEURIAL VALUES AND BEHAVIOURS’ ,[object Object],Solvay Summer School 2010 - Olivier Witmeur  | Change is normal ‘ Can do’ Trials & Errors Opportunistic ‘ Work is Fun’ Celebrate Success Creatity Innovation Self confidence Network and Sharing Learn from mistakes Optimism Long term impacts Achievement Multi-disciplinarity Team
STRATEGY    ENTREPRENEURIAL ORIENTATION ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Solvay Summer School 2010 - Olivier Witmeur  |
ORGANIZATIONAL FRAMEWORK FOR INTERNAL VENTURING Solvay Summer School 2010 - Olivier Witmeur  | Adapted from Burns, 2008 Strategic Importance Very important Uncertain Not important Operational relatedness Unrelated Special BU Special BU Spin-off Partly related New department New department Contracting Strongly related Direct Integration New department Contracting
TYPICAL SUPPORT INITIATIVES ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Solvay Summer School 2010 - Olivier Witmeur  |
Solvay Summer School 2010 - Olivier Witmeur  | Q&A [email_address] www.olivier-witmeur.net
Back-up on the Business Plan
MAIN TARGETS OF A BUSINESS PLAN ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Solvay Summer School 2010 - Olivier Witmeur  |
Solvay Summer School 2010 - Olivier Witmeur |  Fits and gaps BUSINESS PLAN From Jeffry A. Timmons – New Venture Creation Opportunity Resources Team Communication Creativity Conviction
THE BUSINESS PLAN ,[object Object],[object Object],[object Object],[object Object],[object Object],Solvay Summer School 2010 - Olivier Witmeur |
BUSINESS PLAN STRUCTURE Management Team  | Solvay Summer School 2010 - Olivier Witmeur Business Model Vision Production  & Supply Chain Sales & Marketing Research & Development Organization & Administration Financial Plan Financial Plan Opportunity Market & Industry Financing scheme Sensibility analysis Milestones Stages Risk analysis Plan B No predefined best structure
THE PERFECT BUSINESS PLAN ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Solvay Summer School 2010 - Olivier Witmeur  |
DOCUMENTS vs PROCESS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Solvay Summer School 2010 - Olivier Witmeur  |

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Solvay Summer School 2010 - Part 2: Entrepreneurial management

  • 1. Solvay European Summer School 2010 ENTREPRENEURSHIP Effectuation and Intrapreneurship Olivier Witmeur Bernheim Chair of Entrepreneurship
  • 2.
  • 4. Managerial Thinking  Causal Reasonning Selecting between given means to achieve a predefined goal Solvay Summer School 2010 - Olivier Witmeur |
  • 5. Strategic Thinking  Creative Causal Reasoning Generating new means to achieve pre-determined goals Solvay Summer School 2010 - Olivier Witmeur |
  • 6. Entrepreneurial Thinking  Effectual Reasoning Imagining possible new ends using a given set of means Solvay Summer School 2010 - Olivier Witmeur |
  • 7.
  • 8.
  • 9. WHAT IS EFFECTUATION? How do you control a future you cannot predict? Solvay Summer School 2010 - Olivier Witmeur | Causal Logic Visionary Logic Adaptive Logic Low High Low High PREDICTION CONTROL = Non-predictive control
  • 10.
  • 11. Solvay Summer School 2010 - Olivier Witmeur | CAUSAL EFFECTUAL
  • 12.
  • 13. THE EFFECTUAL DYNAMIC AND THE BUILDING THE EFFECTUAL NETWORK Solvay Summer School 2010 - Olivier Witmeur | Who I am What I know Whom I know What can I do? (Affordable loss) Effectual stakeholder commitments Interactions with other people CO-CREATION
  • 14. DYNAMICS OF THE EFFECTUAL NETWORK Solvay Summer School 2010 - Olivier Witmeur | Who I am What I know Whom I know What can I do? (Affordable loss) Effectual stakeholder commitments Interactions with other people New means New goals Expanding cycle of resources Actual Means Converging cycle of constraints Actual courses of Action possible New market / new firm
  • 15. Cognitive Distribution of Managerial and Entrepreneurial Thinking Effectual Causal Low Low High High Expert Entrepreneurs Experienced VCs Angels Organic Growth Leaders Entrepreneurial Large Firms Corporate Managers Novice VCs Novice Entrepreneurs | Solvay Summer School 2010 - Olivier Witmeur
  • 16. FROM CAUSATION TO EFFECTUATION … …AND VICE-VERSA Solvay Summer School 2010 - Olivier Witmeur | TIME AND EXPERIENCE LOGIC Causal Effectual Novice entrepreneur Expert entrepreneur Start-up firm Large firm Shift in logic necessitated by firm growth Entrepreneurs do not always manage to bridge this gap Moderating effect of resources
  • 17. Entrepreneurs vs Managers? Introduction to Intrapreneurship
  • 18. ENTREPRENEURS vs MANAGERS: ENTREPRENEURSHIP AS A BEHAVIORAL PHENEMENON (Adapted from H. Stevenson) | Solvay Summer School 2010 - Olivier Witmeur ENTREPRENEUR MANAGERS Strategic Orientation Driven by perception of opportunity Driven by resources currently controlled Commitment to opportunity Revolutionary with short duration Evolutionary of long duration Commitment of resources Multistaged with minimal exposure at each stage Single-staged with complete commitment upon decision Control of resources Episodic use of rent of required resources Ownership or employment of required resources Management structure Flat with multiple informal networks Formalized hierarchy Reward philosophy Value-driven Performance-based Team-oriented Security-driven Resource-based Promotion-oriented
  • 19. ENTREPRENEURS AND INTRAPRENEURS Solvay Summer School 2010 - Olivier Witmeur | Lifestyle Entrepreneurs Intrapreneurs Owner-Manager in Small Firms Managers in Large Firms Entrepreneurs
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  • 24. ORGANIZATIONAL FRAMEWORK FOR INTERNAL VENTURING Solvay Summer School 2010 - Olivier Witmeur | Adapted from Burns, 2008 Strategic Importance Very important Uncertain Not important Operational relatedness Unrelated Special BU Special BU Spin-off Partly related New department New department Contracting Strongly related Direct Integration New department Contracting
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  • 26. Solvay Summer School 2010 - Olivier Witmeur | Q&A [email_address] www.olivier-witmeur.net
  • 27. Back-up on the Business Plan
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  • 29. Solvay Summer School 2010 - Olivier Witmeur | Fits and gaps BUSINESS PLAN From Jeffry A. Timmons – New Venture Creation Opportunity Resources Team Communication Creativity Conviction
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  • 31. BUSINESS PLAN STRUCTURE Management Team | Solvay Summer School 2010 - Olivier Witmeur Business Model Vision Production & Supply Chain Sales & Marketing Research & Development Organization & Administration Financial Plan Financial Plan Opportunity Market & Industry Financing scheme Sensibility analysis Milestones Stages Risk analysis Plan B No predefined best structure
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