The Entrepreneurial Dream: The Power Of Entrepreneurial Thinking


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The Entrepreneurial Dream: The Power Of Entrepreneurial Thinking

  1. 1. The Entrepreneurial Dream: The P Th Power of Entrepreneurial Thinking fE i l Thi ki “A pessimist sees the difficulty in every opportunity; A an optimist sees the opportunity in every difficulty” ~ Sir Winston Churchill, UK Prime Minister (1940-45, 1951-55) Tim R. Holcomb, Ph.D. Assistant Professor of Strategy and Entrepreneurship and Executive Director of the Jim Moran Institute for Global Entrepreneurship The Florida State University
  2. 2. We live in a time of unprecedented change…
  3. 3. We live in a time of unprecedented change… Knowledge and technology increasingly obsolesce. Accelerators: C l i i i A l Cultivating innovation and h i d human talent i l is indispensable. Socio-economic changes occurring on a global scale, the pace of which man expect to increase e ponentiall hich many e pect exponentially. Accelerators: Globalization, demographic shifts, and capital markets. New N approaches needed t solve global challenges and h d d to l l b l h ll d old world problems. Accelerators: Climate change, education, energy, healthcare and political stability stability. Think about tomorrow’s challenges today …
  4. 4. We live in a time of unprecedented change… Historically, new technologies require many years to become a new standard, but the pace of change has standard increased steadily since the turn of the 20th century. The number of years it took for the following technologies to reach 25% of U.S. households are as follows: US Automobile = 56 years Electricity = 45 years Telephone = 36 years Microwave = 31 years Television = 26 years Internet I t t = 23 years Cell phone = 14 years And is expected to rapidly quicken in years to come …
  5. 5. We live in a time of unprecedented change… The rate of start-ups is at an all-time high; start ups all time innovation has exploded. The glamour of the Fortune 500 has worn off. Now, it is the INC 500, the FAST 500,… Ours is an entrepreneurial society and is societ becoming more so … over 50% of young people want one day to have their own ventures.
  6. 6. The power of entrepreneurial thinking What makes a successful entrepreneur? Seeing opportunity where others don’t Innovation: bette , faster, ovat o : better, aste , cheaper, easier “Fire in the Belly” y Willingness to take risks Extreme work ethic
  7. 7. The power of entrepreneurial thinking There are those who make things happen - Those who watch things happen - And those who ask what happened! Translation: Lead, Follow, or Get out of the way!
  8. 8. The power of entrepreneurial thinking If you think you can or you think you can t can’t… t… you are probably right! right! “Genius is one percent inspiration and ninety-nine percent perspiration.” ~ Thomas Alva Edison, American inventor, scientist, and businessman
  9. 9. The power of entrepreneurial thinking The greatest difficulty in the world is not for people to accept new ideas, but to make them forget about old ones. “There is nothing more difficult to take in hand, more perilous to conduct, th t t k a l d i th i t d ti of a new order d t than to take lead in the introduction f d of things, because the innovation has for enemies all those who have done well under the old conditions and lukewarm defenders in those who may do well under the new.” f y ~ Niccolò Machiavelli, Italian philosopher/writer and founder of modern political science
  10. 10. The power of entrepreneurial thinking Idea Stoppers Naah … Can’t be done. Yeah, Yeah but if you did that just imagine how … [fill your favorite extreme or unlikely disaster]. Well that’s the dumbest thing I ve ever heard. that s I’ve Forget it. We already tried that before … years ago. g I don’t see anything wrong with the way we’re doing it now. g
  11. 11. Vexing questions about entrepreneurs… Are people ‘born to be entrepreneurs’? p p p Is there a prototype entrepreneur? Is every small business owner an entrepreneur? Are entrepreneurs different from managers? Can people be taught to be one? Is there a better time to pursue entrepreneurship? What makes for a successful entrepreneur?
  12. 12. Vexing questions about entrepreneurs… Are people ‘born to be entrepreneurs’? No. N Is there a prototype entrepreneur? No. Is every small business owner an entrepreneurs? Yes and No. Are entrepreneurs different from managers? No, but their skills often differ from manager’s. Can people be taught to be one? Yes and No. Is there a right time to be an entrepreneur? Yes and No. What makes for a successful entrepreneur? ???
  13. 13. What makes for a successful entrepreneur? Is it Is it Intelligence? Risk- Risk-taking? Is it I Is it Motivation? Knowledge? Is it Is it Gender? Family History? Is it Personality? P lit ?
  14. 14. So, what are some characteristics of successful entrepreneurs? Passion for th business. P i f the b i Vision and endless ideas. Customer focus: Must satisfy customer needs. Persevere through setbacks and failures. Executional excellence: Translate creativity into action and generate measurable returns. bl
  15. 15. Characteristics of successful entrepreneurs “The reasonable man (woman) adapts himself The (herself) to the world. The unreasonable one persists in trying to adapt the world to himself (herself). Therefore, all progress depends on unreasonable men (and women).” ~ George Bernard Sh G B d Shaw, received N b l P i i i d Nobel Prize in Literature in 1925 ““The role of the entrepreneur is to stand up to all, to stand up to ridicule.” ~ Tom Peters, author of In Search of Excellence
  16. 16. Characteristics of successful entrepreneurs Entrepreneurship provides the dynamic that drives economies, communities, and organizations. Not about absolute numbers of small businesses but businesses—but about entries and exits exits. Absent entrepreneurship, the result is not a static state there is decline over time state—there time.
  17. 17. Characteristics of successful entrepreneurs The at-risk entrepreneur is the one that p is not prepared for the entrepreneurial g age.
  18. 18. And what about you? What do we know about you as developing entrepreneurs? You are talented. You are dedicated to task. You are purposeful purposeful. You are committed to personal growth and development. development Keep in mind that sharing your thoughts about entrepreneurship helps all of us us.
  19. 19. The ‘art’ of getting started … 1. Make meaning. 2. Make mantra. 3. Get going going. 4. Define your business model. d l 5. Weave a MAT (milestones, assumptions, and tasks).
  20. 20. 1 - Make Meaning Among the meanings of meaning: Make the world a better place. Increase the quality of life life. Right a terrible wrong. Prevent the end of something good good. Exercise: Complete this sentence: “If your organization never existed, the world would existed be worse off because _______________.”
  21. 21. 2 - Make Mantra A mantra is: “A sacred verbal formula repeated in prayer, mediation, or incantation, such as the invocation of a god, a magic spell, or a syllable or p p , y b portion of scripture containing p g mystical potentialities.” ~Scott Bedbury, wrote A New Brand World: 8 Principles for Achieving Brand Leadership in the 21st Century Don’t confuse mantras with tag lines. Taglines are for customers. It’s It’ a guideline for h id li f how th use your product/service. they d t/ i Mantras for employees. It’s a guideline for what t ey do in t e jobs. t s gu de e o at they their Keep it short and sweet.
  22. 22. 2 - Make Mantra … which is better? “The mission of Southwest – or – “It’s better than Airlines is dedication to the highest quality of Customer driving.” d i i ” Service delivered with a sense of warmth, friendliness warmth friendliness, individual pride, and Company Spirit.” The Southwest Airlines Customer Service 'Experience' | CNN
  23. 23. 2 - Make Mantra … which is better? “The Coca-Cola Company – or – “Refresh the world.” exists to benefit and refresh everyone it touches.”
  24. 24. 2 - Make Mantra … which is better? “The American Red Cross, a – or – “Stop suffering.” humanitarian organization led by volunteers and guided by its Congressional Charter and the Fundamental Principles of the p f International Red Cross Movement, will provide relief to victims of disasters and help people prevent, prepare for, and respond to emergencies.”
  25. 25. 2 - Make Mantra … which is better? “Our mission is to improve the – or – “Save babies.” health of babies by preventing birth defects, premature birth, and infant mortality. We carry out this mission through research, community services, education and g , y , advocacy to save babies' lives. March of Dimes researchers, volunteers, educators, outreach workers and advocates work together to give all babies a fighting chance against the threats to their health: prematurity, birth defects, low birthweight.”
  26. 26. 2 - Make Mantra … which is better? “The mission of the United – or – “Kick butt in air and States Air Force is to deliver sovereign options for the space.” ” defense of the United States of America and its global interests—to fly and fight in Air, Space, and Cyberspace.”
  27. 27. 2 - Make Mantra Good examples: Authentic athletic performance (Nike). Fun family entertainment (Disney) (Disney). Rewarding everyday moments (Starbucks). Think (IBM) (IBM). Fun food arms reach (Frito Lay). Exercise: Thi k about your organization’s E i Think b t i ti ’ mantra; how will it serve your customers?
  28. 28. 3 - Get Going Key principles: Find a few soulmates. Think big. Jeff Bezos didn’t simply replicate Barnes & Noble when he didn t launched, he completely transformed the shopping experience. Polarize people – you don t have to please EVERYONE. don’t It is likely better to be last on nine lists and 1st on one list than 2nd on 10 lists. Design something different different. “In the beginning, I looked around and, not finding the automobile of my dreams, decided to build it myself.” ~ Ferdinand Porsche, an Austro Hungarian automotive engineer Porsche Austro-Hungarian
  29. 29. 4- Define Your Business Model and 5 - Weave a MAT Wea e Among the different activities you will be involved with during the EBV program this week, you will: 1. Make meaning. 2. Make mantra. 3. 3 Get going going. 4. Define your business model. 5. 5 Weave a MAT (milestones, assumptions, and tasks).
  30. 30. Final Thoughts … what is your dream? Learn to crawl, before you walk. Remember that entrepreneurship is: It’s a way of thinking. It’s It’ a way of acting. f ti It requires navigating lots of different social and professional contexts. But it also requires an understanding of personal issues, family life, etc. The hardest thing about getting started is g getting started … g Are you ready for the journey?