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The Entrepreneurial Experience Concepts, Opportunities, and a Philosophy Of Life


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The Entrepreneurial Experience Concepts, Opportunities, and a Philosophy Of Life

  1. 1. The Entrepreneurial Experience: Concepts, O C Opportunities, and ii d A Philosophy of Life “Luck is what happens when preparation meets opportunity.” ~ Unknown Author 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. What is entrepreneurship? What is it? An alternative… A way of thinking thinking… An approach to work and life… “Entrepreneurship is no longer a job title. It is the state of Entrepreneurship title mind of people who want to change the future.” ~ Guy Kawasaki, Chairman of George Technology Ventures
  3. 3. What is entrepreneurship? Entrepreneurship is a dynamic process of vision, change, and creation. Requires energy and passion towards the creation and implementation of new ideas and creative solutions. solutions “I have not failed … I ve just found 10 000 ways that won’t I I’ve 10,000 won t work .” ~ Thomas Alva Edison, American inventor, scientist, and businessman
  4. 4. What is entrepreneurship? Entrepreneurship is a ‘full contact sport’ … p p p success is born in the collision. The essence is about doing, not learning to do. “Entrepreneurship is the most empowering, the most democratic, democratic the most freedom-creating phenomenon is the history of the human race.” ~ Michael Morris, past president of the USASBE The hardest thing about getting started is … getting started. tti t t d
  5. 5. Entrepreneurship: What is it NOT? Some myths . . . Entrepreneurs are born, not made. Entrepreneurs are gamblers risk takers gamblers, takers. Entrepreneurs don’t have to worry about numbers. If you build it, they will come.
  6. 6. Entrepreneurship: What is it NOT? Some myths . . . Entrepreneurs are motivated by money … It's all about the bottom line. Some motives are financial, but others include societal, familial, and quality of life. , , q y • “If you chase money, you’ll never get it.” ~ Debbi Fields, founder of Mrs. Fields Cookies • “If you think money is a real big deal, you ll be too If deal you’ll scared of losing it to get it.” ~ Ted Turner, American media mogul and philanthropist
  7. 7. Entrepreneurship: What is it NOT? Some myths . . . Entrepreneurs have more freedom in life and the ability to control things. y g “I won’t have anyone looking over my shoulder.” “Just think … I’ll have all this free time to do whatever I want.” You just need money to be an entrepreneur. Over 50% of businesses start with less than 5 $10,000.
  8. 8. Entrepreneurship: A p ocess … o d sco e y a d more process of discovery and o e Identify an Opportunity Develop the Concept Determine Required Resources Evaluate the Opportunity E l t th O t it Decide whether No to Exploit No Go Yes Implement, Manage, and Grow Harvest and Exit
  9. 9. Returning to entrepreneurship … What is it? Entrepreneurship is a nexus of two observable phenomena: an ‘enterprising’ individual ‘ i i ’ i di id l (the entrepreneur) and a ‘lucrative’ opportunity. “Opportunity is often missed by people because it sometimes comes dressed in overalls and looks like work.” ~ Thomas Alva Edison American inventor, scientist, and businessman Edison, inventor scientist
  10. 10. So, who is the entrepreneur? An entrepreneur is any person who sees opportunity, sizes up its value, and seizes the resources necessary to make the most of itit. “The important thing is not being afraid to take a chance. Remember, the greatest failure is to not try.” ~ Debbi Fields, founder of Mrs. Fields Cookies
  11. 11. Who is the entrepreneur? Entrepreneurs : p question, challenge, and change people’s lives. take responsibility for change. persevere through setbacks and failures. translate creativity into action & measurable returns are what the human spirit is all about. h t th h i it i ll b t They are the hope for a better life, for an end to poverty, disease, poverty to disease to … … They are the quiet revolutionaries revolutionaries.
  12. 12. Okay, but just how Revolutionary are they?
  13. 13. So, what is an opportunity? Circumstances that produce conditions favorable to the attainment of some goal. A situation where something can be improved and involves creating value. An observable need that is not being adequately met. The foundations of entrepreneurial opportunity exist in situations where there is some un- or underserved need or want.
  14. 14. What is an opportunity? Ideas tend to be overrated … Rare that an idea is completely novel (i.e., most already thought of). y g ) Entrepreneurship is typically a process of refinement, refinement or incremental innovation innovation. Many “better mousetraps” fail to reach commercialization.
  15. 15. What’s better … a good opportunity (idea) or a good entrepreneur? e t ep e eu ? “I know quite certainly that I myself have no special talent; q y y f p ; curiosity, obsession and dogged endurance, combined with self-criticism, have brought me to my ideas.” ~ Albert Einstein, one of the most influential and best known scientists and intellectuals of all time “The air is full of ideas. They are knocking you in the head all the time. You only have to know what you want, then y y , forget it, and go about your business. Suddenly, the idea will come through. It was there all the time.” ~ Henry Ford, founder of the Ford Motor Company and father of modern assembly lines used in mass production “A mediocre idea that generates enthusiasm will go further than a great idea that inspires no one.” one. ~ Mary Kay Ash, founder of Mary Kay Cosmetics
  16. 16. Creating value … a case of a good opportunity, good execution, o b d luck? e ecut o , or blind uc ?
  17. 17. Good opportunities have . . . A compelling need. p g Do customers care? Are customers dissatisfied with current products or p services, and if so, how? A well defined value proposition. p p Can a simple statement define the value proposition? • “X is a _________ [describe] company. Through its _________ [feature(s)], i provides _________ [f ( )] it id [unique benefit(s)] to [target market].” A sustainable competitive advantage advantage.
  18. 18. Opportunity recognition … Where do I start? Challenge existing assumptions. g g p Examine patterns of trends (in markets, demographics, social behaviors, customer g p , , buying behavior, competitive practices, etc.). Look for un-/underserved markets. / Look for under-utilized resources. Monitor changes in rules, laws, regulations. Conduct ‘needs’ research, focus on problems.
  19. 19. Opportunity recognition Every problem represents an opportunity for a creative solution…. The entrepreneurial challenge i about ‘ i ki ’ h ll is b ‘picking’ the right problems to solve…
  20. 20. Where do we find opportunity? Key trends: y Aging of the population. Use of alternative “clean” energy. gy Concerns about national security. Rise of social networking—people want to be connected. Immigration—legal and illegal. Single Si l professional women with kid f i l i h kids. People searching for roots and stability. Extreme experiences. E t i
  21. 21. Other opportunity sources Unexpected successes or failures in the market place. Finding an idea that worked in another market. Finding an idea that worked for one orked product/service that can be applied to other products/services. products/services
  22. 22. Opportunity screening … Is there a market? Is it attractive to customers? Will it work in your business environment? Is there a window of opportunity? Do you h have the resources and skills to create h d k ll the business or do you know someone who does? Can you supply the product or service at a price that will be attractive to customers yet will be high hi h enough to earn you a profit? h fi ? If you answer no to even one question refine the question, business idea!
  23. 23. Opportunity Screening … Is it important to “me”? Is it desirable? “Makes me want to get up in the morning” needs: Do you have a p y passion for the idea? Will it be fun? Is it feasible? Does the idea build off of my knowledge, experiences, skills and/or interests? p , /
  24. 24. What conditions suggest a potentially “bad” oppo tu ty? opportunity? No market need (better mousetrap). ( p) Customer loyalty is very strong. “Switching costs” a e high. S tc g costs are g . Customers are not dissatisfied. Customers are hard to reach reach. Competition is intense. Few entry barriers barriers. Easy for people to enter after you. Window Windo not open open.
  25. 25. Remember that . . . YOU are the entrepreneur. What are you going to sell? Your research idea idea. Your nonprofit. Yourself. Yourself What motivates you? Your core values values. Your personal aspirations and priorities. Are A you ready t make meaning? d to k i ?
  26. 26. Final thoughts … “Entrepreneurship is not something you “E hi i hi do…it is a philosophy that you bring to life.” ~ EBV team “Be the change you wish to see in the world.” ~ M. Gandhi