entreprenural mindset

8/18/2019 Entreprenural Mindset

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PowerPoint Presentation by Charlie CookThe University of West Alabama

Part I

The EntrepreneurialMindset in the 21stCentury

C H A P T E R 1

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Entrepreneurship: Evolutionary

Development—RevolutionaryImpact


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Chapter ObjectivesChapter Objectives

1.1. To examine the historical development o To examine the historical development oentrepreneurshipentrepreneurship

2.2. To explore and de!un" the myths o To explore and de!un" the myths oentrepreneurshipentrepreneurship

#.#. To de$ne and explore the ma%or schools o To de$ne and explore the ma%or schools oentrepreneurial thou&htentrepreneurial thou&ht

'.'. To explain the process approaches to the study o To explain the process approaches to the study oentrepreneurshipentrepreneurship

(.(. To set orth a comprehensive de$nition o To set orth a comprehensive de$nition oentrepreneurshipentrepreneurship

).). To examine the Entrepreneurial Revolution ta"in& To examine the Entrepreneurial Revolution ta"in&place todayplace today

*.*. To illustrate today+s entrepreneurial environment To illustrate today+s entrepreneurial environment


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Entrepreneurs—Challen&in& theEntrepreneurs—Challen&in& the,n"no-n,n"no-n

EntrepreneursEntrepreneurs'e(o#ni)e o""ortunities where'e(o#ni)e o""ortunities whereothers see (haos or (onfusionothers see (haos or (onfusion

Are a##ressive (atalysts for Are a##ressive (atalysts for(han#e within the market"la(e(han#e within the market"la(e

Challen#e the unknown an&Challen#e the unknown an&(ontinuously (reate the future(ontinuously (reate the future


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Entrepreneurs versusEntrepreneurs versus/mall 0usiness -ners: Distinction/mall 0usiness -ners: Distinction

/mall 0usinesses -ners/mall 0usinesses -ners*ana#e their businesses by e+"e(tin# stable sales!*ana#e their businesses by e+"e(tin# stable sales!"rofits! an& #rowth"rofits! an& #rowth

EntrepreneursEntrepreneurs,o(us their efforts on innovation! "rofitability an&,o(us their efforts on innovation! "rofitability an&sustainable #rowthsustainable #rowth


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Entrepreneurship: MindsetEntrepreneurship: Mindset

Entrepreneurship is more than the mereEntrepreneurship is more than the merecreation o !usiness:creation o !usiness:

Seekin# o""ortunitiesSeekin# o""ortunities

Takin# risks beyon& se(urityTakin# risks beyon& se(urity-avin# the tena(ity to "ush an i&ea throu#h to reality-avin# the tena(ity to "ush an i&ea throu#h to reality

Entrepreneurship is an inte&rated conceptEntrepreneurship is an inte&rated concept

that permeates an individual+s !usiness inthat permeates an individual+s !usiness inan innovative manner.an innovative manner.


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The Evolution o Entrepreneurship The Evolution o Entrepreneurship

Entrepreneur is derived rom the 3renchEntrepreneur is derived rom the 3renchentreprendreentreprendre 4 meanin& 5to underta"e.64 meanin& 5to underta"e.6

TheThe entrepreneur entrepreneur is one who un&ertakes to or#ani)e!is one who un&ertakes to or#ani)e!mana#e! an& assume the risks of a business%mana#e! an& assume the risks of a business%

Althou#h no sin#le &efinition of entre"reneur e+ists Althou#h no sin#le &efinition of entre"reneur e+istsan& no one "rofile (an re"resent to&ay.s entre"reneur!an& no one "rofile (an re"resent to&ay.s entre"reneur!resear(h is "rovi&in# an in(reasin#ly shar"er fo(us onresear(h is "rovi&in# an in(reasin#ly shar"er fo(us onthe sub/e(t%the sub/e(t%


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/ummary Description /ummary Descriptiono Entrepreneurshipo Entrepreneurship

Entrepreneurship 7Ro!ert C. Ronstadt8Entrepreneurship 7Ro!ert C. Ronstadt8The &ynami( "ro(ess of (reatin# in(remental wealth%The &ynami( "ro(ess of (reatin# in(remental wealth%

This wealth is (reate& by in&ivi&uals who assumeThis wealth is (reate& by in&ivi&uals who assumema/or risks in terms of e uity! time! an&1or (areerma/or risks in terms of e uity! time! an&1or (areer(ommitment of "rovi&in# value for a "ro&u(t or(ommitment of "rovi&in# value for a "ro&u(t orservi(e%servi(e%

The "ro&u(t or servi(e itself may or may not be newThe "ro&u(t or servi(e itself may or may not be newor uni ue but the entre"reneur must somehow infuseor uni ue but the entre"reneur must somehow infusevalue by se(urin# an& allo(atin# the ne(essary skillsvalue by se(urin# an& allo(atin# the ne(essary skillsan& resour(es%an& resour(es%


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n Inte&rated De$nitionn Inte&rated De$nition

EntrepreneurshipEntrepreneurship A &ynami( "ro(ess of vision! (han#e! an& (reation% A &ynami( "ro(ess of vision! (han#e! an& (reation%

'e uires an a""li(ation of ener#y an& "assion towar&s the'e uires an a""li(ation of ener#y an& "assion towar&s the(reation an& im"lementation of new i&eas an& (reative(reation an& im"lementation of new i&eas an& (reativesolutions%solutions%

3ssential in#re&ients in(lu&e43ssential in#re&ients in(lu&e4The willin#ness to take (al(ulate& risksThe willin#ness to take (al(ulate& risks 55 in terms of time!in terms of time!e uity! or (areer%e uity! or (areer%

The ability to formulate an effe(tive venture team6 the (reativeThe ability to formulate an effe(tive venture team6 the (reativeskill to marshal nee&e& resour(es%skill to marshal nee&e& resour(es%The fun&amental skills of buil&in# a soli& business "lan%The fun&amental skills of buil&in# a soli& business "lan%

The vision to re(o#ni)e o""ortunity where others see (haos!The vision to re(o#ni)e o""ortunity where others see (haos!(ontra&i(tion! an& (onfusion%(ontra&i(tion! an& (onfusion%


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Figure1.1 Entrepreneurial /choolsAo AThou&ht pproach


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Table1.1 3inancial nalysis Emphasis

+enture Stage inan ia Consi"eration e ision

Start u" ora( uisition

See& (a"ital:enture (a"ital sour(es

Pro(ee& or aban&on

;n#oin# Cash mana#ementInvestments,inan(ial analysis an&

evaluation

*aintain! in(rease! orre&u(e si)e


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Micro Bie-: Internal ;ocus o ControlMicro Bie-: Internal ;ocus o Control7cont+d87cont+d8

The Entrepreneurial Trait /chool o Thou&ht The Entrepreneurial Trait /chool o Thou&ht,o(uses on i&entifyin# traits (ommon to su((essful,o(uses on i&entifyin# traits (ommon to su((essfulentre"reneurs%entre"reneurs%

A(hievement! (reativity! &etermination! an& te(hni(al A(hievement! (reativity! &etermination! an& te(hni(alknowleeknowlee

The Benture pportunity /chool o Thou&ht The Benture pportunity /chool o Thou&ht,o(uses on the o""ortunity as"e(t of venture,o(uses on the o""ortunity as"e(t of venture&evelo"ment&evelo"ment 5t5t he sear(h for i&ea sour(es! thehe sear(h for i&ea sour(es! the

&evelo"ment of (on(e"ts! an& the im"lementation of&evelo"ment of (on(e"ts! an& the im"lementation ofventure o""ortunities%venture o""ortunities%Corridor principle:Corridor principle: =ew "athways or o""ortunities will arise=ew "athways or o""ortunities will arisethat lea& entre"reneurs in &ifferent &ire(tions%that lea& entre"reneurs in &ifferent &ire(tions%


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Table1.2 De$nitions nd Criteria ne pproach To TheMicro Bie-

Entrepreneuria

/o"e efinition /easures uestions>?reat Person@ >3+traor&inary A(hievers@ Personal "rin(i"les

Personal histories3+"erien(es

What "rin(i"les &o you haveWhat are youra(hievements

Psy(holo#i(alChara(teristi(s

,oun&er Control over the meansof "ro&u(tion

$o(us of (ontrolToleran(e of ambi#uity=ee& for a(hievement

What are your values

Classi(al Peo"le who make innovationsbearin# risk an& un(ertainty>Creative &estru(tion@

So(ial ar(hite(t@Promotion an& "rote(tionof values

Attitu&es! styles*ana#ement of "eo"le

-ow &o you mana#e "eo"le

Intra"reneurshi" Those who "ull to#etherto "romote innovation


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Micro Bie- 7cont+d8Micro Bie- 7cont+d8

The /trate&ic 3ormulation /chool o The /trate&ic 3ormulation /chool o Thou&ht Thou&ht3m"hasi)es the "lannin# "ro(ess in su((essful3m"hasi)es the "lannin# "ro(ess in su((essfulventure &evelo"ment%venture &evelo"ment%

Ronstadt+s Bie-Ronstadt+s Bie-Strate#i( formulation is a levera#in# of uni ueStrate#i( formulation is a levera#in# of uni ueelements4elements4

Uni ue *arketsUni ue *arkets 55 mountain #a" strate#iesmountain #a" strate#ies

Uni ue Peo"leUni ue Peo"le 55 #reat (hef strate#ies#reat (hef strate#ies

Uni ue Pro&u(tsUni ue Pro&u(ts 55 better wiet strate#iesbetter wiet strate#ies

Uni ue 'esour(esUni ue 'esour(es 55 water well strate#ieswater well strate#ies


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rocess pproaches to Entrepreneurshiprocess pproaches to Entrepreneurship

Inte&rative pproachInte&rative pproach7uilt aroun& the (on(e"ts of in"uts to the7uilt aroun& the (on(e"ts of in"uts to theentre"reneurial "ro(ess an& out(omes from theentre"reneurial "ro(ess an& out(omes from theentre"reneurial "ro(ess%entre"reneurial "ro(ess%

,o(uses on the entre"reneurial "ro(ess itself an&,o(uses on the entre"reneurial "ro(ess itself an&i&entifies five key elements that (ontribute to thei&entifies five key elements that (ontribute to the"ro(ess%"ro(ess%

Provi&es a (om"rehensive "i(ture re#ar&in# theProvi&es a (om"rehensive "i(ture re#ar&in# thenature of entre"reneurshi" that (an be a""lie& atnature of entre"reneurshi" that (an be a""lie& at&ifferent levels%&ifferent levels%


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Figure1.2 n Inte&rative Model o Entrepreneurial Inputsand utcomes

Source: *i(hael -% *orris! P% $ewis! an& 'e(on(e"tuali)in# 3ntre"reneurshi"4

An In"ut ;ut"ut Pers"e(tive!@ SAM Advanced Management Journal D9! no% 8Winter 99F 4 2 GH %


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rocess pproaches 7cont+d8rocess pproaches 7cont+d8

Entrepreneurial ssessment pproachEntrepreneurial ssessment pproachStresses makin# assessments ualitatively!Stresses makin# assessments ualitatively!

uantitatively! strate#i(ally! an& ethi(ally in re#ar& touantitatively! strate#i(ally! an& ethi(ally in re#ar& tothe entre"reneur! the venture! an& the environmentthe entre"reneur! the venture! an& the environment

Multidimensional pproachMultidimensional pproach:iews entre"reneurshi" as a (om"le+!:iews entre"reneurshi" as a (om"le+!multi&imensional framework that em"hasi)es themulti&imensional framework that em"hasi)es thein&ivi&ual! the environment! the or#ani)ation! an& thein&ivi&ual! the environment! the or#ani)ation! an& theventure "ro(ess%venture "ro(ess%


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Figure1.# Entrepreneurial ssessment pproach

Source: 'obert C% 'onsta&t! Entrepreneurship 8


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ur Entrepreneurial Economy—ur Entrepreneurial Economy— The Environment or Entrepreneurship The Environment or Entrepreneurship

Entrepreneurship is the sym!ol o !usinessEntrepreneurship is the sym!ol o !usinesstenacity and achievement.tenacity and achievement.

Entrepreneurs are the pioneers o today+sEntrepreneurs are the pioneers o today+s!usiness successes.!usiness successes.

T-o perspectives on entrepreneurship: T-o perspectives on entrepreneurship:Statisti(al4Statisti(al4 numbers that em"hasi)e the im"ortan(e ofnumbers that em"hasi)e the im"ortan(e ofentre"reneurs to the e(onomy%entre"reneurs to the e(onomy%

A(a&emi(4 A(a&emi(4 tren&s in entre"reneurial resear(h an&tren&s in entre"reneurial resear(h an&e&u(ation%e&u(ation%


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redominance o 9e- Benturesredominance o 9e- Benturesin the Economyin the Economy

Entrepreneurial ctivity: @ro-th in /mallEntrepreneurial ctivity: @ro-th in /mall0usinesses0usinesses

=ew business in(or"orations avera#e E00!000 "er=ew business in(or"orations avera#e E00!000 "eryear over the "ast &e(a&e%year over the "ast &e(a&e%There are over 2D million small businesses6 theThere are over 2D million small businesses6 thenumber (ontinues to #row 2J annually%number (ontinues to #row 2J annually%;ne of every D0 a&ults "arti(i"ates in the foun&in# of;ne of every D0 a&ults "arti(i"ates in the foun&in# ofa new firm ea(h year%a new firm ea(h year%

A""ro+imately E00!000 to 00!000 are a&&e& ea(h A""ro+imately E00!000 to 00!000 are a&&e& ea(hyear%year%


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E ects o EntrepreneurshipE ects o Entrepreneurship

The @lo!al Entrepreneurship Monitor 7@EM8 The @lo!al Entrepreneurship Monitor 7@EM8Provi&es an annual assessment of the entre"reneurialProvi&es an annual assessment of the entre"reneurialenvironment of F2 (ountries%environment of F2 (ountries%$atest ?3* stu&y4 the U%S% outranks the rest of the$atest ?3* stu&y4 the U%S% outranks the rest of the

worl& in im"ortant entre"reneurial su""ort%worl& in im"ortant entre"reneurial su""ort%Entrepreneurs lead to &ro-th !y:Entrepreneurs lead to &ro-th !y:

3nterin# an& e+"an&in# e+istin# markets%3nterin# an& e+"an&in# e+istin# markets%Creatin# entirely new markets by offerin# innovativeCreatin# entirely new markets by offerin# innovative"ro&u(ts%"ro&u(ts%In(reasin# &iversity an& fosterin# minority "arti(i"ationIn(reasin# &iversity an& fosterin# minority "arti(i"ationin the e(onomy%in the e(onomy%


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Entrepreneurs in the ,nited /tatesEntrepreneurs in the ,nited /tates

Reasons or the exceptional entrepreneurialReasons or the exceptional entrepreneurialactivity in the ,./. include:activity in the ,./. include: A national (ulture that su""orts risk takin# an& A national (ulture that su""orts risk takin# an&seekin# o""ortunities%seekin# o""ortunities%

Ameri(ans. alertness to une+"loite& e(onomi( Ameri(ans. alertness to une+"loite& e(onomi(o""ortunity an& a low fear of failure%o""ortunity an& a low fear of failure%

U%S% lea&ershi" in entre"reneurshi" e&u(ation at bothU%S% lea&ershi" in entre"reneurshi" e&u(ation at boththe un&er#ra&uate an& #ra&uate level%the un&er#ra&uate an& #ra&uate level%

A hi#h "er(enta#e of in&ivi&uals with "rofessional! A hi#h "er(enta#e of in&ivi&uals with "rofessional!te(hnolo#i(al or business &e#rees who are likely tote(hnolo#i(al or business &e#rees who are likely tobe(ome entre"reneurs%be(ome entre"reneurs%


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The &e o @aFelles The &e o @aFelles

5@aFelle6 5@aFelle6 A business establishment with at least 20J sales A business establishment with at least 20J sales#rowth in ea(h year for five years! startin# with a base#rowth in ea(h year for five years! startin# with a baseof at least K 00!000 in annual sales%of at least K 00!000 in annual sales%

@aFelles as leaders in innovation:@aFelles as leaders in innovation:Pro&u(e twi(e as many "ro&u(t innovations "erPro&u(e twi(e as many "ro&u(t innovations "erem"loyee as &o lar#er firms%em"loyee as &o lar#er firms%-ave been res"onsible for DDJ of the innovations in-ave been res"onsible for DDJ of the innovations in

HE2 &ifferent in&ustries an& 9DJ of all ra&i(alHE2 &ifferent in&ustries an& 9DJ of all ra&i(alinnovations%innovations%;btain more "atents "er sales &ollar than &o lar#er;btain more "atents "er sales &ollar than &o lar#erfirms%firms%


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Table1.# Mytholo&y ssociated -ith @aFelles

1a e es are the goa of a entrepreneurs.1a e es re ei!e !enture apita .

1a e es 3ere ne!er 4i e.

1a e es are high-te h.

1a e es are g o5a .

Sour(e4 NFIB Small Business Polic !uide 8Washin#ton!


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/urvival o @aFelles/urvival o @aFelles

>o- many &aFelles surviveG>o- many &aFelles surviveGThe sim"le answer is >none%@ Sooner or later! allThe sim"le answer is >none%@ Sooner or later! all(om"anies wither an& &ie%(om"anies wither an& &ie%

The Common Myth o 3ailure: The Common Myth o 3ailure:DJ of all firms fail in the first year DJ of all firms fail in the first year 5i5i n a(tuality! aboutn a(tuality! about

half of all start u"s last between D an& L years%half of all start u"s last between D an& L years%


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Entrepreneurial 3irms+ ImpactEntrepreneurial 3irms+ Impact

Entrepreneurial components o the ,./.Entrepreneurial components o the ,./.Economy:Economy:

%% $ar#e firms have in(rease& "rofitability by returnin# to$ar#e firms have in(rease& "rofitability by returnin# totheir >(ore (om"eten(ies throu#h restru(turin# an&their >(ore (om"eten(ies throu#h restru(turin# an&

&ownsi)in#%&ownsi)in#%2%2% =ew entre"reneurial (om"anies have been=ew entre"reneurial (om"anies have been

blossomin# in new te(hnolo#ies an& new markets%blossomin# in new te(hnolo#ies an& new markets%

H%H%Thousan&s of smaller firms establishe& by women!Thousan&s of smaller firms establishe& by women!minorities! an& immi#rants have stren#thene& theminorities! an& immi#rants have stren#thene& thee(onomy%e(onomy%


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Entrepreneurial 3irms+ Impact Cont+d8Entrepreneurial 3irms+ Impact Cont+d8

Entrepreneurial $rms ma"e t-oEntrepreneurial $rms ma"e t-oindispensa!le contri!utions to an economy:indispensa!le contri!utions to an economy:

%% They are an inte#ral "art of the renewal "ro(ess thatThey are an inte#ral "art of the renewal "ro(ess that"erva&es an& &efines market e(onomies%"erva&es an& &efines market e(onomies%

2%2% They are the essential me(hanism by whi(h millionsThey are the essential me(hanism by whi(h millionsenter the e(onomi( an& so(ial mainstream of so(iety%enter the e(onomi( an& so(ial mainstream of so(iety%


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21st Century Trends in Entrepreneurship21st Century Trends in EntrepreneurshipResearchResearch

+entureinan ing

So iaEntrepreneurship

CorporateEntrepreneurship

Tren"s inEntrepreneurship

Resear h

EntrepreneuriaCognition

1 o5aEntrepreneuria

/o!e4enta4i 6

7usinesses

Wo4enan" /inorit6

Entrepreneurs

EntrepreneuriaE"u ation


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21st Century Trends in Entrepreneurship21st Century Trends in EntrepreneurshipResearchResearch

Ma%or Research Themes:Ma%or Research Themes:"enture Financing "enture Financing 4 venture (a"ital an& an#el (a"ital finan(in#4 venture (a"ital an& an#el (a"ital finan(in#an& other finan(in# te(hni ues stren#thene& in the 990s%an& other finan(in# te(hni ues stren#thene& in the 990s%

Corporate EntrepreneurshipCorporate Entrepreneurship an& the nee& for entre"reneurialan& the nee& for entre"reneurial(ultures has &rawn in(rease& attention%(ultures has &rawn in(rease& attention%

Social EntrepreneurshipSocial Entrepreneurship has un"re(e&ente& stren#th within thehas un"re(e&ente& stren#th within thenew #eneration of entre"reneurs%new #eneration of entre"reneurs%

Entrepreneurial CognitionEntrepreneurial Cognition is "rovi&in# new insi#hts into theis "rovi&in# new insi#hts into the"sy(holo#i(al as"e(ts of the entre"reneurial "ro(ess%"sy(holo#i(al as"e(ts of the entre"reneurial "ro(ess%

#omen and Minorit Entrepreneurs#omen and Minorit Entrepreneurs a""ear to fa(e obsta(les an&a""ear to fa(e obsta(les an&&iffi(ulties &ifferent from those that other entre"reneurs fa(e%&iffi(ulties &ifferent from those that other entre"reneurs fa(e%

TheThe !lo$al Entrepreneurial Movement !lo$al Entrepreneurial Movement is in(reasin#%is in(reasin#%


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21st Century Trends 7cont+d821st Century Trends 7cont+d8

Ma%or Research Themes 7cont+d8:Ma%or Research Themes 7cont+d8:Famil BusinessesFamil Businesses have be(ome a stron#er fo(us of resear(h%have be(ome a stron#er fo(us of resear(h%

Entrepreneurial EducationEntrepreneurial Education has be(ome one of the hottest to"i(shas be(ome one of the hottest to"i(sin business an& en#ineerin# s(hools throu#hout the worl&%in business an& en#ineerin# s(hools throu#hout the worl&%


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Hey ConceptsHey Concepts

EntrepreneurshipEntrepreneurship A "ro(ess of innovation an& new venture (reation A "ro(ess of innovation an& new venture (reationthrou#h four ma/or &imensions5in&ivi&ual!throu#h four ma/or &imensions5in&ivi&ual!or#ani)ational! environmental! "ro(ess5that is ai&e&or#ani)ational! environmental! "ro(ess5that is ai&e&by (ollaborative networks in #overnment! e&u(ation!by (ollaborative networks in #overnment! e&u(ation!an& institutions%an& institutions%

EntrepreneurEntrepreneur A (atalyst for e(onomi( (han#e who uses "ur"oseful A (atalyst for e(onomi( (han#e who uses "ur"oseful

sear(hin#! (areful "lannin#! an& soun& /umentsear(hin#! (areful "lannin#! an& soun& /umentwhen (arryin# out the entre"reneurial "ro(ess%when (arryin# out the entre"reneurial "ro(ess%


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h f h $

Hey Terms and ConceptsHey Terms and Concepts

!etter -id&et strate&ies!etter -id&et strate&iescorridor principlecorridor principledisplacement school odisplacement school othou&htthou&htentrepreneurentrepreneurentrepreneurial assessmententrepreneurial assessmentapproachapproachentrepreneurial mana&emententrepreneurial mana&ementEntrepreneurial RevolutionEntrepreneurial Revolutionentrepreneurial trait school oentrepreneurial trait school o

thou&htthou&htentrepreneurshipentrepreneurshipenvironmental school oenvironmental school othou&htthou&htexternal locus o controlexternal locus o control

$nancial capital school o$nancial capital school othou&htthou&ht&aFelle&aFelle&reat che strate&ies&reat che strate&iesinternal locus o controlinternal locus o control

macro vie- omacro vie- oentrepreneurshipentrepreneurshipmicro vie- omicro vie- oentrepreneurshipentrepreneurshipmountain &ap strate&iesmountain &ap strate&ies

strate&ic ormulation schoolstrate&ic ormulation schoolo thou&hto thou&htventure opportunity schoolventure opportunity schoolo thou&hto thou&ht-ater -ell strate&ies-ater -ell strate&ies

entreprenural mindset

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