Enterprenership

Shorter Individual Assignment Format

COVER SHEET EXECUTIVE SUMMARY

TABLE OF CONTENTS

LIST OF TABLES

LIST OF FIGURES

Introduction: Some interesting definitions

An entrepreneur is someone who perceives an opportunity and creates an organisation to pursue it.

Bygrave (1997)

Use an interesting description or two like this and highlight it.

An Entrepreneur is a person who identifies and starts a business venture,

sources and organizes the required resources,

and takes both the risks and rewards

associated with the venture.

1974 Borland talked about entrepreneurs having Internal locus of control

1979 Kirzner talked of them as arbitrageurs – ability to spot opportunities

Part 1

Select an ‘entrepreneur’ and analyse their entrepreneurial journey, from the conception of the initial idea through to start-up & ‘growth’.

A Chart to save word length on the Entrepreneur’s Journey.

(This is a rough draft; you can do it much better!)

Part Two

Endogenous (Internal) factors for his success

Locus of Control

Internal locus of control – Individuals who believe themselves to be in control of their own destiny

External locus of control – People who believe that their lives are dominated by chance events outside their own control or powerful people i.e. “fate” controls their destiny.

10

Core and Desirable Attributes

CORE ATTRIBUTES

Commitment & Determination

Leadership

Opportunity Obsession

Tolerance of Risk

Ambiguity & Uncertainty

Creativity, Self-Reliance and Adaptability (Water Logic)

Motivation to Excel

DESIRABLE ATTRIBUTES

Energy, Health, and Emotional Stability

Values

Capacity to Inspire

Creativity & Innovativeness

Intelligence

THE NON-ENTREPRENEURIAL ATTRIBUTES

Being Macho

Perfectionist

Impulsiveness

Being anti-

authoritarian

Counter/dependency

Knows it all

Outer Control

Invulnerability

Timmons (2003:251)

11

Entrepreneurs are at the Centre of so many activities; so they may be specialists in one area, but they have to be generalists.

Entrepreneur

Production

Marketing

Sales and

Finance

Banking

Audit

Legal

Technology

transfer

Suppliers

Inventors

Transportation

Advertising

Market

Research

12

HBDI Herrmann Brain Dominance Instrument

13

Most entrepreneurs seem more right-brained than left – though this is a generalization and most entrepreneurs have left brain characteristics as well.

Managerial v Entrepreneurial Mindset

15

Exogenous (EXTERNAL)factors

(Exogenous)PUSH

Unemployment

Disagreement

‘Misfit’

No alternative

PULL (Endogenous)

Independence

Personal development

Personal wealth

Recognition

Trigger

Even in the Reasons For Starting A Business, there are exogenous factors

17

Entrepreneurs do one of these three (Endogenous) But these trends, problems and the gap is exogenous. If these had not existed, the business would not have been born.

18

Books to quote from

Malcolm Gladwell

Outliers

Serendipity

The right person at the right place at the right time

(See Serendipity PPT)

Serendipity is being the right person at the right place at the right time.

You can quote Malcolm Gladwell’s Outliers.

1956 – Bill Gates and all technology entrepreneurs born around this time.

Entrepreneurial Jigsaw

LUCK(CALL IT SERENDIPITY)

Entrepreneuial character

Business culture

Business decisions

Company strengths

21

Part 4(The secrets of Entrepreneurial success)

What makes entrepreneurs entrepreneurial? Saras D. Sarasvathy

Causal v Effectual Marketing Process

23

• Bird-in-hand principle:

Start with What you have – Who you are, What you know, & Whom you know (Not with the opportunity)

• Affordable loss principle:

Invest what you can afford to lose – extreme case $0

(Not expected return)

• Crazy Quilt principle:

Build a network of self-selected stakeholders

(Not competitive analysis)

• Lemonade principle:

Leverage contingencies and even failures

(Not avoid them)

• Pilot-in-the-plane principle:

If you can control the future, no need to predict it. The future comes from what people do (Not inevitable trends)

Effectual Logic that entrepreneurs employ, as different from others (Saras Sarasvathy)

CONCLUSION