Virtual seminar:
Entrepreneurial mindset
8. May 2007 (13:00)
Eythor Ivar Jonsson
Copenhagen Business School
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Entrepreneurial mindset
• What is it?
– The ‘missing’ element in management – leadership?
• • • • • • • • ... about the focus of business? ... about ‘entrepreneurs’? ... about process? ... about opportunities? ... about building and growing organisations? ... about vision? ... about creativity? ... about possibilities?
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Management-LeadershipEntrepreneurship
Management
Organisational context
Leadership
Entrepreneurship
Adapted from Thornberry (2006, p. 14)
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What business?
Management What business are we in?
Organisational context
Leadership What business should we be in?
Entrepreneurship What business could we be in?
Adapted from Drucker (1954)
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Defining ‘Entrepreneur’
• “Entrepreneur is someone who starts his own, new and small business” (common definition). • “The entrepreneur shifts economic resources out of an area of lower and into an area of higher productivity and greater yield” (J.B. Say, 1800). • The entrepreneur upsets and disorganizes with “creative destruction” (Schumpeter, 1911). • “The entrepreneur always searches for change, responds to it, and exploits it as an opportunity” (Drucker, 1985).
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Discovery vs. Creation
Action
"I knew and I did"
"I did and I knew"
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Two perspectives
• Discovery
– Knowledge – Objective opportunities – Risk – Planning
• Creation
– Learning – Subjective opportunities – Uncertainty – Doing
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What business could we be in?
What business are we in?
What business could we be in?
What business should we be in?
Adapted from Normann (2001)
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Searching for opportunities
Vision
Opportunity
What business are we in?
Preparation
Circumstances
What business should we be in?
Creativity
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The entrepreneur’s developmental plan
• Preparation: The starting point – what are we?, what could we be?, what should we be? • Circumstances: The external point – what is out there?, what is changing?, what could be changed? • Creativity: The link between two points – how can preparation and circumstances be moulded into a opportunity? • Value creation: The purpose of the match – What is the value proposition? • Vision: The way to make opportunity into reality – what is the future state? What should be the action plan?
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Preparation
Jobs Hobbies
My Network
Education
Skills
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Mapping hobbies
Expeditions Training Trips Teaching Skiing Competition Equipment Tai Entries
Mountain-climbing Personal assistant Shopping
Hobbies
Shopping guide Fan club Motor-sport Clubbing Magazine Motor bikes Dancing
Cooking Wine Restaurants
Club guide Dating
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Finding opportunities
Preparation
Creativity
Value creation
Vision
Circumstances
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The vision cycle
Creative framing
& n s io ce at n ar sta ep m Pr rcu Ci
Current thinking frame
Creative induction
M
n sio is
Deduction & action
s Bu St ra te gy
V cr alu ea e tio n
Vision
Bu sin
ess
Scenarios
ide a
in sm es el od
Adapted from Normann (2001)
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It is about relevant possibilities...
What business are we in?
Possibilities
What business should we be in?
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The forgotten element?
Management - Maintenance - Tasks - Defender
Organisational context
Leadership - Direction - Goals - Analyzer
Entrepreneurship - Possibilities - Opportunities - Prospector
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Thank you!
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