Who is an Entrepreneur?
Entrepreneur : Insane perseverance in the face of total rejection.
What Is An Entrepreneur?
ENTREPRENEUR
A vision-driven individual who assumes significant personal and financial risk to start or expand a business.
What Is An Entrepreneur?
ENTREPRENEURSHIP
The pursuit of opportunity through innovation, creativity and hard work without regard for the resources currently controlled.
Entrepreneurship
• Entrepreneurship—a way of thinking, reasoning, and acting that is opportunity obsessed, holistic in approach, and leadership balanced
(This definition of entrepreneurship has evolved over the past two decades from research at Babson College and the Harvard Business School and has recently been enhanced by Stephen Spinelli, Jr., and John H. Muller, Jr., Term Chair at Babson College.)
Who is an Entrepreneur?
Situational more than personality
Flexibility
Age Distribution for Starting Company
Ability
20
25
30
35
40
45
Age
Who is an Entrepreneur?
Manager’s Opportunities
Future Goals
Change Status Quo
Satisfied manager
Possible
Entrepreneur
Perceived Capability
Blocked
Frustrated manager Classic bureaucrat
Who is an Entrepreneur?
Objectivity
High
X X
X X
X
X
= Entrepreneur
X
Analytic
X
Driving
X
X X
High
X
Low
X
Assertiveness
X
Amiable
Swaine and Tucker The Effective Entrepreneur
Expressive
X
Low
Classic Entrepreneurship: The Startup
• Raw startup company—an innovative idea that develops into a high growth company
– Qualities of a startup company
• Strong leadership from the main entrepreneur • Complementary talents and outstanding teamwork of team members • Skill and ingenuity to find and control resources • Financial backing to chase opportunity
The Timmons Model of the Entrepreneurial Process
Communication
Opportunity (2) Resources (4) Business Plan Fits and gaps
Ambiguity
Creativity Uncertainty
Exogenous forces
Leadership Capital market context
Team (3)
Founder (1)
What Is An Opportunity?
O P P O R T U N I T Y
Recognizing a desired future state involving growth or change
A belief that achievement of that state is possible
New Technology
• Time for new technologies to reach 25% of the U.S. Population
– Household electricity (1873)—46 years – Telephone (1875)—35 years – Automobile (1885)—55 years – Airplane travel (1903)—54 years – Radio (1906)—22 years
New Technology
• Time for new technologies to reach 25% of the U.S. Population
– Television (1925)—26 years – Videocassette recorder (1952)—34 years – Personal computer (1975)—15 years – Cellular phone—13 years – World Wide Web—7 years
What Is An Entrepreneur?
ENTREPRENEURSHIP
The pursuit of opportunity through innovation, creativity and hard work without regard for the resources currently controlled.
ENLIGHTENED SERENDIPITY
– Being in the right place – At the right time, – Recognizing it, and – Acting upon it,
– APPROPRIATELY and
– PASSIONATELY!!!