17.changing challenges

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Chapter 1: Entrepreneurship 1Copyright 2002 Prentice Hall Publishing Company

Speaker Speaker : Dr. Nay: Dr. Nay Zin Zin Latt Latt

(Chairman)(Chairman)

Business Group Business Group

Hotel Group Hotel Group

VenueVenue : India: India

Date Date : Oct:2010: Oct:2010




The General EnvironmentThe General Environment ± Economic F orces

± Technological F orces

± Sociological F orces

± Demographic F orces

± Political and legal F orces

± Global F orces

± etc««.




Small Businesses...Small Businesses...

make upmake up 90%90% of all the businesses in the U.S.of all the businesses in the U.S.

employemploy 53%53% of the nation's private sectorof the nation's private sectorworkforce.workforce.

create more jobs than big businessescreate more jobs than big businesses.. produceproduce 51%51% of the nation¶s private GDPof the nation¶s private GDP

account foraccount for 47%47% of business salesof business sales

createcreate 4X4X more innovations per R&D

dollarmore innovations per R&D

dollarspent than medium size firms andspent than medium size firms and 24X24X asas

many as large companiesmany as large companies




The Small BusinessThe Small Business

Failure RecordFailure Record

24%24% of new businesses fail after two years.of new businesses fail after two years.

51%51% fail within four years.fail within four years.

63%63% fail within six years.fail within six years.

For everyFor every ³3,000´³3,000´ new product ideas:new product ideas:

³4´ make it to the development stage.³4´ make it to the development stage.

³2´ are actually launched.³2´ are actually launched.

³1´³1´ becomes a success in the market.becomes a success in the market.




Avoiding the PitfallsAvoiding the Pitfalls

K nowK now youryour business in depthbusiness in depth

DevelopDevelop a solid business plana solid business plan ManageManage financial resourcesfinancial resources

UnderstandUnderstand financial statementsfinancial statements

LearnLearn to manage people effectivelyto manage people effectively K eep in tune withK eep in tune with yourself yourself




Responding ChallengesResponding Challenges

-- Changing World OrderChanging World Order

-- Overcoming Resistance to change.Overcoming Resistance to change.

-- Managing the change.Managing the change.

-- Change ASEAN Mindset to Global MindsetChange ASEAN Mindset to Global Mindset




World is constantly changing.World is constantly changing. Resisting the Change is challenging.Resisting the Change is challenging.

Adapting Change will be your opportunity.Adapting Change will be your opportunity.

You learn to change rather than becoming aYou learn to change rather than becoming a

victim of change.´victim of change.´

Be as Change Agent.Be as Change Agent.




Why People Resist ChangeWhy People Resist Change

HabitsHabits

Threats to jobs and incomeThreats to jobs and income Fear of the unknownFear of the unknown

Selective perceptionSelective perception

Threat to expertiseThreat to expertise Threat to established power relationshipsThreat to established power relationships

Threat to interpersonal relationshipsThreat to interpersonal relationships




Overcoming Resistance to ChangeOvercoming Resistance to Change

Build trustBuild trust

Open channels of communicationOpen channels of communication

Involve your employeesInvolve your employees Provide incentivesProvide incentives

Deal with employees feelingsDeal with employees feelings

AttitudesAttitudes ± ± evaluative statements orevaluative statements or judgments concerning objects, people, or judgments concerning objects, people, oreventsevents ± ± (how people feel about things)(how people feel about things)




Managing ChangeManaging Change

WhatD

o We Change?WhatD

o We Change?

Strategic changeStrategic change ± ± a company¶s strategy, mission anda company¶s strategy, mission and

visionvision

Cultural changeCultural change ± ± a company¶s shared values and aimsa company¶s shared values and aims

Structural changeStructural change ± ± reorganizationreorganization

Developmental changeDevelopmental change ± ± people¶s attitudes and skillspeople¶s attitudes and skills

Technological changeTechnological change ± ± work methodswork methods




Leadership :Leadership :

-- Leadership Effectiveness.Leadership Effectiveness.

-- Creativity.Creativity.

-- Leaders & Strategies.Leaders & Strategies.

-- Gaining Power & Influence.Gaining Power & Influence.-- Conflict Resolution.Conflict Resolution.




The World of the EntrepreneurThe World of the Entrepreneur

A new business is born everyA new business is born every 11 seconds11 seconds in the U.S.in the U.S.

Study of influential AmericansStudy of influential Americans ± ± thethe defining issue of thedefining issue of the

2121stst

Century: Entrepreneurship!Century: Entrepreneurship! One of 12One of 12 Americans is actively involved in trying toAmericans is actively involved in trying to

start a new business.start a new business.




Characteristics of EntrepreneursCharacteristics of Entrepreneurs

Desire for responsibilityDesire for responsibility

Preference for moderate risk Preference for moderate risk

Confidence in their ability to succeedConfidence in their ability to succeed

Desire for immediate feedback Desire for immediate feedback High level of energyHigh level of energy

Future orientationFuture orientation

Skilled at organizingSkilled at organizing

Value achievement over moneyValue achievement over money




Leadership EffectivenessLeadership Effectiveness

³Objectivity´³Objectivity´ VsVs ³Perception´³Perception´

³Acceptance´³Acceptance´ VsVs ³Rejection´³Rejection´

³Individual´³Individual´ VsVs ³Group Performance´³Group Performance´

³Productivity´³Productivity´ VsVs ³Satisfaction´³Satisfaction´

High Level of analysisHigh Level of analysis




Deadly MistakesDeadly Mistakes

Management incompetenceManagement incompetence

Lack of experienceLack of experience

Poor financial controlPoor financial control

Failure to develop a strategic planFailure to develop a strategic plan

Uncontrolled growthUncontrolled growth

Conventional mindConventional mind--setset

Inability to make the ³entrepreneurial transition´Inability to make the ³entrepreneurial transition´

Resistant to Change.Resistant to Change.

One way, One answer, One solution is µGreat threat¶One way, One answer, One solution is µGreat threat¶




is one of your weapons changing ..is one of your weapons changing ..

ChallengesChallenges intointo Opportunities.Opportunities.

-- Leaders should be creativeLeaders should be creative

that leads to overcoming ..that leads to overcoming ..

³ in the box thinking´.³ in the box thinking´.

Creation




Barriers to CreativityBarriers to Creativity

Searching for the one ³right´ answerSearching for the one ³right´ answer

Focusing on ³being logical´Focusing on ³being logical´

Blindly following the rulesBlindly following the rules

Constantly being practicalConstantly being practical

Viewing play as frivolousViewing play as frivolous

Becoming overly specializedBecoming overly specialized

Avoiding ambiguityAvoiding ambiguity

Fearing mistakes and failureFearing mistakes and failure Believing that ³I¶m not creative´Believing that ³I¶m not creative´




The Creative ProcessThe Creative Process

PreparationPreparation InvestigationInvestigation TransformationTransformation

IncubationIncubation IlluminationIllumination VerificationVerification

ImplementationImplementation

1 + 1 = 2




Four Vital Tasks of a LeaderFour Vital Tasks of a Leader

11. Hire the right employees and constantly. Hire the right employees and constantly

improve their skillsimprove their skills

2. Build an organizational culture and structure2. Build an organizational culture and structurethat enable the company to reach its potentialthat enable the company to reach its potential

3. Motivate workers to higher levels of 3. Motivate workers to higher levels of

performanceperformance

4. Plan for ³passing the torch´ to the next4. Plan for ³passing the torch´ to the nextgeneration of leadership.generation of leadership.




The Strategic Management ProcessThe Strategic Management Process

External

Analysis

Internal

Analysis

SWOT

Current

Objectives

Current

Strategies

Key

Issues

Strategic

Options

Strategy

Implementation




Power ConceptsPower Concepts

The ability of a person or group toThe ability of a person or group to

change the attitudes or behavior of change the attitudes or behavior of

others.others.Power is not powerPower is not power OVER othersOVER others

Power is the ability toPower is the ability to GET THINGS DONEGET THINGS DONE




Things that will destroy usThings that will destroy us

Wealth without work Wealth without work

Pleasure without consciencePleasure without conscience

K nowledge without characterK nowledge without character

Commerce without moralityCommerce without morality

Science without humanityScience without humanity

Worship without sacrificeWorship without sacrifice

Politics without principlePolitics without principle




ResultsResults--ChainChain

³³ Effici en

cy

isnot

Eff e

ct

ivene

ss´ Effici en

cy

isnot

Eff e

ct

ivene

ss´

OUTPUTSACTIVITIESINPUTS

AREAOF CONTROL

Internal to the organization

AREAOF

INFLUENCE

Internal to

the organization

OUTCOME IMPACT

External Factors

e ffici ency e ff ect iveness




Road to Great LeadershipRoad to Great Leadership

Challenge the processChallenge the process ± ± Find a process you need to beFind a process you need to beimproved mostimproved most

Inspire a shared visionInspire a shared vision ± ± share the vision in wordsshare the vision in words

which can be easily understoodwhich can be easily understood Enable others to actEnable others to act ± ± Provide tools and methodsProvide tools and methods

Model the wayModel the way ± ± Get your hands dirty; A bossGet your hands dirty; A bosstells others what to do, atells others what to do, aleader shows how it is doneleader shows how it is done

Encourage the heartEncourage the heart -- share the glory with yourshare the glory with yourfollowers, while keeping thefollowers, while keeping thepains with yourself pains with yourself




An Effective LeaderAn Effective Leader

0 2000 4000 6000 8000 10000 12000 14000 16000

Integrity

Communicator

People Focused

Visionary

Caring

Decision Maker

Other

Dedicated

Model

Motivator

Expert

Courageous




Six Traits of Effective LeadersSix Traits of Effective Leaders

Drive

Intelligence

Self-confidence

Desire to influence

others

RelevantK nowledge

Honesty and

Moral Character




The Positive Role of ConflictThe Positive Role of Conflict

Conflict SurvivalAdaptationChange

Conflict may keep your unit responsive and innovative




Road to Great LeadershipRoad to Great Leadership

Challenge the processChallenge the process ± ± Find a process you need to beFind a process you need to beimproved most.improved most.

Inspire a shared visionInspire a shared vision ± ± share the vision in wordsshare the vision in wordswhich can be easily understood.which can be easily understood.

Enable others to actEnable others to act ± ± Provide tools and methods .Provide tools and methods .

Model the wayModel the way ± ± Get your hands dirty; A boss tellsGet your hands dirty; A boss tellsothers what to do, a leader shows how it is done.others what to do, a leader shows how it is done.

Encourage the heartEncourage the heart -- share the glory with yourshare the glory with yourfollowers, while keeping the pains with yourself followers, while keeping the pains with yourself




The Age of Competitive Advantage.The Age of Competitive Advantage.

-- What advantages you acquired ?.What advantages you acquired ?.

-- What is ³K nowledge´ ?What is ³K nowledge´ ?

-- Good is enemy of Great.Good is enemy of Great.




What advantages you acquired ?What advantages you acquired ?

Natural advantageNatural advantage ² f ,

, b f

b f

Absolute advantageAbsolute advantage ² ff

ff

Acquired advantageAcquired advantage ² b

.

Comparative advantageComparative advantage --

Competitive AdvantageCompetitive Advantage -




Today is from theToday is from the ComparativeComparative toto CompetitiveCompetitive

advantage era.advantage era.

What needs for Competitiveness ?What needs for Competitiveness ?

³³K

nowledgeK

nowledge produces Competitiveness ´produces Competitiveness ´

How we understand on ³K nowledge´How we understand on ³K nowledge´




VisionVision

Vision is the art of seeing things invisible.Vision is the art of seeing things invisible.

³ The very essence of leadership is that you have to havevision. You can¶t blow an uncertain trumpet ´

© 1995 Corel Corp.

Every Effective Leaders have one great gift, this is«Every Effective Leaders have one great gift, this is«




From Effectiveness toFrom Effectiveness to

GreatnessGreatness

³90 % of all leadership failures are

character failures´




Dr. NayDr. Nay ZinZin LattLatt

17.changing challenges

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