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INNOVATION & ENTREPRENEURSHIP

Marius GheneaBusiness Days

Tg. Mures30 September 2010

AGENDA

Entrepreneurship: definition, historyWaves, business cycles, entrepreneursBusting some myths on innovationEntrepreneurial functions and attributes Types of entrepreneursSome thoughts on intrapreneurshipFrom idea to opportunity to businessPersonal details, Q&A

“Search and luck

lead to opportunity”

The Entrepreneurial Motto

The Entrepreneurial Definition

The Entrepreneurial Definitions

An entrepreneur is a person who is willing and able to convert a new idea or innovation into a successful business

An entrepreneur is someone who organizes a business venture and assumes the risk for it

An entrepreneur is a person who has possession of a new enterprise, venture or idea, and assumes significant accountability for the inherent risks

An entrepreneur is an intermediary between capital and labor (original French definition by Richard Cantillon)

An entrepreneur is any person who looks at a problem and sees it as an oportunity, and then acts on it!

A historical perspective

Short history of entrepreneurship

- until ca. 1760: “pre-historical” bases

- ca. 1800 – 1970: economical bases

- 1970 – 2000 and beyond – social implications, “reinventing” entrepreneurship

The year modern entrepreneurship was born

1775, Watt and Boulton form the partnership for the development of the Watt engine

Waves, cycles, entrepreneurs

The economic development theory: “business-cycles” and the “circular flow”

Without innovation, the circular flow remains static

The Entrepreneur is the one taking the economic cycle into a dynamic mode, towards the next cycle

“an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation”

Schumpeter and his contribution

1. Industrial Revolution - 1771 2. The Age of Railways - 1829 3. The Age of Electricity and Steel - 1875 4. The Age of the Automobile - 1908 5. The Age of IT - 1971 6. The next Age: the post-information age? The Google Age?

Kondratieff cycles & entrepreneurs

Busting some myths on innovation

Busting some myths on innovation Innovation rarely involves lonely inventors and is always based on

legacy or reused ideas Apple didn’t invent the MP3 player, or the computer, or the phone! Most innovations come without “epiphanies”... Innovation is in many cases explained by short-term motivations The fear of ideas being stolen IS paranoia We are happy with existing good ideas, not with new ideas we don’t

understand! Innovation has to permeate society, not to stay “ahead of its time”, in

order to generate progress Being idle could help a lot! Look at Newton and at Archimedes The best idea is NOT sure to win! The future never enters the present in the shape of a finished product!

Entrepreneurial functionsThe “4A” List

AggregationArbitrageAdvancementAmbiguity

A is All Action!

Types of entrepreneurs

Entrepreneur or small business owner?

Some entrepreneurship theorists claim entrepreneurship requires a high degree of innovation

As such, they consider some business owners (particularly in the case of small standard service businesses) not being true entrepreneurs

Aspirations vs. Abilities

Types of entrepreneurs

Traditional EntrepreneursNetrepreneurs IntrapreneursSocial EntrepreneursPolitical EntrepreneursKnowledge EntrepreneursMore Entrepreneurs

The Intrapreneur

in·tra·pre·neur ˌɪn trə prəˈnɜr, -ˈnʊər, -ˈnyʊər –noun

an employee of a large corporation who is given freedom and financial support to create new products, services, systems, etc., and does not have to follow the corporation's usual routines or protocols.

From IDEA to OPPORTUNITY

The myth about creativity

Trending ideasGenerating big ideas

on demandHow to determine the

need for an ideaOpportunity

recognitionBusiness planning

The Crisis: in Chinese...

... it spells opportunity!

It all depends how you look at it...

(or Google search)

Profile: www.ghenea.ro

Entrepreneurship, Innovation and New Business Ventures Professor with Maastricht School of Management,

EMBA program

Q&A