meet u.s. why entrepreneurship? rob fuller director of entrepreneurial programs beyster institute
TRANSCRIPT
MEET U.S.
Why Entrepreneurship?
Rob FullerDirector of Entrepreneurial Programs
Beyster Institute
MEET U.S.
“Nothing endures but change …”
-- Heraclitus, 500 BC
MEET U.S.
MEET U.S.
• Environment of Continuous Change
A New Paradigm
MEET U.S.
MEET U.S.
• Adaptability
• Flexibility
• Speed
• Aggressiveness
• Innovativeness
Sustainable Competitive Advantage
MEET U.S.
MEET U.S.
• Pursue opportunity
• Leverage resources
• Build networks
• Manage risks
• Create value
Entrepreneurs
MEET U.S.
“The greatest difficulty in the world is not for people to accept new ideas, but to make them forget about old ideas.”
-- John Maynard Keynes, Economist
MEET U.S.
• Process of creating value by bringing together a unique package of resources to exploit an opportunity.
• Process• Value• Resources• Opportunity-driven
What is Entrepreneurship?
MEET U.S.
• Entrepreneurship is about starting and running a small business. • Entrepreneurs are born, not made.• Entrepreneurship is about invention.• Entrepreneurs are extreme risk-takers.• Entrepreneurship is unstructured and chaotic.
Entrepreneurship Myths
MEET U.S.
• Motivated by achievement
• Internal locus of control (self-reliant)
• Calculated risk-taker
• Tolerant of ambiguity
• Prefer a degree of autonomy
• Tenacious (perseverance)
Who is an Entrepreneur?
MEET U.S.
“There is a natural aristocracy among men. The grounds of this are virtue and talents...”
-- Thomas Jefferson to John Adams, 1813
MEET U.S.
Character
Skills
Precipitating Event
DecisionToAct
ActionPlanning
IdeaImplementation
Resources
Risks
Model of Entrepreneurial Management
MEET U.S.
• 4 Ms • Management• Markets• Money• Mystique
• Peer-to-peer learning• Experiential learning
Training to Improve Skills
MEET U.S.
MEET U.S.
• Passionately seek new opportunities
• Pursue opportunities with enormous discipline
• Pursue only the very best opportunities
• Focus on execution
• Engage the energies of everyone
Entrepreneurial Mindset
MEET U.S.
Are you an Entrepreneurial Manager?
MEET U.S.
• Frame the challenge
• Absorb the uncertainty
• Define gravity
• Clear obstacles
• Finger on the pulse
Sustaining Entrepreneurial Management