The Innovative Entrepreneur,Back to Basics

By Dr. Ahmed A. Nasser

What is Entrepreneurship?

Entrepreneurship = creativity + innovation

Creativity

• The ability to develop new ideas and to discover new ways of looking at problems and opportunities.

Innovation

• The ability to apply creative solutions to those problems and opportunities in order to enhance people’s lives or to enrich society

From Creativity to Entrepreneurship

Software entrepreneurship, MS

What Motivates Entrepreneurs?

According to McClelland1. The need for achievement (n Ach)• Achievement motive - drive to do well, strive

for excellence and overcome challenges and obstacles in the pursuit of goal.

• Also known as urge to improve.

What Motivates Entrepreneurs? Cont’d

2. The need for Power (n Pow)• Power motive - drive to control, influence and

to have impact on others and change the situations.

• Normally seek position of leadership

What Motivates Entrepreneurs? Cont’d

3. The need for affiliation (n Aff)• Affiliation motive - drive to establish, maintain

or renew affective relationship with others.• This may contribute to the drive for

maintaining effective business networking

Questions that may Spur Creativity 1. Is there a new way to do it? 2. Can you borrow or adapt it? 3. Can you give it a new twist? 4. Is there a substitute? 5. Can the parts be rearranged? 6. What if we do just the opposite? 7. Can ideas be combined? 8. Can we put it to other uses? 9. What else could we make from this? 10. Are there other markets for it?

Barriers to Creativity 1. searching for the one ‘right’ answer 2. focusing on being logical 3. blindly following the rules 4. constantly being practical 5. viewing play as frivolous 6. becoming overly specialized 7. avoiding ambiguity 8. fearing looking foolish 9. fearing mistakes and failure 10. believing that ‘I’m not creative’.

What makes a Successful Entrepreneur?

• The urge for achievement• Determination to win• Win-Win Personality• Willingness to take moderate risks• Ability to identify & explore opportunities• Analytical ability to take strategic decisions

Who can be an Entrepreneur?

• can take moderate risks• has ability to work hard • can capitalize on opportunities• feels the need for achievement• has desire for responsibility• has perception of probability of success• gets stimulation by feedback• possess skills in organizing• male or female• may not have previous experience

Characteristics of an Entrepreneur

• Mental ability• Clear objectives• Communication ability• Technical knowledge• Achievement-oriented• Perseverance• Ethical• Long term involvement

• Motivator• Self-confident• High energy level• Problem solver• Initiator• Goal setter• Risk taker

Assess your Personality

• Feelings about Control• Feelings about Independence• Willingness to take Risks

Themes of the Entrepreneur

• Commitment and Determination• Leadership• Opportunity Obsession• Tolerance of Risk, Ambiguity and Uncertainty• Creativity, Self-reliance and Adaptability• Motivation to Excel

Commitment

• Tenacity-you will not fail• Discipline• Willingness to pay the price-personal sacrifice

Leadership

• Do the right thing• Ability to translate an opportunity into a vision

and project that vision to the community

Obsession with Opportunity

• Entrepreneurship begins with an opportunity• Money, contacts, networking

Creativity, Self reliance, Adaptability

– Actively seek initiative and want to be in a position to be successful

– Want to know how they are doing. – Serious setbacks and failures are an integral part

of the learning process

Motivation to Excel

• Compete against self imposed standards• Driven to pursue and achieve difficult and

challenging goals• High standards of personal integrity and

reliability• Keen awareness of strengths and weaknesses• Coldly realistic-don’t kid themselves• They believe in themselves

Entrepreneurs’ Enemies• Laziness• Fear• Blindness• Trying to prove …• Tendency to lie

Taking of the Enemies• Self awareness• Vision• Persistency• Will to do good

References

• Dr Nawawi B Mohd Jan• Burns, 199• Bill Bolton, 2000• Whybrow, 1999• Roberts, 1991• Kuratko and Hodgetts, 1998• David McClelland• Microsoft• Prof J Saboo