Who is an Entrepreneur?

Entrepreneur :Insane perseverancein the face of total rejection.

ENTREPRENEUR

A vision-driven individual who assumessignificant personal and financial risk

to start or expand a business.

What Is An Entrepreneur?

ENTREPRENEURSHIP

The pursuit of opportunitythrough innovation, creativity

and hard workwithout regard for

the resources currently controlled.

What Is An Entrepreneur?

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.)

Situational more than personality

AgeDistribution

forStarting Company

Who is an Entrepreneur?

Ability

Age

20 3025 35 4540

Flexibility

PerceivedCapability

Future Goals

Change Status Quo

Possible

Blocked

Who is an Entrepreneur?Manager’s Opportunities

SatisfiedmanagerEntrepreneur

Frustratedmanager

Classicbureaucrat

Who is an Entrepreneur?

X = Entrepreneur

Analytic

Amiable Expressive

High

Driving

X

X

XX

X

XX

X

X

XX

X

X

X

Swaine and TuckerThe Effective Entrepreneur

Assertiveness

Objectivity

High

Low

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

Opportunity(2)

Resources(4)

Team(3)

Creativity Leadership

Communication

Business PlanFits and gaps

Ambiguity Exogenous forces

Capital market contextUncertainty

Founder (1)

A belief that achievement of that state is possible

Recognizing a desired future state involving growth or change

What Is An Opportunity?

OPPORTUNITY

• 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

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

ENTREPRENEURSHIP

The pursuit of opportunitythrough innovation, creativity

and hard workwithout regard for

the resources currently controlled.

What Is An Entrepreneur?

ENLIGHTENED SERENDIPITY

– Being in the right place

– At the right time,

– Recognizing it, and

– Acting upon it,

– APPROPRIATELY and

– PASSIONATELY!!!