opportunity recognition

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How Business Management benefit from

Entrepreneurship

Opportunities recognition

Matthijs HammerSenior lecturer Entrepreneurship

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Evolution of Business models

majority of the business management models stay unchanged. E.g.:•Abell (Abell &Hammond, 1979)

•Deming (Deming, 1982)

•Mc Gregor (McGregor, 1960)

•Mintzberg (Mintzberg, 1979)

•Porter (Porter, 1980)

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new ventures, small businesses andentrepreneurship are a major factor on economic growth (Ahmad &

Seymour, 2008; Gries & Naudé, 2009; Schumpeter, 1934; Sijgers, Hammer, ter Horst, Nieuwenhuis, & van der Sijde, 2005; Thurik & Wennekers, 2004; Wennekers & Thurik, 1999).

Evolution on economic development

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Example

See possibilities Tackle opportunities

Know where to find it.

Successful applicatio

n

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• 0• 2• 4• 6• 8• 10

O.K.

Not O.K.

Item Figure PerceptionItem Figure PerceptionData

Knowledge

Information

Competent Behaviour

Sense

Innovative

• 3• 5• 8• 10

Source: N. Vloon, 2002

Can successful apply

Successful application resulting in competitive advantage.

Perception from Perception from industryindustry

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Knowledge / Application ?Knowledge / Application ?

CanKnow

Weight in the curricula

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Principles of effectuations

decision making heuristics learned by expert entrepreneurs in uncertain, disruptive situations

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8

Means. The basis for decisionsand new opportunities:

– Who I am– What I know– Whom I know

Goals vs meansGoals. Given (based on predictions)

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9

Affordable Loss. Calculate downside potential and risk no more than you can afford to lose.

Risk, Return and Resources

Expected Return. Calculate upsidePotential and pursue the(risk adjusted) best opportunity.

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10

Partnership. Build your “future” together with customers, suppliers and even prospective

competitors.

Attitude toward othersCompetition. Set up transactional

relationships with customers andsuppliers.

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11

Surprise

• Leverage Surprises.Surprises can present new opportunities.

• Avoid Surprises.

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12

Underlying logic & what to do

To the extent we can predict the future, we can control it.

PLAN

To the extent we can control the future, we don’t need to predict it.

CO-CREATE

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Difference in development

Falcon

GooseGoose

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Conclusion

The adoption of an entrepreneurial approach of the learning process and the knowledge of entrepreneurial methodologies as effectuation seems to be practical aspects to start.

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Thank you for your attention

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For more information, suggestions or cooperation, do

not hesitate to contact:

m.h.m.hammermsc@saxion.nl