why entrepreneurship?
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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
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• 4 Ms • Management• Markets• Money• Mystique
• Peer-to-peer learning• Experiential learning
Training to Improve Skills
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• 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
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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
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