mbax 6100 entrepreneurship & small business management
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MBAX 6100 Entrepreneurship & Small Business Management. Frank Moyes Leeds College of Business University of Colorado Boulder, Colorado. Today’s Agenda. Introductions Course organization Nature of entrepreneurship Role in society Defining Entrepreneurship NREL visit 2/2 Friday 1:30pm. - PowerPoint PPT PresentationTRANSCRIPT
Introduction to Entrepreneurship
MBAX 6100MBAX 6100
Entrepreneurship & Entrepreneurship &
Small Business ManagementSmall Business Management
MBAX 6100MBAX 6100
Entrepreneurship & Entrepreneurship &
Small Business ManagementSmall Business Management
Frank MoyesFrank MoyesLeeds College of Business Leeds College of Business University of ColoradoUniversity of ColoradoBoulder, ColoradoBoulder, Colorado
Introduction to Entrepreneurship
Today’s AgendaToday’s Agenda
IntroductionsIntroductions Course organizationCourse organization Nature of entrepreneurshipNature of entrepreneurship
Role in societyRole in society Defining EntrepreneurshipDefining Entrepreneurship
NREL visit 2/2 Friday 1:30pmNREL visit 2/2 Friday 1:30pm
Introduction to Entrepreneurship
Objectives of the CourseObjectives of the Course
Learn how to recognize and evaluate business Learn how to recognize and evaluate business opportunitiesopportunities
Understand the issues faced by entrepreneurs who Understand the issues faced by entrepreneurs who want to start their own business. want to start their own business.
Acquire skills and tools required to start a business.Acquire skills and tools required to start a business. Determine your own potential to be an entrepreneur
Introduction to Entrepreneurship
Really UnderstandReally Understand
What is a compelling Opportunity/Need What is a compelling Opportunity/Need How to determine the Value PropositionHow to determine the Value Proposition
Product/ServiceProduct/Service Target market Target market Unique benefitUnique benefit
What is a sustainable Competitive Advantage What is a sustainable Competitive Advantage
Introduction to Entrepreneurship
Required MaterialsRequired Materials
Bygrave & Zacharakis, Bygrave & Zacharakis, The Portable MBA in The Portable MBA in EntrepreneurshipEntrepreneurship
Mullins, Mullins, The New Business Road TestThe New Business Road Test Kawasaki, Kawasaki, The Art of the StartThe Art of the Start Course Packet Hand-outs in class: various articles and reading Hand-outs in class: various articles and reading
materialsmaterials
Introduction to Entrepreneurship
CommunicationsCommunications
[email protected]@colorado.edu Office Hours: Business Room 328AOffice Hours: Business Room 328A
Monday 4:00to 6:00pmMonday 4:00to 6:00pm Wednesday 4:00 to 5:30Wednesday 4:00 to 5:30 And by appointmentAnd by appointment
Website: Website: http://leeds-faculty.colorado.edu/moyeshttp://leeds-faculty.colorado.edu/moyes Communications: List ServeCommunications: List Serve
Introduction to Entrepreneurship
Course OrganizationCourse Organization
Readings: entrepreneurship concepts, practices and toolsReadings: entrepreneurship concepts, practices and tools Case studiesCase studies SpeakersSpeakers Evaluation & gradingEvaluation & grading
2 projects 2 projects Entrepreneur interviewEntrepreneur interview Feasibility PlanFeasibility Plan
Mid-term examMid-term exam Class participationClass participation
ExpectationsExpectations
Introduction to Entrepreneurship
Course TopicsCourse Topics
What is entrepreneurshipWhat is entrepreneurship Recognizing good opportunitiesRecognizing good opportunities Corporate entrepreneurshipCorporate entrepreneurship Funding entrepreneurial venturesFunding entrepreneurial ventures Legal issues & term sheetsLegal issues & term sheets Managing growth Managing growth HarvestingHarvesting Entrepreneurial ethicsEntrepreneurial ethics
Introduction to Entrepreneurship
What is Entrepreneurship?What is Entrepreneurship?
Introduction to Entrepreneurship
Historical DefinitionHistorical Definition
French term: people who provide men and materials to French term: people who provide men and materials to feudal lords.feudal lords.
Introduction to Entrepreneurship
Timmons's DefinitionTimmons's Definition
“ “Entrepreneurship is creating and building something of Entrepreneurship is creating and building something of value from practically nothing. That is, entrepreneurship is value from practically nothing. That is, entrepreneurship is the process of creating or seizing an opportunity and the process of creating or seizing an opportunity and pursuing it , regardless of resources presently controlled.” pursuing it , regardless of resources presently controlled.”
Jeffrey TimmonsJeffrey Timmons
Introduction to Entrepreneurship
Timmons's DefinitionTimmons's Definition
“ “Entrepreneurship is creating and building something of Entrepreneurship is creating and building something of valuevalue from practically nothing. That is, entrepreneurship is from practically nothing. That is, entrepreneurship is the process of creating or seizing an the process of creating or seizing an opportunityopportunity and and pursuing it ,regardless of pursuing it ,regardless of resourcesresources presently controlled.” presently controlled.”
Jeffrey TimmonsJeffrey Timmons
Introduction to Entrepreneurship
Economist’s DefinitionEconomist’s Definition
““The entrepreneur is the innovator who implements The entrepreneur is the innovator who implements change within markets through the carrying out of new change within markets through the carrying out of new combinations.” Schumpeter(1934) combinations.” Schumpeter(1934)
Later he calls it “creative destruction”. Later he calls it “creative destruction”.
Introduction to Entrepreneurship
Poetic DefinitionPoetic Definition
“ “Entrepreneurship is a state on mind, an artful, Entrepreneurship is a state on mind, an artful, insightful, and innovative mentality, not simply ‘business insightful, and innovative mentality, not simply ‘business administration’; it is a way of perceiving and exploiting administration’; it is a way of perceiving and exploiting opportunities wherever they may be found.” opportunities wherever they may be found.”
Unknown SourceUnknown Source
Introduction to Entrepreneurship
Poetic DefinitionPoetic Definition
“ “Entrepreneurship is a Entrepreneurship is a state on mindstate on mind, an artful, insightful, , an artful, insightful, and innovative mentality, not simply ‘business and innovative mentality, not simply ‘business administration’; it is a administration’; it is a way of perceiving and exploitingway of perceiving and exploiting opportunitiesopportunities wherever they may be found.” wherever they may be found.”
Unknown SourceUnknown Source
Introduction to Entrepreneurship
Corporate EntrepreneurshipCorporate Entrepreneurship
““Formal or informal activities aimed at creating new Formal or informal activities aimed at creating new businesses in established companies through product businesses in established companies through product and process innovations and market developments.” and process innovations and market developments.” ZahraZahra
“…“…centers on reenergizing and enhancing the firm’s centers on reenergizing and enhancing the firm’s ability to acquire innovative skulls and capabilities.” ability to acquire innovative skulls and capabilities.” Morris & KuratkoMorris & Kuratko
““Cost-effective innovation or intrapreneurship” PinchotCost-effective innovation or intrapreneurship” Pinchot
Introduction to Entrepreneurship
Who Are Entrepreneurs?Who Are Entrepreneurs?
Introduction to Entrepreneurship
Entrepreneurial CharacteristicsEntrepreneurial Characteristics
CreativityCreativity Risk-takingRisk-taking Need for achievementNeed for achievement Sense of independenceSense of independence Internal locus of controlInternal locus of control Tolerance for ambiguityTolerance for ambiguity
Introduction to Entrepreneurship
Who Are Entrepreneurs?Who Are Entrepreneurs?
“ “ Some are eccentrics; some painfully correct Some are eccentrics; some painfully correct nonconformists; some are fat, some are lean; some are nonconformists; some are fat, some are lean; some are warriors, some relaxed; some drink quite heavily, others warriors, some relaxed; some drink quite heavily, others abstain; some have great charm or warmth; some have abstain; some have great charm or warmth; some have no more personality than a frozen mackerel.”no more personality than a frozen mackerel.”
Peter Drucker
Introduction to Entrepreneurship
Who Are Entrepreneurs?Who Are Entrepreneurs?
“ “Entrepreneurs are societies rejects, instead of Entrepreneurs are societies rejects, instead of becoming hobos, criminals or professors, the start their becoming hobos, criminals or professors, the start their own business.” Thereauown business.” Thereau
Introduction to Entrepreneurship
How Does Start-up Process How Does Start-up Process Really Work?Really Work?
Entrepreneurial Process
Inspiration Goals
Plan FoolingAround
Doing
Plans
Mistakes
Failure Goals
Some OtherAction
Plan
ActionGoals
Inspiration
Inspiration SuccessPinchot & Pellman, Intrapreneurship in Action
Introduction to Entrepreneurship
Entrepreneurship ConclusionEntrepreneurship Conclusion
Opportunity drivenOpportunity driven Entrepreneurial characteristics, but no E-geneEntrepreneurial characteristics, but no E-gene MindsetMindset MessyMessy
Introduction to Entrepreneurship
Next Class Tuesday SectionNext Class Tuesday Section
Entrepreneurial ManagerEntrepreneurial Manager Assignment: Assignment:
Read B-Z Chapter 1 - The Entrepreneurial ProcessRead B-Z Chapter 1 - The Entrepreneurial Process Read M Chapter 6 – Mission, Personal Aspirations & Risk Read M Chapter 6 – Mission, Personal Aspirations & Risk
PropensityPropensity Read K-1 Chapter 1 – The Art of StartingRead K-1 Chapter 1 – The Art of Starting
Crunch case study – read & answer questionsCrunch case study – read & answer questions Questions for next week - Think of an entrepreneur that you Questions for next week - Think of an entrepreneur that you
know personally. What makes him or her an entrepreneur?know personally. What makes him or her an entrepreneur?