MBAX 6100 Entrepreneurship - PowerPoint PPT Presentation

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MBAX 6100 Entrepreneurship

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Describes the entrepreneur's background, motivations for starting the venture, ... What have you learned about your own potential to be an entrepreneur? ... – PowerPoint PPT presentation

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Title: MBAX 6100 Entrepreneurship


1
MBAX 6100Entrepreneurship Small Business
Management
  • Frank MoyesLeeds College of Business
  • University of ColoradoBoulder, Colorado
  • Progress depends upon unreasonable men.
  • GB Shaw

2
Todays Agenda
  • Entrepreneurial Manager
  • Case Crunch
  • Entrepreneur Interview
  • Tonight 600 Business Plan Competition Whitemyer
  • NREL trip Feb 2nd at 200

3
Entrepreneur Interview
  • Choose person in an area of interest
  • 3 years in business, 5 employees
  • See website for assignment questionnaire
  • Visit their office or facility
  • Observe/talk to customers
  • In depth interview get beyond the hype and
    self-promotion
  • Take one hour after interview to draw conclusions

4
Interview Paper
  • Write a 6-page 1.5 spaced paper
  • Describes the entrepreneurs background,
    motivations for starting the venture, challenges
    in growing the venture
  • Evaluates the value proposition (target market,
    product/service description and unique benefit)
  • Conclusion what makes the company successful
    (or not)? What are your recommendations for
    improvement?
  • Discuss how the findings of the interview apply
    or are meaningful to you. What have you learned
    about your own potential to be an entrepreneur?
  • Objective is to drill down into the company and
    thoroughly understand the entrepreneur and how
    s/he does business

5
Entrepreneurial Manager
  • Characteristics traits
  • Different types of entrepreneurs
  • Entrepreneurs vs. small business

6
Entrepreneurial Characteristics
0
  • Motivated by achievement
  • Innovation creativity
  • Internal locus of control
  • Risk-taking
  • Tolerance for ambiguity
  • Sense of independence
  • Passion
  • Traits of entrepreneurs are closest to juvenile
    delinquents.

7
What Traits Should Be Avoided?
0
  • Invulnerability
  • Being Macho
  • Being Authoritarian
  • Impulsivity
  • Outer control
  • Perfectionist
  • Know it all
  • Counterdepency

Timmons New Venture Creation
8
What Assets are Required?
0
  • Network
  • Supporting spouse
  • Financial resources
  • Optimism

9
What Experience Is Required?
  • Accounting
  • Recruiting hiring
  • Selling
  • Financial projections
  • Cash flow management
  • Naming a product
  • Choosing office decor

10
Do You Have the Right Stuff?
0
  • Are you a self starter?
  • Can you go 6 months to 2 years without getting
    paid?
  • Are you willing to give up vacations, weekends
    and evenings?
  • Are you a decision maker?
  • Are you a people person?
  • Do you handle rejection well?
  • Do you think will on your feet?
  • Do you like to sell?
  • Do you handle crisis well?
  • Would you be able to fire someone?
  • Do you want total responsibility and
    accountability?

MD Csordos, 35 Business Lessons for Entrepreneurs
11
Types of Entrepreneurs
0
  • Personal achiever
  • Super-salesperson
  • Real manager
  • Expert Idea Generator

JB Minor, Four Routes to Entrepreneurial Success
12
Personal Achiever (classic entrepreneur)
  • Need for high achievement
  • Need for performance feedback
  • Desire to plan and set goals
  • Strong individual initiative
  • Strong personal commitment
  • Internal locus of control

JB Minor, Four Routes to Entrepreneurial Success
13
Super-Salesperson (caters to needs of customers)
  • Capacity to empathize
  • Social interaction and relationships are
    important
  • Need to have strong positive relationships with
    others
  • Sales force is critical
  • Background less education, more experience

JB Minor, Four Routes to Entrepreneurial Success
14
Real Manager (grow the venture)
  • Desire to be corporate leader
  • Desire to compete
  • Decisive
  • Desire of power
  • Desire to stand out in a crowd

JB Minor, Four Routes to Entrepreneurial Success
15
Expert Idea Generator (expertise creativity
innovator)
0
  • Desire to innovate
  • Love of ideas, curious
  • Belief that new products are crucial
  • Intelligence is the competitive advantage
  • Desire to avoid taking risks

JB Minor, Four Routes to Entrepreneurial Success
16
Types of Entrepreneurs
0
  • Personal Achiever
  • Super-Salesperson
  • Real Manager
  • Expert Idea Generator
  • Are there others?

17
Different Methods Used to Build Ventures
  • Independent innovators
  • Pattern multipliers expand concept through
    franchise or chains
  • Speculator buy and leverage, e.g. land
  • Consolidator industry roll up
  • Acquirers
  • Arbitrageur buy low and sell high

K Vesper, New Venture Strategies
18
0
Entrepreneurship Myths Realities
19
Entrepreneurs Are Born?
  • 100s of studies no entrepreneurial prototype
  • Environment, family and self-development are key
  • Why are some countries more entrepreneurial than
    others?
  • 50,000 chunks

There is no E gene.
20
Entrepreneurs are Gamblers?
0
  • May be the most risk adverse business people
  • Take calculated risks, after careful analysis.
    Try to
  • Minimize
  • Share risks (OPRs)

Entrepreneurs play poker, not slot machines.
21
Entrepreneurs Want to Be Their Own Boss?
0
  • But, you serve many masters
  • Customers
  • Suppliers
  • Investors bankers
  • Partners
  • Employees and their families
  • Community
  • Double-edged sword. Yes you can make your own
    decisions, but there is no-one telling you what
    to do.

22
Entrepreneurs Are Motivated by Money?
0
  • Survey of 500 male entrepreneurs
  • Money 6th out of 10 reasons
  • Survey of 113 female entrepreneurs
  • Money 11th out of 16 reasons
  • Desire to achieve, make a difference
  • But, they do like money. Why?

Money is a way to keep score
23
Why Start a Business?
  • Money
  • Job security
  • Lifestyle
  • Power
  • Health
  • Be your own boss
  • Joy of Winning
  • Fame
  • Values Beliefs
  • Get fired

24
Entrepreneurs are Lone Wolves?
  • Stereotype inventor working in his lab
  • Must have a quality management team
  • Visionary individual is the key
  • Entrepreneur cant do everything
  • Modify and adapt the vision
  • Its fun having people around you that you like

Lone wolf cant get funding
Entrepreneurs travel in packs
25
Entrepreneurship Requires Lots of Money?
  • Opportunity driven, not resource driven
  • Leverage resources other peoples (OPRs)
  • Too much money
  • Lack of discipline
  • Impulse spending

Businesses do not fail for lack of money
26
Entrepreneurs are Lucky
Yes!
27
Just Do It
0
Millions of people have an idea, but unless
they do something with it, their ideas arent
worth a damn. There are a lot of quacks and kooks
out there who claim they invented the Weed Eater,
and I dont doubt that there are some people who
genuinely thought of this idea--but what did they
do with it? Nothing. What do they deserve?
Nothing.
George C. Ballas,
inventor of Weed Eater
28
Next Weeks Class
  • Entry Strategy
  • Read BZ-11
  • Case ICEDELIGHTS
  • Feb 2 at 200pm NREL visit

29
Traits
  • Misfits traits of entrepreneurs are closest to
    juvenile delinquents
  • I have discovered that all human evil comes from
    this, mans being unable to sit still in a room.
    Blaise Pascal, philosopher and mathematician
  • Progress depends upon unreasonable men. GB Shaw
  • Entrepreneurs typically work half days. 12 hours
  • The greatest difficulty in the world is not for
    people to accept new ideas, but to forget old
    ones. John Maynard Keynes
  • If Im in control, Im probably going to slow.
    Mario Andretti
  • A man who wants to lead an orchestra must turn
    his back to the crowd.
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