Entrepreneurship Strategies and Resources

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EntrepreneurshipStrategies and Resources

• By
• Marc J. Dollinger

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Chapter 1A Framework forEntrepreneurship
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LETS ASK A QUESTION!
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What is Entrepreneurship?
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Different authors have different ideas!
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What is Entrepreneurship?
Knight(1921)
Schumpeter(1934)
Hoselitz(1952)
Cole(1959)
Stevenson, Roberts, Grousbeck(1989)
Hart,Stevenson, Dial(1995)
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Definiation of Entrepreneurship

• Knight(1921)
• Profits from bearing uncertainty and risk
• Schumpeter(1934)
• Carrying out of new combination of firm
  organization-new products, new services , new
  markets ,
• Cole(1959)
• Purposeful activity to initiate and develop a
  profit-oriented business

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Definiation of Entrepreneurship

• Casson(1982)
• Decisions and judgments about the coordination of
  scarce resources
• Stevenson,Roberts Grousbeck(1989)
• The pursuit of opportunity without regard to
  resources currently controlled
• Hart,Stevenson Dial(1995)
• The pursuit of opportunity without regard to
  resources currently controlled, but constrained
  by the founders, previous choices and industry
  related experience

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Entrepreneurship

• A definition of entrepreneurship includes
• Innovation
• Economic organization
• Growth during risk and/or uncertainty

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Entrepreneurs, Now and Then!
Then
Now

• Small-business founder True
  entrepreneur
• Boss
  Leader
• Lone Ranger
  Networker
• Secretive Open
• Self-reliant
  Inquisitive
• Seat of the pants Business
  plan
• Snap decisions
  Consensus
• Male ownership Mixed
  ownership

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Entrepreneurs, Now and Then!
Then
Now

• Idea Execution

In 1982, 80 of the CEOs of the Inc. 500
companies believed their companies success was
based on novel, unique , or proprietary ideas.
In 1992, 80 of the CEOs of the Inc. 500
companies said that the ideas for their companies
were ordinary , and that they owned their success
to superior execution.
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Entrepreneurs, Now and Then!
Then
Now
Knows the Trade Knows the Business
Eastern, one of the first airlines in the United
States , was founded by pilot Eddie Rickenbacker.
Federal Express, an overnight delivery service
utilizing airplanes, was developed from a
business plan written by Fred Smith while he was
studying for his MBA at Yale.
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Entrepreneurs, Now and Then!
Then
Now
Automation Innovation
Technology lets business automate the work people
had always done.
Technology lets people do things never done
before.
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One of the most important Theories concerning to
entrepreneurship is
Resource-Based Theory
But what does the Resource-Based Theory say?!
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The Resource-Based theory states that an
entrepreneur uses resources that are

• Rare

• valuable

• Hard to copy

• Have no good substitutes to obtain a sustainable
  competitive advantage

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Lets introduce a successful entrepreneur!
Sam Walton

• Sam Walton was born in 1918 and died in 1992. In
  between, he built the largest , most successful
  retail organization in the world (Wal-Mart) and
  became Americas richest person.
• His 10 well-known rules are considerable

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Sam Waltons 10 Best Rules

• Rule 1 commit to your business and believe in it

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Sam Waltons 10 Best Rules

• Rule 2 Share your profits with your partners
  (employees)

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Sam Waltons 10 Best Rules

• Rule 3 Motivate your partners , challenge them,
  and keep score.

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Sam Waltons 10 Best Rules

• Rule 4 Communicate everything!

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Sam Waltons 10 Best Rules

• Rule 5 Appreciate your associates with
  well-chosen words.

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Sam Waltons 10 Best Rules

• Rule 6 Celebrate your successes.

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Sam Waltons 10 Best Rules

• Rule 7 Listen to everyone and get them talking.

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Sam Waltons 10 Best Rules

• Rule 8 Exceed your customers expectation.

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Sam Waltons 10 Best Rules

• Rule 9 Control your expenses .

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Sam Waltons 10 Best Rules

• Rule 10 and the Most important One!

• BREAK ALL THE RULES.
• SWIM UPSTREAM.GO THE OTHER WAY.

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Hope to see you as an enthusiastic , Successful
and Motivated Entrepreneur!
Dr. M. Ahmadpour Dariani