The Entrepreneurial Dream: The Power Of Entrepreneurial Thinking

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  • 1.The Entrepreneurial Dream:The PTh Power of Entrepreneurial ThinkingfEi l Thi kiA pessimist sees the difficulty in every opportunity;A an optimist sees the opportunity in every difficulty~ Sir Winston Churchill, UK Prime Minister (1940-45, 1951-55)Tim R. Holcomb, Ph.D. Assistant Professor of Strategy and Entrepreneurship and Executive Director of the Jim Moran Institute for Global Entrepreneurship The Florida State University

2. We live in a time of unprecedented change 3. We live in a time of unprecedented changeKnowledge and technology increasingly obsolesce. Accelerators: C l i i i A l Cultivating innovation and hi d human talent ilis indispensable. Socio-economic changes occurring on a global scale, the pace of which man expect to increase e ponentiallhich many e pectexponentially. Accelerators: Globalization, demographic shifts, and capital markets. New N approaches needed t solve global challenges andhd d to l l b l h ll d old world problems. Accelerators: Climate change, education, energy, healthcare and political stability stability.Think about tomorrows challenges today 4. We live in a time of unprecedented changeHistorically, new technologies require many years to become a new standard, but the pace of change hasstandard increased steadily since the turn of the 20th century. The number of years it took for the following technologies to reach 25% of U.S. households are as follows: US Automobile = 56 years Electricity= 45 years Telephone= 36 years Microwave= 31 years Television = 26 years Internet I t t= 23 years Cell phone = 14 yearsAnd is expected to rapidly quicken in years to come 5. We live in a time of unprecedented changeThe rate of start-ups is at an all-time high; start upsall time innovation has exploded. The glamour of the Fortune 500 has worn off. Now, it is the INC 500, the FAST 500, Ours is an entrepreneurial society and issociet becoming more so over 50% of young people want one day to have their own ventures. 6. The power of entrepreneurial thinkingWhat makes a successful entrepreneur?Seeing opportunity whereothers dontInnovation: bette , faster,ovat o : better, aste ,cheaper, easierFire in the Belly yWillingness to take risksExtreme work ethic 7. The power of entrepreneurial thinking There are those who make things happen - Those who watch things happen -And those who ask what happened!Translation:Lead, Follow, or Get out of the way! 8. The power of entrepreneurial thinking If you think you can or you think you can t cant t you are probably right! right!Genius is one percent inspiration and ninety-nine percent perspiration. ~ Thomas Alva Edison, American inventor, scientist, and businessman 9. The power of entrepreneurial thinking The greatest difficulty in the world is not for people to accept new ideas, but to make them forget about old ones.There is nothing more difficult to take in hand, more perilous to conduct, th t t k a l d i th i t d ti of a new order d t than to take lead in the introduction f d of things, because the innovation has for enemies all those whohave done well under the old conditions and lukewarm defenders in those who may do well under the new. fy ~ Niccol Machiavelli, Italian philosopher/writer and founder of modern politicalscience 10. The power of entrepreneurial thinkingIdea StoppersNaah Cant be done.Yeah,Yeah but if you did that just imagine how [fillyour favorite extreme or unlikely disaster].Well thats the dumbest thing I ve ever heard.that s IveForget it. We already tried that before yearsago. gI dont see anything wrong with the way weredoing it now. g 11. Vexing questions about entrepreneursAre people born to be entrepreneurs?p p p Is there a prototype entrepreneur? Is every small business owner an entrepreneur? Are entrepreneurs different from managers? Can people be taught to be one? Is there a better time to pursue entrepreneurship? What makes for a successful entrepreneur? 12. Vexing questions about entrepreneursAre people born to be entrepreneurs? No. N Is there a prototype entrepreneur? No. Is every small business owner an entrepreneurs? Yes and No. Are entrepreneurs different from managers? No, but their skills often differ from managers. Can people be taught to be one? Yes and No. Is there a right time to be an entrepreneur? Yes and No. What makes for a successful entrepreneur? ??? 13. What makes for a successful entrepreneur?Is itIs it Intelligence? Risk- Risk-taking?Is it IIs itMotivation?Knowledge? Is it Is it Gender?Family History?Is it Personality? Plit ? 14. So, what are some characteristics of successful entrepreneurs?Passion for th business. P i f the b i Vision and endless ideas. Customer focus: Must satisfy customer needs. Persevere through setbacks and failures. Executional excellence: Translate creativity into action and generate measurable returns. bl 15. Characteristics of successful entrepreneurs The reasonable man (woman) adapts himselfThe (herself) to the world. The unreasonable one persists in trying to adapt the world to himself (herself). Therefore, all progress depends on unreasonable men (and women). ~ George Bernard Sh G Bd Shaw, received N b l P i ii d Nobel Prize in Literature in 1925The role of the entrepreneur is to stand up to all, to stand upto ridicule.~ Tom Peters, author of In Search of Excellence 16. Characteristics of successful entrepreneursEntrepreneurship provides the dynamic that drives economies, communities, and organizations. Not about absolute numbers of small businesses but businessesbut about entries and exitsexits. Absent entrepreneurship, the result is not a static state there is decline over timestatethere time. 17. Characteristics of successful entrepreneurs The at-risk entrepreneur is the one that pis not prepared for the entrepreneurial gage. 18. And what about you?What do we know about you as developing entrepreneurs?You are talented.You are dedicated to task.You are purposefulpurposeful.You are committed to personal growth anddevelopment.development Keep in mind that sharing your thoughts about entrepreneurship helps all of us us. 19. The art of getting started 1. Make meaning. 2. Make mantra. 3. Get goinggoing. 4. Define your businessmodel. d l 5. Weave a MAT(milestones, assumptions, and tasks). 20. 1 - Make MeaningAmong the meanings of meaning: Make the world a better place. Increase the quality of life life. Right a terrible wrong. Prevent the end of something good good.Exercise: Complete this sentence: If yourorganization never existed, the world would existedbe worse off because _______________. 21. 2 - Make MantraA mantra is:A sacred verbal formula repeated in prayer, mediation,or incantation, such as the invocation of a god, a magicspell, or a syllable or p p , y bportion of scripture containing pgmystical potentialities.~Scott Bedbury, wrote A New Brand World: 8 Principles forAchieving Brand Leadership in the 21st CenturyDont confuse mantras with tag lines.Taglines are for customers.ItsIt a guideline for h id li f how th use your product/service. theyd t/ iMantras for employees.Its a guideline for what t ey do in t e jobs. t s gu de e o at they theirKeep it short and sweet. 22. 2 - Make Mantra which is better? The mission of Southwest or Its better than Airlines is dedication to the highest quality of Customerdriving.d i i Service delivered with a sense of warmth, friendlinesswarmth friendliness, individual pride, and Company Spirit.The Southwest Airlines Customer Service 'Experience' | CNN 23. 2 - Make Mantra which is better? The Coca-Cola Company or Refresh the world. exists to benefit and refresh everyone it touches. 24. 2 - Make Mantra which is better? The American Red Cross, a or Stop suffering. humanitarian organization led by volunteers and guided by its Congressional Charter and the Fundamental Principles of thepf International Red Cross Movement, will provide relief to victims of disasters and help people prevent, prepare for, and respond to emergencies. 25. 2 - Make Mantra which is better? Our mission is to improve the or Save babies. health of babies by preventing birth defects, premature birth, and infant mortality. We carry out this mission through research, community services, education andg, y , advocacy to save babies' lives. March of Dimes researchers, volunteers, educators, outreach workers and advocates work together to give all babies a fighting chance against the threats to their health: prematurity, birth defects, low birthweight. 26. 2 - Make Mantra which is better? The mission of the United or Kick butt in air and States Air Force is to deliver sovereign options for thespace. defense of the United States of America and its global intereststo fly and fight in Air, Space, and Cyberspace. 27. 2 - Make MantraGood examples:Authentic athletic performance (Nike).Fun family entertainment (Disney)(Disney).Rewarding everyday moments (Starbucks).Think (IBM)(IBM).Fun food arms reach (Frito Lay). Exercise: Thi k about your organizations Ei Think b ti ti mantra; how will it serve your customers? 28. 3 - Get GoingKey principles:Find a few soulmates.Think big.Jeff Bezos didnt simply replicate Barnes & Noble when he didn tlaunched, he completely transformed theshopping experience.Polarize people you don t have to please EVERYONE. dontIt is likely better to be last on nine lists and 1st on one listthan 2nd on 10 lists.Design something different different.In the beginning, I looked around and, not finding theautomobile of my dreams, decided to build it myself.~ Ferdinand Porsche, an Austro Hungarian automotive engineerPorsche Austro-Hungarian 29. 4- Define Your Business Model and 5 - Weave a MAT Wea eAmong the different activities you will be involved with during the EBV program this week, you will: 1. Make meaning. 2. Make mantra. 3. 3Get goinggoing.4. Define your business model. 5. 5Weave a MAT(milestones, assumptions, and tasks). 30. Final Thoughts what is your dream?Learn to crawl, before yo