The The Entrepreneurial Entrepreneurial Dream:Dream:
Th P f E i l Thi kiTh P f E i l Thi kiThe Power of Entrepreneurial ThinkingThe Power of Entrepreneurial Thinking
“A pessimist sees the difficulty in every opportunity; A pessimist sees the difficulty in every opportunity; 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 EntrepreneurshipJim Moran Institute for Global EntrepreneurshipThe Florida State University
We live in a time of unprecedented change…We live in a time of unprecedented change…
We live in a time of unprecedented change…We live in a time of unprecedented change…
Knowledge and technology increasingly obsolesce.A l C l i i i i d h l i Accelerators: Cultivating innovation and human talent is indispensable.
Socio-economic changes occurring on a global scale, the pace of hich man e pect to increase e ponentiallpace of which many expect to increase exponentially.
Accelerators: Globalization, demographic shifts, and capital markets.
N h d d t l l b l h ll d New approaches needed to solve global challenges and old world problems.
Accelerators: Climate change, education, energy, healthcare and political stabilityand political stability.
Think about tomorrow’s challenges today …
We live in a time of unprecedented change…We live in a time of unprecedented change…
Historically, new technologies require many years to become a new standard but the pace of change has become a new standard, but the pace of change has 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:reach 25% of U.S. households are as follows:
Automobile = 56 yearsElectricity = 45 yearsTelephone 36 yearsTelephone = 36 yearsMicrowave = 31 yearsTelevision = 26 yearsI t t 23 Internet = 23 yearsCell phone = 14 years
And is expected to rapidly quicken in years to come …
We live in a time of unprecedented change…We live in a time of unprecedented change…
The rate of start-ups is at an all-time high; The rate of start ups is at an all time high; innovation has exploded.
The glamour of the Fortune 500 has worn The glamour of the Fortune 500 has worn off. Now, it is the INC 500, the FAST 500,…
Ours is an entrepreneurial societ and is Ours is an entrepreneurial society and is becoming more so … over 50% of young people want one day to have their own people want one day to have their own ventures.
The power of entrepreneurial thinkingThe power of entrepreneurial thinking
What makes a successful What makes a successful entrepreneur?
Seeing opportunity where Seeing opportunity where others don’t
Innovation: better, faster, ovat o : bette , aste , cheaper, easier
“Fire in the Belly”y
Willingness to take risks
Extreme work ethicExtreme work ethic
The power of entrepreneurial thinkingThe power of entrepreneurial thinking
There are those who make things happen -There are those who make things happen -
Those who watch things happen -
And those who ask what happened!
Translation:Translation:Lead, Follow, or Get out of the way!Lead, Follow, or Get out of the way!Lead, Follow, or Get out of the way!Lead, Follow, or Get out of the way!
The power of entrepreneurial thinkingThe power of entrepreneurial thinking
If you think you If you think you cancanIf you think you If you think you cancanor you or you think you think you can’tcan’tcan tcan t……you are you are probably probably rightright!!rightright!!
“Genius is one percent inspiration and ninety-nine percent perspiration.”
~ Thomas Alva Edison, American inventor, scientist, and businessman
The power of entrepreneurial thinkingThe power of entrepreneurial thinking
The greatest difficulty in The greatest difficulty in The greatest difficulty in The greatest difficulty in the world is not for people the world is not for people to accept new ideas, but to to accept new ideas, but to to accept new ideas, but to to accept new ideas, but to make them forget about make them forget about old ones.old ones.
“There is nothing more difficult to take in hand, more perilous to d t th t t k l d i th i t d ti f d conduct, than to take a lead in the introduction of a new order
of things, because the innovation has for enemies all those who have done well under the old conditions and lukewarm
defenders in those who may do well under the new.”f y~ Niccolò Machiavelli, Italian philosopher/writer and founder of modern political
science
The power of entrepreneurial thinkingThe power of entrepreneurial thinking
Idea StoppersIdea StoppersNaah … Can’t be done.
Yeah but if you did that just imagine how [fill Yeah, but if you did that just imagine how … [fill your favorite extreme or unlikely disaster].
Well that’s the dumbest thing I’ve ever heard.Well that s the dumbest thing I ve ever heard.
Forget it. We already tried that before … years ago.g
I don’t see anything wrong with the way we’re doing it now.g
Vexing questions about entrepreneurs…Vexing questions about entrepreneurs…
Are people ‘born to be entrepreneurs’?p p pIs there a prototype entrepreneur?Is every small business owner an Is every small business owner an entrepreneur?Are entrepreneurs different from managers?Are entrepreneurs different from managers?Can people be taught to be one?Is there a better time to pursue Is there a better time to pursue entrepreneurship?What makes for a successful entrepreneur?What makes for a successful entrepreneur?
Vexing questions about entrepreneurs…Vexing questions about entrepreneurs…
Are people ‘born to be entrepreneurs’?N Is there a prototype entrepreneur?No.
No. Is every small business owner an entrepreneurs?
Are entrepreneurs different from managers? Yes and No.Are entrepreneurs different from managers?
Can people be taught to be one? No, but their skills often differ from manager’s.
Is there a right time to be an entrepreneur? Yes and No.
Yes and No.What makes for a successful entrepreneur? Yes and No.
???
What makes for a successful entrepreneur?What makes for a successful entrepreneur?
Is it Is it Is it Is it Is it Is it Intelligence?Intelligence?
Is it Is it I it I it
Is it Is it RiskRisk--taking?taking?
Is it Is it Knowledge?Knowledge?
Is it Is it Motivation?Motivation?
Is it Is it Gender?Gender?
Is it Is it Family History?Family History?
Is it Is it P lit ?P lit ?Personality?Personality?
So, what are some So, what are some characteristics of successful entrepreneurs?characteristics of successful entrepreneurs?characteristics of successful entrepreneurs?characteristics of successful entrepreneurs?
P i f th b iPassion for the business.Vision and endless ideas.Customer focus: Must satisfy customer needs.Persevere through setbacks andfailures.Executional excellence: Translate creativity into action and generate
bl measurable returns.
Characteristics of successful entrepreneursCharacteristics of successful entrepreneurs
“The reasonable man (woman) adapts himself The reasonable man (woman) adapts himself (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).”
G B d Sh i d N b l P i i ~ George Bernard Shaw, received Nobel Prize in Literature in 1925
““The role of the entrepreneur is to stand up to all, to stand up to ridicule.”
~ Tom Peters, author of In Search of Excellence
Characteristics of successful entrepreneursCharacteristics of successful entrepreneurs
Entrepreneurship provides the dynamic that Entrepreneurship provides the dynamic that drives economies, communities, and organizations.organizations.
Not about absolute numbers of small businesses—but about entries and exitsbusinesses but about entries and exits.
Absent entrepreneurship, the result is not a static state there is decline over timestatic state—there is decline over time.
Characteristics of successful entrepreneursCharacteristics of successful entrepreneurs
The at-risk entrepreneur is the one that pis not prepared for the entrepreneurial age.g
And what about you?And what about you?
What do we know about you as developing What do we know about you as developing entrepreneurs?
You are talented.You are talented.
You are dedicated to task.
You are purposefulYou are purposeful.
You are committed to personal growth and developmentdevelopment.
Keep in mind that sharing your thoughts about entrepreneurship helps all of usabout entrepreneurship helps all of us.
The ‘art’ of getting started …The ‘art’ of getting started …
1. Make meaning.1. Make meaning.
2.Make mantra.
Get going3.Get going.
4.Define your business d lmodel.
5.Weave a MAT (milestones, assumptions, and tasks).
1 1 -- Make MeaningMake Meaning
Among the meanings of meaning:Among the meanings of meaning:Make the world a better place.
Increase the quality of lifeIncrease the quality of life.
Right a terrible wrong.
Prevent the end of something goodPrevent the end of something good.
Exercise: Complete this sentence: “If your organization never existed the world would organization never existed, the world would be worse off because _______________.”
2 2 -- Make MantraMake Mantra
A mantra is:“A sacred verbal formula repeated in prayer, mediation, or incantation, such as the invocation of a god, a magic spell, or a syllable or portion of scripture containing p , y b p p gmystical potentialities.”~Scott Bedbury, wrote A New Brand World: 8 Principles for Achieving Brand Leadership in the 21st Century
Don’t confuse mantras with tag lines. Taglines are for customers.
It’ id li f h th d t/ iIt’s a guideline for how they use your product/service.Mantras for employees.
It’s a guideline for what they do in their jobs.t s a gu de e o at t ey do t e jobs.Keep it short and sweet.
2 2 -- Make Mantra … which is better?Make Mantra … which is better?
“The mission of Southwest Airlines is dedication to the
“It’s better than d i i ”
– or –Airlines is dedication to the highest quality of Customer Service delivered with a sense of warmth friendliness
driving.”
of warmth, friendliness, individual pride, and Company Spirit.”
The Southwest Airlines Customer Service 'Experience' | CNN
2 2 -- Make Mantra … which is better?Make Mantra … which is better?
“The Coca-Cola Company exists to benefit and refresh
“Refresh the world.”– or –exists to benefit and refresh everyone it touches.”
2 2 -- Make Mantra … which is better?Make Mantra … which is better?
“The American Red Cross, a humanitarian organization led
“Stop suffering.”– or –humanitarian organization led by volunteers and guided by its Congressional Charter and the Fundamental Principles of the p fInternational Red Cross Movement, will provide relief to victims of disasters and help people prevent, prepare for, and respond to emergencies.”
2 2 -- Make Mantra … which is better?Make Mantra … which is better?
“Our mission is to improve the health of babies by preventing
“Save babies.”– or –health of babies by preventing birth defects, premature birth, and infant mortality. We carry out this mission through research, community services, education and g , 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.”
2 2 -- Make Mantra … which is better?Make Mantra … which is better?
“The mission of the United States Air Force is to deliver
“Kick butt in air and ”
– or –States Air Force is to deliver sovereign options for the defense of the United States of America and its global
space.”
America and its global interests—to fly and fight in Air, Space, and Cyberspace.”
2 2 -- Make MantraMake Mantra
Good examples:Good examples:Authentic athletic performance (Nike).
Fun family entertainment (Disney)Fun family entertainment (Disney).
Rewarding everyday moments (Starbucks).
Think (IBM)Think (IBM).
Fun food arms reach (Frito Lay).
E i Thi k b t i ti ’ Exercise: Think about your organization’s mantra; how will it serve your customers?
3 3 -- Get GoingGet Going3 3 -- Get GoingGet Going
Key principles:Key principles:Find a few soulmates.Think big.
Jeff Bezos didn’t simply replicate Barnes & Noble when he
Find a few soulmates.Think big.
Jeff Bezos didn’t simply replicate Barnes & Noble when he Jeff Bezos didn t simply replicate Barnes & Noble when he launched Amazon.com, he completely transformed the shopping experience.
Polarize people – you don’t have to please EVERYONE.
Jeff Bezos didn t simply replicate Barnes & Noble when he launched Amazon.com, he completely transformed the shopping experience.
Polarize people – you don’t have to please EVERYONE. Polarize people you don t have to please EVERYONE. It is likely better to be last on nine lists and 1st on one list than 2nd on 10 lists.
Design something different
Polarize people you don t have to please EVERYONE. It is likely better to be last on nine lists and 1st on one list than 2nd on 10 lists.
Design something differentDesign something different.“In the beginning, I looked around and, not finding the automobile of my dreams, decided to build it myself.”~ Ferdinand Porsche an Austro-Hungarian automotive engineer
Design something different.“In the beginning, I looked around and, not finding the automobile of my dreams, decided to build it myself.”~ Ferdinand Porsche an Austro-Hungarian automotive engineer Ferdinand Porsche, an Austro Hungarian automotive engineer Ferdinand Porsche, an Austro Hungarian automotive engineer
44-- Define Your Business Model andDefine Your Business Model and5 5 -- Weave a MATWeave a MAT5 5 Wea e a Wea e a
Among the different activities you will be Among the different activities you will be involved with during the EBV program this week, you will:week, you will:1. Make meaning.
2. Make mantra.
3 Get going3. Get going.
4. Define your business model.
5 Weave a MAT 5. Weave a MAT (milestones, assumptions, and tasks).
Final Thoughts … what is your dream?Final Thoughts … what is your dream?
Learn to crawl, before you walk.Remember that entrepreneurship is:
It’s a way of thinking.It’ f tiIt’s a way of acting.It requires navigating lots of different social and professional contexts.But it also requires an understanding of personal issues, family life, etc.
The hardest thing about getting started is getting started … g gAre you ready for the journey?