Solvay Summer School 2010 - Part 1: The Entrepreneurial Process

25 %
75 %
Information about Solvay Summer School 2010 - Part 1: The Entrepreneurial Process
Business & Mgmt

Published on August 22, 2010

Author: olivierwitmeur

Source: slideshare.net

Description

Introduction course for the Solvay Summer School

Solvay European Summer School 2010 ENTREPRENEURSHIP Introduction: The Entrepreneurial Process Olivier Witmeur Bernheim Chair of Entrepreneurship

DESIRED OUTCOMES OF AN ENTREPRENEURSHIP COURSE Understand why entrepreneurship matters and is relevant to most of us. Introduce key-concepts and best practices in various entrepreneurial settings. Develop (your) entrepreneurial mindset … and/or take one step back More open questions than definitive answers! Have fun Solvay Summer School 2010 - Olivier Witmeur |

Understand why entrepreneurship matters and is relevant to most of us.

Introduce key-concepts and best practices in various entrepreneurial settings.

Develop (your) entrepreneurial mindset … and/or take one step back

More open questions than definitive answers!

Have fun

DESIRED OUTCOMES OF THIS SESSION What is entrepreneurship What are the key elements in entrepreneurship Who is an entrepreneur From idea to success: The entrepreneurial process Solvay Summer School 2010 - Olivier Witmeur |

What is entrepreneurship

What are the key elements in entrepreneurship

Who is an entrepreneur

From idea to success: The entrepreneurial process

AGENDA 09.00-09.15 Introduction 09.15-10.30 Case discussion: ‘John Roughneen’ 11.00-11.30 Lecture: ‘The Entrepreneur’ 11.30-12.00 Video: Rules for revolutionaries 12.00-12.30 Lecture: ‘Defining Entrepreneurship’ Solvay Summer School 2010 - Olivier Witmeur |

09.00-09.15 Introduction

09.15-10.30 Case discussion: ‘John Roughneen’

11.00-11.30 Lecture: ‘The Entrepreneur’

11.30-12.00 Video: Rules for revolutionaries

12.00-12.30 Lecture: ‘Defining Entrepreneurship’

HOW MANY SQUARES DO YOU SEE ? Solvay Summer School 2010 - Olivier Witmeur |

SUCCESSFULL START-UP : A CHALLENGE Solvay Summer School 2010 - Olivier Witmeur |

JOHN ROUGHNEEN CASE DISCUSSION

INITIAL QUESTIONS Be ready for a 5 minutes presentation Group A Do you think that John may be a good entrepreneur? What are is strengths and weaknesses? Group B What are the main issues ate this stage? How would you address them? What should John & Glen do next? | Solvay Summer School 2010 - Olivier Witmeur

Group A

Do you think that John may be a good entrepreneur?

What are is strengths and weaknesses?

Group B

What are the main issues ate this stage?

How would you address them? What should John & Glen do next?

About (the) entrepreneur(s)

MOTIVATIONS OF ENTREPRENEURS Typical answers cover: Feeling of freedom Ability to innovate Personal fulfillment linked to the management of a business Rejection of the employee status Rejection of big institutions Money … in case of success Social recognition Solvay Summer School 2010 - Olivier Witmeur |

Typical answers cover:

Feeling of freedom

Ability to innovate

Personal fulfillment linked to the management of a business

Rejection of the employee status

Rejection of big institutions

Money … in case of success

Social recognition

DIFFERENT VIEWS ON THE ENTREPRENEUR As a revolutionaire  Entrepreneurial leadership As a manager  Entrepreneurial management As a salesman As a team player Solvay Summer School 2010 - Olivier Witmeur |

As a revolutionaire  Entrepreneurial leadership

As a manager  Entrepreneurial management

As a salesman

As a team player

THE ENTREPRENEUR AS A REVOLUTIONNARY Anticipate change and deal with uncertainty Willing to take considered risk and trying to reduce it. Start without having all resources available Mobilize all resources available / Use of inter-personal network Financial commitment! Ready to get hands dirty Blurred frontiers between business and private life Not afraid to be alone and to be criticized even by family and friends Solvay Summer School 2010 - Olivier Witmeur |

Anticipate change and deal with uncertainty

Willing to take considered risk and trying to reduce it.

Start without having all resources available

Mobilize all resources available / Use of inter-personal network

Financial commitment!

Ready to get hands dirty

Blurred frontiers between business and private life

Not afraid to be alone and to be criticized even by family and friends

‘ ENTREPRENEURIAL LEADERSHIP’ Solvay Summer School 2010 - Olivier Witmeur | ENTREPRENEURIAL LEADERSHIP SKILLS Visionary Team player Motivate Communication Influence Firm but Fair Build Confidence & Trust Manage change Deal with ambiguity Flexible but Consistent

THE ENTREPRENEUR AS A MANAGER Work hard Time commitment !!! Specific skills gained from experience Realism, pragmatism, flexibility Accept failure Share success General management skills : Strategy Sales & Marketing Project management and planning Time management Finances Solvay Summer School 2010 - Olivier Witmeur |

Work hard

Time commitment !!!

Specific skills gained from experience

Realism, pragmatism, flexibility

Accept failure

Share success

General management skills :

Strategy

Sales & Marketing

Project management and planning

Time management

Finances

THE ENTREPRENEUR AS A SALESMAN Sales is absolutely essential To customers To the first employee To the business partners To the financial partners Customer-oriented culture is a key success factor: Start with customer’s needs Their needs, their vision, their situation, their constraints, their processes, their goals, … Match product/service and internal sales process to those needs Create close relationship (intimacy!) with customers Solvay Summer School 2010 - Olivier Witmeur |

Sales is absolutely essential

To customers

To the first employee

To the business partners

To the financial partners

Customer-oriented culture is a key success factor:

Start with customer’s needs

Their needs, their vision, their situation, their constraints, their processes, their goals, …

Match product/service and internal sales process to those needs

Create close relationship (intimacy!) with customers

THE ENTREPRENEUR AS A TEAMPLAYER Complementarities and balance The dream team = CEO + CTO + CFO Shared vision Clear job distribution and collaboration processes Performance driven, fault-tolerant No family links Solvay Summer School 2010 - Olivier Witmeur |

Complementarities and balance

The dream team = CEO + CTO + CFO

Shared vision

Clear job distribution and collaboration processes

Performance driven, fault-tolerant

No family links

THE DARK SIDE OF ENTREPRENEURS Obsession of control Suspicion, paranoia, … Oversized need for recognition Not always calm especially when things go wrong Genius or fool? They act the same! Solvay Summer School 2010 - Olivier Witmeur |

Obsession of control

Suspicion, paranoia, …

Oversized need for recognition

Not always calm especially when things go wrong

Genius or fool? They act the same!

TWO EXTREME ENTREPRENEURIAL STYLES ? Lifestyle entrepreneurs Self employed Balance lifestyle and business success 100 % ownership minded Do not seek growth as such Serial entrepreneurs Focus on opportunity harnessing Not control minded … prefer to use all available resources to grow as much as possible Start, exit & cash-in and do it again with a new project Solvay Summer School 2010 - Olivier Witmeur |

Lifestyle entrepreneurs

Self employed

Balance lifestyle and business success

100 % ownership minded

Do not seek growth as such

Serial entrepreneurs

Focus on opportunity harnessing

Not control minded … prefer to use all available resources to grow as much as possible

Start, exit & cash-in and do it again with a new project

VIDEO

10 RULES FOR REVOLUTIONARIES (Guy Kawasaki) Jump to the next curve Don’t worry, be crappy Churn, Baby, churn Break down barriers Make Evangelists, not sales Avoid death magnets Eat like a bird, poop like an elephant Think digital, act analog Don’t ask people to something that you wouldn’t Don’t let “bozosity” grind you down | Solvay Summer School 2010 - Olivier Witmeur

Jump to the next curve

Don’t worry, be crappy

Churn, Baby, churn

Break down barriers

Make Evangelists, not sales

Avoid death magnets

Eat like a bird, poop like an elephant

Think digital, act analog

Don’t ask people to something that you wouldn’t

Don’t let “bozosity” grind you down

The Entrepreneurial Process

DESIRED OUTCOMES OF THIS SESSION Challenge the logic of classical strategic thinking Introduce the logic of ‘Effectuation’ as a way ‘entrepreneurs’ make decision (different than traditional ‘managers’) Solvay Summer School 2010 - Olivier Witmeur |

Challenge the logic of classical strategic thinking

Introduce the logic of ‘Effectuation’ as a way ‘entrepreneurs’ make decision (different than traditional ‘managers’)

THE ENTREPRENEURIAL FRAMEWORK Solvay Summer School 2010 - Olivier Witmeur | Conviction Creativity Communication Fits & Gaps ENTREPRENEUR OPPORTUNITY RESOURCES CONTEXT Adaptation

ENTREPRENEURSHIP AS A PROCESS Individual variables: skill, profile, motivations… Group-level variables: reactions from customers, investors, potential employees… Societal-level variables: governmental policies, economic conditions… Solvay Summer School 2010 - Olivier Witmeur | Idea / Opportunity recognition Decision to proceed Analysing the project Assembling resources: team, € … Launch Build / Grow Harvest/Exit

Individual variables: skill, profile, motivations…

Group-level variables: reactions from customers, investors, potential employees…

Societal-level variables: governmental policies, economic conditions…

CLASSICAL LIFECYCLE Seed Start-up Expansion Early development Maturity Renewal | Solvay Summer School 2010 - Olivier Witmeur

EXAMPLES OF BUSINESS ISSUES EVOLUTION Solvay Summer School 2010 - Olivier Witmeur | Seed Start-up Early growth Team The founders. Most of the time the team is not balanced. Sales and techniques are in place. Finance may be outsourced. Every aspect is managed by a full time manager. Product Prototype geared to the main market needs. First version validated by customers. Ready for large scale distribution. Market research First comprehensive ongoing market research. Good knowledge of a first market niche. In depth knowledge of the customers and next market segments identified. Organization Purely informal Better role definition Dedicated management team and experienced boards. Customers relations Informal with innovators. Organized relationship with the first customers. Sales & Marketing processes ready to manage large numbers of customers. Financial needs Prototyping Market research Business planning Scaling up Sales & marketing Working capital Management

A DEFINITION OF ENTREPRENEURSHIP A way of thinking and acting that is opportunity obsessed, holistic in approach & leadership balanced… Thinking and acting Central role of the opportunity Take all aspects into consideration Need to be managed … for the purpose of value creation Value = value for the stakeholders Founders, team, investors, customers, society, … (J. Timmons) | Solvay Summer School 2010 - Olivier Witmeur

A way of thinking and acting that is opportunity obsessed, holistic in approach & leadership balanced…

Thinking and acting

Central role of the opportunity

Take all aspects into consideration

Need to be managed

… for the purpose of value creation

Value = value for the stakeholders

Founders, team, investors, customers, society, …

(J. Timmons)

OTHER DEFINITIONS The entrepreneurial process involves all the function, activities and actions associated with the perceiving of opportunities and the creation of organizations to pursue them (Bygrave & Hofer) The pursuit of opportunity beyond the resources you currently control. ( HBS working definition, Stevenson) | Solvay Summer School 2010 - Olivier Witmeur

The entrepreneurial process involves all the function, activities and actions associated with the perceiving of opportunities and the creation of organizations to pursue them

(Bygrave & Hofer)

The pursuit of opportunity beyond the resources you currently control.

( HBS working definition, Stevenson)

DEGREE OF ENTREPRENEURSHIP ? Solvay Summer School 2010 - Olivier Witmeur | Change New to founders High tech start-ups Franchisee Shops Take-over Buy Out Corporate Spin-offs Innovation Lawyers, Doctors, … . Adapted from Christian Bruyat, 1993 Value creation

DYNAMIC APPROACH OF ENTREPRENEURSHIP OPPORTUNITY TEAM RESOURCES | Solvay Summer School 2010 - Olivier Witmeur

Solvay Summer School 2010 - Olivier Witmeur | Q&A [email_address] www.olivier-witmeur.net

Add a comment

Related presentations

Related pages

The entrepreneurial process - Documents

The entrepreneurial process. by mrmuaz. on Jul 14, 2015. Report Category: Documents. Download: 0 Comment: 0. 102. views. Comments. Description. Download ...
Read more

Entrepreneurial Process | LinkedIn

Entrepreneurial Process. Articles ... Lecturer / Tutor Entrepreneurial Process (Sessional Lecturer - Part ... Harvard Law School - PON 2011, La Trobe ...
Read more

Solvay Brussels School of Economics and Management

Solvay Brussels School of Economics and Management provides quality learning experiences for all superior ... Solvay Summer School; Company Specific ...
Read more

Past Activities & Events - RSAEM | Solvay Brussels School ...

Home • Past Activities & Events ... April 1, 2010, UMMAD MAZHAR ... Solvay Summer School; Company Specific Programmes; Faculty.
Read more

Solvay S.A. - Solvay, asking more from chemistry

Solvay becomes the second largest player in composite materials for aerospace Solwatt® makes energy saving sustainable Solwatt® makes energy saving ...
Read more

Official Village of Solvay Website

Solvay High School Fields. Solvay Police Department 507 Charles Avenue Emergency Dial 911. Village of Solvay Library 615 Woods Road Solvay, NY 13209. ... 1 ...
Read more

Entrepreneurial Management | LinkedIn

Entrepreneurial Management Teaching Fellow at Harvard Business School ... Harvard Business School, University of Waterloo, University of Toronto Schools
Read more

Alain Fayolle - EMLYON Business School : Grande école de ...

... on the dynamics of entrepreneurial processes, ... at the Solvay Brussels School of Economics and ... Entrepreneurship and Job Insecurity : ...
Read more