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PowerPoint Presentation by Charlie CookThe University of West Alabama
Part I
The EntrepreneurialMindset in the 21stCentury
C H A P T E R 1
© 2009 South Western! a "art of Cen#a#e $earnin#% All ri#hts reserve&%
Entrepreneurship: Evolutionary
Development—RevolutionaryImpact
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Chapter ObjectivesChapter Objectives
1.1. To examine the historical development o To examine the historical development oentrepreneurshipentrepreneurship
2.2. To explore and de!un" the myths o To explore and de!un" the myths oentrepreneurshipentrepreneurship
#.#. To de$ne and explore the ma%or schools o To de$ne and explore the ma%or schools oentrepreneurial thou&htentrepreneurial thou&ht
'.'. To explain the process approaches to the study o To explain the process approaches to the study oentrepreneurshipentrepreneurship
(.(. To set orth a comprehensive de$nition o To set orth a comprehensive de$nition oentrepreneurshipentrepreneurship
).). To examine the Entrepreneurial Revolution ta"in& To examine the Entrepreneurial Revolution ta"in&place todayplace today
*.*. To illustrate today+s entrepreneurial environment To illustrate today+s entrepreneurial environment
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Entrepreneurs—Challen&in& theEntrepreneurs—Challen&in& the,n"no-n,n"no-n
EntrepreneursEntrepreneurs'e(o#ni)e o""ortunities where'e(o#ni)e o""ortunities whereothers see (haos or (onfusionothers see (haos or (onfusion
Are a##ressive (atalysts for Are a##ressive (atalysts for(han#e within the market"la(e(han#e within the market"la(e
Challen#e the unknown an&Challen#e the unknown an&(ontinuously (reate the future(ontinuously (reate the future
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Entrepreneurs versusEntrepreneurs versus/mall 0usiness -ners: Distinction/mall 0usiness -ners: Distinction
/mall 0usinesses -ners/mall 0usinesses -ners*ana#e their businesses by e+"e(tin# stable sales!*ana#e their businesses by e+"e(tin# stable sales!"rofits! an& #rowth"rofits! an& #rowth
EntrepreneursEntrepreneurs,o(us their efforts on innovation! "rofitability an&,o(us their efforts on innovation! "rofitability an&sustainable #rowthsustainable #rowth
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Entrepreneurship: MindsetEntrepreneurship: Mindset
Entrepreneurship is more than the mereEntrepreneurship is more than the merecreation o !usiness:creation o !usiness:
Seekin# o""ortunitiesSeekin# o""ortunities
Takin# risks beyon& se(urityTakin# risks beyon& se(urity-avin# the tena(ity to "ush an i&ea throu#h to reality-avin# the tena(ity to "ush an i&ea throu#h to reality
Entrepreneurship is an inte&rated conceptEntrepreneurship is an inte&rated concept
that permeates an individual+s !usiness inthat permeates an individual+s !usiness inan innovative manner.an innovative manner.
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The Evolution o Entrepreneurship The Evolution o Entrepreneurship
Entrepreneur is derived rom the 3renchEntrepreneur is derived rom the 3renchentreprendreentreprendre 4 meanin& 5to underta"e.64 meanin& 5to underta"e.6
TheThe entrepreneur entrepreneur is one who un&ertakes to or#ani)e!is one who un&ertakes to or#ani)e!mana#e! an& assume the risks of a business%mana#e! an& assume the risks of a business%
Althou#h no sin#le &efinition of entre"reneur e+ists Althou#h no sin#le &efinition of entre"reneur e+istsan& no one "rofile (an re"resent to&ay.s entre"reneur!an& no one "rofile (an re"resent to&ay.s entre"reneur!resear(h is "rovi&in# an in(reasin#ly shar"er fo(us onresear(h is "rovi&in# an in(reasin#ly shar"er fo(us onthe sub/e(t%the sub/e(t%
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/ummary Description /ummary Descriptiono Entrepreneurshipo Entrepreneurship
Entrepreneurship 7Ro!ert C. Ronstadt8Entrepreneurship 7Ro!ert C. Ronstadt8The &ynami( "ro(ess of (reatin# in(remental wealth%The &ynami( "ro(ess of (reatin# in(remental wealth%
This wealth is (reate& by in&ivi&uals who assumeThis wealth is (reate& by in&ivi&uals who assumema/or risks in terms of e uity! time! an&1or (areerma/or risks in terms of e uity! time! an&1or (areer(ommitment of "rovi&in# value for a "ro&u(t or(ommitment of "rovi&in# value for a "ro&u(t orservi(e%servi(e%
The "ro&u(t or servi(e itself may or may not be newThe "ro&u(t or servi(e itself may or may not be newor uni ue but the entre"reneur must somehow infuseor uni ue but the entre"reneur must somehow infusevalue by se(urin# an& allo(atin# the ne(essary skillsvalue by se(urin# an& allo(atin# the ne(essary skillsan& resour(es%an& resour(es%
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n Inte&rated De$nitionn Inte&rated De$nition
EntrepreneurshipEntrepreneurship A &ynami( "ro(ess of vision! (han#e! an& (reation% A &ynami( "ro(ess of vision! (han#e! an& (reation%
'e uires an a""li(ation of ener#y an& "assion towar&s the'e uires an a""li(ation of ener#y an& "assion towar&s the(reation an& im"lementation of new i&eas an& (reative(reation an& im"lementation of new i&eas an& (reativesolutions%solutions%
3ssential in#re&ients in(lu&e43ssential in#re&ients in(lu&e4The willin#ness to take (al(ulate& risksThe willin#ness to take (al(ulate& risks 55 in terms of time!in terms of time!e uity! or (areer%e uity! or (areer%
The ability to formulate an effe(tive venture team6 the (reativeThe ability to formulate an effe(tive venture team6 the (reativeskill to marshal nee&e& resour(es%skill to marshal nee&e& resour(es%The fun&amental skills of buil&in# a soli& business "lan%The fun&amental skills of buil&in# a soli& business "lan%
The vision to re(o#ni)e o""ortunity where others see (haos!The vision to re(o#ni)e o""ortunity where others see (haos!(ontra&i(tion! an& (onfusion%(ontra&i(tion! an& (onfusion%
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Figure1.1 Entrepreneurial /choolsAo AThou&ht pproach
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Table1.1 3inancial nalysis Emphasis
+enture Stage inan ia Consi"eration e ision
Start u" ora( uisition
See& (a"ital:enture (a"ital sour(es
Pro(ee& or aban&on
;n#oin# Cash mana#ementInvestments,inan(ial analysis an&
evaluation
*aintain! in(rease! orre&u(e si)e
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Micro Bie-: Internal ;ocus o ControlMicro Bie-: Internal ;ocus o Control7cont+d87cont+d8
The Entrepreneurial Trait /chool o Thou&ht The Entrepreneurial Trait /chool o Thou&ht,o(uses on i&entifyin# traits (ommon to su((essful,o(uses on i&entifyin# traits (ommon to su((essfulentre"reneurs%entre"reneurs%
A(hievement! (reativity! &etermination! an& te(hni(al A(hievement! (reativity! &etermination! an& te(hni(alknowleeknowlee
The Benture pportunity /chool o Thou&ht The Benture pportunity /chool o Thou&ht,o(uses on the o""ortunity as"e(t of venture,o(uses on the o""ortunity as"e(t of venture&evelo"ment&evelo"ment 5t5t he sear(h for i&ea sour(es! thehe sear(h for i&ea sour(es! the
&evelo"ment of (on(e"ts! an& the im"lementation of&evelo"ment of (on(e"ts! an& the im"lementation ofventure o""ortunities%venture o""ortunities%Corridor principle:Corridor principle: =ew "athways or o""ortunities will arise=ew "athways or o""ortunities will arisethat lea& entre"reneurs in &ifferent &ire(tions%that lea& entre"reneurs in &ifferent &ire(tions%
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Table1.2 De$nitions nd Criteria ne pproach To TheMicro Bie-
Entrepreneuria
/o"e efinition /easures uestions>?reat Person@ >3+traor&inary A(hievers@ Personal "rin(i"les
Personal histories3+"erien(es
What "rin(i"les &o you haveWhat are youra(hievements
Psy(holo#i(alChara(teristi(s
,oun&er Control over the meansof "ro&u(tion
$o(us of (ontrolToleran(e of ambi#uity=ee& for a(hievement
What are your values
Classi(al Peo"le who make innovationsbearin# risk an& un(ertainty>Creative &estru(tion@
So(ial ar(hite(t@Promotion an& "rote(tionof values
Attitu&es! styles*ana#ement of "eo"le
-ow &o you mana#e "eo"le
Intra"reneurshi" Those who "ull to#etherto "romote innovation
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Micro Bie- 7cont+d8Micro Bie- 7cont+d8
The /trate&ic 3ormulation /chool o The /trate&ic 3ormulation /chool o Thou&ht Thou&ht3m"hasi)es the "lannin# "ro(ess in su((essful3m"hasi)es the "lannin# "ro(ess in su((essfulventure &evelo"ment%venture &evelo"ment%
Ronstadt+s Bie-Ronstadt+s Bie-Strate#i( formulation is a levera#in# of uni ueStrate#i( formulation is a levera#in# of uni ueelements4elements4
Uni ue *arketsUni ue *arkets 55 mountain #a" strate#iesmountain #a" strate#ies
Uni ue Peo"leUni ue Peo"le 55 #reat (hef strate#ies#reat (hef strate#ies
Uni ue Pro&u(tsUni ue Pro&u(ts 55 better wiet strate#iesbetter wiet strate#ies
Uni ue 'esour(esUni ue 'esour(es 55 water well strate#ieswater well strate#ies
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rocess pproaches to Entrepreneurshiprocess pproaches to Entrepreneurship
Inte&rative pproachInte&rative pproach7uilt aroun& the (on(e"ts of in"uts to the7uilt aroun& the (on(e"ts of in"uts to theentre"reneurial "ro(ess an& out(omes from theentre"reneurial "ro(ess an& out(omes from theentre"reneurial "ro(ess%entre"reneurial "ro(ess%
,o(uses on the entre"reneurial "ro(ess itself an&,o(uses on the entre"reneurial "ro(ess itself an&i&entifies five key elements that (ontribute to thei&entifies five key elements that (ontribute to the"ro(ess%"ro(ess%
Provi&es a (om"rehensive "i(ture re#ar&in# theProvi&es a (om"rehensive "i(ture re#ar&in# thenature of entre"reneurshi" that (an be a""lie& atnature of entre"reneurshi" that (an be a""lie& at&ifferent levels%&ifferent levels%
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Figure1.2 n Inte&rative Model o Entrepreneurial Inputsand utcomes
Source: *i(hael -% *orris! P% $ewis! an& 'e(on(e"tuali)in# 3ntre"reneurshi"4
An In"ut ;ut"ut Pers"e(tive!@ SAM Advanced Management Journal D9! no% 8Winter 99F 4 2 GH %
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rocess pproaches 7cont+d8rocess pproaches 7cont+d8
Entrepreneurial ssessment pproachEntrepreneurial ssessment pproachStresses makin# assessments ualitatively!Stresses makin# assessments ualitatively!
uantitatively! strate#i(ally! an& ethi(ally in re#ar& touantitatively! strate#i(ally! an& ethi(ally in re#ar& tothe entre"reneur! the venture! an& the environmentthe entre"reneur! the venture! an& the environment
Multidimensional pproachMultidimensional pproach:iews entre"reneurshi" as a (om"le+!:iews entre"reneurshi" as a (om"le+!multi&imensional framework that em"hasi)es themulti&imensional framework that em"hasi)es thein&ivi&ual! the environment! the or#ani)ation! an& thein&ivi&ual! the environment! the or#ani)ation! an& theventure "ro(ess%venture "ro(ess%
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Figure1.# Entrepreneurial ssessment pproach
Source: 'obert C% 'onsta&t! Entrepreneurship 8
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ur Entrepreneurial Economy—ur Entrepreneurial Economy— The Environment or Entrepreneurship The Environment or Entrepreneurship
Entrepreneurship is the sym!ol o !usinessEntrepreneurship is the sym!ol o !usinesstenacity and achievement.tenacity and achievement.
Entrepreneurs are the pioneers o today+sEntrepreneurs are the pioneers o today+s!usiness successes.!usiness successes.
T-o perspectives on entrepreneurship: T-o perspectives on entrepreneurship:Statisti(al4Statisti(al4 numbers that em"hasi)e the im"ortan(e ofnumbers that em"hasi)e the im"ortan(e ofentre"reneurs to the e(onomy%entre"reneurs to the e(onomy%
A(a&emi(4 A(a&emi(4 tren&s in entre"reneurial resear(h an&tren&s in entre"reneurial resear(h an&e&u(ation%e&u(ation%
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redominance o 9e- Benturesredominance o 9e- Benturesin the Economyin the Economy
Entrepreneurial ctivity: @ro-th in /mallEntrepreneurial ctivity: @ro-th in /mall0usinesses0usinesses
=ew business in(or"orations avera#e E00!000 "er=ew business in(or"orations avera#e E00!000 "eryear over the "ast &e(a&e%year over the "ast &e(a&e%There are over 2D million small businesses6 theThere are over 2D million small businesses6 thenumber (ontinues to #row 2J annually%number (ontinues to #row 2J annually%;ne of every D0 a&ults "arti(i"ates in the foun&in# of;ne of every D0 a&ults "arti(i"ates in the foun&in# ofa new firm ea(h year%a new firm ea(h year%
A""ro+imately E00!000 to 00!000 are a&&e& ea(h A""ro+imately E00!000 to 00!000 are a&&e& ea(hyear%year%
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E ects o EntrepreneurshipE ects o Entrepreneurship
The @lo!al Entrepreneurship Monitor 7@EM8 The @lo!al Entrepreneurship Monitor 7@EM8Provi&es an annual assessment of the entre"reneurialProvi&es an annual assessment of the entre"reneurialenvironment of F2 (ountries%environment of F2 (ountries%$atest ?3* stu&y4 the U%S% outranks the rest of the$atest ?3* stu&y4 the U%S% outranks the rest of the
worl& in im"ortant entre"reneurial su""ort%worl& in im"ortant entre"reneurial su""ort%Entrepreneurs lead to &ro-th !y:Entrepreneurs lead to &ro-th !y:
3nterin# an& e+"an&in# e+istin# markets%3nterin# an& e+"an&in# e+istin# markets%Creatin# entirely new markets by offerin# innovativeCreatin# entirely new markets by offerin# innovative"ro&u(ts%"ro&u(ts%In(reasin# &iversity an& fosterin# minority "arti(i"ationIn(reasin# &iversity an& fosterin# minority "arti(i"ationin the e(onomy%in the e(onomy%
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Entrepreneurs in the ,nited /tatesEntrepreneurs in the ,nited /tates
Reasons or the exceptional entrepreneurialReasons or the exceptional entrepreneurialactivity in the ,./. include:activity in the ,./. include: A national (ulture that su""orts risk takin# an& A national (ulture that su""orts risk takin# an&seekin# o""ortunities%seekin# o""ortunities%
Ameri(ans. alertness to une+"loite& e(onomi( Ameri(ans. alertness to une+"loite& e(onomi(o""ortunity an& a low fear of failure%o""ortunity an& a low fear of failure%
U%S% lea&ershi" in entre"reneurshi" e&u(ation at bothU%S% lea&ershi" in entre"reneurshi" e&u(ation at boththe un&er#ra&uate an& #ra&uate level%the un&er#ra&uate an& #ra&uate level%
A hi#h "er(enta#e of in&ivi&uals with "rofessional! A hi#h "er(enta#e of in&ivi&uals with "rofessional!te(hnolo#i(al or business &e#rees who are likely tote(hnolo#i(al or business &e#rees who are likely tobe(ome entre"reneurs%be(ome entre"reneurs%
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The &e o @aFelles The &e o @aFelles
5@aFelle6 5@aFelle6 A business establishment with at least 20J sales A business establishment with at least 20J sales#rowth in ea(h year for five years! startin# with a base#rowth in ea(h year for five years! startin# with a baseof at least K 00!000 in annual sales%of at least K 00!000 in annual sales%
@aFelles as leaders in innovation:@aFelles as leaders in innovation:Pro&u(e twi(e as many "ro&u(t innovations "erPro&u(e twi(e as many "ro&u(t innovations "erem"loyee as &o lar#er firms%em"loyee as &o lar#er firms%-ave been res"onsible for DDJ of the innovations in-ave been res"onsible for DDJ of the innovations in
HE2 &ifferent in&ustries an& 9DJ of all ra&i(alHE2 &ifferent in&ustries an& 9DJ of all ra&i(alinnovations%innovations%;btain more "atents "er sales &ollar than &o lar#er;btain more "atents "er sales &ollar than &o lar#erfirms%firms%
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Table1.# Mytholo&y ssociated -ith @aFelles
1a e es are the goa of a entrepreneurs.1a e es re ei!e !enture apita .
1a e es 3ere ne!er 4i e.
1a e es are high-te h.
1a e es are g o5a .
Sour(e4 NFIB Small Business Polic !uide 8Washin#ton!
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/urvival o @aFelles/urvival o @aFelles
>o- many &aFelles surviveG>o- many &aFelles surviveGThe sim"le answer is >none%@ Sooner or later! allThe sim"le answer is >none%@ Sooner or later! all(om"anies wither an& &ie%(om"anies wither an& &ie%
The Common Myth o 3ailure: The Common Myth o 3ailure:DJ of all firms fail in the first year DJ of all firms fail in the first year 5i5i n a(tuality! aboutn a(tuality! about
half of all start u"s last between D an& L years%half of all start u"s last between D an& L years%
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Entrepreneurial 3irms+ ImpactEntrepreneurial 3irms+ Impact
Entrepreneurial components o the ,./.Entrepreneurial components o the ,./.Economy:Economy:
%% $ar#e firms have in(rease& "rofitability by returnin# to$ar#e firms have in(rease& "rofitability by returnin# totheir >(ore (om"eten(ies throu#h restru(turin# an&their >(ore (om"eten(ies throu#h restru(turin# an&
&ownsi)in#%&ownsi)in#%2%2% =ew entre"reneurial (om"anies have been=ew entre"reneurial (om"anies have been
blossomin# in new te(hnolo#ies an& new markets%blossomin# in new te(hnolo#ies an& new markets%
H%H%Thousan&s of smaller firms establishe& by women!Thousan&s of smaller firms establishe& by women!minorities! an& immi#rants have stren#thene& theminorities! an& immi#rants have stren#thene& thee(onomy%e(onomy%
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Entrepreneurial 3irms+ Impact Cont+d8Entrepreneurial 3irms+ Impact Cont+d8
Entrepreneurial $rms ma"e t-oEntrepreneurial $rms ma"e t-oindispensa!le contri!utions to an economy:indispensa!le contri!utions to an economy:
%% They are an inte#ral "art of the renewal "ro(ess thatThey are an inte#ral "art of the renewal "ro(ess that"erva&es an& &efines market e(onomies%"erva&es an& &efines market e(onomies%
2%2% They are the essential me(hanism by whi(h millionsThey are the essential me(hanism by whi(h millionsenter the e(onomi( an& so(ial mainstream of so(iety%enter the e(onomi( an& so(ial mainstream of so(iety%
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21st Century Trends in Entrepreneurship21st Century Trends in EntrepreneurshipResearchResearch
+entureinan ing
So iaEntrepreneurship
CorporateEntrepreneurship
Tren"s inEntrepreneurship
Resear h
EntrepreneuriaCognition
1 o5aEntrepreneuria
/o!e4enta4i 6
7usinesses
Wo4enan" /inorit6
Entrepreneurs
EntrepreneuriaE"u ation
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21st Century Trends in Entrepreneurship21st Century Trends in EntrepreneurshipResearchResearch
Ma%or Research Themes:Ma%or Research Themes:"enture Financing "enture Financing 4 venture (a"ital an& an#el (a"ital finan(in#4 venture (a"ital an& an#el (a"ital finan(in#an& other finan(in# te(hni ues stren#thene& in the 990s%an& other finan(in# te(hni ues stren#thene& in the 990s%
Corporate EntrepreneurshipCorporate Entrepreneurship an& the nee& for entre"reneurialan& the nee& for entre"reneurial(ultures has &rawn in(rease& attention%(ultures has &rawn in(rease& attention%
Social EntrepreneurshipSocial Entrepreneurship has un"re(e&ente& stren#th within thehas un"re(e&ente& stren#th within thenew #eneration of entre"reneurs%new #eneration of entre"reneurs%
Entrepreneurial CognitionEntrepreneurial Cognition is "rovi&in# new insi#hts into theis "rovi&in# new insi#hts into the"sy(holo#i(al as"e(ts of the entre"reneurial "ro(ess%"sy(holo#i(al as"e(ts of the entre"reneurial "ro(ess%
#omen and Minorit Entrepreneurs#omen and Minorit Entrepreneurs a""ear to fa(e obsta(les an&a""ear to fa(e obsta(les an&&iffi(ulties &ifferent from those that other entre"reneurs fa(e%&iffi(ulties &ifferent from those that other entre"reneurs fa(e%
TheThe !lo$al Entrepreneurial Movement !lo$al Entrepreneurial Movement is in(reasin#%is in(reasin#%
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21st Century Trends 7cont+d821st Century Trends 7cont+d8
Ma%or Research Themes 7cont+d8:Ma%or Research Themes 7cont+d8:Famil BusinessesFamil Businesses have be(ome a stron#er fo(us of resear(h%have be(ome a stron#er fo(us of resear(h%
Entrepreneurial EducationEntrepreneurial Education has be(ome one of the hottest to"i(shas be(ome one of the hottest to"i(sin business an& en#ineerin# s(hools throu#hout the worl&%in business an& en#ineerin# s(hools throu#hout the worl&%
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Hey ConceptsHey Concepts
EntrepreneurshipEntrepreneurship A "ro(ess of innovation an& new venture (reation A "ro(ess of innovation an& new venture (reationthrou#h four ma/or &imensions5in&ivi&ual!throu#h four ma/or &imensions5in&ivi&ual!or#ani)ational! environmental! "ro(ess5that is ai&e&or#ani)ational! environmental! "ro(ess5that is ai&e&by (ollaborative networks in #overnment! e&u(ation!by (ollaborative networks in #overnment! e&u(ation!an& institutions%an& institutions%
EntrepreneurEntrepreneur A (atalyst for e(onomi( (han#e who uses "ur"oseful A (atalyst for e(onomi( (han#e who uses "ur"oseful
sear(hin#! (areful "lannin#! an& soun& /umentsear(hin#! (areful "lannin#! an& soun& /umentwhen (arryin# out the entre"reneurial "ro(ess%when (arryin# out the entre"reneurial "ro(ess%
8/18/2019 Entreprenural Mindset
33/34
8/18/2019 Entreprenural Mindset
34/34
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Hey Terms and ConceptsHey Terms and Concepts
!etter -id&et strate&ies!etter -id&et strate&iescorridor principlecorridor principledisplacement school odisplacement school othou&htthou&htentrepreneurentrepreneurentrepreneurial assessmententrepreneurial assessmentapproachapproachentrepreneurial mana&emententrepreneurial mana&ementEntrepreneurial RevolutionEntrepreneurial Revolutionentrepreneurial trait school oentrepreneurial trait school o
thou&htthou&htentrepreneurshipentrepreneurshipenvironmental school oenvironmental school othou&htthou&htexternal locus o controlexternal locus o control
$nancial capital school o$nancial capital school othou&htthou&ht&aFelle&aFelle&reat che strate&ies&reat che strate&iesinternal locus o controlinternal locus o control
macro vie- omacro vie- oentrepreneurshipentrepreneurshipmicro vie- omicro vie- oentrepreneurshipentrepreneurshipmountain &ap strate&iesmountain &ap strate&ies
strate&ic ormulation schoolstrate&ic ormulation schoolo thou&hto thou&htventure opportunity schoolventure opportunity schoolo thou&hto thou&ht-ater -ell strate&ies-ater -ell strate&ies
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