MBAX 6100 Entrepreneurship

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MBAX 6100Entrepreneurship Small Business
Management

• Frank MoyesLeeds College of Business
• University of ColoradoBoulder, Colorado

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Todays Agenda

• Introductions
• Course organization
• Nature of entrepreneurship
• Role in society
• Defining Entrepreneurship
• NREL visit 2/2 Friday 130pm

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Objectives of the Course

• Learn how to recognize and evaluate business
  opportunities
• Understand the issues faced by entrepreneurs who
  want to start their own business.
• Acquire skills and tools required to start a
  business.
• Determine your own potential to be an entrepreneur

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Really Understand

• What is a compelling Opportunity/Need
• How to determine the Value Proposition
• Product/Service
• Target market
• Unique benefit
• What is a sustainable Competitive Advantage

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Required Materials

• Bygrave Zacharakis, The Portable MBA in
  Entrepreneurship
• Mullins, The New Business Road Test
• Kawasaki, The Art of the Start
• Course Packet
• Hand-outs in class various articles and reading
  materials

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Communications

• frank.moyes_at_colorado.edu
• Office Hours Business Room 328A
• Monday 400to 600pm
• Wednesday 400 to 530
• And by appointment
• Website http//leeds-faculty.colorado.edu/moyes
• Communications List Serve

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Course Organization

• Readings entrepreneurship concepts, practices
  and tools
• Case studies
• Speakers
• Evaluation grading
• 2 projects
• Entrepreneur interview
• Feasibility Plan
• Mid-term exam
• Class participation
• Expectations

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Course Topics
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• What is entrepreneurship
• Recognizing good opportunities
• Corporate entrepreneurship
• Funding entrepreneurial ventures
• Legal issues term sheets
• Managing growth
• Harvesting
• Entrepreneurial ethics

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What is Entrepreneurship?
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Historical Definition

• French term people who provide men and materials
  to feudal lords.

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Timmons's Definition

• Entrepreneurship is creating and building
  something of value from practically nothing. That
  is, entrepreneurship is the process of creating
  or seizing an opportunity and pursuing it ,
  regardless of resources presently controlled.
• Jeffrey Timmons

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Timmons's Definition

• Entrepreneurship is creating and building
  something of value from practically nothing. That
  is, entrepreneurship is the process of creating
  or seizing an opportunity and pursuing it
  ,regardless of resources presently controlled.
• Jeffrey Timmons

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Economists Definition

• The entrepreneur is the innovator who implements
  change within markets through the carrying out of
  new combinations.
  Schumpeter(1934)
• Later he calls it creative destruction.

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Poetic Definition

• Entrepreneurship is a state on mind, an
  artful, insightful, and innovative mentality, not
  simply business administration it is a way of
  perceiving and exploiting opportunities wherever
  they may be found.
• Unknown Source

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Poetic Definition

• Entrepreneurship is a state on mind, an
  artful, insightful, and innovative mentality, not
  simply business administration it is a way of
  perceiving and exploiting opportunities wherever
  they may be found.
• Unknown Source

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Corporate Entrepreneurship

• Formal or informal activities aimed at creating
  new businesses in established companies through
  product and process innovations and market
  developments. Zahra
• centers on reenergizing and enhancing the
  firms ability to acquire innovative skulls and
  capabilities. Morris Kuratko
• Cost-effective innovation or intrapreneurship
  Pinchot

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Who Are Entrepreneurs?
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Entrepreneurial Characteristics
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• Creativity
• Risk-taking
• Need for achievement
• Sense of independence
• Internal locus of control
• Tolerance for ambiguity

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Who Are Entrepreneurs?

• Some are eccentrics some painfully correct
  nonconformists some are fat, some are lean some
  are warriors, some relaxed some drink quite
  heavily, others abstain some have great charm or
  warmth some have no more personality than a
  frozen mackerel.
• Peter Drucker

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Who Are Entrepreneurs?

• Entrepreneurs are societies rejects, instead
  of becoming hobos, criminals or professors, the
  start their own business. Thereau

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How Does Start-up Process Really Work?
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Entrepreneurial Process
Pinchot Pellman, Intrapreneurship in Action
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Entrepreneurship Conclusion

• Opportunity driven
• Entrepreneurial characteristics, but no E-gene
• Mindset
• Messy

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Next Class Tuesday Section

• Entrepreneurial Manager
• Assignment
• Read B-Z Chapter 1 - The Entrepreneurial Process
• Read M Chapter 6 Mission, Personal Aspirations
  Risk Propensity
• Read K-1 Chapter 1 The Art of Starting
• Crunch case study read answer questions
• Questions for next week - Think of an
  entrepreneur that you know personally. What makes
  him or her an entrepreneur?