Entrepreneurship

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Entrepreneurship Innovation

• Day 1

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WELCOME !

• Entrepreneurship and Innovation
• ENT 06-240 SPRING 2009
• Section 4     T/R 1050 am - 1205 pm Bunce
  106

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COURSE DESCRIPTION
The Entrepreneurship and Innovation course

• introduces the qualities and thinking of
  successful entrepreneurs and innovators
• describes possible entrepreneurial career paths
  available.
• provides quality information to better understand
  and establish a business or social venture, and
• introduces students to unique and interesting
  problems facing entrepreneurs in starting and
  operating new ventures.

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Entrepreneurship

• A growth-oriented outlook implying an innovative
  and proactive approach to challenges, tasks,
  needs, obstacles and opportunities. (Michael
  Morris, Entrepreneurial Intensity,1998)
• The creation of wealth through unique or novel
  means adding value to the product or services
  available to customers.

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Small Business vs Entrepreneurship
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Entrepreneur

• "one who organizes and manages a business and
  undertakes the risk for the sake of profit."

Tony Hsieh CEO of Zappos.com http//businessinnov
ationfactory.com/innovationstorystudio/bif4_thsieh
.php
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Innovation (N/V)

• A new idea, method, or device (noun).
• The act of creating a new product or process
  (verb).
• Invention as well as the work required to bring
  an idea or concept into final form (verb).

Product Development and Management Association
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Entrepreneurship is an iterative process

• A repeated cycle of operations to adjust and
  improve
• Stay ahead of obsolescence
• Takes into account what you have done and learned
  in the past but adapts to a predicted future.
• Assumes that not just one system but several
  systems are dynamically changing.

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Course Focus
A holistic understanding of how entrepreneurs
view their world in terms of opportunity
recognition and actions to engage perceived
opportunities.

• Methods
• An eclectic mix of perspectives.
• A balance between theory and practice.
• Alternative and at times contradictory
  perspectives are explored based on the premise
  that there is no one best way to learn and
  practice creativity and innovation.
• Hands-on learning experience through their
  interviews with entrepreneurs and course
  exercises.

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Conceptual Blockbusting

• Focus on overcoming key blocks to Creativity
• Perception
• Emotion
• Culture
• Environmental
• Intellectual, and
• Expression

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Innovation how to

• How to create products, services, and businesses
• How to successfully launch them in the
  marketplace

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Be a Renaissance Person

• Crossroads between disciplines and fields
• Cross-disciplinary thinnking

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Putting it all together

• Overview of Entrepreneurs
• Puts feet on creativity
• How to recognize leading-edge opportunities
  Structure of an enterprise
• Templates for writing the feasibility analysis.

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What is evidence of entrepreneurship?

• Becoming an Owner-Manager of a Firm
• Creation of a New Business
• Innovation
• Purchasing an Existing Business
• Starting an Innovative venture within an
  established organization
• Creation of a Non-Profit Business
• Creation of a Government Organization

William Gartner
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Eight Major Themes in Entrepreneurship Lit.

• The Entrepreneur persona theme
• unique attributes such as risk taking, locus of
  control, autonomy, perseverance, commitment,
  vision and creativity
• Innovation
• Organization Creation (Resource Integration and
  Acquisition)
• Creating Value
• For Profit
• Growth
• Uniqueness
• Owner-Manager status

Gartner Research
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? How does the MacArthur Fellowship Program
define "CREATIVITY"?
"Genius" Grants

• Answer
• Creativity, like humor, can get lost in
  definition not because it cannot be described,
  but because it can be expressed in limitless
  variations.
• In this program, we have found it useful to
  regard creativity as the expression of human
  endeavor as individuals actively make or find
  something new, or connect the seemingly
  unconnected in significant ways.
• Important qualities
• ability to transcend traditional boundaries,
• willingness to take risks,
• persistence in the face of personal and
  conceptual obstacles,
• capacity to synthesize disparate ideas and
  approaches.

http//www.macfound.org
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Business Definition of Innovation

• The creation, development, and implementation of
  a new product, process, or service with the goal
  of improving efficiency, effectiveness, or
  competitive advantage.
• Innovation may apply to end-user products or
  services product innovation satisfies a
  customer's needs
• It may focus on manufacturing processes,
  managerial processes, or the design of an
  organization process innovation improves
  efficiency and effectiveness.
• Innovation is linked with creativity, and
  involves taking new ideas and turning them into
  reality through invention, research, and new
  product development.

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Does Innovation creativity ?

• Innovation is linked with creativity.
• Innovation involves taking new ideas and turning
  them into reality through invention, research,
  and new product development.

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innovators' orientations
low-innovation 6 sub-types
high-innovation 7 sub-types

• chance entrant
• agent-turned producer
• concession-grabber
• obsessed producer
• ancillary/imitator
• non-pioneer niche holder

• inventor/tinkerer
• adventurer
• searcher/problem-solver
• gap-filler
• social visionary
• opportunity-grabber
• specialist pioneer.

Mathew J. Manimala (1996) Beyond Innovators and
Imitators A Taxonomy of Entrepreneurs.
Creativity and Innovation Management 5 (3),
179189
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Value of Skills in EI

• Elevator Pitch everyone needs one
• Interview an Entrepreneur You need a network
• Feasibility Study Cost can vary greatly
  depending on the depth and breadth of the study.
  A high quality, in-depth study can cost as much
  as 100,000,. Ag Marketing Resource Center,
  Forecast Golf Group Inc. says clients typically
  pay us 12,000 to perform a feasibility study
  for their project.