Mod001093 entrepreneurship and innovation intro 150215

MOD001093 MOD001093 ENTREPRENEURSHIP ENTREPRENEURSHIP AND INNOVATION: AND INNOVATION: AN INTRODUCTIONAN INTRODUCTION

Prof.Stephen OngProf.Stephen OngBSc(Hons)Econs (LSE), MBA (Bradford)BSc(Hons)Econs (LSE), MBA (Bradford)

Visiting Professor, Shenzhen UniversityVisiting Professor, Shenzhen UniversityAcademic Fellow, Entrepreneurship & Innovation,Academic Fellow, Entrepreneurship & Innovation,

The Lord Ashcroft International Business School, Anglia The Lord Ashcroft International Business School, Anglia Ruskin University Cambridge UKRuskin University Cambridge UK

MBA ANGLIA RUSKIN UNIVERSITY MBA ANGLIA RUSKIN UNIVERSITY

Today’s Overview Today’s Overview

LEARNING OBJECTIVESLEARNING OBJECTIVES1.1. To introduce key concepts of To introduce key concepts of

entrepreneurshipentrepreneurship

2.2. To examine and critically evaluate To examine and critically evaluate key writers and classical theories of key writers and classical theories of entrepreneurship. entrepreneurship.

3.3. To assess entrepreneurism and risk. To assess entrepreneurism and risk.

Are you a Are you a

Venture Venture Capitalist?Capitalist?

AA27 year old graduate in 27 year old graduate in Electrical & Electronic Electrical & Electronic Engineering from local Engineering from local

Technical College, Technical College, with 7 years working with 7 years working

experience. With a experience. With a partner, started up a partner, started up a

computer repairs shop computer repairs shop to make Chinese to make Chinese

language computers language computers in Chinatown.in Chinatown.

BB26 year old drop-out 26 year old drop-out from local university, from local university,

working with a working with a company making company making

calculators. With a calculators. With a partner, started partner, started

making computer making computer parts at home for a parts at home for a

newly opened newly opened computer shop.computer shop.

CC20 year old drop-out 20 year old drop-out from local university, from local university, working with a local working with a local software company. software company. With two partners, With two partners,

started up data started up data processing service processing service

for local government for local government using computers at using computers at the school library.the school library.

ENTREPRENEURSENTREPRENEURS

AA6,000 6,000

(from (from combined combined savings)savings)

BB1,300 1,300

(from sale (from sale of car)of car)

CC25,00025,000

(from (from Family)Family)

START-UP START-UP CAPITALCAPITAL

AA27 year old 27 year old

classmate from local classmate from local Technical College, Technical College,

holder of Diploma in holder of Diploma in Electrical & Electrical & Electronic Electronic

Engineering. He Engineering. He holds strong beliefs holds strong beliefs in living life without in living life without regrets and making regrets and making the world a better the world a better

place.place.

BB26 year old high school 26 year old high school leaver, from average leaver, from average family, whose step-family, whose step-father is a mechanic father is a mechanic and carpenter. He has and carpenter. He has been a drug user, a been a drug user, a follower of Eastern follower of Eastern religions like Hinduism religions like Hinduism and Buddhism, and and Buddhism, and always short of always short of money. He believes in money. He believes in changing the world.changing the world.

CC17 year old drop-out 17 year old drop-out from local university, from local university, working with a local working with a local software company. software company.

He comes from a He comes from a middle-class family middle-class family

and strongly believes and strongly believes in intellectual in intellectual

property rights. property rights.

CO-CO-FOUNDERSFOUNDERS

AA•Copied 2 patents Copied 2 patents from US from US Competitor and Competitor and had to buy had to buy Company.Company.•Owned 1 patent Owned 1 patent copied by US copied by US Company and Company and wins damages.wins damages.

BB•Copied 1 patent Copied 1 patent from US Companyfrom US Company•Copied 1 patent Copied 1 patent from foreign from foreign Company and Company and legally forced to legally forced to pay damages for pay damages for licence.licence.

CCBuys 1 Buys 1

exclusive exclusive licence from US licence from US Competitor and Competitor and

sells non-sells non-exclusive exclusive

licences to licences to customers.customers.

INTELLECTUAL INTELLECTUAL PROPERTYPROPERTY

AAA 60-year old A 60-year old

company company with a with a

network of network of 3,000 3,000

computer computer storesstores

BBA new local A new local computer computer store and store and friends.friends.

CCA 70-year old A 70-year old

company with company with its own sales its own sales

force, own force, own stores and stores and

reseller reseller agentsagents

MARKETING PARTNERSMARKETING PARTNERS

AA232m232m

Customers Customers in USAin USA

BB0.3m0.3m

Customers Customers in USAin USA

CC6m6m

Customers Customers worldwideworldwide

INITIAL MARKET INITIAL MARKET SIZESIZE

Is your FACE,Is your FACE,your FORTUNE?your FORTUNE?

AA BB26 year old drop-out 26 year old drop-out from local university, from local university, working with a local working with a local company making company making calculators. With a calculators. With a partner, started up partner, started up small manufacturing small manufacturing of computer parts at of computer parts at home for local newly home for local newly opened computer opened computer shop.shop.

CC20 year old drop-out 20 year old drop-out from local university, from local university, working with a local working with a local software company. software company. With two partners, With two partners,

started up data started up data processing service processing service

for local government for local government using computers at using computers at his parent’s school.his parent’s school.

AA BB CC

BB

ENTREPRENEURSENTREPRENEURSHIP: KEY HIP: KEY CONCEPTSCONCEPTS

1 - 16

The World of the Entrepreneur

Every year U.S. entrepreneurs launch 550,000 new businesses.

Entrepreneurial spirit - the most significant economic development in recent history.

GEM study: 18.7% of adult population in the U.S. is actively involved in trying to start a new business.

TEA (2011) Malaysia = 4.9%

Japan = 5.2%Singapore = 6.6%

UK = 7.3%USA = 12.3%

Thailand = 19.5%China = 24%

The World of the Entrepreneur

Global Entrepreneurship Monitor (GEM) study reports: Men are twice as likely to start a business as women. Most entrepreneurs turn to family members and

friends for capital. Entrepreneurs are most likely to launch businesses

when they are between the ages of 25 and 44.

1 - 18

Global Entrepreneurship Monitor (GEM) 2011 Report

Estimated 388 million entrepreneurs actively engaged in starting and running new businesses in 2011.

Early-stage entrepreneurs comprised of : 163 million women 165 million between the ages of 18 and 35 years 141 million expecting to create at least five new jobs in the

next five years 65 million expecting to create 20 or more new jobs in the next

five years 69 million with innovative products and services that are new

to customers and with few other competitors 18 million selling at least 25% of their products and services

internationally 1 - 19

What is Entrepreneurship?

Academic Definition (Stevenson & Jarillo) Entrepreneurship is the process by which individuals

pursue opportunities without regard to resources they currently control.

Venture Capitalist (Fred Wilson) Entrepreneurship is the art of turning an idea into a

business. Explanation of What Entrepreneurs Do

Entrepreneurs assemble and then integrate all the resources needed – the money, the people, the business model, the strategy – to transform an invention or an idea into a viable business.

1-20

What is an Entrepreneur?

One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them.

1 - 21

Why Become an Entrepreneur?

The three primary reasons that people become entrepreneurs and start their own firms

Desire to be their

own boss

Financial

rewards

Desire to pursue their

own ideas

1-22

Characteristics of Successful Entrepreneurs1 of 3

Four Primary Characteristics

1-23


Passion for the Business The number one characteristic shared by successful

entrepreneurs is a passion for the business. This passion typically stems from the entrepreneur’s belief

that the business will positively influence people’s lives.

Product/Customer Focus A second defining characteristic of successful

entrepreneurs is a product/customer focus. An entrepreneur’s keen focus on products and customers

typically stems from the fact that most entrepreneurs are, at heart, craftspeople.

1-24


Tenacity Despite Failure Because entrepreneurs are typically trying something

new, the failure rate is naturally high. A defining characteristic for successful entrepreneurs

is their ability to persevere through setbacks and failures.

Execution Intelligence The ability to fashion a solid business idea into a viable

business is a key characteristic of successful entrepreneurs.

1-25

Common Myths About Entrepreneurs1 of 5

Myth 1: Entrepreneurs Are Born, Not Made This myth is based on the mistaken belief that some

people are genetically predisposed to be entrepreneurs.

The consensus of many studies is that no one is “born” to be an entrepreneur; everyone has the potential to become one.

Whether someone does or doesn’t become an entrepreneur is a function of their environment, life experiences, and personal choices.

1-26


Although no one is “born” to be an entrepreneur, there are common traits and characteristics of successful entrepreneurs

• A moderate risk taker

• A networker

• Achievement motivated

• Alert to opportunities

• Creative

• Decisive

• Energetic

• Has a strong work ethic

• Lengthy attention span

• Optimistic disposition

• Persuasive

• Promoter

• Resource assembler/ leverager

• Self-confident

• Self-starter

• Tenacious

• Tolerant of ambiguity

• Visionary1-27


Myth 2: Entrepreneurs Are Gamblers Most entrepreneurs are moderate risk takers. The idea that entrepreneurs are gamblers originates

from two sources: Entrepreneurs typically have jobs that are less

structured, and so they face a more uncertain set of possibilities than people in traditional jobs.

Many entrepreneurs have a strong need to achieve and set challenging goals, a behavior that is often equated with risk taking.

1-28


Myth 3: Entrepreneurs Are Motivated Primarily by Money While it is naïve to think that

entrepreneurs don’t seek financial rewards, money is rarely the reason entrepreneurs start new firms.

In fact, some entrepreneurs warn that the pursuit of money can be distracting.

1-29


Myth 4: Entrepreneurs Should Be Young and Energetic Entrepreneurial activity is fairly easily spread out over

age ranges. While it is important to be energetic, investors often

cite the strength of the entrepreneur as their most important criteria in making investment decisions. What makes an entrepreneur “strong” in the eyes of an

investor is experience, maturity, a solid reputation, and a track record of success.

These criteria favor older rather than younger entrepreneurs.

1-30

Characteristics of Entrepreneurs

Desire for responsibility Preference for moderate levels of risk – risk

eliminators Confidence in their ability to succeed Desire for immediate feedback High level of energy Future orientation – serial entrepreneurs Skilled at organizing Value achievement over money

1 - 31

Entrepreneurship

One characteristic of entrepreneurs stands out:

Diversity!

Anyone – regardless of age, race, gender, color, national origin, or any other characteristic – can become an entrepreneur (although not everyone should).

1 - 32

Benefits of Entrepreneurship

The opportunity to: Create your own destiny Make a difference Reach your full potential Reap impressive profits Contribute to society and to

be recognized for your efforts Do what you enjoy and to have fun at it

1 - 33

Drawbacks of Entrepreneurship

Uncertainty of income Risk of losing your entire investment Long hours and hard work Lower quality of life until the business gets

established High levels of stress Complete responsibility Discouragement

1 - 34

Feeding the Entrepreneurial Fire

Entrepreneurs as heroes Entrepreneurial education Demographic and economic factors Shift to a service economy Technology advancements Independent lifestyle E-commerce and the Internet

1 - 35

FIGURE 1.3 U.S. Retail E-Commerce Revenues Source: Based on Forrester Research, 2008.

The Cultural Diversity of Entrepreneurship

Young entrepreneurs

1 - 37

Jerry Yang, 29David Filo, 31

Xiaofeng Peng, 33

Young Entrepreneurs

Interest among young people in entrepreneurial careers is

high.

According to a Harris Interactive survey, 40% of people 8

to 21 years old said they’d like to start their own business

someday.

A total of 59% of the 8- to 21- year olds said they know

someone who has started their own business.

1-38


Women entrepreneurs

(continued)

1 - 40

Tian Wen Hua ,66

Wu Ying, 26

Women Entrepreneurs

There were 6.2 million women-owned businesses

in 2002 (the most recent statistics available)

This number was up 20% from 1997.

There are a growing number of organizations

that support and advocate for women-owned

businesses.

1-41

FIGURE 1.4 Why Women Start Businesses

Source: U.S. Small Business Administration, 2007.

Senior Entrepreneurs The percentage of U.S.

entrepreneurs who are seniors

jumped from 15% to 23% from

1996 to 2010.

The increase is attributed to corporate

downsizing, a desire among older

workers for more fulfillment in their

lives, a need for additional

income, and similar factors. 1-43


Young entrepreneurs Women entrepreneurs Minority-owned enterprises Immigrant entrepreneurs Part-time entrepreneurs

(continued)

1 - 44+ = US$2.9 B


Home-based businesses Family businesses Copreneurs Corporate castoffs Corporate dropouts Social entrepreneurs Retiring Baby Boomers

(continued)

1 - 45

Economic Impact of Economic Impact of Entrepreneurial FirmsEntrepreneurial Firms Innovation

Is the process of creating something new, which is central to the entrepreneurial process.

Several studies have found that small businesses outperform their larger counterparts in terms of obtaining patents.

Job Creation Small businesses are the creators of most new jobs in the

U.S., and employ half of all private sector employees. According to a Kauffman Foundation survey, 92% of

Americans say entrepreneurs are critically important to job creation.

1-46

Small Businesses ... Make up 99.7% of the 30.14 million businesses in

the U.S. Employ 51% of the nation’s private sector

workforce. Create more jobs than big businesses.

60% to 80% of net new jobs over the last decade Are leaders in offering

training and advancement opportunities to workers.

1 - 47

Entrepreneurial Firms’ Impact on Society and Larger Firms

Impact on Society The innovations of entrepreneurial firms have a

dramatic impact on society. Think of all the new products and services that make

our lives easier, enhance our productivity at work, improve our health, and entertain us in new ways.

Impact on Larger Firms Many entrepreneurial firms have built their entire

business models around producing products and services that help larger firms become more efficient and effective.

1-48

Produce 51% of USA’s private GDP. Account for 47% of business sales. Create 13 times more patents per employees

than large companies. Zipper, light bulb, FM radio, laser,

air conditioning, escalator, personal computer, automatic transmission, and many more!

Small Businesses ...

(continued)

1 - 49

FIGURE 1.5 Small Business by Industry

Source: U.S. Small Business Administration, 2007.

Malaysia SME

Services 37% of

GDP (2010)

Ten Deadly Mistakes of Ten Deadly Mistakes of EntrepreneurshipEntrepreneurship

1. Management mistakes

2. Lack of experience

3. Poor financial control

4. Weak marketing efforts

5. Failure to develop a strategic plan

1 - 51

Ten Deadly Mistakes of Ten Deadly Mistakes of EntrepreneurshipEntrepreneurship6. Uncontrolled growth

7. Poor location

8. Improper inventory control

9. Incorrect pricing

10. Inability to make the “entrepreneurial transition”

1 - 52

Putting Failure Into Putting Failure Into PerspectivePerspective Entrepreneurs are not paralyzed by the

prospect of failure.

Failure – a natural part of the creative process.

Successful entrepreneurs learn to fail intelligently.

1 - 53

Avoiding the Pitfalls of Avoiding the Pitfalls of Small Business FailureSmall Business Failure

Know your business in depth Develop a solid business plan Manage financial resources Understand financial statements Learn to manage people effectively Set your business apart from the

competition Maintain a positive attitude

1 - 54

The Entrepreneurial The Entrepreneurial ProcessProcess

The Entrepreneurial Process Consists of 4 Steps

Step 1: Deciding to become an entrepreneur.

Step 2: Developing successful business ideas.

Step 3: Moving from an idea to an enterprise.

Step 4: Managing and growing the enterprise.

1-55

ConclusionConclusion

Entrepreneurs: Are an important part of the free enterprise

system Are a diverse and talented group of people Represent a cross-section of society as a whole Are able to enhance the profitability of their

businesses through acquiring additional knowledge and experience

MANAGING MANAGING ENTREPRENEURENTREPRENEUR

IAL RISKIAL RISK

Raising CapitalRaising Capital Raising capital to launch or expand Raising capital to launch or expand

a business is a challenge.a business is a challenge. Many entrepreneurs are caught in a Many entrepreneurs are caught in a

“credit crunch.”“credit crunch.” Financing needs in the Financing needs in the

RM100,000 to RM2 million RM100,000 to RM2 million range may be the most range may be the most challenging to fill.challenging to fill.

Why Most New Ventures Need Why Most New Ventures Need Financing or FundingFinancing or Funding

The “Secrets” to The “Secrets” to Successful FinancingSuccessful Financing

1.1. Choosing the Choosing the right sourcesright sources of capital is a of capital is a decision that will influence a company for a decision that will influence a company for a lifetime.lifetime.

2.2. The money is out there; the key is knowing The money is out there; the key is knowing wherewhere to look. to look.

3.3. Raising money takes Raising money takes time and effort.time and effort. 4.4. CreativityCreativity counts. Entrepreneurs have to be counts. Entrepreneurs have to be

as creative in their searches for capital as they as creative in their searches for capital as they are in developing their business ideas. are in developing their business ideas.

The “Secrets” to The “Secrets” to Successful FinancingSuccessful Financing

5.5. The The InternetInternet puts at entrepreneur’s fingertips puts at entrepreneur’s fingertips vast resources of information that can lead to vast resources of information that can lead to financing. financing.

6.6. Be thoroughly Be thoroughly preparedprepared before approaching before approaching lenders and investors. lenders and investors.

7.7. Entrepreneurs should not underestimate the Entrepreneurs should not underestimate the importance of making sure that the importance of making sure that the “chemistry” “chemistry” among themselves, their among themselves, their companies, and their funding sources companies, and their funding sources is good. is good.

(continued)

Options for Raising Money Options for Raising Money for a New Venturefor a New Venture

Personal FundsPersonal Funds Equity CapitalEquity Capital

Debt FinancingDebt Financing Creative SourcesCreative Sources

Equity Equity CapitalCapital Represents the personal investment of the Represents the personal investment of the

owner(s) in the business.owner(s) in the business. Is called Is called risk capital risk capital because investors because investors

assume the risk of losing their money if assume the risk of losing their money if the business fails.the business fails.

Does Does notnot have to be repaid have to be repaid with interest like a loan does.with interest like a loan does.

Means that an entrepreneur Means that an entrepreneur must give up some ownership must give up some ownership in the company to outside investors.in the company to outside investors.

Sources of Equity Sources of Equity FinancingFinancing

Venture Venture CapitalCapital

Business Business AngelsAngels

Initial Public Initial Public OfferingsOfferings

Preparing to Raise Preparing to Raise Equity FinancingEquity Financing

Matching a New Venture’s Matching a New Venture’s Characteristics with Characteristics with

FundingFunding

FIGURE 13.4 Angel Investing and Venture Capital InvestingSource: Robert Wiltbank and Warren Bocker, Returns to Angel Investors in Groups, Angel

Capital Education Foundation, http://www.kauffman.org/Details.aspx?id=1032, and PWC Moneytree Report, Pricewaterhouse Coopers, https://www.pwcmonnneytree.com/MTPublic/nc/indes.jsp.

Business AngelsBusiness Angels

An estimated 258,000 angels across the U.S. An estimated 258,000 angels across the U.S. invest $26 billion a year in 57,000 small invest $26 billion a year in 57,000 small companies. companies.

Their investments exceed those of venture Their investments exceed those of venture capital firms, providing more capital to 15 capital firms, providing more capital to 15 times as many small companies.times as many small companies.

Angels fill a gap in the seed capital Angels fill a gap in the seed capital market, specifically in the market, specifically in the $10,000 $10,000 to $2 million range.to $2 million range.

Business AngelsBusiness Angels

Average angel investment = Average angel investment = $50,000$50,000..

Typical angel invests in Typical angel invests in 1 company per year1 company per year, , and the average time to close a deal is 67 and the average time to close a deal is 67 days. days.

52% of angels’ investments lose money, but 52% of angels’ investments lose money, but 7% produce a return more than 10 times their 7% produce a return more than 10 times their original investment. original investment.

Angels can be an excellent source of “patient” Angels can be an excellent source of “patient” money. money.

FIGURE 13.1 Angel Financing Source: Center for Venture Financing, Whittemore School of Business, University of New Hampshire, www.unh.edu/cvr.

Venture Capital CompaniesVenture Capital Companies Around 800 venture capital firms operate Around 800 venture capital firms operate

across the USA. across the USA. (vs 25 in Malaysia)(vs 25 in Malaysia)..

Most venture capitalists seek Most venture capitalists seek investments in the $2m to 10m range investments in the $2m to 10m range

(vs Rm0.5m to RM5m) (vs Rm0.5m to RM5m) Target companies with high-growth and high-Target companies with high-growth and high-

profit potential. profit potential. Business plans are subjected to an Business plans are subjected to an extremelyextremely

rigorous review - rigorous review - less than 1% acceptedless than 1% accepted..

Venture Capital FundsVenture Capital Funds Venture capital firms are limited partnerships Venture capital firms are limited partnerships

of money managers who raise money in of money managers who raise money in “funds” to invest in start-ups and growing “funds” to invest in start-ups and growing firms. firms.

The funds, or pool of money, are raised from The funds, or pool of money, are raised from wealthy individuals, pension plans, wealthy individuals, pension plans, university endowments, foreign investors, university endowments, foreign investors, and similar sources. and similar sources.

The investors who invest in venture capital The investors who invest in venture capital funds are called limited partners. The funds are called limited partners. The venture capitalists are called general venture capitalists are called general partners. partners.

Venture Capital CompaniesVenture Capital Companies

Most often, venture capitalists invest in Most often, venture capitalists invest in a company across several stages.a company across several stages.

On average, 98% of venture capital goes On average, 98% of venture capital goes to:to: Early stage investments (companies in the early Early stage investments (companies in the early

stages of development).stages of development). Expansion stage investments (companies in the Expansion stage investments (companies in the

rapid growth phase).rapid growth phase).

Only Only 2% 2% of venture capital goes to of venture capital goes to businesses in the startup or seed phase. businesses in the startup or seed phase.

FIGURE 13.2 Venture Capital FundingSource: Based on PriceWaterhouseCoopers http:/www.pwcmoneytree.com.

Venture Capital FocusVenture Capital Focus Venture capital firms fund Venture capital firms fund veryvery

fewfew entrepreneurial firms in entrepreneurial firms in comparison to business angels. comparison to business angels. Venture capitalists are looking for Venture capitalists are looking for

the the “home run” “home run” and so reject the and so reject the majority of the proposals they majority of the proposals they consider. consider.

Venture capitalists fund between Venture capitalists fund between 3,000 and 4,000 companies per 3,000 and 4,000 companies per year, compared to about 62,000 year, compared to about 62,000 per year for business angels. per year for business angels.

Venture Capital ProcessVenture Capital Process

An important part of obtaining An important part of obtaining venture capital funding is going venture capital funding is going through the due diligence process.through the due diligence process.

Venture capitalists invest money in Venture capitalists invest money in start-ups in start-ups in “stages,” “stages,” meaning that meaning that not all the money that is invested is not all the money that is invested is disbursed at the same time. disbursed at the same time.

Some venture capitalists also Some venture capitalists also specialize in certain “stages” of specialize in certain “stages” of funding. funding.

Corporate Venture CapitalCorporate Venture Capital

About 300 large corporations across About 300 large corporations across the globe invest in start-up the globe invest in start-up companies.companies.

Approximately 6 to 8% of all venture Approximately 6 to 8% of all venture capital invested is from corporations. capital invested is from corporations.

Capital infusions are just one benefit; Capital infusions are just one benefit; corporate partners may share corporate partners may share marketing and technical expertise. marketing and technical expertise.

What Do Venture CapitalWhat Do Venture CapitalCompanies Look For?Companies Look For? Competent managementCompetent management Competitive edgeCompetitive edge Growth industryGrowth industry Viable exit strategyViable exit strategy Intangibles factorsIntangibles factors

SO WHO GETS SO WHO GETS FUNDED ?FUNDED ?

FIGURE 13.5 Which Factors Are Most Important to Venture Capitalists?Source: Dee Powers and Brian E. Hill, Venture Capital Survey, The Capital

Connection, http//www.capital-connection.com/survey-value.html.

X-Factor Test for X-Factor Test for Venture Capital InvestorVenture Capital Investor

1.1. Quality of Management TeamQuality of Management Team2.2. Size of marketSize of market3.3. Product qualities (uniqueness, brands, Product qualities (uniqueness, brands,

patents)patents)4.4. Intensity of competitionIntensity of competition5.5. Market growth rateMarket growth rate6.6. Barriers to entryBarriers to entry7.7. Company’s stage of developmentCompany’s stage of development8.8. Industry where company isIndustry where company is

“…“…IF WE DON’T INVENT THE RIGHT IF WE DON’T INVENT THE RIGHT

THING, SOMEONE WILL INVENT THE THING, SOMEONE WILL INVENT THE

RIGHT THING.RIGHT THING.

SO LET’S GO INVENT THAT THING”SO LET’S GO INVENT THAT THING”

Reid Hoffman, founder of LinkedIn with four friends, starting with Reid Hoffman, founder of LinkedIn with four friends, starting with 6,000 customers, 10 years ago. 6,000 customers, 10 years ago. Today, a US$20B company with 225m customers.Today, a US$20B company with 225m customers.

CONCLUSIONCONCLUSION

Further ReadingFurther Reading

Stokes, D. & Wilson, N. (2009), ‘Small Business Management & Entrepreneurship’, Thomson, 5th edition.

Hisrich, R. & Peters, M. (2002) “Entrepreneurship”, McGraw Hill, 5th edition

Scarborough, Norman, M. (2011) Essentials of Entrepreneurship and Small Business Management. 6th edition. Pearson.

Barringer, Bruce R. & Ireland, R. Duane (2011) Entrepreneurship – Successfully launching new ventures 4th edition, Pearson.

Schaper, M., Volery, T., Weber, P. & Lewis, K. (2011) Entrepreneurship and Small Business. 3rd Asia Pacific edition. John Wiley

QUESTIONS?