MEET U.S.

Why Entrepreneurship?

Rob FullerDirector of Entrepreneurial Programs

Beyster Institute

MEET U.S.

“Nothing endures but change …”

-- Heraclitus, 500 BC

MEET U.S.

MEET U.S.

• Environment of Continuous Change

A New Paradigm

MEET U.S.

MEET U.S.

• Adaptability

• Flexibility

• Speed

• Aggressiveness

• Innovativeness

Sustainable Competitive Advantage

MEET U.S.

MEET U.S.

• Pursue opportunity

• Leverage resources

• Build networks

• Manage risks

• Create value

Entrepreneurs

MEET U.S.

“The greatest difficulty in the world is not for people to accept new ideas, but to make them forget about old ideas.”

-- John Maynard Keynes, Economist

MEET U.S.

• Process of creating value by bringing together a unique package of resources to exploit an opportunity.

• Process• Value• Resources• Opportunity-driven

What is Entrepreneurship?

MEET U.S.

• Entrepreneurship is about starting and running a small business. • Entrepreneurs are born, not made.• Entrepreneurship is about invention.• Entrepreneurs are extreme risk-takers.• Entrepreneurship is unstructured and chaotic.

Entrepreneurship Myths

MEET U.S.

• Motivated by achievement

• Internal locus of control (self-reliant)

• Calculated risk-taker

• Tolerant of ambiguity

• Prefer a degree of autonomy

• Tenacious (perseverance)

Who is an Entrepreneur?

MEET U.S.

“There is a natural aristocracy among men. The grounds of this are virtue and talents...”

-- Thomas Jefferson to John Adams, 1813

MEET U.S.

Character

Skills

Precipitating Event

DecisionToAct

ActionPlanning

IdeaImplementation

Resources

Risks

Model of Entrepreneurial Management

MEET U.S.

• 4 Ms • Management• Markets• Money• Mystique

• Peer-to-peer learning• Experiential learning

Training to Improve Skills

MEET U.S.

MEET U.S.

• Passionately seek new opportunities

• Pursue opportunities with enormous discipline

• Pursue only the very best opportunities

• Focus on execution

• Engage the energies of everyone

Entrepreneurial Mindset

MEET U.S.

Are you an Entrepreneurial Manager?

MEET U.S.

• Frame the challenge

• Absorb the uncertainty

• Define gravity

• Clear obstacles

• Finger on the pulse

Sustaining Entrepreneurial Management