MBAX 6100 Entrepreneurship & Small Business Management Frank Moyes Leeds College of Business University of Colorado Boulder, Colorado “Progress depends upon unreasonable men. ” GB Shaw Entrepreneurial Manager
Today’s Agenda Ø Entrepreneurial Manager Ø Case: Crunch Ø Entrepreneur Interview Traits of entrepreneurs are closest to juvenile delinquents Entrepreneurial Manager 2
Entrepreneur Interview Ø Choose person in an area of interest Ø 3 years in business, 5 employees Ø See website for assignment & questionnaire Ø Visit their office or facility Ø Observe/talk to customers Ø In depth interview – get beyond the hype and self-promotion Ø Take one hour after interview to draw conclusions Entrepreneurial Manager 3
Interview Paper Ø Write a 6 -page 1. 5 spaced paper 4 Describes the entrepreneur’s background, motivations for starting the venture, challenges in growing the venture 4 Evaluates the value proposition (target market, product/service description and unique benefit) 4 Conclusion: what makes the company successful (or not)? What are your recommendations for improvement? 4 Discuss how the findings of the interview apply or are meaningful to you. What have you learned about your own potential to be an entrepreneur? Ø Objective is to drill down into the company and thoroughly understand the entrepreneur and how s/he does business Entrepreneurial Manager 4
Entrepreneurial Manager Ø Characteristics & traits Ø Different types of entrepreneurs Ø Failure Ø Entrepreneurs vs. small business Entrepreneurial Manager 5
Are There Entrepreneurial Characteristics? Ø Motivated by achievement Ø Innovation & creativity Ø Internal locus of control Ø Risk-taking Ø Tolerance for ambiguity Ø Sense of independence Ø Passion Entrepreneurial Manager 6
What Skills & Knowledge Are Required? Ø Creativity Ø Business knowledge Ø Industry knowledge Ø Critical thinking Ø Relationships “Traits of entrepreneurs are closest to juvenile delinquents. ” Entrepreneurial Manager 7
What Assets are Required? Ø Network Ø Supporting spouse Ø Financial resources Ø Optimism Entrepreneurial Manager 8
What Non-Entrepreneurial Traits Should Be Avoided? Ø Invulnerability Ø Being Macho Ø Being Authoritarian Ø Impulsivity Ø Outer control Ø Perfectionist Ø Know it all Ø Counterdepency Timmons: New Venture Creation
Types of Entrepreneurs Ø Personal achiever Ø Super-salesperson Ø Real manager Ø Expert Idea Generator JB Minor, Four Routes to Entrepreneurial Success Entrepreneurial Manager 10
Personal Achiever (classic entrepreneur) Ø Need for high achievement Ø Need for performance feedback Ø Desire to plan and set goals Ø Strong individual initiative Ø Strong personal commitment Ø Internal locus of control JB Minor, Four Routes to Entrepreneurial Success Entrepreneurial Manager 11
Super-Salesperson (caters to needs of customers) Ø Capacity to empathize Ø Social interaction and relationships are important Ø Need to have strong positive relationships with others Ø Sales force is critical Ø Background: less education, more experience JB Minor, Four Routes to Entrepreneurial Success Entrepreneurial Manager 12
Real Manager (grow the venture) Ø Desire to be corporate leader Ø Desire to compete Ø Decisive Ø Desire of power Ø Desire to stand out in a crowd JB Minor, Four Routes to Entrepreneurial Success Entrepreneurial Manager 13
Expert Idea Generator (expertise + creativity = innovator) Ø Desire to innovate Ø Love of ideas, curious Ø Belief that new products are crucial Ø Intelligence is the competitive advantage Ø Desire to avoid taking risks JB Minor, Four Routes to Entrepreneurial Success Entrepreneurial Manager 14
Types of Entrepreneurs Ø Personal Achiever Ø Super-Salesperson Ø Real Manager Ø Expert Idea Generator Ø Are there others? Entrepreneurial Manager 15
Different Methods Used to Build Ventures Ø Independent innovators Ø Pattern multipliers – expand concept through franchise or chains Ø Speculator – buy and leverage, e. g. land Ø Consolidator – industry roll up Ø Acquirers Ø Speculators Ø Arbitrageur – buy low and sell high K Vesper, New Venture Strategies Entrepreneurial Manager 16
Who Are Intrapreneurs? Entrepreneurial Manager 17
Entrepreneurs vs. Small Business? Ø Value-creating through innovation 4 Creates new jobs; doesn’t’ draw from existing businesses 4 Serving underserved niches Ø Growth oriented: sees business as regional, national or international Ø New means to an end Ø Disrupt the economic equilibrium; results in new ideas, new businesses and new industries. Entrepreneurial Manager 18
Do You Have the Right Stuff? Ø Are you a self starter? Ø Can you go 6 months to 2 years without getting paid? Ø Are you willing to give up vacations, weekends and evenings? Ø Are you a decision maker? Ø Are you a people person? Ø Do you handle rejection well? Ø Do you think will on your feet? Ø Do you like to sell? Ø Do you handle crisis well? Ø Would you be able to fire someone? Entrepreneurial Manager Ø Do you want total responsibility and MD Csordos, 35 Business Lessons for Entrepreneurs 19
Just Do It “Millions of people have “an idea”, but unless they do something with it, their ideas aren’t worth a damn. There a lot of quacks and kooks out there who claim they invented the Weed Eater, and I don’t doubt that there are some people who genuinely thought of this idea--but what did they do with it? Nothing. What do they deserve? Nothing. ” George C. Ballas, inventor of Weed Eater Entrepreneurial Manager 20
Next Week’s Class Ø Entry Strategy Ø Read BZ-11 Ø Case: ICEDELIGHTS Entrepreneurial Manager 21
Traits Ø Misfits: traits of entrepreneurs are closest to juvenile delinquents Ø I have discovered that all human evil comes from this, man’s being unable to sit still in a room. Blaise Pascal, philosopher and mathematician Ø “Progress depends upon unreasonable men. ” GB Shaw Ø Entrepreneurs typically work half days. 12 hours Ø “The greatest difficulty in the world is not for people to accept new ideas, but to forget old ones. ” John Maynard Keynes Ø “If I’m in control, I’m probably going to slow. ” Mario Andretti ØEntrepreneurial Manager to lead an orchestra must turn his A man who wants 22 back to the crowd.
Commitment “Until one is committed, there is hesitancy, the chance to draw back, always ineffectiveness. Concerning all acts of initiative and creation there is one elementary truth, the ignorance of which kills countless ideas and splendid plans: That the moment one definitely commits oneself, Providence moves too. All sorts of things occur to help one that would never other wise have occurred. A whole stream of events issue from the decision, raising in one’s favor all manner of unforeseen incidents and meetings and material assistance, which no man could have dreamed would have come his way. Whatever you can do or dream you can, begin it. Boldness has genius, power and magic in it. ” Entrepreneurial Manager Goethe’s Faust. 23
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