Welcome !
The Entrepreneurial Experience day
TAKEOFFANTWERP_ALLIANCE is een samenwerking tussen Stad Antwerpen, Associatie Universiteit & Hogescholen Antwerpen, AP
Hogeschool, Karel de Grote Hogeschool - KdG, UAntwerpen, Kavka, SINC& Voka - Kamer van Koophandel Antwerpen-Waasland. Met de steun
van EFRO en VLAIO
[email protected]
Entrepreneurship
An introduction
Introduction: Excercise 1
Create your own definition of
entrepreurship
or
description of an entrepreneur
You can work in group
10 minutes
Definitions - entrepreneurship
•
Entrepreneurship is the process by which individuals pursue
opportunities without regard to resources they currently control
Academic Definition (Stevenson & Jarillo)
•
Entrepreneurship is the art of turning an idea into a business
Venture Capitalist (Fred Wilson)
•
Entrepreneurship is a process activity. It generally involves the following
inputs: an opportunity; one or more proactive individuals; an
organizational context; risk; innovation; and resources. It can produce
the following outcomes: a new venture or enterprise; value; new
products or processes; profit or personal benefit; and growth Michael Morris,
Advanced Management Journal
•
Entrepreneurship is an individual’s ability to turn ideas into action. It
includes creativity, innovation, risk taking, ability to plan and manage
projects in order to achieve objectives EU website
Description - entrepreneurs
•
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
•
Entrepreneurs are defined as aged 15 years and older who work
in their own business, farm or professional practice to make a
profit, and spend time on the operation of a business, or are in
the process of setting up a business Labour Force Survey (LSF) database of
Eurostat
•
Entrepreneurs are persons who try out new combinations of
products, processes, markets, organizational forms, and supplies
P.A.Lambing & C.R. Kuehl, Entrepreneurship - Pearson
Discover your entrepreneurial DNA
• Joe Abraham, Entrepreneurial DNA
www.joeabraham.com
For centuries entrepreneurs have been placed in one box. In fact, the common mindset has been,
"If it worked for one entrepreneur, it will work for every entrepreneur. After all, entrepreneurs are
all the same." But, are all entrepreneurs really the same? Sure, we can intuitively deduce that not
everyone is a "Richard Branson" or a "Donald Trump", and not everyone innovated like Steve
Jobs, but is there more to it than meets the eye?
Entrepreneurial DNA proves there are massive implications to how each individual is wired as an
entrepreneur. It shatters the archaic notion that one-size-fits-all and allows each reader to
discover their unique DNA. The book then delivers strategy across critical areas of business customized to your DNA.
• Let ‘s get started!!
Entrepreneurial DNA – Q1
Which statement best describes you?
A. I seldom ask for help
B. I don’t know much about doing
business
C. Marketing is nonsense
D. I have brilliant ideas but I don’t find
investors
Entrepreneurial DNA – Q2
Which statement best describes you?
A. I inspire people to do things they
normaly wouldn’t do
B. I am loyal to my colleagues as long as
they don’t make mistakes
C. My diplomas, certificates, ... show my
competences
D. I like to be coached by experts
Entrepreneurial DNA – Q3
Which statement best describes you?
A. My job just crossed my path
B. Starting a project from scratch makes it
interesting
C. Customer = king. Every decision is
based on this statement
D. I am surrounded by people who want to
steel my ideas
Entrepreneurial DNA – Q4
Which statement best describes you?
A. I don’t like to negotiate myself
B. The possibility on a perfect result is
more important than the risk
C. I like to create structures in which my
colleagues can function well
D. Pressure makes me stronger/work
harder
Entrepreneurial DNA – Q5
Knowlegde
A. My own knowledge determines the
content of the project
B. I collect all knowledge and study it
C. I use new knowledge and develop new
insights before I start with a new project
D. I look up the basic knowledge and start
immediately
Entrepreneurial DNA – Q6
What is the leitmotif in your activities?
A. Together we can do it
B. I want to change the world, even if it
takes person by person
C. Permanently I see changes and
opportunities
D. A well designed scheme guides me
Entrepreneurial DNA – Q7
Why would people appeal to you?
A. I am good in selling my ideas
B. I am an expert in my field
C. Give me two days and I create an
achievable plan
D. My ideas are patent-worthy
Entrepreneurial DNA – Q8
How do you start a new poject?
A. I start with a study/meeting
B. I am convinced that every new project
has a change to succeed
C. In each project I discover new
opportunities for an other (new) project
D. I carefully study all pitfalls
Your entrepreneurial DNA - Results
DNA
Entrepreneurial DNA – Q1
Which quote fits you best?
A. I seldom ask for any help
B. I don’t know much about doing
business
C. Marketing is nonsense
D. I have brilliant ideas but I don’t find
investors
Entrepreneurial DNA – Q2
Which quote fits you best?
A. I inspire people to do things they
normaly wouldn’t do
B. I am loyal to my colleagues as long as
they don’t make mistakes
C. My diplomas, certificates, ... show my
competences
D. I like to be coached by experts
Entrepreneurial DNA – Q3
Which quote fits you best?
A. My job just crossed my path
B. Starting a project from scratch makes it
interesting
C. Customer = king. Every decision is
based on this statement
D. I am surrounded by people who want to
steel my ideas
Entrepreneurial DNA – Q4
Which quote fits you best?
A. I don’t like to negotiate myself
B. The possibility on a perfect result is
more important than the risk
C. I like to create structures in which my
colleagues can function well
D. Pressure makes me stronger/work
harder
Entrepreneurial DNA – Q5
Knowlegde
A. My own knowledge determines the
content of the project
B. I collect all knowledge and study it
C. I use new knowledge and develop new
insights before I start with a new project
D. I look up the basic knowledge and start
immediately
Entrepreneurial DNA – Q6
What is the leitmotif in your activities?
A. Together we can do it
B. I want to change the world, even if it
takes person by person
C. Permanently I see changes and
opportunities
D. A well designed scheme guides me
Entrepreneurial DNA – Q7
Why would people appeal to you?
A. I am good in selling my ideas
B. I am an expert in my field
C. Give me two days and I create an
achievable plan
D. My ideas are patent-worthy
Entrepreneurial DNA – Q8
How do you start a new poject?
A. I start with a study/meeting
B. I am convinced that every new project
has a change to succeed
C. In each project I discover new
opportunities for an other (new) project
D. I carefully study all pitfalls
Select two characteristics
Step by step
Creativity
Well structured
New things & changes
Impulsive
Knowledge
Teamplayer but no leader
Personal development
Accurate
Chaotic
Analytic
Supportive
Optimistic
Useful application
Builder
Innovator
DNA
Specialist
Opportunist
Builder
Innovator
Step by step
Personal development
Accurate
Well structured
New things & changes
Creativity
Realistic
Useful application
DNA
Specialist
Opportunist
Well structured
Knowledge, Supportive
Team player – no leader
New things & changes
Creativity, Impulsive
Optimistic, Chaotic
Builder
The Builder excels at constructing a
business from the ground up. These people
are the ultimate chess players in the game of
startups, always looking to be two or three
moves ahead of the competition. They are
usually described as driven, focused, cold,
ruthless and calculating. They usually win,
but don’t often get the appreciation and
happiness they crave.
Innovator
You will usually find the Innovator
entrepreneur in the lab working on their
invention, recipe, concept, system or product
that can be built into one or many
businesses. The challenge with an Innovator
is to focus as hard on the business realities
as the product possibilities. If one of these
entrepreneurs teams with a Builder, the sky
is the limit, and every investor wants to get a
piece of the action.
Specialist
The Specialist entrepreneur will enter one
industry and stick with it for a lifetime. They
build strong expertise, but often struggle to
stand out in a crowded marketplace of
competitors. Picture the graphic designer,
the IT expert or the independent accountant
or attorney. These types of people start good
family businesses, but can’t scale.
Opportunist
The Opportunist is the dreamer in all of us.
It’s that part of us that maneuvers to be in
the right place at the right time to make big
money. If you ever felt enticed to jump into a
quick money pitch on the Internet, that was
your Opportunist side showing. These
entrepreneurs dream big, go big and too
often crash big.
Before you initiate your next startup
•
Spend some time looking inward, discover your where your strengths lie.
•
Find a co-founder who has complementary strengths, and prove the theory that
one plus one equals three. All too often the alternative is that one plus zero ends
up as zero.
•
Successful businesses are also about execution, rather than the idea. That’s why
you have to emphasis on startup traction, milestones achieved and metrics rather
than listening again to how great it’s going to be.

Nevertheless, understanding your type and tailoring your plan is still no
guarantee of success, with all the unknowns of a new business and personal
idiosyncrasies, but it’s a good start.
Tripod of Performance: where are you on each axis? How agile are you?
Emotional
Quotient
EQ
Are you capable to deal with
Change?
Can you build dream teams?
Intellectual
Quotient
Are you socially intelligent?
Self knowledge? POTENTIAL
PhQ
Physical
Quotient
IQ
Tripod of Performance: where are you on each axis? How agile are you?
Emotional
Quotient
EQ
Intellectual
Quotient
POTENTIAL
PhQ
Physical
Quotient
IQ
Focus on entrepreneurship
•
The Entrepreneurship 2020 Action Plan from the EC
•
The action plan is built on three main pillars:
•
•
•
•
Entrepreneurial education and training
Creation of an environment where entrepreneurs can flourish and grow, and
Developing role models and reaching out to specific groups whose
entrepreneurial potential is not being tapped to its fullest extent or who are
not reached by traditional outreach for business support.
http://ec.europa.eu/growth/index_en.htm
Challenges faced by entrepreneurs in Europe
Only 37% of Europeans would like to be self-employed, compared
to 51% of people in the US and China.
Some of the challenges to be tackled include:
• education should offer the right foundation for an
•
•
•
•
entrepreneurial career;
difficult access to finance and markets;
difficulty in transferring businesses;
the fear of ‘punitive’ sanctions in case of failure;
burdensome administrative procedures.
Give some advantages
and/or disavantages of
entrepreneurship
Advantages
Disadvantages
of entrepreneurship
Autonomy
Personal
sacrifices
Challenge of
a start-up
Burden of
responsibility
Financial
control
Little margin
for error
Six quotes to discuss...
Entrepreneur
= male person
Stereotypes
The stereotype of an entrepreneur is still a male person,
this has been documented by the scholars on many
areas:
• in media (Ahtentage and Welter, 2011)
• in business periodicals (Gill, 2013)
• in teaching material (Jones, 2011)
Female entrepreneurship –
research by Hilde Hoefnagels
Methodology
 Literature review
 Statistics and research literature
 Interview guide
 Drivers, Barriers, Role models, Education, Mentors and
networks
Interviews
•
•
•
•
•
•
•
“Women have a more attentive side, even in management, which allows
them to deal more naturally with mood swings of the people they work
with.”
"I could never have foreseen that the business would grow so fast, and
so hard"
"I was my childhood dream and after I got twins myself, I could finally
realize that dream"
"My investments were low cost, just a pc, a printer and some technical
dictionaries. I could start right away"
"I love to be my own boss and my own time manager"
“If you have the possibility to realize your dreams, then you can deal
easily with the setbacks.”
“Now I feel I can work to my full potential – I would never go back to
working in a regular 9-5 job.”
Why do females start a business?
• take active control over the work/life balance
• combine the flexibility of self-employment with self-
realization, family life, and a “sufficient” income
• minimize the financial risk through various strategies
• combine available resources such as living or owning
a farm with competences, business skills and the
families’ need for someone to take main responsibility
for the children
• use the new possibilities available by low cost ICT
and broadband solutions to run their businesses from
home
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 the environment, life
experiences, and personal choices.
1-47
Although no one is “born” to be an entrepreneur,
there are common traits and characteristics of
successful entrepreneurs
•
Achievement motivated
•
Optimistic disposition
•
Alert to opportunities
•
Persuasive
•
Creative
•
Promoter
•
Decisive
•
Resource assembler/leverager
•
Energetic
•
Self-confident
•
Has a strong work ethic
•
Self-starter
•
Is a moderate risk taker
•
Tenacious
•
Is a networker
•
Tolerant of ambiguity
•
Lengthy attention span
•
Visionary
Entrepreneurs Are Gamblers
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.
Entrepreneurs
Are Motivated
Primarily by
Money
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
Entrepreneurs
Should Be
Young
Entrepreneurs Should Be Young and Energetic
• The most active age for business ownership is 35 to
45 years old.
• 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.
Entrepreneurs Love the
Spotlight
Entrepreneurs love the spotlight
• While some entrepreneurs are flamboyant, the vast
majority of them do not attract public attention.
• As evidence of this, consider the following question:
“How many entrepreneurs could you name?”
• Most of us could come up with Jeff Bezos of
Amazon.com, Mark Zuckerberg of Facebook, Steve Jobs
of Apple, and maybe Larry Page and Sergey Brin of
Google.
• But few could name the founders of Twitter, YouTube or
Netflix, even though we frequently use those firms’
services.
Impact of entrepreneurial
firms
Economic Impact of Entrepreneurial Firms
• Innovation
• Is the process of creating something new, which is
central to the entrepreneurial process.
• Small firms are twice as innovative per employee as
large firms.
• Job Creation
• In the past two decades, economic activity has moved
in the direction of smaller entrepreneurial firms, which
may be due to their unique ability to innovate and
focus on specialized tasks.
1-58
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.
1-59
The high street of the future ....
The entrepreneurial
process
The Entrepreneurial Process
The Entrepreneurial Process Consists of Four Steps

Step 1: Deciding to become an entrepreneur.

Step 2: Developing successful business ideas.

Step 3: Moving from an idea to an entrepreneurial firm.

Step 4: Managing and growing the entrepreneurial firm.
1-65
Keep your eyes open !!!
Sometimes
doing business
comes
on your way ...
References
•
•
Bruce R. Barringer and R.Duane Ireland, Entrepreneurship.
Succesfully Launching New Ventures, Fifth edition. Global
edition, 2016.
Peggy A. Lambing and Charles R. Kuehl, Entrepreneurship,
Fourth edition, 2014.
 Copyrights Pearson Education Limited
•
Joe Abraham, Entrepreneurial DNA: The Breakthrough
Discovery that Aligns Your Business to Your Unique Strengths,
2011.