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University of Ottawa

ADM 3313The Entrepreneurial MindSeptember 22 2012Chapter 1 Crafting a Personal Entrepreneurial StrategyAchieving Entrepreneurial GreatnessThe ultimate message is clear Great companies can be built and all the capital technology and latest information available cannot substitute for hard work and determination The entrepreneur creates the culture in his or her own new ventureThese ideals are at the very heart of the difference between good and great entrepreneurs and the enterprises they createLeadership and Human BehaviourMclellands Theory of Motivation People are motivated by three principal needs 1 the need for achievement 2 the need for power and 3 the need for affiliationNeed for Achievement The need to excel for measurable personal accomplishmentNeed for Power The need to influence others and to achieve an influence goalNeed for Affiliation The need to attain a relationship with someone elseConverging on The Entrepreneurial MindDesirable and Acquirable Attitudes Habits and Behaviours1The ability to respond positively to challenges and learn from mistakes2Personal initiative3Great perseverance and determinationSix Dominant Themes1Commitment and Determination Tenacious and decisive able to recommitcommit quickly competitive persistent etc2Leadership Selfstarter high standards but not a perfectionist team builder shares the wealth honest and reliable etc3Opportunity Obsession Has intimate knowledge of customers needs and wants and is obsessed with value creation and enhancement4Tolerance of Risk Ambiguity and Uncertainty Calculated risk take risk minimiser risk sharer tolerates stress and conflicts etc5Creativity SelfReliance and Adaptability Nonconventional openminded lateral thinker restless with the status quo able to adapt quick learner etc6Motivation to Excel Goalandresults oriented high but realistic goals drive to achieve and grow low need for status and power etcADM 3313The Entrepreneurial MindSeptember 22nd 2012Chapter 2 The Entrepreneurial ProcessDemystifying EntrepreneurshipEntrepreneurship is a way of thinking reasoning and acting that is opportunity obsessed holistic in approach and leadership balancedEntrepreneurship can occur and fail to occur in firms that are old and new small and large fast and sow growing in the private notforprofit and public sectors etc Classic EntrepreneurshipThe classic expression of entrepreneurship is the raw startup company an innovative idea that develops into a high growth company Entrepreneurshiprequires the skill and ingenuity to find and control resources often owned by others in order to pursue the opportunityEntrepreneurshipParadoxesAn opportunity with no or very low potential can be an enormously big opportunity A great example of this is AppleTo make money you first have to lose money To create and build wealth one must relinquish wealth To succeed one first has to experience failure It is a common pattern that the first venture fails yet the entrepreneur learns and goes on to create a highly successful companyEntrepreneurship requires considerable thought preparation and planning yet is basically an unplannable event For creativity and innovativeness to prosper rigour and discipline must accompany the processEntrepreneurship requires a bias toward action and a sense of urgency but also demands patience and perseverance The greater the organization orderliness discipline and control the less you will control your ultimate destinyAdhering to management best practice especially staying close to the customer that created industry leaders in the 1980s became a seed of self destruction and loss of leadership to upstart competitorsTo realize longterm equity value you have to forgo the temptations of shortterm profitabilitySmaller can mean Higher Failure OddsMost estimates place the failure rate for startups at 50 in the first few yearsStudies indicate that failure rates are high and although the majority of the failure occur in the first two to five years it may take considerably longer for some to failHowever most smaller enterprises that cease operations simply do not meet our notion of entrepreneurshipoThey do not create enhance or pursue opportunities that realize value Threshold Concept The odds for survival and a higher level of success increase steadily as the firm size increases The successful threshold is roughly 50000 to 100000 of sales per employee annuallyPromise of Growth Odds for survival increase substantially for those enterprises that growThe enterprises that grow early in their life have a higher chance of survival
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