Entrepreneurship and project management

History Entrepreneur Entreprendre 17th century: Companies take risks Entrepreneurs take risks and introduce new products and processes Schumpeter: Entrepreneurial function – to invent new things and take them successfully to the market (creative destruction)

Entrepreneurship theory Individual-centered tradition Social context-centered tradition

Today Entrepreneurial teams and networks Venture capital Opportunity recognition and enactment

Processual view of entrepreneurship Process of organizing resources in actor networks Temporary densities in actor networks Entrepreneurship as ending, recurring How long are you an entrepreneur? Is what you do entrepreneurial?

Greiner´s growth stages

Characteristics of Successful Entrepreneurial Teams complimentary of competencies proven professional expertise, solid individual and group competence clear understanding of and agreement on worthwhile ( organizational) goals and measurable objectives commitment to goals and objectives shared values, confidence and trust genuine need for each member of the team extensive intra-team information flows (communication): direct, prompt, dependable, accurate, useable performance-based rewards, equitable compensation (evaluate the team but reward the individual)

The four phases of the innovative project (Lundin & Söderholm, 1995) 1.Action-based entrepreneurship 2.Fragmentation for commitment-building 3.Planned isolation 4.Institutionalised termination

Phase 1: Action-based entreprenenurship Idea Followers Rhetorics Attractive ambiguity for stakeholders

Phase 2: Fragmentation for commitment-building Bracketing: Carving out the project from rest of reality Time bracketing: Before/after Task bracketing: What/what not Team bracketing: Who/who not Stakeholder analysis

Phase 3: Planned isolation Planning – creating a manuscript for the project Physical and social isolation – gatekeeping Time as a scarce resource Socialisation and role definitions Ésprit de corps – groupthink Stakeholder management

Phase 4: Institutionalised termination Reconnecting to context in time and with task Risk of drifting environments Risk of alienation from context Personal changes