Entrepreneurship Teaching in Business Schools: clarifying the concept for the classroom Muhammad Azam Roomi Director Research / Principal Lecturer University of Bedfordshire, UK

The Dominant Model The analytical information loaded (brain) Entrepreneurial behaviour (limited) Business Management (focus) Delivery and ingestion of explicit knowledge High levels of innovation, technology, scale and growth (the heroic heart) Centrality to business plan (the gut)

The Dominant Model Management functions compartmentalisation (marketing, finance, HRD, etc. Small Business Management Corporate Venturing Market Model Pre-set Goals Expected Returns Competitive Analysis How to avoid Surprises

The Dominant Model

The pursuit of opportunity beyond the resources currently controlled. Entrepreneurship The pursuit of opportunity beyond the resources currently controlled. Howard Stevenson (1985) “The Heart of Entrepreneurship” Harvard Business Review, March-April

Entrepreneurship ‘Activity that involves the discovery, evaluation, and exploitation of opportunities to introduce NEW goods or services, ways of organizing markets, processes, and/or raw materials through organizing efforts that previously had not existed’. Shane, S. (2003), A General Theory of Entrepreneurship, Cheltenham: Edward Elgar.

Entrepreneurship Personal Characteristics - Need for achievement - Risk taking / management propensity - Psychological and Social Traits - Liabilities of newness, smallness and complexity - Action vs. Analysis

The Alternative Model

The Alternative Model Bird-in-Hand Principle Start with Who you are, What you know & Whom you know (Not with pre-set goals) Affordable Loss Principle Invest in what you can afford to lose – extreme case $0 (Not expected return) Crazy Quilt Principle Build a network of self-selected stakeholders (Not competitive analysis) Lemonade Principle Embrace and leverage surprises (Not avoid them)