Who is an Entrepreneur? Entrepreneur : Insane perseverance in the face of total rejection.

What Is An Entrepreneur? A vision-driven individual who assumes significant personal and financial risk to start or expand a business.

What Is An Entrepreneur? ENTREPRENEURSHIP The pursuit of opportunity through innovation, creativity and hard work without regard for the resources currently controlled.

Entrepreneurship Entrepreneurship—a way of thinking, reasoning, and acting that is opportunity obsessed, holistic in approach, and leadership balanced (This definition of entrepreneurship has evolved over the past two decades from research at Babson College and the Harvard Business School and has recently been enhanced by Stephen Spinelli, Jr., and John H. Muller, Jr., Term Chair at Babson College.)

Who is an Entrepreneur? Situational more than personality Age Flexibility Age 20 30 25 35 45 40 Age Distribution for Starting Company Ability

Who is an Entrepreneur? Manager’s Opportunities Future Goals Perceived Capability Future Goals Change Status Quo Possible Blocked Satisfied manager Entrepreneur Frustrated manager Classic bureaucrat

The Effective Entrepreneur Who is an Entrepreneur? Assertiveness Objectivity High Low X High X = Entrepreneur Analytic Driving Low Amiable Expressive Swaine and Tucker The Effective Entrepreneur

Classic Entrepreneurship: The Startup Raw startup company—an innovative idea that develops into a high growth company Qualities of a startup company Strong leadership from the main entrepreneur Complementary talents and outstanding teamwork of team members Skill and ingenuity to find and control resources Financial backing to chase opportunity

Desirable and Acquirable Attitudes and Behaviors Six themes Commitment and determination Leadership Opportunity obsession Tolerance of risk, ambiguity, and uncertainty Creativity, self-reliance, and adaptability Motivation to excel

The Entrepreneurial Process It is opportunity driven It is driven by a lead entrepreneur and an entrepreneurial team It is resource parsimonious and creative It depends on the fit and balance among these It is integrated and holistic

The Timmons Model of the Entrepreneurial Process Creativity Leadership Communication Opportunity (2) Resources (4) Business Plan Fits and gaps Ambiguity Exogenous forces Capital market context Uncertainty Team (3) Founder (1)

A belief that achievement of that state is possible What Is An Opportunity? OPPORTUNITY Recognizing a desired future state involving growth or change A belief that achievement of that state is possible

New Technology Time for new technologies to reach 25% of the U.S. Population Household electricity (1873)—46 years Telephone (1875)—35 years Automobile (1885)—55 years Airplane travel (1903)—54 years Radio (1906)—22 years

New Technology Time for new technologies to reach 25% of the U.S. Population Television (1925)—26 years Videocassette recorder (1952)—34 years Personal computer (1975)—15 years Cellular phone—13 years World Wide Web—7 years

Understand and Marshall Resources Minimize and control versus maximize and own Unleashing creativity Financial resources Assets People Your business plan Think cash last!

The Entrepreneurial Team An entrepreneurial leader Learns and teaches—faster, better Deals with adversity, is resilient Exhibits integrity, dependability, honesty Builds entrepreneurial culture and organization

The Entrepreneurial Team Quality of the Team Relevant experience and track record Motivation to excel Commitment, determination, and persistence Tolerance of risk, ambiguity, and uncertainty Creativity

The Entrepreneurial Team Quality of the Team Team focus of control Adaptability Opportunity obsession Leadership Communication

What Is An Entrepreneur? ENTREPRENEURSHIP The pursuit of opportunity through innovation, creativity and hard work without regard for the resources currently controlled.

ENLIGHTENED SERENDIPITY Being in the right place At the right time, Recognizing it, and Acting upon it, APPROPRIATELY and PASSIONATELY!!!