University of Newcastle upon Tyne Business School Partner’s Programme Session 4 & 5 The Entrepreneur The Case Study: Garbeau

The Entrepreneur Session 4

What does an entrepreneur look like? In teams of 4 Draw the features that you think a perfectly evolved entrepreneur would have e.g. thick skin, broad shoulders We don’t need good artistic skills, just lots of ideas…

Definitions of Entrepreneurship Any one who performs an activity in an entrepreneurial manner, irrespective of economic impact, i.e. charity work or medical innovation for example. Casson/McClelland

Definition continued…  “Somebody who starts and builds something of long-term value, often from practically nothing. Usually an unsung hero.” Hall “…the innovatory process involved in the creation of a new economic enterprise based on a new product or service which differs from products or services offered by others in content, or in the way its production is organised, or in its marketing.” Curran & Burrows

Entrepreneurial Traits Innovative Moderate risk taking Highly motivated Low interest in power Independence/autonom Extroverted Self-opinionated Creative Determined Desire to achieve intelligent Internal locus of control Self-confident Ability to spot opportunities Self-reliant Insightful High energy levels Visionary

Entrepreneurship in different contexts  Entrepreneurs – Anita Roddick, Richard Branson, Alan Sugar  Owner/manager – owner is predominantly the manager and likely to be the only manager  ‘Intrapreneur’ – organisations such as 3M actively encourage this

The Building Blocks of Successful Entrepreneurs Technical SkillsManagement Competencies Personal Attributes Product/service knowledge MarketingInnovative Market/industry understanding FinanceDetermined Human relationsInternal locus of control Team leader

Small Business Management There are many aspects to running a small business:

…These are… Dealing with suppliers Running the production process Marketing and sales People management Managing the finances Managing debtors and creditors Conforming to laws and regulations

SME Learning Modes Owner managers learn by: Solving problems Action Grasping opportunities Making mistakes Customer reaction Making it up Personal interaction Pressure Borrowing ideas Peer interaction

Group Exercise Working in groups of 4 discuss the following questions: 1.If you were thinking of starting your own business – which management skills do you think you would you need? 2.Why would you need these skills? 3.Do you think small business owners have these skills when they first start a business? Class discussion will follow…

The Case Study: Garbeau Guest Speaker Jessica McLean