Sustaining Entrepreneurship – Chapter 16 Personal Model of Entrepreneurial Process Concept of Triggers Urgency Other Vehicles for Sustaining Entrepreneurship Paradoxes Domains, Portfolios and Cycle of Change

Personal Model of Entrepreneurial Process Effectiveness of Model is function of: Scope of project Team members involved Nature of the organization External environment conditions Eight principles to designing a personal model Ten commandments of an Intrapreneur

Eight Principles to Designing a Personal Model of EA Solidify a relationship with a sponsor Build a flexible team structure Insulate the project and keep it quiet as long as possible Become a guerilla Promise less but deliver more Experiment and produce early wins Manage project momentum Attempt to set the parameters

Ten Commandments of an Intrapreneur Come to work each day willing to be fired Circumvent any orders aimed at stopping your dream Do any job needed to make your project work, regardless of your job description Build a network of good people to assist you Develop a spirited team; choose and work with only the best Work underground as long as you can – publicity triggers the corporate immune mechanism Be loyal and truthful to your sponsor Remember that it is easier to ask for forgiveness than for permission Be true to your goals, but be realistic about the ways to achieve them Be thoroughly engaged, take ownership, and persevere

Triggers A precipitating event Triggering events – Table 16.3 Ways to group triggering events: Internal/external source Opportunity-driven/threat-driven Technology-push/market-pull Top-down/bottom-up Systematic or deliberate search/chance or opportunism Analyzing triggering process is vital for sustaining entrepreneurship

Urgency Refers to a compelling sense that survival depends on change. To achieve sustainable entrepreneurship then an ongoing sense of urgency must be created. Company either innovates or falls behind. Call for immediate action, a pressing need to do things differently.

Basic Assumptions that Create Urgency Our best employees, and even our good employees, have professional options that do not involve our company; Customer loyalties are fleeting; creating a “wow” experience for customers is impossible if we are not continually finding new and better approaches; The gap between us and the competition is smaller than we think in those situations where we are ahead and is larger than we think in those situations where we are behind; The latest, greatest technology has problems, but we cannot afford to ignore it; Our business model is working, and yet it needs to be fixed; The firm could be out of business 24 months.

Other Vehicles for Sustaining Entrepreneurship Research and Experimentation Backward Marketing Research Lead User Research Enlightened Experimentation – Table 16.6 Organizational Learning Learning Organization Continually improves through its capacity to learn from its experiences Three levels – Table 16.7

Paradoxes Surrounding Entrepreneurial Efforts Bigness and Smallness Risk and Return The Individual and The Team Flexibility and Control Constructive and Destructive Behavior Success and Failure

Domains Creating Wealth through Entrepreneurial and Strategic Actions – Figure 16.1 Six Domains Innovation Networks Globalization Learning Top management teams and governance Growth

Portfolios Company becomes an Incubator Creating a mix of balance between: Risk vs return Income vs growth Short-term vs long-term performance Four major portfolios: Portfolio of Competencies Portfolio of Resources Portfolio of Innovations Portfolio of Ventures

Continuous Cycle of Change Periods of rapid evolution and periodic revolution Change will be the norm Ongoing changes in structure, strategy, culture, and systems Cycle through Entrepreneurial Grid – Chapter 3

Entrepreneurial Age New Millennium Age of Turbulence and Paradox Age where Excellence is achieved by: Expecting more than others think is practical Daring more than others think is wise Risking more than others think is safe Dreaming more than others think is possible

Corporate Entrepreneurship Not a fad Does not produce instant results Requires time and investment Must be continually reinforced Build the profile