1 / 19

Cultivating the Entrepreneurial Mindset: Young entrepreneurs, don’t forget to grow!

Cultivating the Entrepreneurial Mindset: Young entrepreneurs, don’t forget to grow!. October 25, 2010. Frédéric Nlemvo Professor and Head of ICE@RMS (International Center for Entrepreneurial and Alternative Management Studies) Reims Management School, France. An Entrepreneurial Perspective.

kiri
Download Presentation

Cultivating the Entrepreneurial Mindset: Young entrepreneurs, don’t forget to grow!

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Cultivating the Entrepreneurial Mindset:Young entrepreneurs, don’t forget to grow! October 25, 2010 Frédéric Nlemvo Professor and Head of ICE@RMS (International Center for Entrepreneurial and Alternative Management Studies) Reims Management School, France

  2. An Entrepreneurial Perspective IT IS CRITICAL TO THINK BIG. If you want to start and build a company, you are going to end up exhausted. So you might as well think about creating a BIG company. At least you will end up exhausted and rich, not just exhausted. Patricia Cloherty Past President, Patricof & Co. and NVCA Former Chair, National Venture Capital Association Founder & President, Delta Capital (Russia)

  3. Mega-entrepreneurs born after 1970 who started in their 20s Why so few young people from Europe?

  4. Why so few young mega-entrepreneurs from Europe? • Many reasons, but focus on two: • probably because majority of young entrepreneurs do not think global and act globally as they should • probably most courses of entrepreneurship put emphasis on small business

  5. A message of hope European budding entrepreneurs, do not forget to grow!

  6. EUROPE'S YOUNG ENTREPRENEURS (BusinessWeek.com competition - 2006 ) • Bright Ideas from Young European Minds • From consumer products to Web sites, entrepreneurs under 25 are dreaming up great inventions in Europe and turning them into small businesses • By Andy ReinhardtEurope's economic growth may lag that of the U.S. and Asia, but there is no shortage of ambitious young people with good ideas itching to pursue their dreams and start their own businesses. In this first ever BusinessWeek.com competition to identify promising young entrepreneurs in Europe, we asked our visitors to nominate candidates until Oct. 1. Now, for the next month, we're hoping you will look at the intriguing group of nominees in the following slide show and pick the biz whiz you think shows the most promise. Browse through, cast your vote, and we'll report later on the winner and runners-up. • …

  7. Special Report: Europe's Best Entrepreneurs Under 25, By Andy Reinhardt (Businessweek.com) Lars Debatrix (24) www.debatrix.nl Rotterdam, The Netherlands James Gibson (24) www.binfix.co.ukNottingham, England Tristan Cowell (25) www.ic-innovations.com Sheffield, England Fathi Said (24) www.ecommerce.comFreistadt, Austria Marvin Dominic Andrä (24) www.bagpax.comSaarbrücken, Germany Joav Ben Jaakow (22) www.benjaakow.deLengfurt, Germany Neil Waller (22) www.marbellainfo.comLondon, UK Julien Genestoux (23) www.jobetudiant.netLyon, France

  8. Special Report: Europe's Best Entrepreneurs Under 25, By Andy Reinhardt (Businessweek.com) Wayne Berko (24) www.universalextras.co.ukLondon Matteo Böhme (24) www.matteoevents.deDresden, Germany Ben Woldring (21) www.bencom.nl Usquert, Netherlands Karm Singh (25) www.desitouch.comLondon, UK Matthew Hubbard (24) www.reelsinmotion.co.ukStoke-on-Trent, England Matt Roberts (23) & Irfan Badakshi (25) www.bean2bed.comBirmingham, England Grant Lang (24) www.mozzo.co.ukSouthampton, England

  9. Growth is desirable and is possible? • Globalisation is an opportunity for accelerated growth • Think of internationalisation very early • Use social media tools to boost your business

  10. Top Social Networks Source: http://www.theecommercesolution.com/blog/2007/05/01/how-social-network-marketing-works/top-social-networking-websites/

  11. Evidence of social networks as revenue generator • In mid-June 2008, computer maker Dell announced it had earned $3 million in revenue from using Twitter • A proof that social media had the potential to not only increase trafficbut also sales • In case of Dell, it took 18 months to make the first million via Twitter … • … albeit only six to earn the last

  12. Why Dell and not my business? • While Dell is a large corporation, with revenues of more than $61 billion in 2008 alone, smaller businesses can also benefit from using Twitter as well as other forms of social media (See the list aforementioned) • Consider also community blogs aimed at entrepreneurs, like The Toilet Paper Entrepreneur and sites like Help a Reporter Out (HARO), which links businesses with journalists for free. (Think of it as PR 2.0.) • … * PR: Public Relations

  13. A message of hope:two lessons from a successful entrepreneur • Lesson number 1: “You really don’t need big money to start any great business, just 300$ can be converted into billions of dollar if you have got the right mindset and the desire to success.” • Dhirubhai Ambani did it! • He is the founder of Reliance group of industries which is India’s largest private sector company and second largest in the world with an annual turnover of more than US$ 40 billion. • He started his entrepreneur journey with just 15,000 Rs (Rupee) equivalent to 300 US$ in 1965. • “Our dreams have to be bigger. Our ambitions higher. Our commitment deeper. And our efforts greater” • Lesson number 2: “Contacts and Relationships are really important in your life. Networking is really important to succeed in Business. You need to have friends and contacts wherever you go.”

  14. Paradoxes of Entrepreneurship • Work hard…………………………… BUT…….. delegate responsibility • Tolerate failure/new mistakes BUT…….. plan for success • Be passionate about ideas……..BUT…….. be willing to change direction • Share power………………………… BUT…….. be a powerful leader • Accept ambiguity……………........BUT…….. manage risk • Undertake multiple tasks……….BUT…….. remain focused • Be opportunity oriented………..BUT…….. be skeptical and realistic

  15. You cant get it (e.g., achieve growth) if you really want, but you must try, try and try, you will succeed at last! Do you need a famous example?

  16. Who is this? 1831 . . . . . . . . . . . . . . . Failed in business 1832 . . . . . . . . . . . . . . . Defeated for Legislature 1833 . . . . . . . . . . . . . . . Failed in business again 1835 . . . . . . . . . . . . . . . Sweetheart died 1836 . . . . . . . . . . . . . . . Nervous breakdown 1840 . . . . . . . . . . . . . . . Defeated for Land Office 1843 . . . . . . . . . . . . . . . Defeated for Congress 1848 . . . . . . . . . . . . . . . Defeated for Senate 1855 . . . . . . . . . . . . . . . Defeated for Vice President 1860 . . . . . . . . . . . . . . . Elected President of the United States Abraham Lincoln

  17. Final message • Message to colleagues: we should instill the idea of growth very early in the mind of our students would-be entrepreneurs • Confirmed entrepreneurs: think of growth and act for growth • Students: make the World your market and you will achieve growth

  18. Message to young people Business is not a game, but you can make it a game and succeed at last! « Find a job you love and you'll never work a day in your life. » Confucius Become entrepreneur! “Your dreams have to be bigger. Your ambitions higher. Your commitment deeper. And your efforts greater”

  19. The online business game is a step in the right direction!!!

More Related