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Tapping Entrepreneurial Energy

Tapping Entrepreneurial Energy. Jay Rao Professor. How is it relevant to me? What is my role? What is my leadership style?. Babson & Enterprise Leadership. SELECTION. MONITORING & SHAPING. OPPORTUNITY IDENTIFICATION. OPPORTUNITY CAPTURE. OPPORTUNITY DEVELOPMENT. MODULE 1. MODULE 3.

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Tapping Entrepreneurial Energy

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  1. Tapping Entrepreneurial Energy Jay Rao Professor

  2. How is it relevant to me?What is my role? What is my leadership style?

  3. Babson & Enterprise Leadership

  4. SELECTION MONITORING & SHAPING OPPORTUNITY IDENTIFICATION OPPORTUNITY CAPTURE OPPORTUNITY DEVELOPMENT MODULE 1 MODULE 3 MODULE 2 Coaching Review Tactics Funding Next Steps Coaching Review Tactics Funding Next Steps Coaching Review Tactics Funding Next Steps Babson & Opportunity Obsession:Identification  Development  Capture

  5. Who is an artist here? Dieter & Apple Sauce

  6. Building a Better Skunk Works (IBM) Bruce Harreld at IBM

  7. Mentor • Goals: Make sure the organization is surprising; not surprised • Enterprise Entrepreneurs • Usually senior management positions • Knit organizational resources, processes, incentives and people together to create entrepreneurial values, behavior and climate within the enterprise • Balances opportunity focus with core business focus Source: Thornberry

  8. Ideas Science Problem Climate Knowledge Opportunity Passion Experience Innovation Happens When….. Articulated Problems Unarticulated Problems Innovation Innovation Luck

  9. The Entrepreneurial Mindset • Passion or desire to create, build or change things, solve the pain • NOT ALWAYS ORIGINAL • Action vs. Analysis; Learning by Doing • GENERATE DATA VS. USE DATA • Emergent vs. Analytical Thinking • GROUNDED IN REALITY VS. SPECULATION • Tolerance for ambiguity • AS AGAINST UNCERTAINTY • Optimism • POSITIVE PEOPLE • A sense of urgency • NOT EXCUSES • Internal locus of control • OWNERSHIP OF DESTINY • Resilience & Perseverance • COURAGE & GRIT • A sense of humor about oneself • NOT TAKING THEMSELVES TOO SERIOUSLY

  10. Pioneers & Hunters • Goals: Actively identify, develop, and capture significant new business opportunities for the firm • Rebels with a cause • Prefer primary data to secondary data • Know that no real opportunity exists without at least one customer willing to pay for the new business idea • Under promise and over deliver • Close to customers/industries/and markets • Much like start-up entrepreneurs Source: Thornberry

  11. Harvesters • Goals: make the organization better, faster, more efficient, more effective, more customer friendly • Make internal changes that create external differentiation • Lead search for hidden value • Analyzes, unravels, rearranges internal processes, procedures, value chain • May involve creative cost cutting • Always tinkering Source: Thornberry

  12. 30,000 employees, $2.847 Billion Deregulation, Global competition “Transformation to an entrepreneurial organization” Training Innovation / New Idea Generation and Support Continuous learning Bureaucracy Busting / Circumvention Vision & Encouragement of Risk Taking 102 Managers, 833 subordinates 360º Management feedback South Eastern Utility Injects Entrepreneurial Behavior. Source: Journal of Business Venturing 1997

  13. 11 Entrepreneurial Behaviors significantly impacted Customer Satisfaction, Employee Satisfaction and District Contribution Margins. Devotes time to helping others find ways to improve products and services Efficiently gets proposed actions through bureaucratic red tape and into practice Boldly moves ahead with a promising new approach when others might be more cautions Displays an enthusiasm for acquiring skills Quickly changes course of action when results aren’t being achieved Vividly describes how things could be in the future and what is needed to get there Encourages others to take the initiative for their own ideas Gets people to rally together to meet a challenge Inspires others to think about their work in new and stimulating ways Creates an environment where people get excited about making improvements Goes to bat for the good ideas of others Source: Journal of Business Venturing 1997

  14. Coaches • Goals: Create a better organization by Stimulating and leveraging the brain power of their direct reports • Usually unit managers • Create a climate within their unit of risk taking, innovation, & learning • Identify, nurture, & protect constructive rebels • Challenge employees to work smarter not harder • Tries not to practice “Institutional Insanity” • Help employees outwit & outmaneuver the bureaucracy • Fight stupid rules • Infect their unit with an entrepreneurial spirit Source: Thornberry

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