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Why Entrepreneurship?

MEET U.S. 0. Why Entrepreneurship?. Rob Fuller Director of Entrepreneurial Programs Beyster Institute. MEET U.S. 0. “Nothing endures but change …” -- Heraclitus, 500 BC. MEET U.S. 0. A New Paradigm. Environment of Continuous Change. MEET U.S. 0. Sustainable Competitive Advantage.

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Why Entrepreneurship?

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  1. MEET U.S. 0 Why Entrepreneurship? Rob Fuller Director of Entrepreneurial Programs Beyster Institute

  2. MEET U.S. 0 “Nothing endures but change …” -- Heraclitus, 500 BC MEET U.S.

  3. MEET U.S. 0 A New Paradigm • Environment of Continuous Change MEET U.S.

  4. MEET U.S. 0 Sustainable Competitive Advantage • Adaptability • Flexibility • Speed • Aggressiveness • Innovativeness MEET U.S.

  5. 0 Entrepreneurs • Pursue opportunity • Leverage resources • Build networks • Manage risks • Create value MEET U.S.

  6. 0 “The greatest difficulty in the world is not for people to accept new ideas, but to make them forget about old ideas.” -- John Maynard Keynes, Economist MEET U.S.

  7. 0 What is Entrepreneurship? • Process of creating value by bringing together a unique package of resources to exploit an opportunity. • Process • Value • Resources • Opportunity-driven MEET U.S.

  8. 0 Entrepreneurship Myths • Entrepreneurship is about starting and running a small business. • Entrepreneurs are born, not made. • Entrepreneurship is about invention. • Entrepreneurs are extreme risk-takers. • Entrepreneurship is unstructured and chaotic. MEET U.S.

  9. 0 Who is an Entrepreneur? • Motivated by achievement • Internal locus of control (self-reliant) • Calculated risk-taker • Tolerant of ambiguity • Prefer a degree of autonomy • Tenacious (perseverance) MEET U.S.

  10. 0 “There is a natural aristocracy among men. The grounds of this are virtue and talents...” -- Thomas Jefferson to John Adams, 1813 MEET U.S.

  11. 0 Model of Entrepreneurial Management Character Resources Decision To Act Precipitating Event Action Planning Idea Implementation Risks Skills MEET U.S.

  12. MEET U.S. 0 Training to Improve Skills • 4 Ms • Management • Markets • Money • Mystique • Peer-to-peer learning • Experiential learning MEET U.S.

  13. 0 Entrepreneurial Mindset • Passionately seek new opportunities • Pursue opportunities with enormous discipline • Pursue only the very best opportunities • Focus on execution • Engage the energies of everyone MEET U.S.

  14. 0 Are you an Entrepreneurial Manager? MEET U.S.

  15. 0 Sustaining Entrepreneurial Management • Frame the challenge • Absorb the uncertainty • Define gravity • Clear obstacles • Finger on the pulse MEET U.S.

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