Entrepreneurship Innovation Day 1 WELCOME Entrepreneurship and Innovation

Entrepreneurship & Innovation Day 1

WELCOME ! Entrepreneurship and Innovation ENT 06 -240 SPRING 2009 • Section 4: T/R 10: 50 am - 12: 05 pm Bunce 106

COURSE DESCRIPTION The Entrepreneurship and Innovation course • introduces the qualities and thinking of successful entrepreneurs and innovators • describes possible entrepreneurial career paths available. • provides quality information to better understand establish a business or social venture, and • introduces students to unique and interesting problems facing entrepreneurs in starting and operating new ventures.

Entrepreneurship • A growth-oriented outlook implying an innovative and proactive approach to challenges, tasks, needs, obstacles and opportunities. (Michael Morris, Entrepreneurial Intensity, 1998) • The creation of wealth through unique or novel means adding value to the product or services available to customers.

Small Business vs Entrepreneurship

Entrepreneur "one who organizes and manages a business and undertakes the risk for the sake of profit. " Tony Hsieh CEO of Zappos. com http: //businessinnovationfactory. com/innovationstorystudio/bif 4_thsieh. php

Innovation (N/V) • A new idea, method, or device (noun). • The act of creating a new product or process (verb). • Invention as well as the work required to bring an idea or concept into final form (verb). Product Development and Management Association

Entrepreneurship is an “iterative process” • A repeated cycle of operations to adjust and improve • Stay ahead of obsolescence • Takes into account what you have done and learned in the past but adapts to a predicted future. • Assumes that not just one system but several systems are dynamically changing.

Course Focus A holistic understanding of how entrepreneurs view their world in terms of opportunity recognition and actions to engage perceived opportunities. • Methods: – An eclectic mix of perspectives. – A balance between theory and practice. – Alternative and at times contradictory perspectives are explored based on the premise that there is no one best way to learn and practice creativity and innovation. – “Hands-on” learning experience through their interviews with entrepreneurs and course exercises.

Conceptual Blockbusting • Focus on overcoming key blocks to Creativity • • • Perception Emotion Culture Environmental Intellectual, and Expression

Innovation “how to” • How to create products, services, and businesses • How to successfully launch them in the marketplace

Be a Renaissance Person • Crossroads between disciplines and fields • Cross-disciplinary thinnking

Putting it all together • Overview of Entrepreneurs • Puts “feet” on creativity • How to recognize leading -edge opportunities Structure of an enterprise • Templates for writing the feasibility analysis.

What is evidence of entrepreneurship? • • Becoming an Owner-Manager of a Firm Creation of a New Business Innovation Purchasing an Existing Business Starting an Innovative venture within an established organization Creation of a Non-Profit Business Creation of a Government Organization William Gartner

Eight Major Themes in Entrepreneurship Lit. – The “Entrepreneur” persona theme • unique attributes such as: risk taking, locus of control, autonomy, perseverance, commitment, vision and creativity – Innovation – Organization Creation (Resource Integration and Acquisition) – Creating Value – For Profit – Growth – Uniqueness – Owner-Manager status Gartner Research

? How does the Mac. Arthur Fellowship Program define "CREATIVITY"? Answer: Creativity, like humor, can get lost in definition – not because it cannot be described, but because it can be expressed in limitless variations. In this program, we have found it useful to regard creativity as the expression of human endeavor as individuals actively make or find something new, or connect the seemingly unconnected in significant ways. Important qualities: • ability to transcend traditional boundaries, • willingness to take risks, • persistence in the face of personal and conceptual obstacles, • capacity to synthesize disparate ideas and approaches. http: //www. macfound. org

Business Definition of Innovation • The creation, development, and implementation of a new product, process, or service with the goal of improving efficiency, effectiveness, or competitive advantage. • Innovation may apply to end-user products or services; product innovation satisfies a customer's needs • It may focus on manufacturing processes, managerial processes, or the design of an organization; process innovation improves efficiency and effectiveness. • Innovation is linked with creativity, and involves taking new ideas and turning them into reality through invention, research, and new product development.

Does Innovation = creativity ? • Innovation is linked with creativity. • Innovation involves taking new ideas and turning them into reality through invention, research, and new product development.

innovators' orientations high-innovation 7 sub-types • inventor/tinkerer • adventurer • searcher/problemsolver • gap-filler • social visionary • opportunity-grabber • specialist pioneer. • • • low-innovation 6 sub-types chance entrant agent-turned producer concession-grabber obsessed producer ancillary/imitator non-pioneer niche holder Mathew J. Manimala (1996) Beyond Innovators and Imitators: A Taxonomy of Entrepreneurs. Creativity and Innovation Management 5 (3), 179– 189

Value of Skills in E&I • “Elevator Pitch” everyone needs one • Interview an Entrepreneur – You need a network • Feasibility Study – Cost can vary greatly depending on the depth and breadth of the study. A high quality, in-depth study can cost as much as $100, 000, . Ag Marketing Resource Center, Forecast Golf Group Inc. says “clients typically pay us $12, 000+ to perform a feasibility study for their project.