Marketing Entrepreneurship Session 2 Understanding Entrepreneurship Shahid Rasul

Marketing & Entrepreneurship Session 2: Understanding Entrepreneurship Shahid Rasul www. bradford. ac. uk/management

Session Outline • Review • Role of Government • Small v Growth Firms • Entrepreneurship Process • Entrepreneurship as a subject

Review People Process Purpose Business Science Enterprise Creation [Entrepreneurs] Community Social & Civic Personal Enterprise Enterprising People Entrepreneurship [Innovation & Marketing] Education Theatre & Arts Corporate Entrepreneurship Sport Military Social & Economic Wealth Creation Principles Exploration

Entrepreneurship Any attempt at new business or new venture creation, such as self-employment, a new business organisation, or the expansion of an existing business by an individual, teams of individuals, or established businesses. Global Entrepreneurship Monitor www. gemconsortium

Continuum of Entrepreneurial Activity Necessity Conventional Creative Opportunist Serial Necessity Reluctantly thrust into self-employment through circumstances. Ekes out a living but would prefer to be employed. It may be for a brief period of time, circumstances require self employment. Conventional: self-employed, but stick with conventional products and ideas to meet lifestyle needs Creative: seeks success, but within the limits of personal or professional values e. g. artistic entrepreneurs, social entrepreneurs Opportunist: Spots opportunity and pursues growth to support personal status needs e. g. financial success, social impact Serial: constantly challenging assumptions, developing new products/services, seek rapid growth, however defined

Small Business v Entrepreneurial Ventures Innovation Strategic Objectives Growth Potential Entrepreneurial Venture Small Business Lifestyle Firms v Growth Firms Adapted from Strategic Entrepreneurship - Philip A. Wickham

History of Entrepreneurship

Entrepreneurship. . . is businessman going about the ordinary business of life. . . is to destroy the existing economic equilibrium in an act of creative destruction. . . and to profit from the new order. . . is by definition the creation of new organisations. . . is the process of identifying and exploiting profit opportunities …is a way of thinking, reasoning and acting that is opportunity obsessed, holistic in approach and leadership balanced. . . equals economic and social mobility

Entrepreneurship …is the ability to create and build something from practically nothing. It is initiating, doing, achieving, and building an enterprise or organisation, rather than just watching, analysing or describing one. It is the knack for sensing an opportunity where others see chaos, contradiction and confusion. Timmons (2003) . . . is about creating and managing vision and communicating the vision to other people. It is about demonstrating leadership, motivating people and being effective in getting people to accept change Wickham (2004)

Entrepreneurship The pursuit of opportunity beyond the resources you currently control! HBS working definition

What is an opportunity? • A desired future state that is different from the present • A belief that achievement of that state is possible

Opportunity • Depends on the person • Depends on the environment • Depends on access to the required resources • Depends on timing

Steps to Business Success Development How will you develop your business? Promoting Can you sell your idea? Planning How will you implement your idea? Customers Is there a market? Motivation Do you have drive? PERSONAL EVALUATION IDEAS & OPPORTUNITIES BUSINESS PLANNING START-UP GROWTH Attributes Finding Understanding the Market Implementation Team Building Skills & Competencies Generating Forecasting the money Raising Finance Managing Experiences Researching Managing the resources Location Expansion Resources Evaluating Business Strategy Dealing with realities Systems Ability & Capability Selecting & Protecting Business Structure Opening & marketing Learning Vision & Focus Business Model Legal Issues Networking Communication INNOVATION

Entrepreneurial Process Opportunities You Unlocking Value Resources

Entrepreneurial Process

Entrepreneurial Spiral Opportunities Creative Thinking - Inventor Marketing Plan - Gap Production Marketing Growth Plan – Under utilised resources Business Plan - Investor Sources of Finance Adapted from Entrepreneurs Toolkit – Rory Burke

As a Field of Study Shane & Venkatraman define entrepreneurship, as a field of study, seeks to understand how opportunities to create something new (e. g. new products or services, new markets, new production processes or raw materials, new ways of organising existing technologies) arise and are discovered or are created by specific persons, who then use various means to exploit or develop them, thus producing a wide range of effects. (Baron & Shane: 4)

Common Themes in Definitions of Entrepreneurship The Entrepreneur Process Uniqueness Innovation Understanding Entrepreneurship Organisation Creation Profit or Not for Profit Growth Creating Value

Locating entrepreneurship as a subject

Another Approach…. A holistic, beneficiary focused, approach to value adding & wealth creation? Take what YOU need & enjoy the journey.