Introduction to entrep v2

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This is a revised and updated version of intro to entrepreneurship published earlier last April 2016.

Transcript of Introduction to entrep v2

Slide 1

Introduction to EntrepreneurshipUnlocking the Secrets of Wealth Creation*

A. General Concepts


Our common understandingThe bossThe business ownerThe risk takerOne who starts a small businessThe resourceful guy?

No single definition

French word originEntependre an undertaker

Walt Disneys definition .to do things and make things which will give pleasure to people in new and amazing ways. .It is magic!*From the lecture given by Larry Farrel at SBMA, August 7, 2002 and at UAP, October 30, 2009.For this course:

Walt Disney and entrepreneurshipSimply amazing!Magical

Entrepreneurship involves:MAGIC soft issues

LOGIC hard issues

It is making the world forever new. It is taking aggressive actions.According to George Gilder from The Spirit of the Enterprise*According to Joseph Schumpeter -*It is destroying the old order and creating new ones.*From Business as a Calling by Michael Novak

It is about:NEW:Business ideasProductsProcesses ENTREPRENEURSHIPA MINDSETAbout a forever innovating mindset

TimmonsIt is creating something from practically nothing

It is doing something vs. just talking

It is about:ActionStrategyCourageWise use of resources Start with what he has

THE THREE MASTERIES FOR AN ENTREPRENEUR:Mastery of SelfMastery of OpportunityMastery of the Enterprise

Masteryof SelfMasteryof OrganizationEnterpriseCorporateEntrepreneurial LeadershipCorporate Leadership

Aspects of Self-Mastery

Traits of an Entrepreneur - Ds and FsIs it better to drop out?Is it better to get F as a grade?

DreamDeterminedDetailsDollar (Peso, in our case)DecisionDoerDistributeDestinyDevotionDedicationDs

FounderFaithFocusedFrugalFastFunFlexibleFlatForever ImprovingFs

Anatomy of the EntrepreneurThe Entrepreneurial Mind FrameThe Entrepreneurial Gut GameThe Entrepreneurial Heart Flame

Anatomy of the EntrepreneurWISDOMHEARTGUTSWhat lies behind us, what lies before us, is nothing compared to what lies within us.HANDS

Self Analysis:Gifted mindsSteely GutsAbility to intuitCouragePatriotic HeartsHands that truly careDo I possess all of the above?

The Entrepreneurs BrainLet us do a brain surgery

I have 4 brains: left cerebral, left limbic, right limbic, Right cerebral.

The HBDI developed by Hermann yielded a brain dominance profile

Arithmetic Algebra Calculus Logic Science Technology Finance Programming Accounting Technical Management Production Arts Geometry Design Poetry Architecture Marketing Social Sciences Psychology Dance Drama High-Skilled Sports People-ManagementABCD

Lawyers Engineers Computer Systems Analysts Financial Analysts Technicians Physicians Statisticians Bureaucrats Administrators Bookkeepers Entrepreneurs Explorers Artists Playwrights Scientists in R&D Advertising Guidance Counselors Public Relations Nurses Social Workers Entertainers HRDABCD Composers Jazz Musicians Planners-Programmers Elementary Teachers Policemen Cashiers Production Supervisors Maintenance People Classical Musicians Salesmen Priests

CEOsmale or female


B. Forms of EntrepreneurshipSocial EntrepreneurshipBusiness EntrepreneurshipTechno Entrepreneurship

1. Social Entrepreneurship

1. Social Business Mix



Social Business

BusinessEnterpriseCSRProfit Maximization Business (PMB)Business Enterprise

Social EntrepreneurshipAny creative and innovative solution applied to solve social problems (Mohammad Yunus, 2007)It involves social missionProfit and/or entrepreneurial processes

Banker to the poor

Social EntrepreneurshipSearch for approaches to move poor people out of poverty beyond welfare-based safety nets.No more charitiesSustainabilityProfits for non profits

Social EntrepreneurshipCSR corporate social responsibilityCSV corporate shared valueHuman Nature

Social BusinessThe triple bottom linePEOPLEPROFITPLANETBOP Bottom of the Pyramid

BOP Bottom of PyramidA-B 9%C 20%D-E 31%F 40%Living on less than $2 per dayAbove poverty thresholdLiving on less than $1 per day

Mother Teresa did what no other person has done before to take care of the poor, destitute and lepers

Lance Armstrong7 times Tour de France championHis real victory is with the LAF where he helps hundreds of cancer victims

Sir Edmund Hillary was first to conquer Mt. Everest

Sir Edmund Hillary came back to Nepal and helped the Sherpas improve their living conditions.

Mohammad YunusTaught Developmental Economics at the University of Chitagoong in Bangladesh.Economics, right at the outskirt of the University, poverty was everywhere.He found out that all that was needed by the poor was a loan of 27 chakas. Thats how the Grameen Bank started.

Why are they entrepreneurs?They had little or no resources at all but they survived and achieved what they wanted in life

2. Business EntrepreneurshipBusiness for profit

Business EntrepreneurshipIts about the study of systems, structure, and staffing to make a large corporation stay competitive, innovative, and profitable on a sustainable basis.

2 types of business entrepreneurship

The business cycle according to Larry Farrel intl expert on entrepreneurshipSurvival /FailureDeclineGrowthStartENTREPRENEURIALMANAGERIAL

No longer excellent!...In 1983, there was the book In Search of Excellence by Tom Peters and Waterman. It sold 6 million copies. Then...

Something went wrong...

33% of the Excellent Companies vanishedToo big to fail companiesWhere are they now?:Washington MutualBear StearnsPacific BankBanco Filipino

Vanishing giantsDinosaurs of the corporate world

ENTREPRENEURIAL COMPANIESKeeping the Sense of Mission alive as you growRe-instilling customer/product vision in every employeeFostering high-speed innovationMaking self-inspired behavior the organization standard


DifferentiationGrowthStrategic direction

Three Competencies of the Complete EntrepreneurORIGINATOROPERATORORGANIZERinnovatorinspirerimplementor

Compelling ReasonsWhy We Need Entrepreneurs90% of the worlds jobs are created by entrepreneursSource of new products and innovationIn the third-world countries, the entrepreneurs keep the sagging economies aliveIts the entrepreneurs not the central bank that keep the economy movingFinally... the PhilippinesIts not GMA nor the government that was responsible for sheltering the Philippines against bad times.GUESS WHO?!

In the GEM report of 2006-2007, RP is No. 2 in the world for entrepreneurial activity.Peru is No. 1

RP is a HOTBED OF ENTREPRENEURSHIP!4 out of 10 adult Filipinos are into businessHighest in Northern Luzon 54%Lowest in Metro Manila 30%In the early stages, it is highest in Mindanao, at 73%

Entrepreneurship in the Philippines: Issues from a Global Perspective

Other trivia:Battle of the sexes:51% of all businesses are started by women55% of all businesses are run by menOf the nascent businesses, 60% are run by women

Entrepreneurial ION (Process)AmbitION

PassION+Sea of OpportunityInspiratION (idea)

PerspiratION (past jobs)

RecreatION (hobbies)

FrustratION (what pisses you off)Idea FruitIONEnterpriseCreatION=

Is Entrepreneurship easy?We choose to go to the moon in this decade and do all the other things to get there, not because they are easy but because they are hard, because that goal will serve to measure the best of our energies and skills, because that challenge is one we are willing to accept and we are unwilling to postpone, and which we intend to win and others too.-- JFK, 1962

So you want to be a billionairePut your name here:

__________________________________THE NEXT MILLIONAIRE / WINNER