Joachim Behrendt Etohum Kamp± Sunumu

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Joachim Behrendt 13 Ekim İzmir Etohum Kampı Sunumu

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2. PERSONALITY & ENTREPRENEURSHIPLinksSteve Jobs Speech: Entrepreneurship as a Profession 2 3. AGENDAPersonality and EntrepreneurshipThe Entrepreneurial ProcessEarly-Stage Funding and Support13-Oct-12Entrepreneurship as a Profession 3 4. PERSONALITY & ENTREPRENEURSHIPNecessary Characteristics of Entrepreneurs?Commitment and determinationCourageLeadershipOpportunity obsessionTolerance of risk, ambiguity, and uncertaintyCreativity, self-reliance, and adaptabilityMotivation to excel.(taken from Timmons / Spinelli, New Venture Creation, p.47)Do you have these characteristics?Can you be an entrepreneur?13-Oct-12Entrepreneurship as a Profession 4 5. PERSONALITY & ENTREPRENEURSHIPMore Necessary Characteristics?Taken from: Kuratko, Entrepreneurship Theory, Process, Practice, p.3113-Oct-12Entrepreneurship as a Profession 5 6. PERSONALITY & ENTREPRENEURSHIPA More Useful Approach Source: Stokes / Wilson, Small Business Management, p. 5113-Oct-12Entrepreneurship as a Profession 6 7. PERSONALITY & ENTREPRENEURSHIPBusiness Failure Rates US studyUK studiesSource: Shane, Ihe Illusions of Entrepre- Source: Stokes / Wilson, Small Businessneurship, New Haven / London 2008 Management, p. 87 13-Oct-12Entrepreneurship as a Profession7 8. PERSONALITY & ENTREPRENEURSHIPMain Reasons for Failure Source: Kuratko, Entrepreneurship Theory, Process, Practice, p.2 6813-Oct-12 Entrepreneurship as a Profession 8 9. PERSONALITY & ENTREPRENEURSHIPCreativity and Management SkillsSource: Timmons / Spinelli, New Venture Creation, p. 5513-Oct-12 Entrepreneurship as a Profession 9 10. AGENDAPersonality and EntrepreneurshipThe Entrepreneurial ProcessEarly-Stage Funding and Support13-Oct-12Entrepreneurship as a Profession 10 11. THE ENTREPRENEURIAL PROCESSOverview: Aspects of the Entrepreneurial ProcessSource: Volkmann / Tokarski / Grnhagen, Entrepreneurship in a European Perspective, p. 68 13-Oct-12Entrepreneurship as a Profession 11 12. THE ENTREPRENEURIAL PROCESSThe Seven Sources for Innovative Opportunities The Unexpected Example: Unexpected success of IBM PC The Incongruous Examples: Invention of container ships / roll-on-roll-off ships, overnight package delivery Process Needs Examples: McDonalds, microwave ovens Industry and Market Structures Examples: Printing industry, ERP software, media industry Demographics Examples: Health care industry, universities in Turkey Changes in Perception Examples: Fashion industry, organic food New Knowledge Examples: Electricity, light bulb, internet, mobile phone, robotics, ... Source: Drucker, Innovation and Entrepreneurship, pp.27-11713-Oct-12 Entrepreneurship as a Profession12 13. THE ENTREPRENEURIAL PROCESSOpportunity Screening Process FunnelSource: Harper, Extraordinary Entrepreneurship,, p.12713-Oct-12 Entrepreneurship as a Profession 13 14. THE ENTREPRENEURIAL PROCESSClassification Guidelines for the VOS Indicator Source: Leach / Melicher, Entrepreneurial Finance, p.5513-Oct-12 Entrepreneurship as a Profession 14 15. AGENDAPersonality and EntrepreneurshipThe Entrepreneurial ProcessEarly-Stage Funding and Support13-Oct-12Entrepreneurship as a Profession 15 16. EARLY-STAGE FUNDING & SUPPORTInitial New Venture LossesSource: Timmons, J.A./Spinelli, S., New Venture Creation, p.42713-Oct-12 Entrepreneurship as a Profession 16 17. EARLY-STAGE FUNDING & SUPPORTLemons and PearlsSource: Timmons / Spinelli, New Venture Creation, p. 15813-Oct-12Entrepreneurship as a Profession 17 18. EARLY-STAGE FUNDING & SUPPORTVenture Capitalist EvaluationSource: Kuratko, D,F., Entrepreneurship Theory, Process, Practice, p.22213-Oct-12 Entrepreneurship as a Profession 18 19. EARLY-STAGE FUNDING & SUPPORTFinancing Life CyclesSource: Timmons, J.A./Spinelli, S., New Venture Creation, p.43313-Oct-12 Entrepreneurship as a Profession 19 20. EARLY-STAGE FUNDING & SUPPORTIndustry Statistics StatisticsTrend y-o-y (Europe) EuropeUSANumber of networks 400360Of which commercialc. 20%Estimated number of business 70k 320kangelsTotal amount invested annually 3 - 4 bln $22.5 billionby angels (est.)VC investments in seed andcirca 1.6 bln $1.9 bnstart-up/early stageEUROPEAN ANGEL MARKET= c. 21.9% OF US ANGELMARKETSources: European Business Angel Network (EBAN); NVCA (National Venture Capital Association) Yearbook2011; Center for Venture Research at the University of New Hampshire13-Oct-12Entrepreneurship as a Profession20 21. EARLY-STAGE FUNDING & SUPPORTInvestment Process of Business AngelsSource: Volkmann, C.K./Tokarski, K.O./Grnhagen, M., Entrepreneurship in a European Perspective, p.30013-Oct-12 Entrepreneurship as a Profession 21 22. EARLY-STAGE FUNDING & SUPPORTPossible Roles of Business Angels Passive 1-2 times a year. You invest with others and receive information on the company like all other shareholders. A shareholder meeting is usually held once a year. Active Average 0.5-2 days a month alone or as a group. Usually as a Board Member or Advisor. When you make the investment youhave to decide whether or not you want to be on the Board and negotiate itas a term. Very Active 1 day a week alone or as a group. Usually playing an operational role. Need to discuss upfront if you will be compensated for it and if yes, how much and split of cash and equity.Adopted from: GoBeyond, Early Stage Investing, Business Angel Training, September 201213-Oct-12Entrepreneurship as a Profession 22 23. EARLY-STAGE FUNDING & SUPPORTThe BIC Business Angel Model: Targets Support the company in reaching its predefined targets within the next 2 to 3 years Making the company ready for its next phase (rapid growth phase) Making the company ready for international activities (strategic partnerships, joint ventures,participations, international M&A activities) If intended by founders and required by the business, initiate next round of venture financing(usually by Venture Capital / Private Equity Funds) Maintain independence of the company Accelerating company growth and development Within the next 3 years, Do everything necessary to reach the defined quantitative and qualitative targets, Provide sufficient cash to maintain and accelerate its operations, Establish a fully institutionalized and professionalized company, and separating the rolesof owners and managers, Continuously support all management, frontend and backend activities of the company, Set up and establish relevant management and backup business functions withoutincurring the related cost by providing BIC business support services; Set up and integrate the necessary IT environment, represent the company and offer itsproducts and services via Internet on fixed and mobile platforms, and establish a firmpresence in the relevant social media by providing nexum IT and digital agency services.13-Oct-12 Entrepreneurship as a Profession 23 24. EARLY-STAGE FUNDING & SUPPORTBIC & Nexum Services B2B, B2C, B2E Web Design Restructuring for StrategicGrowth Content Management Systems Special Projects Restructuring in the Recession Back Office ApplicationIntegration Advergames Accounting and ControllingSolutions Analysis, design andDevelopment of Web-based IT Content Management Corporate PerformanceProjectsManagement Online Marketing Search Engine Optimization Treasury Management Systems Epsilon (E-mail marketing Mobile Marketing Cash and Market Riskservice)Management Social Media Omniture (Web Analysis Mergers & Acquisitions SupportService)Services Mobile Apps Development Institutionalizing and StrategicGrowth for Family Businesses Impleon (Content and ProductManagement System) ERP Solutions N-Social (Corporate Portal) N-Signage (digital Broadcasting)13-Oct-12Entrepreneurship as a Profession24 25. EARLY-STAGE FUNDING & SUPPORTGeneral Business Angel Support ManagementParticipation in board of directors as non-executive directorRegular (weekly) management meetings with founder and, if required, additional managers External Relations Organizing of, and participation in relevant meetings with potential strategic partners, for examplesuppliers, distributors, domestic and international customers If required, entrepreneurial associations and co-investing business angels Governmental and nongovernmental supportt institutions (e.g. Teknoparks) For exit: Venture capital funds, private equity funds, strategic investors Organization of necessary external support , for example Tax advisor / auditor, legal counsel, PRagency, online / social media marketing support, HR consultants / HR platforms Strategy and Business ModelDecision on business model(s) and scope of activitiesInitial strategy definition (workshops, interviews / meetings with market participants)Breakdown of strategic planning into functional strategy plans, strategic tasks, milestonesSetup and implementation of a quarterly strategy controlling processSetup of budget planning process, definition of initial budget and initial 5-year financial planningDefinition of profitability measurement system (business units, products / services, customers)Setup and implementation of budget controlling and reporting system13-Oct-12 Entrepreneurship as a Profession25 26. EARLY-STAGE FUNDING & SUPPORTBIC Business Support Services Business Support Services Market and Competitor Research Marketing & PR Sales Organization and Sales Controlling Business Process Analysis and Optimization Organizational Structure HR Services (Search&Selection, Compensation&Benefits, HR Legal, Job Descriptions & Career Paths) External Accounting (Statutory Accounting, IFRS Accounting) Financial and Operational Controlling, Repoting Systems Treasury Services (Cash Management, Risk Management, Debt / Credit Management, BankingRelations) Legal Services, Regulatory Compliance, IP rights13-Oct-12Entrepreneurship as a Profes