The Entrepreneurial Mindset | 04.22.15

Entrepreneurship & Innovation Discovering New Business Models | The Entrepreneurial Mindset

04.22.15 | Nashville, TN

Dr. Michael Burcham [email protected] www.michaelburcham.com 615.400.7662

87% Have Gone Out of Existence

Of the Firms Listed in 1955

The Lifespan of a Successful S&P 500

67 Years

1920’s

15 Years

Today

The Law of Disruption

While People Change Incrementally, Technology Improves

EXPONENTIALLY

When an industry faces disruption, companies often fail to appreciate quickly enough the nature, extent, and velocity of the changes taking place.

They bring new business models. They leverage new technologies. They are highly disruptive.

WHY? Disruptions start at an industry’s edge, among small companies that provide specialized value to emerging customer segments

Only 37% of individuals think their organization is innovative…

Yet 79%

work environments.

would feel motivated

by innovative

THE INNOVATION SEQUENCE

Mobile, Social, Camera, Sensors, Cloud and Data

$36 Trillion in stock market value is up for

RE-IMAGINATION

vs.

The Entrepreneurial Mindset

Why This Might

Fail Why This Might

Work

YOU WERE

This doesn’t mean you were born to start companies. In fact, most people shouldn’t start companies. But the will to create is encoded in human DNA. And creation is the essence of entrepreneurship.

BORN AN ENTREPRENEUR

Gain a Competitive Edge!

Grow Your Business

Unit!

Expand Your Network!

THE ENTREPRENEURIAL MINDSET

TO GROW — Think Small and Move Fast The companies that operate in this manner are sure to emerge as the leaders in the next decade.

CULTIVATING AN ENTREPRENEURIAL MINDSET

Whether you work for a 10-person company, a giant multinational corporation, a not-for-profit, government agency

or any type of organization in between to seize the new opportunities and

meet the challenges of today’s market we need to think and act like we’re running a startup.

WHY DO WE NEED AN ENTREPRENEURIAL MINDSET?

!•  We are all making decisions with limited information !•  In a time-compressed and resource limited environment !•  There are no guarantees or safety nets!•  We take on a certain amount of risk!•  Competition is changing !•  The market is changing!•  Product and Service lifecycles are shorter and shorter!!!

THE TOOL KIT TO DEVELOP AN ENTREPRENEURIAL MINDSET

"Develop your own competitive advantage by combining 3 puzzle pieces:!

!

Your Assets

Your Aspira-ons

The Market Reali-es

1.

The next “New Thing” happens because we see in our peripheral vision emerging opportunities

We Can Almost Feel the Change

THE NEXT NEW THING | Begins with a Dream

1. P

RO

DU

CT

5. KEY INGREDIENTS

6. PARTNERS

7. ESSENTIAL RECIPE

8. COST MODEL 9. REVENUE MODEL

Wha

t is

it? W

ho h

as o

ne lik

e it?

W

hy n

ow?

Why

me?

2. CUSTOMER

4. INTIMACY

3. DISTR

IBUTIO

N

Company Name Version Number Date

THE IDEA FRAME | WHAT IF

There are 7 core business model types from which every business model

is created.

BUSINESS MODELS | 7 CORE TYPES


"Plan to Adapt. Use the ABZ method so that you can adapt based on feedback and lessons learned.!

2.

THE BUSINESS JOURNEY THERE’S NO STRAIGHT LINE FROM “A” TO “B”

Most of Companies & Our Strategies are “off” by 10 Degrees

… so are most of our competitors

Closing the Gap Defines Success


"Build real, lasting relationships and deploy these into a powerful professional network built on trust.!

3.

BUILD & MANAGE YOUR PROFESSIONAL NETWORK

A Successful Leader has to have a broader horizon that goes outside the business. And the only way you are going to get that broader perspective is to make sure that you are out there in your networks. In those networks you pick up information and bring it back into the business.


"Develop a method to evaluate options and ideas to determine the best new products and services for your organization.!

4.

THE LEAN STARTUP MODEL HELPING CORPORATIONS BE ENTREPRENEURIAL

The core of this entrepreneurial philosophy is pretty straightforward: 1.  Define your idea | plan 2.  Market test the concepts and assumptions (hypotheses meet

experiments) 3.  Build a Minimum Viable Product (MVP) | Prototype 4.  Roll out new features/designs that are responsive to the market

rather than “predictive” of the market 5.  Test, test, test 6.  Rinse and repeat

LEADERSHIP DECISION MAKING REQUIRES AN ENTREPRENEURIAL MINDSET

•  Competitive advantage is a firm’s ability to outperform its competitors (earn higher profits).

•  Sustained competitive advantage comes from maintaining higher profits than competitors over long periods of time.

VALUE CREATION FOR YOUR CUSTOMERS

THE HALO


"Build your skill as a Leader. Build your own Brand!!5.

We Become

ü  What we Eat | Both body and brain health ü  What we Read | Reading changes brain structure & performance ü  The 5 People | With whom we spend most of our time Knowing this, I use the following tool to map out my on personal development plan – to ensure I have an active role in the person I am becoming…

Person

al Life

My Well Being

My Brand | Iden-ty Network |People Skill | Knowledge

Expe

riences

My Goal:

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

Every 3-5 years should bring a period of introspection | both in my organization as well as in my personal life.

•  WE DO NOT LEAD an organization, department or group; and your people do not follow strategic plans, fancy goals or year-end reports | THEY FOLLOW A PERSON

•  Often, our understanding id diluted with operational plans, goal setting, revenue and sales forecasting, cash flow, HR, compliance and the company’s bottom line.

•  How You Influence Others is the Most Important Part of Leadership

You Are Messing with Peoples’ Lives!

Individuals are hard-wired to belong

To groups and communities That acknowledge their existence, accept them

And help them define their identity.

Boy Scouts or Gangs, It’s all about

BELONGING

This Present Moment used to be the Unimaginable Future

Stewart Brand The Clock of the Long Now

CONTACT INFORMATION

Dr. Michael R. Burcham c.  615.400.7662 e. [email protected] w. www.ec.co t.  www.twitter.com/michaelrburcham l.  www.linkedin.com/in/michaelburcham

Handouts Available: www.slideshare.net/michaelburcham

The Entrepreneurial Mindset | 04.22.15

Business

Transcript of The Entrepreneurial Mindset | 04.22.15