UB Characteristics of an Entrepreneur
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Característiques de l’Emprenedor Intraemprenedoria 27 de març de 2014 Pere Xavier Juàrez [email protected]
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UB Barcelona Institute of Entrepreneurship University of Barcelona Masterclass Pere Juárez Vives March 27, 2014
Transcript of UB Characteristics of an Entrepreneur
Característiques de l’EmprenedorIntraemprenedoria
27 de març de 2014
Pere Xavier Juà[email protected]
DEFINITION OF ENTREPRENEURSHIP:
The word entrepreneur has been used by many considering different facets and activities of an entrepreneur.
The concept and theories of entrepreneurship have evolved in the last two centuries.
The term “entrepreneur” has its origins in the French verb meaning “entreprendre” which means to undertake.
In the 16th century, the French attributed entrepreneur to the people who organised and led military expenditions, subsequently all people who were responsible for finding new factors of production like land were also called “entrepreneurs”
17th centuryAn entrepreneur was referred to a person bearing risks of profit or loss in a fixed price contract with the government
1725: Richard CantillonRichard Cantillon living and writing in this era used the risk phenomenon to develop one of the earliest theories of the entrepreneur and deservedly earned, to some people, the title of founder of the term entrepreneur
18th CenturyIn this era the person with capital was differentiated from the one who needed capital. Thus the capitalist was differentiated from the entrepreneur. Entrepreneurs were regarded as capital users as opposed to capitalists who were seen as capital providers.
19th And 20th CenturiesThe dominant notion of entrepreneurship in this era is creativity and innovation.
Although there is only limited consensus about the defining characteristics of entrepreneurship, the concept is almost as old as the formal discipline of economics itself.
The term "entrepreneur" was first introduced by the early French economist Richard Cantillon. In his writings, he formally defines the entrepreneur as the "agent who buys means of production at certain prices in order to combine them" into a new product (Schumpeter, 1951).
Shortly thereafter, the French economist J.B. Say added to Cantillon's definition by including the idea that entrepreneurs had to be leaders. Say claims that an entrepreneur is one who brings other people together in order to build a single productive organism (Schumpeter, 1951).
A map
Entrepreneurs explore opportunities and create organizationsto make opportunities into realities
Successful entrepreneurship blends independence and collaboration, vision and action, the individual and the organization”
Saint Louis University, 2001
The best entrepreneurs
invent new ways to live,
work, and achieve.
Fact:
Biotechnology has emerged as a key technology for the acceleration ofeconomic development, due to its potential for the creation of prosperity
Entrepreneurship or bioentrepreneurship will be the driving force for this industryboth in improving the economy and in the creation of wealth and jobs
Journal of Management & Organization 2007 13: 383-406A pilot study Characteristicsof bioentrepreneurs in the Australian Biotechnology Industry
Characteristics of a entrepreneur Tipological approaches
The emergence of entrepreneurs
The success of entrepreneurs
Traditional Strategy, who played a significant and meaningful role in how organizations operated to win in the industrial era, died earlier this week in Boston.
He was forty-three. The cause of his demise was the numerous complications arising from a collision with the Social Era, the context for business in the twenty-first century.
Traditional Strategy (T.S.), born of Joseph Schumpeter and Frederick Winslow Taylor, combined capitalism and industrial efficiency.
T.S. had a rich and full life, contributing significantly to the era of big business.
T.S. is survived by two generations: his immediate children, the management thinkers who are now struggling to fit relatively newer concepts like creativity, innovation, transparency, co-creation, and collaboration into its classic models.
Services will be held shortly. In lieu of flowers, you are asked to consider what the Social Era means to you, your organization, and the economy at large.
In Loving Memory of
Traditional Strategy
Handy People for enterprises sitted on the Old Strategy ?
Hierarchy of human capabilities
From Gary Hamel
An Entrepreneur...... More than a manager
Creativelife !!!
Right to be wrong
Out of the zone of comfort occurs wonderful things….
“Se buscan hombres para viaje peligroso. Salario bajo, frío agudo, largos meses en la más completa oscuridad, peligro constante, y escasas posibilidades de regresar con vida. Honores y reconocimiento en caso de éxito” -
THE TIMES -1914 –
Recruting crew
Endurance
South Pole
5000 candidates
Which personal characteristic reflects that successful entrepreneurs are curious about things that may affect their business and are
not afraid to ask questions?
A. CreativeB. InquisitiveC. PersistentD. Responsible
Which personal characteristic reflects that successful entrepreneurs work until the job is
done?
A. CreativeB. InquisitiveC. PersistentD. Self-confident
Which personal characteristic reflects that successful entrepreneurs are constantly looking
for new ways to solve problems?
A. CreativeB. PersistentC. ResponsibleD. Self-confident
Which personal characteristic reflects that successful entrepreneurs want to make their own decisions, set their own schedules, and can work without supervision?
A Goal-orientedB IndependentC Risk-takersD Self-confident
Which personal characteristic reflects that successful entrepreneurs develop a plan of action and make decisions to help achieve that plan?
A Goal-orientedB IndependentC Risk-takersD Self-confident
Which personal characteristic reflects that successful entrepreneurs are curious about things that may affect their business and are
not afraid to ask questions?
A CreativeB InquisitiveC PersistentD Responsible
Which personal characteristic reflects that successful entrepreneurs work until the job is
done?
A CreativeB InquisitiveC PersistentD Self-confident
Which personal characteristic reflects that successful entrepreneurs are constantly looking
for new ways to solve problems?
A CreativeB PersistentC ResponsibleD Self-confident
Which personal characteristic reflects that successful entrepreneurs want to make their own decisions, set their own schedules, and can work without supervision?
A Goal-orientedB IndependentC Risk-takersD Self-confident
Which personal characteristic reflects that successful entrepreneurs develop a plan of action and make decisions to help achieve that plan?
A Goal-orientedB IndependentC Risk-takersD Self-confident
Entrepreneurship:
Individual’s ability to translate ideas into action.
It encompasses creativity, innovativeness and risk-taking, as well as an ability to plan and direct action towards the achievement of goals.
These qualities support everyday life in education, at work, in leisure activities and in other societal activities.
Entrepreneurship education:
Mainly refers to wide-ranging work done within the educational administration with a view to enhancing entrepreneurship.
Entrepreneurship education is also provided and supported by many labour market parties and organisations. Practical measures are geared to inculcate positive attitudes and develop knowledge and skills relating to entrepreneurship, create new business, upgrade entrepreneurs’ and their personnels’ competencies and bring about an entrepreneurial mode of operation at the workplace and in all other activities.
Entrepreneurship education is rooted in lifelong learning and a networked mode of operation.
European Comission
Key Competences for Lifelong Learning - European Reference Framework
7th Sense of initiative and entrepreneurship
European Comission
Most of what you hear about entrepreneurship is all wrong
It’s not magic; it’s not mysterious; and it has nothing to do with genes
It’s a discipline and, like a discipline, it can be learned.
What we need is a entrepreneurial society in wich innovation and society are normal, steady and continual.
Peter Drucker (1909 – 2005)
Learning Outcomes
Taxonomy of Educational Objectives. Bloom B.
Knowledge
International Standard Classification of Education (ISCED).
Skills
International Standard Classification of Education (ISCED).
Attitudes
International Standard Classification of Education (ISCED).
The entrepreneurial teacher
passionate
passionate
characteristics
networked
connectedlateral thinking
action focused
confident
being a sparkfar
sightedopenminded
responsible
balanced
positive
rulebreaker
flexible
The entrepreneurial teacher
passionate
characteristics
networked
connectedlateral thinking
action focused
confident
being a sparkfar
sightedopenminded
responsible
balanced
positive
rulebreaker
flexible
sellsideas
listens well
harnessesideas
Goal: to develop young people with a passionto create grow and learn
actions
The entrepreneurial teacher
passionate
characteristics
networked
connectedlateral thinking
action focused
confident
being a sparkfar
sightedopenminded
responsible
balanced
positive
rulebreaker
flexible
actions
sellsideas
listens well
harnessesideas
Goal: to develop young people with a passionto create grow and learn
supportmeasures
Qualitycontinuing
professionaldevelopment
A schoolto work in that
values its community Partners inthe community
Good supportfor effective
school leaders
Good initialteacher
education
The entrepreneurial teacher
Competence vs Competitiveness
È la curiositàche mi fasvegliare allamattina!!
Curiousity isthat makes me wake up every morning !!
SELF TEST
Alice: How long is forever ?
White Rabbit: Sometimes, just one second
Font : OBS
Being competitive ....
Performance Potential Commitment x x
The importance of the talent
“Bridging the Gap”
Font : OBS
About PDP
1 Professional career as a long distance race
Font : OBS
About PDP
2 Clear professional objectives from the beginning
Font : OBS
About PDP
Font : OBS
3 My professional career is MADE BY ME
Font : Foro Emprend-e 2012
Entrepreneurial Profile
Four steps process Change Thinking
Idealization Visualization Verbalization Materalization
Idealization
Imagine gigantic, all encompassing dreams for creating the ideal world
Visualization
Picture the ideal world as a reality and begin to clarify this vision on a daily basis, filling in details each day
Verbalization
Begin to put words to the dream and talk of it as if was already happening. Talk about it to others as if it were real and continue to have a personal dialog with the ideal to make it come true
Materialization
Because the effort and intention of designing and believing in the ideal and the dream, things begins to fall into place and happen in a natural and automatic way. The idea becomes a real and tangible fact
A dozen essential characteristics of an entrepreneur
Confident
Confidence is a hallmark of the entrepreneur. Not all of us are born with confidence, but that does not mean we are not capable of it. Many confident women and men gain their sense of self esteem and faith in their ability to greet challenges by acting – even when they lack the confidence – and then gaining strength and belief in themselves by seeing the results and gaining the praise and respect of others.
Feels a sense of Ownership
Taking responsibility for getting things done – and doing them with care and attention – means to act like an owner.
Rather than viewing a problem as someone else’s, the entrepreneur sees it as his or her own and takes pride in finding a solution, leaving things in better shape then they were before encountering them, and improving upon situations rather than leaving them unattended. While a sense of ownership makes for a stellar employee, the entrepreneur knows that the goal is not to be owned by the enslavement of too much responsibility.
Rather than controlling situations in an attempt to possess them, the entrepreneur teaches other people how to take charge.
In that way the clever entrepreneur uses individual accountability in the ultimate pursuit of profitability, teamwork, and overall success.
Able to CommunicateEntrepreneurs recognize that the most important part of any business is the human element. Human resources – whether in the form of clients, employees, or strategic partners – are what makes or breaks a business, andcommunication is the key to successful relationships with people.
The entrepreneur works to hone communication skills, whether those are written, spoken, or non-verbal messages conveyed through body language.
And to support communication, he or she will take advantage of all available tools and resources.
Those might include foreign language or public speaking classes, computer and telecom technology, search engine optimization or neurolinguisticprogramming as it relates to sales and marketing, or specialized writing such as that needed for grants, business proposals, mission statements, or policy manuals.
Above all, the entrepreneur develops a keen ability to listen and hear what others are trying to say, because the best communicators got that way by first being the best listeners.
Passionate about Learning
Entrepreneurs are often “autodidactic” learners, which means that much of what they know they learned not in a formal classroom setting but instead on their own by seeking out information, asking questions, and doing personalreading and research.
They also are quick to learn from their own mistakes, which means they are less prone to keep repeating them due to arrogance, ego, or a blindness to one’s own faults, shortcomings, or errors in judgement. To teach is to learn.
Those who go into business for themselves but do not utilize teamwork wind up without the team but still have all the work to get done.
They shoulder the whole burden for themselves, and wind up just trading their old job for a new and more demanding one – in an attempt to be self-employed. But the new venture carries greater personal and financial risks.
On the other hand, team players know how to succeed by employing the physics of interpersonal synergy and dynamic relationships.
One twig can be easily snapped, but a bundle of those small twigs becomesstronger than the sum of its individual parts and can be impossible to bend, much less break.
The same goes for businesses, and successful entrepreneurs leverage teamwork to get the heavy lifting done without breaking stride.
Team Player
System OrientedEntrepreneurs rely upon systems before they rely upon people, and they look for systembased solutions before searching for human resource solutions. If the person gets the job done but falls sick or leaves, the job is threatened.
But if a system is created to get the job done, anyone can step in and follow the blueprint to get the desired result. Similarly, when troubleshooting and problem solving, the entrepreneur will first examine and study the system – because a flaw in the system will produce a flawed outcome each and every time.
Designing, implementing, and perfecting systems is one of the most useful and rewarding skills of an entrepreneur.
Dedicated
Entrepreneurs dedicate themselves to the fulfillment of their plans, visions, and dreams, and that tenacity of purpose generates electricity throughout the whole organization.
One of the biggest reasons that companies fail is because they lose focus.
Target a goal, clarify the objective, refine the brand, and narrow the margin of error.
Regardless of what the effort might involve, an entrepreneur brings a single-minded dedication to the task by being committed to a positive outcome and ready and willing to do the needful.
No matter what that might mean in terms of rising to meet a challenge or acting above and beyond the call of duty, the entrepreneur shows steadfast dedication.
Grateful
Being grateful for what we have opens us up to receive more, and one reason that is true is because those who are grateful appreciate what they are given.
They respect it and nurture it.
They do their best to make it grow instead of allowing it to dwindle away due to neglect.
Entrepreneurs learn to take nothing for granted in this world.
That gives them the agility and flexibility to adapt to changes and demands, while it also invests in them a thankfulness that reminds them that riches and wealth are not about “stuff”, but are about fulfillment, satisfaction, and the pleasure that comes from one’s accomplishments and contributions.
Optimistic
A positive outlook is essential for the entrepreneur, who learns to see setbacks as bargain priced tuition for the valuable business lessons gained through firsthand experience.
Past shortcomings, failures, or disappointments are relegated to the past so that they cannot continue to haunt the present or obstruct the future.
And when things go right and business prospers, this further fuels the optimism and positive mindset of an entrepreneur, helping to giveimpetus and momentum for greater accomplishments and increased hopefulness.
Gregarious
Because business is all about people, entrepreneurs tend to be socially outgoing.
They get excited about sharing ideas, products, and services, and that excitement is contagious to their employees, clients, friends, and other contacts both within and beyond the business sphere.
But women and men who work hard as entrepreneurs also relish the uniqueopportunity to have fun doing something that they love as their primary vocation. Human resource experts, career counselors, and business psychologists all agree that those who do jobs they enjoy and are good at have higher rates of success and broader measures of satisfaction.
Entrepreneurs know that firsthand, from their own experience, andthey tend to be a fun-loving group of people both on and off the job.
A leader by ExampleEntrepreneurs not only lead themselves through self-motivation as self-starters who jump into tasks with enthusiasm, but they are also skilled at leading others.
They know the importance of teamwork, and they understand the need to appreciate others, support them, and reward them accordingly. True leaders do not become indispensable, otherwise things fall apart in their absence and they can never rise to the highest level of entrepreneurial freedom and prosperity.
Neither do they squander the potential of those working under theirguidance.
“Leaders who share their power and their time can accomplish extraordinary things. The best leaders understand that leadership is the liberation of talent; hence they gain power not only by constantly giving it away, but also by not grabbing it back.”
Not afraid of Risk or Success
Many people could be successful if they only took chances.
And many people who do take chances and become somewhat successful find the realization of their dreams an overwhelming possibility, so they sabotage their continued success by retreating back into a comfort zone of smallness. As discussed earlier, the employee mindset is preoccupied with a need for security.
Those who cling to what is familiar to them – even if it means the denial oftheir dreams – lack the perseverance and ambition that the real entrepreneur exhibits.
Entrepreneurs are not immune to fear.
But they prioritize their approach to life so that the fear of failure, frustration, boredom, drudgery, and dissatisfaction far outweighs the lingering fear of success.
Bad Habit 1- 41. Winning too much:
The need to win at all costs and in all situations.
2. Adding too much value: The overwhelming desire to add our 2 cents to every discussion.
3. Passing judgment: The need to rate others and impose our standards on them.
4. Making destructive comments: The needless sarcasm and cutting remarks that we think make us witty.
Bad Habit 5 - 8
5. Starting with NO, BUT, HOWEVER: The overuse of these negative qualifiers which secretly say to everyone that I’m right and you’re wrong.
6. Telling the world how smart we are: The need to show people we’re smarter than they think we are.
7. Speaking when angry: Using emotional volatility as a management tool.
8. Negativity, or “Let me explain why that won’t work”: The need to share our negative thoughts even when we weren’t asked.
Bad Habit 9 - 209. Withholding information: The refusal to share information in order to maintain an
advantage over others.10. Failing to give proper recognition: The inability to give praise and reward.11. Claiming credit that that we don’t deserve: The most annoying way to
overestimate our contribution to any success.12. Making excuses: The need to reposition our annoying behavior as a permanent
fixture so people excuse us for it.13. Clinging to the past: The need to deflect blame away from ourselves and onto
events and people from our past; a subset of blaming everyone else.14. Playing favorites: Failing to see that we are treating someone unfairly.15. Refusing to express regret: The inability to take responsibility for our actions,
admit we’re wrong, or recognize how our actions affect others.16. Not listening: The most passive-aggressive form of disrespect for colleagues.17. Failing to express gratitude: The most basic form of bad manners.18. Punishing the messenger: The misguided need to attack the innocent who are
usually only trying to help us.19. Passing the buck: The need to blame everyone but ourselves.20. An excessive need to be “me”: Exalting our faults as virtues simply because
they’re who we are.
New venture creation process in biopharmaceutical industry
Whether a biotech startup founder is the inventor (technopreneur) or a market perceiver, they must follow the same basic path to grow a successful venture
Habits to kick
• Ignoring advice
• Being insular
• Following trends
• Not delegating
• Staying on too long
• Working too hard and not balancing your life
• Making promises you can’t deliver on
The habits of successful bioentrepreneursJohn Hodgson & Mike Ward
The habits of successful bioentrepreneursJohn Hodgson & Mike Ward
Best Behaviours
• Recognizing the limits of your knowledge and competence
• Raising money opportunistically
• Hiring good people and then looking after them
• Communicating honestly
• Experimenting and acting decisively
• Shifting to industrial mode and executing the business
plan effectively
• Reassessing habits frequently
http://www.nature.com/bioent/2003/030101/full/nbt0602supp-BE3.html
The rise of the European bioentrepreneur
http://ec.europa.eu/research/biotechnology/bio-entrepreneurs/index_en.html
Examples of start-up companies in the biotech sector
00.00 – 03.3316.04 - 19.33
INTRAPRENEURSHIP
Corporate Entrepreneurship
Characteristics
• Results driven• Ambitious• Creative• Original • Self Confident• Risk Tolerant
• Persistent• Influencing• High Energy• Action oriented• Interpersonal • Innovative
Intrapreneurial Activity
• Spotting ways to improve service
• Save time, money, or make life easier
• Visualizing variations of current products / services
• Realizing new communication avenues with customers
• Enhancing the quality
• New ways to get the job done quicker or smarter
Burt Munro - Anthony Hopkins -
