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CorporateVentureCapitalHeritageandFirmPerformance（三）.ppt

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CorporateVentureCapitalHeritageandFirmPerformance（三）

The Foundations of Entrepreneurship Sergey Anokhin, Ph.D. Kent State University January 12, 2009 Presentation highlights Introduction Definitions of entrepreneurship Entrepreneurial revolution Leadership vs. Management vs. Entrepreneurship Pros Cons of Entrepreneurship Ethics and leadership QA How much would it be worth today (picture taken in 1997)? Elements of entrepreneurship Opening example: Bill Gates, Michael Dell, Sergey Brin Innovative opportunity Growing industry Individual characteristics Individual-opportunity nexus New venture creation Risks Opportunities Opportunities are associated with changes in the external environment: Political/legal Economic Socio-cultural Demographic Technological (innovative) Importance of industry Understanding innovation New product or service New way of organizing New market New method of production New raw material Towards the definition Entrepreneurship is about: Individuals exploiting new value-creating opportunities via various means to produce a wide range of effects Baron-Shane definitional exercise What entrepreneurship is not Being small does not make you entrepreneurial automatically Being a young company is not necessarily entrepreneurship Being a business owner does not by itself make you an entrepreneur Types of entrepreneurial ventures Hisrich’s classification: Lifestyle: 30-40 employees, $2M sales Foundational: 40-400 employees, $10-20M sales High potential (gazelles): about 500 employees, $20-30M sales Why people do it? Money Lifestyle Independence Necessity Do people get what they want? Money: entrepreneurship vs. corporate career Lifestyle: working hours, family responsibilities Independence: employers vs. employees Net balance: drive What kind of people do it? Independence/Need for achievement Locus of control Risk-taking Tolerance for ambiguity Focus: promotion, prevention Skills: technical, business management, personal entrepreneurial skills Exercise How good are your ideas about entrepreneurship? H