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Innova&ve Entrepreneurship 2016/2017, Handouts for students, Part 1

30/03/17

INTRODUCTORY INFORMATION

INNOVATIVE ENTREPRENEURSHIP

E-mail: [email protected] Office hours (B-4, 3.28): •  Mondays 9-11 •  Thursdays 11-13

dr inż. Mateusz Molasy

WRITTEN TEST: 20.06.2017, results in „JSOS/Edukacja.CL” max. one week later On the test there will be 4 open questions, each answer can be assessed 0-1 p. The final grade:

•  •  •  •  • 

4 p. = grade 5,0 3,5 p. = grade 4,5 3 p. = grade 4,0 2,5 p. = grade 3,5 2 p. = grade 3,0

PRIMARY LITERATURE

SECONDARY LITERATURE

1.  Bessant J., Tidd J., Managing Innovation, 5th Edition, Wiley, 2013

1.  Aulet B., Disciplined Entrepreneurship: 24 Steps to a Successful Startup, Wiley, 2013

2.  Bessant J., Tidd J., Innovation And Entrepreneurship, 3rd Edition, Wiley, 2015 3.  Bygrave W., Zacharakis A., Entrepreneurship, 3rd Edition, Wiley, 2014 4.  Drucker P.F., Innovation And Entrepreneurship, HarperBusiness, 1993 5.  Westhead P., Wright M., McElwee G., Entrepreneurship. Perspectives And Cases, Pearson Education Limited, 2011

DOING THINGS BETTER THAN THE COMPETITORS BEING REWARDED FOR THE SUCCESS

ENTREPRENEURSHIP

dr inż. Mateusz Molasy

3.  Bridge R., You Can Do It Too: The 20 Essential Things Every Budding Entrepreneur Should Know, Kogan Page, 2010 4.  Gerber M.E., Awakening the Entrepreneur Within: How Ordinary People Can Create Extraordinary Companies, HarperBusiness, 2009

FACTS ABOUT ENTREPRENEURSHIP

ENTREPRENEURSHIP

CREATING UNIQUE VALUE FOR THE CUSTOMER

2.  Johnson K.D., The Entrepreneur Mind: 100 Essential Beliefs, Characteristics, and Habits of Elite Entrepreneurs, Johnson Media Inc., 2013

• 

Every hour of every working more than 1,500 new businesses just in the U.S. are born

• 

Half small businesses are part-time and half are full-time

• 

81% businesses survive at least 1 year, 65% for 2 years, 40% for 5 years, 25% for 10 years

• 

40% of small businesses are in service industries, 20% in retail, 12% in construction, 8% in wholesale, 8% in finance, 6% in manufacturing, 4% in transport and communications, 2% in agricultural services

The essence of free enterprise because the birth of new businesses gives a market economy its vitality

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Innova&ve Entrepreneurship 2016/2017, Handouts for students, Part 1

30/03/17

CAUSES OF THE ENTREPRENEURIAL REVOLUTION IN THE USA

ENTREPRENEURIAL REVOLUTION IN POLAND

Cultural and social norms: young Americans less concerned about their job security and better educated

1988 - Wilczek’s law: „Undertaking economic activity is free and permitted to everyone”

Government: paying more attention to startups with high potential, stimulating the venture capital industry, minimizing anticompetitive behavior, activating Small Business Innovation Research program

1990 - The Balcerowicz Plan:

R&D transfer: new law helped commercializing high technologies Physical infrastructure: the Internet, outsourcing services Human infrastructure: numerous entrepreneurship experts help people who are starting or growing companies

•  Step 1. Fast privatization of and private sector development •  Step 2. Unpopular but efficient reforms •  Step 3. Anti-inflation measures were taken •  Step 4. Law on foreign investments •  Step 5. Reduction of withholding rate •  Step 6. Reasonable allocation of money

Education & training: readily available Financial: the amount of venture capital & business angels grown

ENTREPRENEUR Entrepreneur is a person who destroys the existing economic order by introducing new products and services, by introducing new methods of production, by creating new forms of organization, or by exploiting new raw materials. [Shumpeter, 1934] An entrepreneur is someone who perceives an opportunity and creates an organization to pursue it. [Bygrave, Zacharakis, 2014]

ENTREPRENEURSHIP – SOCIAL STATISTICS

THE ENTREPRENEURIAL PROCESS

Gender: 50% more men than women are entrepreneurially active Education: 57% of entrepreneurs have a postsecondary education Financing: equity or debt Job creation: 70% early-stage entrepreneurs expects some job creation

Source: Bygrave, Zacharakis, 2014

dr inż. Mateusz Molasy

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Innova&ve Entrepreneurship 2016/2017, Handouts for students, Part 1

30/03/17 56

CHAPTER 2

The Entrepreneurial Process

Evaluating Opportunities for New Busin CHARACTERISTICS OF A SUCCESSFUL ENTREPRENEUR: “10 DS”

Dream

Decisiveness

Doers

Determination

Dedication

Devotion

Details

Destiny

Dollars

Distribute

SURVIVAL RATES OF NEW BUSINESSES 1 business in 10 will ever reach its 10th birthday The chance that the full-time incorporated business will survive at least eight years is 1/4 Eight-year survival rate for incorporated startups is about 50%, but with change of the owner A startup company funded by venture capitals has 4/5 chance of surviving five years

THE OPPORTUNITY New idea doesn’t have to be unique

Share your ideas to evaluate it

dr inż. Mateusz Molasy

Let’s assume you believe that you have found a great oppor How should you evaluate its prospects? Or, perhaps more im THE ENTREPRENEURIAL person such as a potential investor or a banker rate your succeeding appear to be stacked against you because, acc PROCESS only 1 business in 10 will ever reach its 10th birthday. Th estimated 3 million businesses that are started every year g in a severe recession, the number of businesses filing for ba never surpassed 100,000 in any year. In an average year, the 2008, when small businesses were hit hard by a severe rece was less than 45,000.16 So what happens to the vast major 10 years? Most just fade away: They are started as part-tim to become full-time businesses. Some are sold. Others are million are legally registered as corporations or partnershi remaining 2.3 million never intended to grow because, in to the bother and expense of registering a new venture a is expected to become a full-time business with employee business will survive may not be as long as they first appea full-time, incorporated business, the odds that the business w Bygrave, Zacharakis, 2014 you as theSource: owner are better than one in four, and the odds with a new owner are another one in four. So the eight-y startups is about 50%.17 But survival may not spell success. Too many entrepr earn a satisfactory living in their businesses nor get out of much of their personal assets tied up in them. The happiest day doors are opened for business. For unsuccessful entrep be the day the business is sold—especially if most personal Shaw said about a love affair is also apt for a busin THREE DRIVING Bernard takes a genius to end one successfully. How can you stack the odds in y FORCES is a success? Professional investors, talent for picking winners. True, they Uncertainty pany funded by venture capital has of surviving five years—better odds Opportunity Entrepreneur companies as a whole. Very few bu one in a thousand—will ever be su from professional venture capitalists Fits & Gaps learn a lot by following the evalua Business Plan investors. Uncertainty Uncertainty There are three crucial compon the opportunity, the entrepreneur (a high-potential venture), and the reso Resources and make it grow. These are show the basic Timmons framework. At Source: Bygrave, Zacharakis, 2011 F i g u r e 2.3 business plan, the result of integratin complete strategic plan for the new b Three driving forces (Based on Jeffry well. It’s no good having a first-rate Timmons’ framework)18 a second-rate management team. N good without the appropriate resour

THE CUSTOMER There is no market unless customers have a real need for the product

Developing the idea, implementing it and building a successful business

Most entrepreneurial ideas are for existing products with improved performance, price, distribution, quality, service Customers must perceive that the new business will be giving them better value for their money than existing businesses

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Innova&ve Entrepreneurship 2016/2017, Handouts for students, Part 1

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DETERMINING RESOURCE NEEDS

THE TIMING In some industries there is a window of opportunity that opens only once, in other markets there is a steady demand that does not change much from year to year Some markets opens wider during recovering or booming economy

Assess what resources are crucial for the company’s success in the marketplace Sometimes it is more effective to subcontract the work instead of doing it with its own employees

Many best companies started with very little capital

INGREDIENTS FOR A SUCCESSFUL NEW BUSINESS Founders

Focused

Fast

Flexible

Forever -innovating

Flat

Frugal

Friendly

Fun

FINDING THE PASSION

Is this idea big enough to make a successful business?

How do I come up with a good business idea?

IDEA MULTIPLICATION PROCESS

•  Think long-term •  Think deeply about all the things that give you joy – there are always many ancillary businesses around that activity •  Talk to the people in your “sphere of influence”: ask parents, friends, teachers and former work associates

Gather stimuli

Multiply stimuli

Create customer concepts

Optimize practicality

•  Learn about the new business, even if it makes countless sacrifices •  Avoid becoming a “cocktail-party entrepreneur”

dr inż. Mateusz Molasy

•  All good ideas start with the customer •  Observe and ask questions, but beware the leading questions

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Innova&ve Entrepreneurship 2016/2017, Handouts for students, Part 1

IDEA MULTIPLICATION PROCESS

Gather stimuli

Create customer concepts

Multiply stimuli

30/03/17

IDEA MULTIPLICATION PROCESS

Optimize practicality

Gather stimuli

Multiply stimuli

•  Brainstorming on the concept how to improve upon the solution •  Generate as many diverse ideas as possible •  Use brain-writing technique

IDEA MULTIPLICATION PROCESS

Gather stimuli

Create customer concepts

Multiply stimuli

Create customer concepts

Optimize practicality

Build a simple mock-up of what the product will look like

THE OPPORTU...

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