Scribd
Upload
97 views13 pages

Entrpreneurial Mindset

desc

Uploaded by

Priyank Paliwal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
97 views13 pages

Entrpreneurial Mindset

desc

Uploaded by

Priyank Paliwal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 13

BABSON COLLEGE

The Entrepreneurial Mindset


BABSON COLLEGE

It’s About Attitude, Character and Vision


Entrepreneurial mind:
• Does not reside in a particular
personality, age, race or gender

• Seeing the world as a set of


opportunities, not obstacles

• Seeing problems to be solved,


not barriers that limit

• Being driven to create value for


a broad set of stakeholders

• Lifting the human condition


BABSON COLLEGE

Mindset of the Entrepreneur Stevenson &


Gumpert, 1985,
The Heart of
Entrepreneurship,
HBR

Administrator/Trustee Asks: The Entrepreneur Asks:


What resources do I control? Where is the opportunity?
What structure determines our How do I capitalize on it and
organization’s relationship to its create value?
market? How do I gain control over
How can I minimize the impact of others resources?
on my ability to perform? What structure is best?
What opportunity is appropriate?
BABSON COLLEGE

Who is the Entrepreneur?


High

INVENTOR ENTREPRENEUR

Creativity
&
Innovation
MANAGER/
PROMOTER
ADMINISTRATOR
PROMOTER
Low
Low High
General mgmt skills, business know-how, networks
BABSON COLLEGE

Making Mistakes
IT IS EASIER TO FAIL!
to make mistakes and
to recover from them

I try to specialize
In making new mistakes

ESTHER DYSON, CHAIRWOMAN, EDVENTURE HOLDINGS


BABSON COLLEGE

Opportunities: The Focus of


the Entrepreneurial Process

Any opportunity that just


comes to us we do not
consider an opportunity.

You do not have a strategy


until you are saying “no” to
lots of opportunities.

DEAN RHODES, FOUNDER AND CHAIR, WORLDMARK, INC.


BABSON COLLEGE

Opportunity Recognition
I have a lot of great ideas –
which is the best opportunity?
1 What is the process of identifying an opportunity?

Why are some people more likely to identify


2 opportunities than others?

How can you improve chances


3 of success in executing the opportunity?
BABSON COLLEGE

Opportunity Recognition
Passive Search
• Fortuitous discovery
• Objective opportunities exist, but opportunity is discovered through accidental means
• A flash of creativity as an objective reality and future possibility connect

Active Search
• Analytical approach to studying markets, industries and technologies to identify gaps

Opportunity as Creation
• Imagination and the individual can create opportunity from almost nothing
• The opportunity resides in the individual’s mind

DeTienne & Chandler, 2004


It All Starts With a Clear Vision

Vision has a clear and


Vision
compelling imagery that offers
an innovative way to improve. It • An expression of the future of the
recognizes and draws on venture that can motivate the
entrepreneurial team
traditions and connects to
actions that people can take to • Foundation for venture culture,
practices, and policies
realize change. It taps people’s
emotion and energy; properly • Engages stakeholders
articulated, it creates • Helps them to “understand and
enthusiasm. see the future of the venture”
• Provides a direction for growth

NUTT & BACKOFF, 1997


BABSON COLLEGE

Entrepreneurial Strategy
Screen Out the Losers
1 • Weed out those opportunities that show little promise
• What are the objectives of the venture? (Niche?
Large enterprise? Enduring? Quick profit?)
• Leverage external change/market development
• Develop proprietary assets

Integrate Action and Analysis


2 • Analysis and execution occur concurrently
• Plug holes quickly

Plan Prudently
3 • Avoid overanalyzing
• Be willing to accept some uncertainty
• Standard checklist approaches don’t work
Bide, 1994
BABSON COLLEGE

Components of Vision

1 Pattern for a future


2 Values

3 Mental image

4 Purpose

5 Can be communicated, inspires others

6 Process

7 Content
BABSON COLLEGE

It All Starts With a Vision

If you have a teensy


weensy vision, you will
only have a teensy
weensy company
ANITA RODDICK, THE BODY SHOP
©BABSON COLLEGE. ALL RIGHTS RESERVED.

You might also like