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The Three Hedgehogs of Entrepreneurship. © Kevin Hindle 2008. Multa novit vulpes, verum echinus unum magnum Erasmus of Rotterdam (after Archilochus). The three hedgehogs of entrepreneurship are evaluation, environment and education Hindle of Bondi (after a few nice glasses of wine).

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The three hedgehogs of entrepreneurship l.jpg

The Three Hedgehogs of Entrepreneurship

© Kevin Hindle 2008


Multa novit vulpes verum echinus unum magnum erasmus of rotterdam after archilochus l.jpg

Multa novit vulpes, verum echinus unum magnumErasmus of Rotterdam(after Archilochus)


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The three hedgehogs of entrepreneurship are evaluation, environment and educationHindle of Bondi(after a few nice glasses of wine)


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Predicate bestiary


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The hedgehog and the fox

  • Sir Isaiah Berlin

  • Archilochus’ saying

  • Ambiguous but the words may …

  • ‘…mark one of the deepest differences which divide writers and thinkers, and, it may be, human beings in general.’


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‘For there exists a great chasm …’

  • between those … who relate everything to a single central vision, one system … and …

  • those who pursue many ends, often unrelated and even contradictory …

  • these last … entertain ideas that are centrifugal rather than centripetal … diffused, moving on many levels, seizing upon the essence of a vast variety of experiences … without seeking to fit them into, or exclude them from, any one … all-embracing, unitary … vision.


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Examples from the Western canon

  • Berlin develops the idea, dividing writers and thinkers into two categories:

  • Hedgehogs, view the world through the lens of a single defining idea (examples include Dante, Plato, Lucretius, Pascal, Hegel, Dostoevsky, Nietzsche, Ibsen, and Proust)

  • Foxes draw on a wide variety of experiences and for whom the world cannot be boiled down to a single idea (examples include Shakespeare, Herodotus, Aristotle, Montaigne, Erasmus, Molière, Goethe, Pushkin, Balzac, Joyce, Anderson).


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Examples from the Entrepreneurship canon?

  • Schumpeter, of course, was both H & F

  • Maybe McClellan is a hedgehog?

  • Nearly everyone else is a fox: maybe a very territorial fox, but a fox nevertheless

  • I have been a fox more than most: knowing lots of little things about this gigantic phenomenon

  • One day, I decided I’d like to be a hedgehog: I was sick of running around chasing my tail through a trail of marginal footnotes


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Overview

Three hedgehogs

Most time spent on one: the community diagnostic process

Implications and examples


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Quick predicate:entrepreneurship?


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Emergence and Opportunity


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Where do you focus?

  • The three ‘hedgehogs’ of entrepreneurship:

  • Evaluation

    • Entrepreneurial capacity

  • Environment

    • Community context

  • Education

    • Curriculum character


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Hedgehog 1EVALUATIONThe essence of entrepreneurial capacity


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What to put at the centre of your thinking, acting and teaching: focus on evaluation

First among equals

I have a general theory

I have a set of strategic guidelines

And a very specific tactical toolkit

The VIQtm evaluation regime


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Why evaluate? Because it is the star of the show


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Hedgehog one: capacity

  • QUESTION: what is both unique and generic about entrepreneurship?

  • ANSWER: Entrepreneurial capacity is the ability of individual or grouped human actors (entrepreneurial protagonists) to evaluate the economic potential latent in a selected item of new knowledge, and to design ways to transform that potential into realizable economic value for intended stakeholders.


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Opportunity

Discovery

Opportunity Evaluation

Applied entrepreneurial capacity

Opportunity

Exploitation

Entrepreneurial resources

Entrepreneurial conviction

Entrepreneurial alignment

Contextual factors

Entrepreneurial process model

Generic Opportunity Processes

New knowledge with economic potential

?

Value for intended stakeholders

Specific Constraints

The existence of productive opportunity


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The Innovation Process Function

  • V = k(n En)

  • Where:

  • ‘V’ is the net present value of a completed, multi-period, innovation process.

  • ‘n’ is the number of periods in the entrepreneurial opportunity cycle.

  • ‘f’ is the number of the final period of the entrepreneurial opportunity cycle.

  • ‘k’ is the estimatednet present value of the total productive potential of the new knowledge (invention, intellectual property, etc, as discussed above).

  • ‘n’ is the proportion of all the productive opportunity available to the entrepreneurial protagonist(s) that is potentially realisable in period n.[1]

  • ‘En’ is an estimate of the proportion the firm can actually achieve of all the entrepreneurial capacity required for full realisation of n in period n.


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Implications for Entrepreneurship Education

  • In getting at the entrepreneurial essence, it matters less who you are; or where you are (in a ‘firm’, in solo circumstances etc); or what you ultimately do (i.e. what implementation/exploitation path, such as new venturing, is eventually adopted).

  • The distinctive, generic attribute of entrepreneurial capacity is howyou conceive of what to do. That is what ‘evaluation’ means.

  • In a highly reductionist sense this indicates that the essential entrepreneurial capacity lies in the ability to design a business model and conceive of an efficacious plan for implementing it.


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Who is an entrepreneur: what does she do?

  • An entrepreneur is a person who knows how to transform new knowledge into new dollars by designing a business model and conceiving of an efficacious plan for implementing it.

  • A business model is a well-articulated plan for turning effort into profit using identified resources and stakeholders.


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What to evaluate: the 4-10 strategy


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Research reveals four core attributes of entrepreneurial opportunity

  • Existence

  • Discovery

  • Evaluation

  • Exploitation


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Linked like this

  • EXISTENCE depends on economic disequilibria and asymmetries of information

  • DISCOVERY results from a combination of prior knowledge and differences in the way individuals think and act

  • EVALUATION is a function of the nature of the opportunity and differences in the way individuals think & act (cognitive properties)

  • The mode of EXPLOITATION can be rejection, new venturing or through existing entities


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Ask 10 questions

  • TWO ON EXISTENCE

  • TWO ON DISCOVERY

  • TWO ON EVALUATION

  • FOUR ON EXPLOITATION


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How to evaluate: the VIQtm system


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Entrepreneurs

writing plans

Well written

plan or not

Investor rating

Entrepreneurial

Business Plans

Selected for

funding or not

Venture

successful

or not

89%

Validated principles for writing and rating Entrepreneurial Business Plans: Venture Intelligence Quotient

79%

79%

Basis of V I QVenture Evaluation Philosophy and System

Evaluated quality of plans using 10 variables

Evaluated viability of opportunity using 15 variables


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A useful toolkit: how to get the VIQtm

  • Here’s the book

  • Here’s the short book

  • Here’s the really short book

  • Here’s the guy you need

    • Jacob Thomsen: Projektleder

    • Mobile: 60 11 19 16

    • Website: http://www.idea-viq.dk

    • Email: jath@idea.sdu.dk


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Hedgehog 2:ENVIRONMENTCommunity diagnosis is the key to contextual understanding


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What’s the point?

  • Sweden is different

  • So is everywhere else, within and beyond


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What’s the level?

  • Macro - the climate

  • Intermediate - the garden

    • Various definitions

  • I use ‘community’


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Definition

  • A ‘community’ can be any context where a self-defined group of people see their mutual belonging to the community as distinguishing them (but not excluding them) from all other members of society at large and where continued membership of the community is valued highly enough to impose some constraints on behaviour.


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Issues in the concept of community

Particular definitions will always be challenged

Ranges in scale

Conflict or handshake?

‘Us’ and ‘them’

Integrity factors: what makes us, us?

Where ‘heritage’, ‘tradition’ and allegedly ‘backward looking’ factors are important, do they conflict with the allegedly ‘forward looking’ agenda of innovation and entrepreneurship.


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Aim?

To find a GENERIC diagnostic regime capable of assessing the contextual influence that SPECIFIC community factors will have on the feasibility of any proposed entrepreneurial process


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Methodology?

There’s lots of it


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Findings: the argument


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Diagnostic Framework

COMMUNITY CONTEXT

Property Rights

and

Capital Management

Boundary Spanning

Mandates & Possibilities

GENERIC HUMAN FACTORS

Governance and Institutions

World Views

and

Social Networks

GENERIC STRUCTURAL FACTORS

Baseline Physical Resources

Land and Infrastructure

Baseline Human Resources

Demographics and Human Capital


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ANALYTICAL FRAMEWORK

COMMUNITY CONTEXT

ENTREPRENEURIAL

PROCESS

Specific Factor Blend

Property Rights

and

Capital Management

Boundary Spanning

Mandates & Possibilities

Task Specific Tools

GENERIC HUMAN FACTORS

Governance and Institutions

World Views

and

Social Networks

GENERIC STRUCTURAL FACTORS

Facilitation & Programs

Baseline Physical Resources

Land and Infrastructure

Baseline Human Resources

Demographics & Human Capital


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ANALYTICAL FRAMEWORK

COMMUNITY CONTEXT

Different Travelers

ENTREPRENEURIAL

PROCESS

Specific Factor Blend

Contextualized

Property Rights

and

Capital Management

Boundary Spanning

Mandates and Possibilities

Task Specific Tools

GENERIC HUMAN FACTORS

Governance and Institutions

World Views

and

Social Networks

GENERIC STRUCTURAL FACTORS

Facilitation and Programs

Baseline Physical Resources

Land and Infrastructure

Baseline Human Resources

Demographics and Human Capital


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ANALYTICAL FRAMEWORK

COMMUNITY CONTEXT

Different Travelers

ENTREPRENEURIAL

PROCESS(ES)

Specific Factor Blend

Multiple Pathways

Contextualized

Property Rights

and

Capital Management

Boundary Spanning

Mandates & Possibilities

Task Specific Tools

GENERIC HUMAN FACTORS

Governance and Institutions

World Views

and

Social Networks

GENERIC STRUCTURAL FACTORS

Facilitation and Programs

Baseline Physical Resources

Land and Infrastructure

Baseline Human Resources

Demographics and Human Capital


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Hedgehog 3:EDUCATIONCurricula must have contextual character


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What not to do


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The Pyramid Approach to Business Education


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The solution which I am urging, is to eradicate the fatal disconnection of subjects which kills the vitality of our modern curriculum.

(Alfred North Whitehead 1929/1967: 6)


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The Wheel Template for Building an Entrepreneurship Curriculum


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Synthesis and implications: so what?


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Virtues of contextually relevant entrepreneurship education

  • An antidote to teaching entrepreneurship using un-adapted programs and tools

  • The failure recipe looks like this:


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Non-contextual entrepreneurship programs


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Entrepreneurship education needs context


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Examples of relevance


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Teaching entrepreneurship in developing countries and contexts

  • The Moremong-Nganunu thesis


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Teaching entrepreneurship in developed countries

  • Denmark and IDEA

  • The ‘Plus Zone Challenge’ and university entrepreneurship curricula design (Hindle [in Fayolle] 2007.

  • Karin’s example

  • Cases and teaching tools


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Understanding entrepreneurship in ‘challenged’ mainstream organisations

  • University: the Moroz thesis

  • ‘Stalled’ corporations

  • A potential re-thinking of the whole field of corporate entrepreneurship

  • Government and policy-making agencies


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Understanding and practicing entrepreneurship in Indigenous contexts

  • The Kayseas thesis

  • The Pasco thesis

  • The Koori Business Network partnership and ARC research grant

  • The Nisga’a consultancy


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Broad range of the community diagnostic process

  • From all of Oman - the Al Shanfari thesis

  • To bits of Snake Valley - the Harfield et al. ARC project


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Conclusion


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Summary

  • Entrepreneurial context

    • The intermediate environment really matters

    • What is/are the relevant COMMUNITY factors?

    • How do they affect entrepreneurial process?

  • Entrepreneurial curriculum design principles

    • The wheel, not the pyramid

  • Focus on evaluation skills


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Questions?


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References - evaluation

  • Hindle, K. (????). First among equals: the primacy of evaluation skills in the entrepreneurial process. WIP

  • Hindle, K. 2004. A Practical Strategy for Discovering, Evaluating and Exploiting Entrepreneurial Opportunity: Research Based Action Guidelines. Journal of Small Business and Entrepreneurship. Volume 17, Number 4, 267-276. [Simultaneously published in Small Enterprise Research. Volume 12(1)].

  • Hindle, Mainprize and Dorofeeva (2008). Venture Intelligence.


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References - community

  • Hindle, Kevin 2009. How community factors affect entrepreneurial process: a diagnostic framework for theory and practice. Entrepreneurship and Regional Development. (Forthcoming).

  • Hindle, Kevin (Date?) How community factors affect entrepreneurial education: issues and remedies. Journal of Small Business and Enterprise Development. Forthcoming.


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References - education

  • Hindle, Kevin 2007. Chapter 5: Teaching entrepreneurship at university: from the wrong building to the right philosophy. In Fayolle, A., (Editor), Handbook of Research in Entrepreneurship Education.Cheltenham (UK): Edward Elgar,Vol 1, 104-126.

  • Hindle, Kevin 2005. The wheel and the pyramid: using Whitetead's philosophy of education to design entrepreneurship curricula at university. In Søgaard, V., Svendsen, S.G., Bruun, S.B. & Høyer, C. (eds.) CESFO Årsrapport 2004/2005. Tema: Teaching Entrepreneurship (CESFO Yearbook 2004/2005. Issue: Teaching Entrepreneurship). Kolding, Denmark: University of Southern Denmark CESFO report series IX, (ISBN 87-91070-16-3),11-16.


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