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MBAX 6100 Entrepreneurship & Small Business Management Frank Moyes Leeds College of Business University of Colorado Boulder, Colorado “Progress depends upon unreasonable men.” GB Shaw Today’s Agenda Entrepreneurial Manager Case: Crunch Entrepreneur Interview

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MBAX 6100 Entrepreneurship & Small Business Management

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MBAX 6100Entrepreneurship & Small Business Management

Frank MoyesLeeds College of Business

University of ColoradoBoulder, Colorado

“Progress depends upon unreasonable men.”

GB Shaw

Entrepreneurial Manager


Today’s Agenda

  • Entrepreneurial Manager

  • Case: Crunch

  • Entrepreneur Interview

  • Tonight 6:00 Business Plan Competition Whitemyer

  • NREL trip Feb 2nd at 2:00

Entrepreneurial Manager


Entrepreneur Interview

  • Choose person in an area of interest

  • 3 years in business, 5 employees

  • See website for assignment & questionnaire

  • Visit their office or facility

  • Observe/talk to customers

  • In depth interview – get beyond the hype and self-promotion

  • Take one hour after interview to draw conclusions

Entrepreneurial Manager


Interview Paper

  • Write a 6-page 1.5 spaced paper

    • Describes the entrepreneur’s background, motivations for starting the venture, challenges in growing the venture

    • Evaluates the value proposition (target market, product/service description and unique benefit)

    • Conclusion: what makes the company successful (or not)? What are your recommendations for improvement?

    • Discuss how the findings of the interview apply or are meaningful to you. What have you learned about your own potential to be an entrepreneur?

  • Objective is to drill down into the company and thoroughly understand the entrepreneur and how s/he does business

Entrepreneurial Manager


Entrepreneurial Manager

  • Characteristics & traits

  • Different types of entrepreneurs

  • Entrepreneurs vs. small business

Entrepreneurial Manager


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Entrepreneurial Characteristics

  • Motivated by achievement

  • Innovation & creativity

  • Internal locus of control

  • Risk-taking

  • Tolerance for ambiguity

  • Sense of independence

  • Passion

“Traits of entrepreneurs are closest to juvenile delinquents.”

Entrepreneurial Manager


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What Traits Should Be Avoided?

  • Invulnerability

  • Being Macho

  • Being Authoritarian

  • Impulsivity

  • Outer control

  • Perfectionist

  • Know it all

  • Counterdepency

Timmons: New Venture Creation

Entrepreneurial Manager


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What Assets are Required?

  • Network

  • Supporting spouse

  • Financial resources

  • Optimism

Entrepreneurial Manager


What Experience Is Required?

  • Accounting

  • Recruiting & hiring

  • Selling

  • Financial projections

  • Cash flow management

  • Naming a product

  • Choosing office decor

Entrepreneurial Manager


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Do You Have the Right Stuff?

  • Are you a self starter?

  • Can you go 6 months to 2 years without getting paid?

  • Are you willing to give up vacations, weekends and evenings?

  • Are you a decision maker?

  • Are you a people person?

  • Do you handle rejection well?

  • Do you think will on your feet?

  • Do you like to sell?

  • Do you handle crisis well?

  • Would you be able to fire someone?

  • Do you want total responsibility and accountability?

Entrepreneurial Manager

MD Csordos, 35 Business Lessons for Entrepreneurs


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Types of Entrepreneurs

  • Personal achiever

  • Super-salesperson

  • Real manager

  • Expert Idea Generator

JB Minor, Four Routes to Entrepreneurial Success

Entrepreneurial Manager


Personal Achiever (classic entrepreneur)

  • Need for high achievement

  • Need for performance feedback

  • Desire to plan and set goals

  • Strong individual initiative

  • Strong personal commitment

  • Internal locus of control

JB Minor, Four Routes to Entrepreneurial Success

Entrepreneurial Manager


Super-Salesperson (caters to needs of customers)

  • Capacity to empathize

  • Social interaction and relationships are important

  • Need to have strong positive relationships with others

  • Sales force is critical

  • Background: less education, more experience

JB Minor, Four Routes to Entrepreneurial Success

Entrepreneurial Manager


Real Manager (grow the venture)

  • Desire to be corporate leader

  • Desire to compete

  • Decisive

  • Desire of power

  • Desire to stand out in a crowd

JB Minor, Four Routes to Entrepreneurial Success

Entrepreneurial Manager


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Expert Idea Generator (expertise + creativity = innovator)

  • Desire to innovate

  • Love of ideas, curious

  • Belief that new products are crucial

  • Intelligence is the competitive advantage

  • Desire to avoid taking risks

JB Minor, Four Routes to Entrepreneurial Success

Entrepreneurial Manager


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Types of Entrepreneurs

  • Personal Achiever

  • Super-Salesperson

  • Real Manager

  • Expert Idea Generator

  • Are there others?

Entrepreneurial Manager


Different Methods Used to Build Ventures

  • Independent innovators

  • Pattern multipliers – expand concept through franchise or chains

  • Speculator – buy and leverage, e.g. land

  • Consolidator – industry roll up

  • Acquirers

  • Arbitrageur – buy low and sell high

K Vesper, New Venture Strategies

Entrepreneurial Manager


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Entrepreneurship

Myths & Realities

Entrepreneurial Manager


Entrepreneurs Are Born?

  • 100’s of studies: no entrepreneurial prototype

  • Environment, family and self-development are key

  • Why are some countries more entrepreneurial than others?

  • 50,000 chunks

There is no E gene.

Entrepreneurial Manager


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Entrepreneurs are Gamblers?

  • May be the most risk adverse business people

  • Take calculated risks, after careful analysis. Try to

    • Minimize

    • Share risks (OPR’s)

Entrepreneurs play poker, not slot machines.

Entrepreneurial Manager


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Entrepreneurs Want to Be Their Own Boss?

  • But, you serve many masters

    • Customers

    • Suppliers

    • Investors & bankers

    • Partners

    • Employees and their families

    • Community

  • Double-edged sword. Yes you can make your own decisions, but there is no-one telling you what to do.

Entrepreneurial Manager


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Entrepreneurs Are Motivated by Money?

  • Survey of 500 male entrepreneurs

    • Money 6th out of 10 reasons

  • Survey of 113 female entrepreneurs

    • Money 11th out of 16 reasons

  • Desire to achieve, make a difference

  • But, they do like money. Why?

Money is a way to keep score

Entrepreneurial Manager


Money

Job security

Lifestyle

Power

Health

Be your own boss

Joy of Winning

Fame

Values & Beliefs

Get fired

Why Start a Business?

Entrepreneurial Manager


Entrepreneurs are Lone Wolves?

  • Stereotype inventor working in his lab

  • Must have a quality management team

    • Visionary individual is the key

    • Entrepreneur can’t do everything

    • Modify and adapt the vision

    • It’s fun having people around you that you like

Lone wolf can’t get funding

Entrepreneurs travel in packs

Entrepreneurial Manager


Entrepreneurship Requires Lots of Money?

  • Opportunity driven, not resource driven

  • Leverage resources: other people’s (OPR’s)

  • Too much money:

    • Lack of discipline

    • Impulse spending

Businesses do not fail for lack of money

Entrepreneurial Manager


Entrepreneurs are Lucky

Yes!

Entrepreneurial Manager


Just Do It

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“Millions of people have “an idea”, but unless they do something with it, their ideas aren’t worth a damn. There are a lot of quacks and kooks out there who claim they invented the Weed Eater, and I don’t doubt that there are some people who genuinely thought of this idea--but what did they do with it? Nothing.

What do they deserve? Nothing.”

George C. Ballas, inventor of Weed Eater

Entrepreneurial Manager


Next Week’s Class

  • Entry Strategy

  • Read BZ-11

  • Case: ICEDELIGHTS

  • Feb 2 at 2:00pm NREL visit

Entrepreneurial Manager


Traits

  • Misfits: traits of entrepreneurs are closest to juvenile delinquents

  • I have discovered that all human evil comes from this, man’s being unable to sit still in a room. Blaise Pascal, philosopher and mathematician

  • “Progress depends upon unreasonable men.” GB Shaw

  • Entrepreneurs typically work half days. 12 hours

  • “The greatest difficulty in the world is not for people to accept new ideas, but to forget old ones.” John Maynard Keynes

  • “If I’m in control, I’m probably going to slow.” Mario Andretti

  • A man who wants to lead an orchestra must turn his back to the crowd.

Entrepreneurial Manager


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