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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

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
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
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
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
Entrepreneurial Manager
  • Characteristics & traits
  • Different types of entrepreneurs
  • Entrepreneurs vs. small business

Entrepreneurial Manager

entrepreneurial characteristics
0Entrepreneurial 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

what traits should be avoided
0What Traits Should Be Avoided?
  • Invulnerability
  • Being Macho
  • Being Authoritarian
  • Impulsivity
  • Outer control
  • Perfectionist
  • Know it all
  • Counterdepency

Timmons: New Venture Creation

Entrepreneurial Manager

what assets are required
0What Assets are Required?
  • Network
  • Supporting spouse
  • Financial resources
  • Optimism

Entrepreneurial Manager

what experience is required
What Experience Is Required?
  • Accounting
  • Recruiting & hiring
  • Selling
  • Financial projections
  • Cash flow management
  • Naming a product
  • Choosing office decor

Entrepreneurial Manager

do you have the right stuff
0Do 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

types of entrepreneurs
0Types of Entrepreneurs
  • Personal achiever
  • Super-salesperson
  • Real manager
  • Expert Idea Generator

JB Minor, Four Routes to Entrepreneurial Success

Entrepreneurial Manager

personal achiever classic entrepreneur
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
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
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

expert idea generator expertise creativity innovator
0Expert 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

types of entrepreneurs16
0Types of Entrepreneurs
  • Personal Achiever
  • Super-Salesperson
  • Real Manager
  • Expert Idea Generator
  • Are there others?

Entrepreneurial Manager

different methods used to build ventures
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

slide18
0

Entrepreneurship

Myths & Realities

Entrepreneurial Manager

entrepreneurs are born
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

entrepreneurs are gamblers
0Entrepreneurs 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

entrepreneurs want to be their own boss
0Entrepreneurs 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

entrepreneurs are motivated by money
0Entrepreneurs 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

why start a business
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
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
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
Entrepreneurs are Lucky

Yes!

Entrepreneurial Manager

just do it
Just Do It

0

“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
Next Week’s Class
  • Entry Strategy
  • Read BZ-11
  • Case: ICEDELIGHTS
  • Feb 2 at 2:00pm NREL visit

Entrepreneurial Manager

traits
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