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The Institute for Innovation and Entrepreneurship at UTD. Leveraging the power of ideas and technology to create new ventures and add economic, social and cultural value to our community Alcatel-Lucent AT&T University Entrepreneurial Leadership: From Entrepreneur to CEO May 20, 2011.

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the institute for innovation and entrepreneurship at utd

The Institute for Innovation and Entrepreneurship at UTD

Leveraging the power of ideas and technology to create new ventures and add economic, social and cultural value to our community

Alcatel-Lucent AT&T University

Entrepreneurial Leadership: From Entrepreneur to CEO

May 20, 2011

you ve cleared the hurdles you ve won the race what now
You’ve Cleared the Hurdles – You’ve Won the Race – What Now?
  • You’ve cleared the eight hurdles – Congratulations!!
  • But there’s one more challenge ahead: you’ve got to make the transition from entrepreneur to CEO – facing personal challenges along three dimensions.
  • To meet these challenges, the entrepreneur must simultaneously:
    • Extend his time horizon (from today and next week, to months and years in the future)
    • Change predominate behavior patterns from doing and deciding, to delegating and managing, to leading and inspiring
    • Shift his focus from the internal and operational aspects of the company to the external and strategic elements of the broader competitive environment
what is leadership
What is Leadership?
  • The entrepreneur must make a successful transition to the role of CEO – become a leader!
  • What is leadership?
    • The most admired leaders… have strong beliefs about matters of principle… an unwavering commitment to a clear set of values… passionate about their causes.
    • Leadership is a relationship – between those who aspire to lead and those who choose to follow
    • Leaders mobilize others to… get extraordinary things done in organizations – [they] create a climate in which people turn challenging opportunities into remarkable successes”
what is leadership1
What is Leadership?

Leadership

as Process

roles, power, influence,

tasks, techniques

Leadership as Personal Attributes

values, competence, emotional intelligence

Leadership as Purpose

context, opportunity, vision, direction, change

Leadership as Relationship

Trust, inspiration, credibility

the life cycle of an entrepreneurial firm
The Life Cycle of an Entrepreneurial Firm

Period of Transition

Strategy, product positioning, marketing, resources, management team, infrastructure, management systems, culture, leadership roles, risk management

The Corner:

a critical turning point

Maturity

SALES

$50M

Startup

Product, Initial Customers

Sustained and Profitable Growth

Expansion, diversification, new product development

3 yrs 5yrs

TIME

caitlin matthews leadership roles in the life cycle of the firm
Caitlin & Matthews: Leadership Roles in the Life Cycle of the Firm

Initial Growth

Direction Setter Drive Sales & Market Share

Continuous Growth

Organizational Builder

Strategic Innovator

Chief of culture

SALES

Rapid Growth

Lead the Market

Team Builder: Acquire, Integrate & Align Resources

Startup

Doer/Decision Maker Markets & Products

TIME

the challenges of growth
Classic Entrepreneurial Strengths

Visionary and pioneering

Always searching for new opportunities and challenges

Passionate and energetic

Driven to achieve

High standards of excellence

Creative, innovative

Proactive, future-focused

Smart, capable, decisive

Sense of urgency

Confident risk-taker

Problem solver

Determined to create wealth and make a difference

In order to succeed, the entrepreneur must also learn to:

Plan, balancing short-term and long-term goals of all constituencies

Communicate to produce alignment

Build a team and facilitate their working as a team

Resolve conflicts

Understand that people and culture are your key assets

Learn from every success and failure you have, and from mentors and other successful entrepreneurs

The Challenges of Growth
startup stage

SALES

TIME

Startup Stage
  • Company Goals
    • Understand your personal goals and objectives
    • Figure out product and concept that customers want to buy
    • Identify initial customers and build relationships
    • Develop limited organizational capabilities
  • Leader’s Role
    • Doer/Decision-maker
    • Clearly in charge; making all of the

decisions

    • Rest of the organization reports

to one leader

key questions is it right for you
Key Questions: Is it Right for You?
  • AmarBhide argues that, for entrepreneurs, setting a direction involves personal as well as business choices.
  • He suggests that entrepreneurs must continually ask themselves what business they want to be in and what capabilities they would like to develop.
  • Developing a strategy consistent with the entrepreneur’s personal strengths and objectives is critically important.
setting the direction personal goals
Setting the Direction: Personal Goals
  • Before they can set goals for a business, entrepreneurs must be explicit about their personal goals:
    • Why do they want to launch their new venture?
      • Achieve independence? Control my own destiny? Serve others?
    • What are your financial objectives?
      • Quick profits? Build a sustainable enterprise to pass on to my children?
    • What is the end game? Do you have an exit strategy?
  • Only when entrepreneurs are clear about what they want from their businesses does it make sense to ask three key questions:
    • What kind of enterprise do I need to build?
    • What risks and sacrifices does such an enterprise demand?
    • Can I accept the risks and sacrifices?
initial growth stage

SALES

TIME

Initial Growth Stage
  • Company Goals
    • Set the direction (articulate a strategy)
    • Launch differentiated product (competitive advantage)
    • Capture market share
    • Grow revenues
  • Leader’s Role
    • Delegator/direction-setter
    • Monitor progress
    • Ultimate decision-maker for major decisions
initial growth stage1
Initial Growth Stage
  • Key Challenges
    • Articulate and reinforce your vision for the company
    • Understand your personal goals for the long term
    • Use scarce resources creatively
    • Watch critical performance indicators, especially financial ones.
    • Integrate input from stakeholders with your own perspective
    • Hire multitalented people whose values match yours
    • Use mentors
initial growth stage2
Initial Growth Stage
  • Personal Changes in Leadership Role
    • Focus, focus, focus
    • Manage proactively, not reactively
    • Begin delegating responsibility, establish systems and structure with clearly defined roles, responsibilities
    • Stop making all the decisions, solving all the problems, answering all the questions
    • Trust others – and hold them accountable for results
    • Start planning for the future instead of reacting
    • Share the credit and limelight with others
    • Spend more time working on the big picture
rapid growth stage

SALES

TIME

Rapid Growth Stage
  • Company Goals
    • Gain significant market share
    • Become a market leader and ward off competitors
    • Build infrastructure and team for aggressive growth
    • Hire and integrate a lot of new people
  • Leader’s Role
    • Team Builder
    • Coach
    • Planner
    • Communicator
rapid growth stage1
Rapid Growth Stage
  • Key Challenges
    • Hire people who are smarter than you to fill gaps in functional expertise
    • Define new roles/responsibilities – build a management team that works together
    • Lead team to create a strategic market-focused vision and plan for growth
    • Create processes to align employees with company’s vision and culture
    • Develop a meaningful communication process
    • Be a champion for the customer
    • Listen to and consider the views of all constituencies
rapid growth stage2
Rapid Growth Stage
  • Personal Changes in Leadership Role
    • Use the company’s plan to focus and track its efforts
    • Shift your focus from doing work to managing and coaching others
    • Stop being the ultimate decision-maker – develop a consensus-oriented decision-making style
    • Learn to facilitate effective teamwork
    • Encourage all ideas to be heard in a healthy debate
    • Stop tolerating organizational misfits
    • Admit you don’t have all the answers – focus on unleashing the creativity of others
    • Be a champion for effective, efficient processes
continuous growth

SALES

TIME

Continuous Growth
  • Company Goals
    • Dominate the industry
    • Expand to new markets and grow new niches in current markets
    • Move from products to “solutions”
    • Brand the company and its people as thought leaders
  • Leader’s Role
    • Change catalyst
    • Organization builder
    • Strategic innovator
    • Chief of culture
continuous growth1
Continuous Growth
  • Key Challenges
    • Recognize the need for fundamental change and proactively lead the discovery and implementation of a strategic plan for dramatic new growth
    • Develop the executive team so that each member becomes a company leader; empower the team to run day-to-day operations while you focus only on strategic issues
    • Find and develop high-level partnerships and relationships to leverage for growth
    • Institutionalize the culture and values, and ensure that reward and recognition programs are effectively aligned
continuous growth stage
Continuous Growth Stage
  • Personal Changes in Leadership Role
    • Spend all your time working on the big picture, not on the day-to-day aspects of the business
    • Make strategy and culture your primary focus
    • Hold the management team accountable for sharing strategic leadership
    • Constantly refine and redevelop the organization and culture
caitlin matthews leadership roles in the life cycle of the firm1
Caitlin & Matthews: Leadership Roles in the Life Cycle of the Firm

Initial Growth

Direction Setter Drive Sales & Market Share

Continuous Growth

Organizational Builder

Strategic Innovator

Chief of culture

SALES

Startup

Doer/Decision Maker Markets & Products

Rapid Growth

Lead the Market

Team Builder: Acquire, Integrate & Align Resources

TIME

building a management team
Building a Management Team
  • Building a management team is critical to the survival of the enterprise: it requires careful planning, a clear understanding of both organizational and personal objectives, a willingness to accept help and criticism, the confidence to give up control, and an abundance of personal humility.
  • The skills, aptitudes and motivations required to launch a new venture are very different from those required to lead and manage a rapidly growing firm in a competitive market environment
  • Making that transition is frequently the toughest challenge for a young entrepreneur!
letting go
Letting Go

The development of CEO-level managerial and leadership skills requires experience, mentoring and practice that frequently spans decades of personal growth

It is asking a great deal of a young entrepreneur, focused on overcoming technical, marketing and financial challenges to simultaneously acquire the full portfolio of managerial and leadership skills necessary to ensure the success of his venture as the challenges shift from early growth to operational effectiveness, market leadership and a successful exit.

It is frequently essential for the entrepreneur to recognize his limitations and turn over the reins to an experienced manager, in order to ensure the ultimate success of the venture he has nurtured from inception.

references
References

Caitlin & Matthews: 2001. Leading at the Speed of Growth. Hungry Minds, Inc. NY. ISBN 0-7645-5366-6

Bhide: 1996. The Questions Every Entrepreneur Must Answer. HBR 96603. November-December 1996

contact information
Joseph C. Picken, Ph.D.

Executive Director

The Institute for Innovation

& Entrepreneurship at UTD

The University of Texas at Dallas

PO Box 830688 SM 43

Richardson, TX 75083-0688

(972) 883-5990

innovation@utdallas.edu

http://innovation.utdallas.edu

Contact Information