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Brewers as Entrepreneurs

Brewers as Entrepreneurs. Beverage Business Institute, College of Business. Vocation: “It is the place where your great joy meets the world’s great need.”. Entrepreneurs Defined. Entrepreneurs are generally defined as individuals who create a business venture with the goal of making a profit.

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Brewers as Entrepreneurs

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  1. Brewers as Entrepreneurs Beverage Business Institute, College of Business

  2. Vocation: “It is the place where your great joy meets the world’s great need.”

  3. Entrepreneurs Defined • Entrepreneurs are generally defined as individuals who create a business venture with the goal of making a profit. • Entrepreneurs are therefore assumed to be: • Visionaries with clear missions • Business & bottom line oriented • Effective leaders • Creative/Innovative • Independent • Thought leaders/knowledge experts • NOT SO MUCH

  4. Characteristics of Entrepreneurs • What we know about entrepreneurs: • High in N-Ach • Low in N-Aff • Independent • Resilient • Creative • Not easily managed • Don’t always play nice with others • Passionate/driven

  5. Brewers and Entrepreneurship • Does a brewer have to create a business to be an entrepreneur? • No, entrepreneurship takes many forms • There is no such thing as an “Intrapreneur” • Can “employees” be entrepreneurs? • Yes, new products & business ventures involve risk & rewards • Only difference may be resource availability and work parameters

  6. Brewers and Entrepreneurship • First mover • One does not have to be an inventor to be innovative • Being first to market has a number of advantages IF there is the business infrastructure to support the penetration of the target market • Early adopter • A strategy utilized by those having a larger presence within a target market • Can come in after product acceptance and “flood” the market driving smaller competitors into a retreat position

  7. Brewers and Entrepreneurship • Perceived role of brewers • Artist? • May not care what others think • Scientist/chemist? • Quality and process sometimes outweigh business considerations • Alchemist? • Strange and wonderful blends that may have no market • Business person? • May be too mainstream & too low risk for a “big hit”

  8. Brewers and Entrepreneurship • Orientation of brewer may determine success as an entrepreneur • A pragmatic combo appears to be the most effective • Reliance upon “team” becomes important • May be counter-intuitive for most but still critical • Timing of development, roll out, and market penetration is heavily dependent upon brewers and the “approach” • May depend upon whether the brewery is a first mover or early adopter

  9. Characteristics of Managers vs. Entrepreneurs Managers Entrepreneurs • An organization “local” • Risk averse • Strict adherence to rules and structure (bureaucratic) • Bottom line focus • A cosmopolitan • Risk “tolerant” • A boundary spanner • The business version of ADD

  10. Characteristics of Managers vs. Entrepreneurs Managers Entrepreneurs • Facts & data drive decisions • Closely tracks results • Gate keeper • Intuitive decision maker • High tolerance for ambiguity • Doesn’t recognize any “gates”

  11. Characteristics of Managers vs. Entrepreneurs Managers Entrepreneurs • Meets customers’ needs • Responds to directions • “Rides herd to gain “obedience” • Creates customers’ needs • Does not respond well to directions • Has been lost from the herd

  12. Characteristics of Managers and Entrepreneurs Managers Entrepreneurs • Satisficing decisions • Specific work parameters (time, place, resources, etc) • Pragmatic decisions based upon resource allocation • Optimizing decisions • Flexible work parameters (do what it takes to “get er done”) • Experimentation (trial & error may dominate)

  13. Personality and Entrepreneurs • Ironically the identifiable age-related personality changes among managers are those with which most entrepreneurs are imbued at an earlier age. • Those things that attract certain personalities to creative and independently driven vocations are similar to those factors motivating entrepreneurs.

  14. Cautionary notes • Being creative/innovative does not always translate into entrepreneurial success • The need for independence does not equate to entrepreneurial success • Having great, unique products does not always mean a successful business venture • HOWEVER, if all of the above are combined with business acumen the odds are improved dramatically

  15. Business reminders • Identify and try to understand the barriers to entry • 142 breweries in Colorado with over 75 in planning • Know your market and targets • When is it saturated? • Know your products and where they fit • Demographics/target markets • Pay attention to competition but be true to your vision • Be willing to take calculated risks but know when to make changes- FOCUS on RESULTS

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