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Successful Entrepreneurs

Successful Entrepreneurs. Passion for the business Vision and endless ideas Product/customer focus: Must satisfy customer needs Persevere through setbacks and failures Executional excellence: Translate creativity into action & generate measurable returns.

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Successful Entrepreneurs

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  1. Successful Entrepreneurs • Passion for the business • Vision and endless ideas • Product/customer focus: Must satisfy customer needs • Persevere through setbacks andfailures • Executional excellence: Translate creativity into action & generate measurable returns

  2. The Power of Entrepreneurial Thinking • What makes a successful entrepreneur? • Seeing opportunity where others don’t • Innovation: better, faster, cheaper, easier • “Fire in the Belly” • Willingness to take risks • Extreme work ethic

  3. Three Key Processes Idea Generation Opportunity Recognition Creativity Increasing Relevance to Founding Venture

  4. Kinds of Intelligence • Analytic intelligence - The ability to analyze and evaluate ideas, solve problems and make decisions • Creative intelligence - Going beyond what is given to generate novel and interesting ideas. • Practical intelligence - The ability that individuals use to find the best fit between themselves and the demands of the environment • Social intelligence - The ability to understand and manage all types of people and to act wisely in human relations • Successful intelligence - The acquisition and use of what you need to know to be successful in a particular environment.

  5. Successful Intelligence Practical Intelligence Analytic Intelligence Successful Intelligence Success Creative Intelligence

  6. Confluence Approach Creativity emerges from a confluence of • Intellectual abilities • Broad, rich knowledge base • Appropriate style of thinking • Personality attributes • Intrinsic, task-focused motivation • Environment supportive of creative ideas

  7. Additional Aspects Active search Entrepreneurial alertness Prior knowledge Social networks Opportunity recognition

  8. Pattern Recognition • Seeing links between seemingly unconnected trends, changes, events • Connections form an identifiable pattern

  9. Entrepreneurial Opportunity • Situation in which a person can develop a new business idea that has potential to generate profit

  10. Opportunities from Change Truly valuable entrepreneurial opportunities come from an external change that • Makes it possible to do things that had not been done before • Makes it possible to do something in a more valuable way.

  11. Change Leads to Potential • New technology • Political and regulatory changes • Social and demographic change Potential

  12. Forms of Opportunity Entrepreneurs develop business ideas by: • Developing new products and services • Tapping new markets • Formulating new methods of production • Identifying new raw materials • Developing new ways of organizing processes

  13. Generating Business Ideas • Idea is thought, impression, notion • Opportunity: favorable set of circumstances that create need for product or service e.g. DTH, GPS • Opportunity has four essential qualities • Attractive • Durable • Timely • Creates/adds value for buyer/user

  14. Recognizing Opportunities & Generating Ideas • Observing/ Study Trends • Economic factors • Social factors • Technological Advances • Political Action and regulatory statutes

  15. Recognizing Opportunities & Generating Ideas • Economic Forces • Consumers level of disposable income • Interest rate changes • More women in workforce • Currently: global recession • Social Forces • Both parents working: fast food • Life stress: spas, wellness clinics , yoga, spiritualism

  16. Recognizing Opportunities & Generating Ideas • Family & work patterns • Age of the population • Increasing diversity in the workplace • Globalization of industries • Increased focus in health care & fitness • Proliferation of computers & Internet • Increase in numbers of cell phone users • New forms of music & entertainment

  17. Recognizing Opportunities & Generating Ideas • Technological Advances • Cell phones: allows people to be mobile • E-commerce: accommodates busy schedules and working from home/remote locations • Political Action • New laws: • Terrorism: Products & services to protect

  18. Recognizing Opportunities & Generating Ideas Solving a Problem • Observe people’s challenges • Look for problems • Listen to people’s complaints • Think of your own challenges

  19. Recognizing Opportunities & Generating Ideas • Personal characteristics for opportunity recognition • Entrepreneurial alertness/6th sense • Social networks • Creativity: preparation, insight, evaluation • Prior experience in an industry

  20. Techniques in Generating Ideas • Brainstorming: generate ideas quickly, no analysis or decision making • Enthusiasm, originality, lots of ideas • Freewheeling, lively • No criticism allowed • Session moves quickly • Leapfrogging encouraged

  21. Techniques in Generating Ideas • Focus groups • People selected are familiar with issues • What’s on customers mind • Conducted by trained moderator • Success depends on moderator’s ability to ask questions and keep on track

  22. Techniques in Generating Ideas • Surveys: gathering info from sample of individuals • By phone, mail, online, in person • Random portions of population • Customer Advisory Boards

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