Entrepreneurship As empowerment & Transformation

1. Entrepreneurship As empowerment & Transformation Michael H. Morris, Ph.D. George and Lisa Etheridge Professor Academic Director of Entrepreneurship Program Warrington College of Business Administration University of Florida

2. University of Florida Imagine > Believe > Create “The reasonable man (woman) adapts himself (herself) to the world. The unreasonable one persists in trying to adapt the world to himself (herself). Therefore, all progress depends on unreasonable men (and women).” -George Bernard Shaw

3. University of Florida Imagine > Believe > Create An entrepreneurial revolution • Up to 1 million new for profit and non-profit ventures a year in U.S. • Over 80% of the new jobs • New product/service introduction rate • New patent issuance rate • Rate of wealth creation • Women and minorities now lead the pack • And it’s a global revolution

4. University of Florida Imagine > Believe > Create The revolution… It is an age of omnipresent entrepreneurship: more choices, more innovation, more technological advances, more change, more opportunity, more possibilities

5. University of Florida Imagine > Believe > Create Entrepreneurs are the heroes---they make the world livable for everyone else… -they are the ones who question, who challenge -they are the ones who take responsibility for change -they are what the human spirit is all about -they are the hope for a better life, for the end of poverty, for the destruction of discrimination--- -they are the quiet revolutionaries …entrepreneurship is the most empowering, the most democratic, the most freedom-creating phenomenon is the history of the human race

6. University of Florida Imagine > Believe > Create The at-risk student is the student that is not prepared for the entrepreneurial ageEntrepreneurship is the ultimate source ofadvantage

7. University of Florida Imagine > Believe > Create So what does this mean for the focus of your programs? • business basics, the mechanics of starting a venture, and borrowed content vs. • entrepreneurship as a distinct discipline with a distinct content vs. • entrepreneurship as a way of thinking and acting

8. University of Florida Imagine > Believe > Create What’s your relative focus? Business basics Entrepreneurship basics Entrepreneurial thinking & acting Setting up the books Entrepreneurship defined Opportunity alertness How to sell The entrepreneurial process Risk mitigation Hiring of staff Characteristics of entrepreneurs Resource leveraging Forms of enterprise Types of entrepreneurs Conveying a vision Cash flow management Contexts for entrepreneurship Innovating Formulating strategy Innovative business models Passion Market analysis Entrepreneurial cognition Persistence and tenacity Setting up operations The nature of opportunity Creative problem-solving Pricing Ethics and entrepreneurship Guerrilla behavior Promotion & advertising Seed and venture capital Optimism Financial statements Lean start up Learning from failure Franchising Entrepreneurial orientation Effecting change Management control Entrepreneurship and society Adaptation Cost analysis Exit strategies Resilience Protecting IP

9. The entrepreneurial mindset Attitude • You can affect change • There is a better way • Opportunities are everywhere • Embrace innovation, change & growth • Failure is learning In One’s Life • In the family • In church activities • In community involvement • In personal relationships • In managing personal finances • In dealing with personal change Professionally -Entrepreneuring in different ways over one’s career cycle • corporate E • social E • public sector E • family business E • E in a profession Behavior • Act on opportunity • Continuously innovate • Persevere • Leverage resources • Act as a guerrilla • Mitigate risks

10. University of Florida Imagine > Believe > Create I think we have to go further… • More than simply ‘a process’ • More than ‘opportunity recognition and exploitation’ • Fire in a bottle • Unleashing the potential of E • entrepreneurship as empowerment • entrepreneurship as transformation

11. University of Florida Imagine > Believe > Create Empowerment “The process of increasing the capacity of individuals or groups to make choices and to transform those choices into desired actions and outcomes” -World Bank • To create your own job • To create your own future • To create your own wealth • To create your own sense of pride and self-worth • To create your own identity • To create your own facilities and operations • To create jobs for others • To create your own contribution to the world • To create your own ability to give back

12. University of Florida Imagine > Believe > Create Transformation “An underlying change in the appearance, character, form or structure of someone or something” Entrepreneurs are: • transforming markets • transforming business practices • transforming industries • transforming oneself • transforming families • transforming communities • transforming economies

13. Realizing the power of E in our programs • Empowering and transforming students • Empowering and transforming the campus • Empowering and transforming our communities

14. University of Florida Imagine > Believe > Create Realizing the power of E in our programs 7 C’s: - concept for your program - convictions that drive your approach - competencies being developed - connections being leveraged - creative edge in program design - challenging convention in program implementation - concept for yourself

15. University of Florida Imagine > Believe > Create What’s your core program concept? • The center as an administrative unit • The center as an academic unit • The center as a venture • The center as an innovation factory • The center as a platform for empowerment and transformation

16. What are your convictions? • Every student an entrepreneur • Total student immersion—more learning occurs outside the classroom • Students want to be part of something bigger than themselves • Students really can change the world • Students really can start things (getting past execution phobia) • Students really can run components of your program • Students really can consult to entrepreneurs

17. University of Florida Imagine > Believe > Create Entrepreneurial competencies • Recognizing opportunity • Assessing opportunity • Mastering your creativity • Leveraging resources • Guerrilla skills • Mitigating and managing risk • Planning when nothing exists • Innovation---developing ideas that work • Formulating and conveying a compelling vision • Building and exploiting networks • Ability to maintain focus yet adapt • Tenacity and resilience • Implementation of something novel or new

18. University of Florida Imagine > Believe > Create Making connections: the components of an E program

19. University of Florida Imagine > Believe > Create Connecting the dots

20. University of Florida Imagine > Believe > Create Connections: the university-wide mandate • health care entrepreneurship • community-based entrepreneurship • hospitality entrepreneurship • arts entrepreneurship • historical entrepreneurship • green or sustainable entrepreneurship • public sector entrepreneurship • social entrepreneurship • engineering entrepreneurship • agricultural entrepreneurship • pharmacy entrepreneurship • women, ethnic and minority entrepreneurship • sports entrepreneurship • quality of life entrepreneurship • global entrepreneurship

21. University of Florida Imagine > Believe > Create What’s your self-concept? Are you an academic entrepreneur… -discovering opportunity in the academic setting -developing innovations to capitalize on opportunity -implementing a constant stream of innovation -taking calculated risks in a university environment -leveraging resources -acting as a guerrilla

22. University of Florida Imagine > Believe > Create It’s about being entrepreneurial

23. University of Florida Imagine > Believe > Create Example: EESA • 25 U.S. students join 20 African students in helping historically disadvantaged entrepreneurs over six weeks • Intense engagement resulting in four tangible deliverables per client • Fundamental transformation both in the students and in the ventures • Students empowered to create value, entrepreneurs grow as managers and see new opportunities

24. University of Florida Imagine > Believe > Create Example: VEP • Disabled veterans get intensive assistance in starting and growing ventures • Three-stage program unfolding over 11 months • Costs the veteran nothing • 75% success rate: empowered and transformed • Expanding to a consortium of schools

25. University of Florida Imagine > Believe > Create Example: the SSIC • University-run innovation center/incubator in the inner city • Intervention model • Consulting initiative • Training programs • Microcredit program • Students involved in delivery • Departments across the campus engaged

26. The greatest job in the world… • We get to encourage students to dream --- and dream big • We get to give them the tools to make those dreams come true • We get to challenge them to do things that are bigger than themselves • We get to let them fail • Our programs can empower and transform them

27. “Be the change you wish to see in the world”-M. Gandhi