Who wants to be an entrepreneur?

Creativity Innovation Entrepreneurship • Who wants to be an entrepreneur? Think Outside Yourself Think Outside Yourself

5 Tenets of Entrepreneurship 1. What is the consumer situation? 2.What is the problem? need? desire? 3. Who is affected by it? Who is the customer? Who is the target audience? 4. What are alternative solutions to the problem? Who are the competitors? 5. How does your proposed solution differ from competitive offerings?

Joseph Schumpeter - 1883 – 1950 - Born in Austria - University of Vienna – economics & law - “Theory of Economic Development” - 1911 - University of Bonn – 1925 – 1932 - Harvard University – 1932 - “History of Economic Analysis” - 1954

Gales of Creative Destruction “What counts is competition from the new commodity, the new technology, the new source of supply, the new type of organization … competition which strikes not at the margins of the profits and the outputs of the existing firms but at the core of their foundation, at their very lives.”

Characteristics attributed to successful entrepreneurs. _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________

Core Competencies of Entrepreneurship • Leadership • Teamwork • Communication • Critical Thinking CHANGE

Change Agents “It wasn’t the president of the Bank of England who came over on the Mayflower. It was the members of the genetic pool who desired change and adventure. They were able to live on the edge of a frontier. America, therefore, has been selected genetically as the agent of change.” Dr. Timothy Leary

Steve Jobs innovative, passionate, visionary, determined, change agent. • “Your time is limited, so don't waste it living someone else's life. Don't be trapped by dogma — which is living with the results of other people's thinking. Don't let the noise of others' opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.”

Change Agents • Television News • ABC, NBC, & CBS Ted Turner

Change Agents • Coffee • Maxwell House – Folgers Howard Schultz

Change Agents • Articles for Sale – Auction • Sotheby’s – Christies Pierre Omidyar

Change Agents • Music • Sony – RCA Steve Jobs

Change Agents • Books • Barnes & Noble – Borders Jeff Bezos

Change Agents • Package Delivery • Post Office – UPS Fred Smith

“The concept is interesting and well-formed, but in order to earn better than a C, the idea must be feasible.” A Yale University management professor in response to student Fred Smith’s paper proposing overnight package delivery.

Change Agents • Hamburgers, French Fries & Milk Shakes • Local Restaurants Ray Kroc

Change Agents • Transportation • Yellow Cab Travis Kalamick & Garrett Camp

Change Agents • Travel • Marriott, Hyatt, Hilton Hotels Brian Chesky, Nathan Blecharczyk & Joe Gebbia

Change Agents • Payment Systems • Visa, Master Card, American Express Iqram Magdon-Ismail & Andrew Kortina

Change Agents • Office Supplies • Local office supply stores Tom Stenberg

Who wants to be an entrepreneur?