This document discusses the entrepreneurial mindset and qualities of successful entrepreneurs. It argues that we are living in a time of unprecedented and accelerating change driven by new technologies and globalization. To succeed, entrepreneurs must see opportunities where others don't, be innovative, take risks, and have a strong work ethic. Characteristics of successful entrepreneurs include passion for their business, vision, perseverance through failures, and translating ideas into action. The document provides advice on developing an entrepreneurial venture, including defining one's meaning or purpose, developing a clear mantra, taking initial action, defining the business model, and planning milestones and tasks.

1. The Entrepreneurial Dream:
The P
Th Power of Entrepreneurial Thinking
fE i l Thi ki
“A pessimist sees the difficulty in every opportunity;
A
an optimist sees the opportunity in every difficulty”
~ Sir Winston Churchill, UK Prime Minister (1940-45, 1951-55)
Tim R. Holcomb, Ph.D.
Assistant Professor of Strategy and Entrepreneurship and
Executive Director of the
Jim Moran Institute for Global Entrepreneurship
The Florida State University

2. We live in a time of unprecedented change…

3. We live in a time of unprecedented change…
Knowledge and technology increasingly obsolesce.
Accelerators: C l i i i
A l Cultivating innovation and h
i d human talent i
l is
indispensable.
Socio-economic changes occurring on a global scale, the
pace of which man expect to increase e ponentiall
hich many e pect exponentially.
Accelerators: Globalization, demographic shifts, and capital
markets.
New
N approaches needed t solve global challenges and
h d d to l l b l h ll d
old world problems.
Accelerators: Climate change, education, energy, healthcare
and political stability
stability.
Think about tomorrow’s challenges today …

4. We live in a time of unprecedented change…
Historically, new technologies require many years to
become a new standard, but the pace of change has
standard
increased steadily since the turn of the 20th century.
The number of years it took for the following technologies to
reach 25% of U.S. households are as follows:
US
Automobile = 56 years
Electricity = 45 years
Telephone = 36 years
Microwave = 31 years
Television = 26 years
Internet
I t t = 23 years
Cell phone = 14 years
And is expected to rapidly quicken in years to come …

5. We live in a time of unprecedented change…
The rate of start-ups is at an all-time high;
start ups all time
innovation has exploded.
The glamour of the Fortune 500 has worn
off. Now, it is the INC 500, the FAST 500,…
Ours is an entrepreneurial society and is
societ
becoming more so … over 50% of young
people want one day to have their own
ventures.

6. The power of entrepreneurial thinking
What makes a successful
entrepreneur?
Seeing opportunity where
others don’t
Innovation: bette , faster,
ovat o : better, aste ,
cheaper, easier
“Fire in the Belly”
y
Willingness to take risks
Extreme work ethic

7. The power of entrepreneurial thinking
There are those who make things happen -
Those who watch things happen -
And those who ask what happened!
Translation:
Lead, Follow, or Get out of the way!

8. The power of entrepreneurial thinking
If you think you can
or you think you
can t
can’t…
t…
you are probably
right!
right!
“Genius is one percent inspiration and ninety-nine percent
perspiration.”
~ Thomas Alva Edison, American inventor, scientist, and businessman

9. The power of entrepreneurial thinking
The greatest difficulty in
the world is not for people
to accept new ideas, but to
make them forget about
old ones.
“There is nothing more difficult to take in hand, more perilous to
conduct, th t t k a l d i th i t d ti of a new order
d t than to take lead in the introduction f d
of things, because the innovation has for enemies all those who
have done well under the old conditions and lukewarm
defenders in those who may do well under the new.”
f y
~ Niccolò Machiavelli, Italian philosopher/writer and founder of modern political
science

10. The power of entrepreneurial thinking
Idea Stoppers
Naah … Can’t be done.
Yeah,
Yeah but if you did that just imagine how … [fill
your favorite extreme or unlikely disaster].
Well that’s the dumbest thing I ve ever heard.
that s I’ve
Forget it. We already tried that before … years
ago.
g
I don’t see anything wrong with the way we’re
doing it now.
g

11. Vexing questions about entrepreneurs…
Are people ‘born to be entrepreneurs’?
p p p
Is there a prototype entrepreneur?
Is every small business owner an
entrepreneur?
Are entrepreneurs different from managers?
Can people be taught to be one?
Is there a better time to pursue
entrepreneurship?
What makes for a successful entrepreneur?

12. Vexing questions about entrepreneurs…
Are people ‘born to be entrepreneurs’?
No.
N
Is there a prototype entrepreneur?
No.
Is every small business owner an entrepreneurs?
Yes and No.
Are entrepreneurs different from managers?
No, but their skills often differ from manager’s.
Can people be taught to be one?
Yes and No.
Is there a right time to be an entrepreneur?
Yes and No.
What makes for a successful entrepreneur? ???

13. What makes for a successful entrepreneur?
Is it Is it
Intelligence? Risk-
Risk-taking?
Is it
I Is it
Motivation? Knowledge?
Is it Is it
Gender? Family History?
Is it
Personality?
P lit ?

14. So, what are some
characteristics of successful entrepreneurs?
Passion for th business.
P i f the b i
Vision and endless ideas.
Customer focus: Must satisfy
customer needs.
Persevere through setbacks and
failures.
Executional excellence: Translate
creativity into action and generate
measurable returns.
bl

15. Characteristics of successful entrepreneurs
“The reasonable man (woman) adapts himself
The
(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 Sh
G B d Shaw, received N b l P i i
i d Nobel Prize in
Literature in 1925
““The role of the entrepreneur is to stand up to all, to stand up
to ridicule.”
~ Tom Peters, author of In Search of Excellence

16. Characteristics of successful entrepreneurs
Entrepreneurship provides the dynamic that
drives economies, communities, and
organizations.
Not about absolute numbers of small
businesses but
businesses—but about entries and exits
exits.
Absent entrepreneurship, the result is not a
static state there is decline over time
state—there time.

17. Characteristics of successful entrepreneurs
The at-risk entrepreneur is the one that
p
is not prepared for the entrepreneurial
g
age.

18. And what about you?
What do we know about you as developing
entrepreneurs?
You are talented.
You are dedicated to task.
You are purposeful
purposeful.
You are committed to personal growth and
development.
development
Keep in mind that sharing your thoughts
about entrepreneurship helps all of us
us.

19. The ‘art’ of getting started …
1. Make meaning.
2. Make mantra.
3. Get going
going.
4. Define your business
model.
d l
5. Weave a MAT
(milestones, assumptions, and tasks).

20. 1 - Make Meaning
Among the meanings of meaning:
Make the world a better place.
Increase the quality of life
life.
Right a terrible wrong.
Prevent the end of something good
good.
Exercise: Complete this sentence: “If your
organization never existed, the world would
existed
be worse off because _______________.”

21. 2 - Make Mantra
A mantra is:
“A sacred verbal formula repeated in prayer, mediation,
or incantation, such as the invocation of a god, a magic
spell, or a syllable or p
p , y b portion of scripture containing
p g
mystical potentialities.”
~Scott Bedbury, wrote A New Brand World: 8 Principles for
Achieving Brand Leadership in the 21st Century
Don’t confuse mantras with tag lines.
Taglines are for customers.
It’s
It’ a guideline for h
id li f how th use your product/service.
they d t/ i
Mantras for employees.
It’s a guideline for what t ey do in t e jobs.
t s gu de e o at they their
Keep it short and sweet.

22. 2 - Make Mantra … which is better?
“The mission of Southwest – or – “It’s better than
Airlines is dedication to the
highest quality of Customer
driving.”
d i i ”
Service delivered with a sense
of warmth, friendliness
warmth friendliness,
individual pride, and Company
Spirit.”
The Southwest Airlines Customer Service 'Experience' | CNN

23. 2 - Make Mantra … which is better?
“The Coca-Cola Company – or – “Refresh the world.”
exists to benefit and refresh
everyone it touches.”

24. 2 - Make Mantra … which is better?
“The American Red Cross, a – or – “Stop suffering.”
humanitarian organization led
by volunteers and guided by its
Congressional Charter and the
Fundamental Principles of the
p f
International Red Cross
Movement, will provide relief to
victims of disasters and help
people prevent, prepare for, and
respond to emergencies.”

25. 2 - Make Mantra … which is better?
“Our mission is to improve the – or – “Save babies.”
health of babies by preventing
birth defects, premature birth,
and infant mortality. We carry
out this mission through research, community services, education and
g , y ,
advocacy to save babies' lives. March of Dimes researchers, volunteers,
educators, outreach workers and advocates work together to give all
babies a fighting chance against the threats to their health: prematurity,
birth defects, low birthweight.”

26. 2 - Make Mantra … which is better?
“The mission of the United – or – “Kick butt in air and
States Air Force is to deliver
sovereign options for the
space.”
”
defense of the United States of
America and its global
interests—to fly and fight in
Air, Space, and Cyberspace.”

27. 2 - Make Mantra
Good examples:
Authentic athletic performance (Nike).
Fun family entertainment (Disney)
(Disney).
Rewarding everyday moments (Starbucks).
Think (IBM)
(IBM).
Fun food arms reach (Frito Lay).
Exercise: Thi k about your organization’s
E i Think b t i ti ’
mantra; how will it serve your customers?

28. 3 - Get Going
Key principles:
Find a few soulmates.
Think big.
Jeff Bezos didn’t simply replicate Barnes & Noble when he
didn t
launched Amazon.com, he completely transformed the
shopping experience.
Polarize people – you don t have to please EVERYONE.
don’t
It is likely better to be last on nine lists and 1st on one list
than 2nd on 10 lists.
Design something different
different.
“In the beginning, I looked around and, not finding the
automobile of my dreams, decided to build it myself.”
~ Ferdinand Porsche, an Austro Hungarian automotive engineer
Porsche Austro-Hungarian

29. 4- Define Your Business Model and
5 - Weave a MAT
Wea e
Among the different activities you will be
involved with during the EBV program this
week, you will:
1. Make meaning.
2. Make mantra.
3.
3 Get going
going.
4. Define your business model.
5.
5 Weave a MAT
(milestones, assumptions, and tasks).

30. Final Thoughts … what is your dream?
Learn to crawl, before you walk.
Remember that entrepreneurship is:
It’s a way of thinking.
It’s
It’ a way of acting.
f ti
It requires navigating lots of different social and
professional contexts.
But it also requires an understanding of personal
issues, family life, etc.
The hardest thing about getting started is
g
getting started …
g
Are you ready for the journey?