CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS. prepared by Siti Zaleha

Transcription

1 CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS

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3 Execution Intelligent Passion for business Characteristics of Successful Entrepreneurs Tenacity despite failure Products / customers focus

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6 PASSION FOR REAL BUSINESS Stems from entrepreneur's belief that the business will positively influence people s lives. Why people leave secure jobs to start their own firms (e.g. Bill Gates, Michael Dell)

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9 PASSION FOR REAL BUSINESS It is important to be enthusiastic about a business idea but it also important to understand its potential flaws and risks. Entrepreneurs should understand the most effective business ideas take hold when their passion is consistent with their skills and in an area that represents a legitimate business opportunity.

10 PRODUCT/CUSTOMER FOCUS The computer is the most remarkable tool we ve ever built..but the most important thing is to get them in hands of as many people as possible - Steve Jobs

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12 PRODUCT/CUSTOMER FOCUS Entrepreneur s keen focus on products and customers typically stems from the fact that most successful entrepreneurs are, at heart, craftpeople. Thus, they are obsessed with making products that can satisfy a customer s need.

13 Michael Dell We introduce technology that meets the needs of our customers, rather than introducing technology for its own sake

14 Steve Jobs Tour to Xerox research facilities Saw computer displayed graphical icons and pull down menus, and used mouse Used these innovation to create Macintosh

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16 TENACITY DESPITE FAILURE Entrepreneur trying something new rate of failure high.(just like scientist) The ability to persevere through setbacks and failures. Tenacity is important because it shows a potential customer the degree of commitment that an entrepreneur has to a new product or service.

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21 EXECUTION INTELLIGENCE The ability to fashion a solid idea into a viable business key Developing a business model, putting together a new venture team, raising money, establishing partnerships, managing finances, leading and motivating employees.

22 Rob Adams McCombs Entrepreneurship Faculty, former Venture Capitalist, Operating Executive and Entrepreneur Austin, Texas Area Venture Capital & Private Equity Successful businesses don t depend on unique ideas, he affirms. Instead, they rely on a team s ability to execute to build, market, and sell a product that s better, faster, or cheaper, and to do so to near superhuman perfection.

23 EXECUTION INTELLIGENCE The ability to translate thought, creativity, and imagination into action and measurable results. Ideas are easy. It s execution that s hard Jeff Bezos, the founder of Amazon.

24 Initiative See & Acts on Opportunity Persistence Information Seeking Concern for High Quality of Work Common Traits of Successful Entrepreneurs Flexibility Problem Solving Self- Confidence Assertiveness Commitment to work Persuasion Efficiency Orientation Systematic Planning Use of Influence

25 INITIATIVE The entrepreneur should be able to take actions that go beyond his job requirements and to act faster. He is always ahead of others and able to become a leader in the field of business. Examples Does things before being asked or compelled by the situation. Acts to extend the business into new areas, products or services

26 SEES AND ACTS ON OPPORTUNITIES An entrepreneur always looking for and taking action on opportunities. Examples Sees and acts on new business opportunities Seizes unusual opportunities to obtain financing, equipment, land, work space or assistance

27 INFORMATION SEEKING An entrepreneur is able to take action on how to seek information to help achieve business objectives or clarify business problems. Examples Does personal research on how to provide a product or service Consults experts or experienced persons to get relevant information Seeks information or asks questions to clarify a client's or a supplier's need Personally undertakes market research, analysis or investigation Uses contacts or information networks to obtain useful information

28 CONCERN FOR HIGH QUALITY OF WORK An entrepreneur acts to do things that meet certain standards of excellence which gives him greater satisfaction. Examples States a desire to produce or sell a top or better quality product or service Compares own work or own company's work favorably to that of others

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30 COMMITMENT TO WORK CONTRACT An entrepreneur places the highest priority on getting a job completed. Examples Makes personal sacrifice or expends extraordinary effort to complete a job Accepts full responsibility for problems in completing a job for customers Pitches in with workers or works in their place to get the job done Expresses a concern for satisfying the customer

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32 EFFICIENCY ORIENTATION A successful entrepreneur always finds ways to do things faster or with fewer resources or at a lower cost. Examples Looks for or finds ways to do things faster or at less cost Uses information or business tools to improve efficiency Expresses concern about costs vs. benefits of some improvement, change, or course of action

33 SYSTEMATIC PLANNING An entrepreneur develops and uses logical, step-bystep plans to reach goals. Examples Plans by breaking a large task down into sub-tasks Develops plans that anticipate obstacles Evaluate alternatives Takes a logical and systematic approach to activities

34 PROBLEM SOLVING A successful entrepreneur identifies new and potentially unique ideas to achieve his goals. Example Switches to an alternative strategy to reach a goal Generates new ideas or innovative solutions

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36 SELF-CONFIDENCE A successful entrepreneur has a strong belief in self and own abilities. Examples Expresses confidence in own ability to complete a task or meet a challenge Sticks with own judgment in the face of opposition or early lack of success

37 ASSERTIVENESS An entrepreneur confronts problems and issues with others directly. Examples Confronts problems with others directly Tells others what they have to do Reprimands or disciplines those failing to perform as expected

38 PERSUASION An entrepreneur can successfully persuade or influence others for mobilizing resources, obtaining inputs, organizing productions and selling his products or services. Examples Convinces someone to buy a product or service Convinces someone to provide financing Convinces someone to do something else that he would like that person to do Asserts own competence, reliability, or other personal or company qualities Asserts strong confidence in own company's products or services

39 USE OF INFLUENCE STRATEGIES An entrepreneur is able to make use of influential people to reach his business goals. Examples Acts to develop business contracts Uses influential people as agents to accomplish own objectives Selectively limits the information given to others Uses a strategy to influence or persuade others

40 PERSISTENCE An entrepreneur is able to make repeated efforts or to take different actions to overcome an obstacle that get in the way of reaching goals. Examples Takes repeated or different actions to overcome an obstacle Takes action in the face of a significant obstacle

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42 What are the similarities/ differences between an entrepreneur and a manager?

43 DIFFERENCES BETWEEN ENTREPRENEUR AND MANAGER? Entrepreneur Manager Motive Set up own enterprise Renders his services in an established enterprises Status The owner of an enterprise The servant in the enterprise owned by the entrepreneur Risk-bearing Objectives Assumes all risks and uncertainty involved To innovate and create new offerings Change Agent Does not bear any risk involved To implement and create routine Plan Implementer Reward Uncertain income Fixed salary

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45 CREATIVITY AND INNOVATION

46 CREATIVITY The ability to produce work that is novel (i.e. original and unexpected), high in quality and appropriate (i.e. useful, meets task constraints) Sternberg, Kaufman and Pretz, 2002 Latin = Creare = to make Greek = Kranein = to fulfill

47 Creative Process Incubation Knowledge Accumulation (Preparation) Creative Process Ideas/ Insight Elaboration Evaluation

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49 Les' Copaque was established in 2005 as a platform for young creative Malaysians to showcase their talents. The name comes from a local slang "last kopek" which means "final chance", which was modified to appear as a French word for aesthetic reasons Initially they wanted to set up a drama production company, but when they were introduced to 3 MMU graduates who showed them their 7 minutes animation work and business plan, they were impressed. Then they decided to setup the company.

50 Innovation the creation of something new in the marketplace that alters the supply-demand equation. Chell, 2001

51 Sources of Innovation Unexpected events Change of Demographics Innovation New Knowledge Concept Process Needs

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53 Play-Doh was ironically created to be a cleaning product. The paste was first marketed as a treatment for filthy wallpaper before the company that produced it began to go down the tubes. The discovery that saved Kutol Products headed for bankruptcy wasn't that their wall cleaner worked particularly well, but that schoolchildren were beginning to use it to create Christmas ornaments as arts and crafts projects. By removing the compound's cleanser and adding colors and a fresh scent, Kutol spun their wallpaper saver into one of the most iconic toys of all time and brought mega-success to a company headed for destruction.

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55 Roy Plunkett, whose experienced immense frustration while inadvertently inventing Teflon in Plunkett had hoped to create a new variety of chlorofluorocarbons (better known as universallydespised CFCs), when he came back to check on his experiment in a refrigeration chamber. When he inspected a canister that was supposed to be full of gas, he found that it appeared to have vanished leaving behind only a few white flakes. Plunkett was intrigued by these mysterious chemical bits, and began at once to experiment with their properties. The new substance proved to be a fantastic lubricant with an extremely high melting point perfect at first for military gear, and now the stuff found finely applied across your non-stick cookware.

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