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Presented By:Darius Waithaka, PhD Candidate

Head of SME Solution CenterKenya Institute of Management

ENTREPRENEURSHIP&

INNOVATION

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Small Exercise

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Fostering The Culture of Entrepreneurship and Innovation

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Entrepreneurship: Overview • Starting a business can be intimidating and challenging but

also very rewarding both financially and personally.• Being an entrepreneur is distinct from being a business

person. • Entrepreneurs are generally seen as being innovators and

leaders as opposed to business people who work with existing ideas.

• This has the potential to change the competition structure. You might find as an entrepreneur that your biggest competition is yourself and you will need to be able to motivate yourself from this position.

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Entrepreneurship: Overview

• Entrepreneurs are revolutionary and perhaps take greater risks than a business person would.

• They create value, not simply profit, so their approach to various challenges will be different.

• The assets you value (employees and customers) will be distinct from those of a business person (real estate and inventory).

• There will be challenges, but there are effective ways for dealing with them.

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Theory of Entrepreneurship

• Schumpeter: Entrepreneurship is creative destruction i.e. destroying the existing order by introducing a new and better order; continuous value addition; continuous creation of improvements.

• To innovate is to begin or introduce (something new) for or as if for the first time.

• Innovation becomes the effort to create purposeful, focused change in an organization’s economic or social potential

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Scope of Marketing

How does your organization use

customer and market information as a means of understanding their

current and future needs.

Examine how your organization builds relationships with

customers

The key factors that lead to customer acquisition, satisfaction, loyalty and

retention and to business expansion and sustainability.

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Branding

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Why is branding important?

• promotes recognition• helps set you apart from the competition• tells people about your business DNA• provides motivation and direction for your staff• strong brand generates referrals• helps customers know what to expect• represents you and your promise to your customer• helps you create clarity and stay focused• helps you connect with your customers emotionally• A strong brand provides your business value

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Small Exercise: How Entrepreneurial are

you?What can you spot?

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What do you see?

FACEVASE

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What do you see?

Face …. A Word???

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Entrepreneurship is about looking at things differently; seeing whatothers cannot see... If you keep

doing what you have always been doing you will keep getting what

you have always gotten…

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Characteristics of an Entrepreneur

• Self-confident and optimistic• Able to take calculated risk• Responds positively to challenges• Flexible and able to adapt• Knowledgeable of markets• Able to get along well with others• Independent minded• Versatile knowledge• Energetic and diligent

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CONT…

• Creative, need to achieve• Dynamic leader• Responsive to suggestions• Takes initiatives• Resourceful and persevering• Perceptive with foresight• Responsive to criticism

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Creating a Business Model: the role of leadership

• envisions the future of the organization: the vision;

• articulates a compelling vision;• generates consensus on the strategic

objectives of the organization;• facilitates the design or change of the

Business model;• put in place strategies for managing change.

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Fig 1: The strategic planning model

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Mandate, Vision,

Mission and Values

Situational analysis

Stakeholder analysis

Strategic Objectives

Action Plans

Implementation (Implementing

strategy)

Why we exist; what we shall accomplish by a set date; and the values that define us

Analysis of the external and internal environment in which we operate. Includes functions; organizational structures; and management and operational systems

Analysis of key stakeholders and their expectations

The ends that we must achieve to discharge our mandate; and how we shall pursue these ends. .

Activities that we must accomplish as part of the stated objectives; what we must do to achieve our objectives.

How we shall objectively implement the plan. To be considered are: Legal and regulatory framework. Institutional framework. Policies. Professional and technical resources. Other human resources. Financial resources. Procedures and systems. Monitoring and evaluation.

Stage I

Stage II

Stage III

Stage IV

Stage V

Stage VI

Source: PPD Consultants Ltd

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THE END