The Entrepreneurial Mindset | 04.22.15
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Transcript of The Entrepreneurial Mindset | 04.22.15
Entrepreneurship & Innovation Discovering New Business Models | The Entrepreneurial Mindset
04.22.15 | Nashville, TN
Dr. Michael Burcham [email protected] www.michaelburcham.com 615.400.7662
87% Have Gone Out of Existence
Of the Firms Listed in 1955
The Lifespan of a Successful S&P 500
67 Years
1920’s
15 Years
Today
The Law of Disruption
While People Change Incrementally, Technology Improves
EXPONENTIALLY
When an industry faces disruption, companies often fail to appreciate quickly enough the nature, extent, and velocity of the changes taking place.
They bring new business models. They leverage new technologies. They are highly disruptive.
WHY? Disruptions start at an industry’s edge, among small companies that provide specialized value to emerging customer segments
Only 37% of individuals think their organization is innovative…
Yet 79%
work environments.
would feel motivated
by innovative
THE INNOVATION SEQUENCE
Mobile, Social, Camera, Sensors, Cloud and Data
$36 Trillion in stock market value is up for
RE-IMAGINATION
vs.
The Entrepreneurial Mindset
Why This Might
Fail Why This Might
Work
YOU WERE
This doesn’t mean you were born to start companies. In fact, most people shouldn’t start companies. But the will to create is encoded in human DNA. And creation is the essence of entrepreneurship.
BORN AN ENTREPRENEUR
Gain a Competitive Edge!
Grow Your Business
Unit!
Expand Your Network!
THE ENTREPRENEURIAL MINDSET
TO GROW — Think Small and Move Fast The companies that operate in this manner are sure to emerge as the leaders in the next decade.
CULTIVATING AN ENTREPRENEURIAL MINDSET
Whether you work for a 10-person company, a giant multinational corporation, a not-for-profit, government agency
or any type of organization in between to seize the new opportunities and
meet the challenges of today’s market we need to think and act like we’re running a startup.
WHY DO WE NEED AN ENTREPRENEURIAL MINDSET?
!• We are all making decisions with limited information !• In a time-compressed and resource limited environment !• There are no guarantees or safety nets!• We take on a certain amount of risk!• Competition is changing !• The market is changing!• Product and Service lifecycles are shorter and shorter!!!
THE TOOL KIT TO DEVELOP AN ENTREPRENEURIAL MINDSET
"Develop your own competitive advantage by combining 3 puzzle pieces:!
!
Your Assets
Your Aspira-ons
The Market Reali-es
1.
The next “New Thing” happens because we see in our peripheral vision emerging opportunities
We Can Almost Feel the Change
THE NEXT NEW THING | Begins with a Dream
1. P
RO
DU
CT
5. KEY INGREDIENTS
6. PARTNERS
7. ESSENTIAL RECIPE
8. COST MODEL 9. REVENUE MODEL
Wha
t is
it? W
ho h
as o
ne lik
e it?
W
hy n
ow?
Why
me?
2. CUSTOMER
4. INTIMACY
3. DISTR
IBUTIO
N
Company Name Version Number Date
THE IDEA FRAME | WHAT IF
There are 7 core business model types from which every business model
is created.
BUSINESS MODELS | 7 CORE TYPES
THE TOOL KIT TO DEVELOP AN ENTREPRENEURIAL MINDSET
"Plan to Adapt. Use the ABZ method so that you can adapt based on feedback and lessons learned.!
2.
THE BUSINESS JOURNEY THERE’S NO STRAIGHT LINE FROM “A” TO “B”
Most of Companies & Our Strategies are “off” by 10 Degrees
… so are most of our competitors
Closing the Gap Defines Success
THE TOOL KIT TO DEVELOP AN ENTREPRENEURIAL MINDSET
"Build real, lasting relationships and deploy these into a powerful professional network built on trust.!
3.
BUILD & MANAGE YOUR PROFESSIONAL NETWORK
A Successful Leader has to have a broader horizon that goes outside the business. And the only way you are going to get that broader perspective is to make sure that you are out there in your networks. In those networks you pick up information and bring it back into the business.
THE TOOL KIT TO DEVELOP AN ENTREPRENEURIAL MINDSET
"Develop a method to evaluate options and ideas to determine the best new products and services for your organization.!
4.
THE LEAN STARTUP MODEL HELPING CORPORATIONS BE ENTREPRENEURIAL
The core of this entrepreneurial philosophy is pretty straightforward: 1. Define your idea | plan 2. Market test the concepts and assumptions (hypotheses meet
experiments) 3. Build a Minimum Viable Product (MVP) | Prototype 4. Roll out new features/designs that are responsive to the market
rather than “predictive” of the market 5. Test, test, test 6. Rinse and repeat
LEADERSHIP DECISION MAKING REQUIRES AN ENTREPRENEURIAL MINDSET
• Competitive advantage is a firm’s ability to outperform its competitors (earn higher profits).
• Sustained competitive advantage comes from maintaining higher profits than competitors over long periods of time.
VALUE CREATION FOR YOUR CUSTOMERS
THE HALO
THE TOOL KIT TO DEVELOP AN ENTREPRENEURIAL MINDSET
"Build your skill as a Leader. Build your own Brand!!5.
We Become
ü What we Eat | Both body and brain health ü What we Read | Reading changes brain structure & performance ü The 5 People | With whom we spend most of our time Knowing this, I use the following tool to map out my on personal development plan – to ensure I have an active role in the person I am becoming…
Person
al Life
My Well Being
My Brand | Iden-ty Network |People Skill | Knowledge
Expe
riences
My Goal:
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
Every 3-5 years should bring a period of introspection | both in my organization as well as in my personal life.
• WE DO NOT LEAD an organization, department or group; and your people do not follow strategic plans, fancy goals or year-end reports | THEY FOLLOW A PERSON
• Often, our understanding id diluted with operational plans, goal setting, revenue and sales forecasting, cash flow, HR, compliance and the company’s bottom line.
• How You Influence Others is the Most Important Part of Leadership
You Are Messing with Peoples’ Lives!
Individuals are hard-wired to belong
To groups and communities That acknowledge their existence, accept them
And help them define their identity.
Boy Scouts or Gangs, It’s all about
BELONGING
This Present Moment used to be the Unimaginable Future
Stewart Brand The Clock of the Long Now
CONTACT INFORMATION
Dr. Michael R. Burcham c. 615.400.7662 e. [email protected] w. www.ec.co t. www.twitter.com/michaelrburcham l. www.linkedin.com/in/michaelburcham
Handouts Available: www.slideshare.net/michaelburcham