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The Entrepreneurial Mindset | 04.22.15
The document discusses the importance of an entrepreneurial mindset in adapting to market disruptions and developing innovative business models. It outlines the tools and strategies necessary for individuals and organizations to cultivate this mindset, including building networks and evaluating new ideas. Emphasizing the necessity of agility and a competitive advantage, it highlights how an entrepreneurial approach can drive success in today's fast-changing business landscape.
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The Entrepreneurial Mindset | 04.22.15
- 1. Entrepreneurship & Innovation DiscoveringNew Business Models | The Entrepreneurial Mindset 04.22.15 | Nashville, TN Dr. Michael Burcham [email protected] www.michaelburcham.com 615.400.7662
- 2. 87% Have Gone Outof Existence Of the Firms Listed in 1955
- 3. The Lifespan ofa Successful S&P 500 67 Years 1920’s 15 Years Today
- 4. The Law ofDisruption While People Change Incrementally, Technology Improves EXPONENTIALLY
- 5. When an industryfaces 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
- 6. Only 37% of individuals thinktheir organization is innovative…
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- 9. Mobile, Social, Camera,Sensors, Cloud and Data $36 Trillion in stock market value is up for RE-IMAGINATION
- 10. vs. The Entrepreneurial Mindset WhyThis Might Fail Why This Might Work
- 11. YOU WERE This doesn’tmean 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!
- 12. THE ENTREPRENEURIAL MINDSET TOGROW — Think Small and Move Fast The companies that operate in this manner are sure to emerge as the leaders in the next decade.
- 13. CULTIVATING AN ENTREPRENEURIAL MINDSET Whetheryou 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.
- 14. WHY DO WENEED 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! ! !
- 15. THE TOOL KITTO DEVELOP AN ENTREPRENEURIAL MINDSET "Develop your own competitive advantage by combining 3 puzzle pieces:! ! Your Assets Your Aspira-ons The Market Reali-es 1.
- 16. The next “NewThing” happens because we see in our peripheral vision emerging opportunities We Can Almost Feel the Change
- 17. THE NEXT NEWTHING | Begins with a Dream
- 18. 1.PRODUCT 5. KEY INGREDIENTS 6.PARTNERS 7. ESSENTIAL RECIPE 8. COST MODEL 9. REVENUE MODEL Whatisit?Whohasonelikeit? Whynow?Whyme? 2. CUSTOMER 4. INTIMACY 3.DISTRIBUTION Company Name Version Number Date THE IDEA FRAME | WHAT IF
- 19. There are 7core business model types from which every business model is created. BUSINESS MODELS | 7 CORE TYPES
- 20. THE TOOL KITTO DEVELOP AN ENTREPRENEURIAL MINDSET "Plan to Adapt. Use the ABZ method so that you can adapt based on feedback and lessons learned.! 2.
- 21. THE BUSINESS JOURNEY THERE’SNO STRAIGHT LINE FROM “A” TO “B”
- 22. Most of Companies& Our Strategies are “off” by 10 Degrees … so are most of our competitors Closing the Gap Defines Success
- 23. THE TOOL KITTO DEVELOP AN ENTREPRENEURIAL MINDSET "Build real, lasting relationships and deploy these into a powerful professional network built on trust.! 3.
- 24. 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.
- 25. THE TOOL KITTO DEVELOP AN ENTREPRENEURIAL MINDSET "Develop a method to evaluate options and ideas to determine the best new products and services for your organization.! 4.
- 27. THE LEAN STARTUPMODEL 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
- 28. LEADERSHIP DECISION MAKING REQUIRESAN ENTREPRENEURIAL MINDSET
- 29. • Competitive advantageis 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
- 30. THE TOOL KITTO DEVELOP AN ENTREPRENEURIAL MINDSET "Build your skill as a Leader. Build your own Brand!! 5.
- 32. We Become ü Whatwe 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…
- 33. Personal Life My Well Being My Brand | Iden-ty Network |People Skill | Knowledge Experiences My Goal: 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
- 34. Every 3-5 yearsshould bring a period of introspection | both in my organization as well as in my personal life.
- 35. • WE DONOT 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!
- 36. Individuals are hard-wiredto 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
- 37. This Present Momentused to be the Unimaginable Future Stewart Brand The Clock of the Long Now
- 38. CONTACT INFORMATION Dr. MichaelR. 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