Venture To Make Mark!

Venture to Make Your Mark!
Presenter Name, Ph.D.

Presenter Title,
Arizona State University
Last updated 08-10-07
www.asu.edu/asu101
© 2007 Arizona State University
Entrepreneurship at ASU
• Involves all majors and disciplines

• Leverages university knowledge
• Spurs social development and economic competitiveness
Learn about Entrepreneurship at ASU:

http://www.asu.edu/ui/entrepreneurship/about/

Definition: Entrepreneurship
“The Spirit of Creative Risk Taking”
Entrepreneurship is the act of:

Creating new ventures that generate
and capture value by realizing
opportunities through creativity,
innovation, knowledge, skill and passion
while managing resources and risks!

The Entrepreneurial Process
The Global Opportunities: Impact:
Context Problems, Unmet Needs, Hidden Desires My Mark
Customers
Products
Services Value Generation
Projects Ve
nt
Competition ur
e
Resources Cr
ea
Risks tio
n Value Capture
Plans
My Core Competencies
What do I do well? What is my passion?

The Global Context
Environment
Economy
Society
People, Planet & Profits

Global Economic Context
• The Ten Forces
– Fall of Berlin Wall
– Netscape IPO
– Work Flow Software
– Open-Sourcing
– Outsourcing
– Offshoring
– Supply-Chaining
• The Triple Convergence
– Insourcing
– Global Web-Enabled Playing Field
– In-forming
– Horizontal Collaboration
– The Steroids
– 3 Billion People In the Game
Source: Friedman, Thomas L. (2005). The World Is Flat: A Brief History of the Twenty First Century. (Second
Edition). New York: Farrar, Straus, Reese and Giroux.

Global Environmental Context
• System-Wide Stress
– 6 to 9 Billion people
– 2x built infrastructure
– 50% to 70% urban
– Coal plant per week
– Resource depletion
– Epidemics & disease
– Global warming
Source: Lovelock, James (2006). The Revenge of Gaia: Earth’s Climate Crisis and the Fate of Humanity. New
York: Basic Books.

Global Social Context
Two Worlds
North • 2B < $2 / day

White • 1B lack water
Rich
Pop. Slowing South
Hi-Tech Non-white
HPSU Poor
Pop. Growing
Low-Tech
Appropriate Technology
Top of the Pyramid Bottom of the Pyramid

Opportunity
Environment
Economy
Problems?
Opportunities?
Society
People, Planet & Profits

Venture Creation
For-Profit, Non-profit (NGO), Governmental, “Fourth Sector” Hybrid
Industry Entity Project

Consumer Product Company Single Product
Arts Theatre Company A Film
Politics Movement Campaign
Social Service Food bank An Affordable House
Architecture Architectural firm A Great Building
Athletics New League An Event
Science Research An Innovative
Company Research Grant

Value Generation and Capture
Your Mark: The Triple Bottom Line
ECONOMIC ENVIRONMENTAL
Revenue Energy Efficiency
Income Water Availability
Profitability Water Efficiency
Return on Investment Waste Reduction
Stakeholder Value Greenhouse Gas Reduction
Carbon Footprint Reduction
SOCIAL Biodiversity
Employment
Health & Safety
Diversity
Education www.globalreporting.org
Arts & Culture
Community
Quality of Life

Core Competency
• “…fundamental knowledge, ability or
expertise in a specific subject area or skill
set…”
– Whatis.com
• “…something that a firm can do well and that

provides customer benefits, is hard for
competitors to imitate, and can be leveraged
widely to many products and markets.”
– Hamel and Prahalad (1990):

Ideas
One of the earliest theories of
creativity considers it to be a
divine glow. James L. Adams
in his book Conceptual
Blockbusting says “However,
for most of us, creativity is
more of a dull glow than a
divine spark. And the more
fanning it receives, the brighter
it will burn.” [p.10].

Creativity
Like anything else, there are those who are
exceptionally creative because they have a special
talent---the da Vinci’s, the "born teachers", those
who don’t need business plans.
For most of us, however, excellence requires sense
of vocation, dedication, discipline and hard work.
No secret to success will work unless you do.

Innovation
• “The application of knowledge in a novel way…”
– Innovation: Transforming the way business creates, An
Economist Intelligence Unit White Paper
• “The introduction of something new”

– Dictionary.com
• The primary mechanism by which economic growth is

created through “Creative Destruction”
– Schumpeter, 1934

Competitive Advantage
Why will you do better than your competitors?
Competitors Elements of Advantage

• Direct • Cost
• New Entrants • Differentiation
• Substitutes • Quality
• Do Nothing • Brand Loyalty
• Customer Relationships
• Other Relationships
• Market Presence

Resources & Risks
Resources Risks
• Money • Market
• People • Strategy
• Time • Plan Risk
• Social Network • Execution
• Technology • Financial
• Plant & Equipment • Technology
• Facilities

A Poetic Approach to
Entrepreneurship
I. VISION - Alice's Adventures in Wonderland,
Lewis Carroll
II. PLANNING - Just-So Stories, Rudyard
Kipling
III. PERSISTENCE - The Men That Don't Fit In,
Robert W. Service

Vision
Where do we want to be?
“Would you tell me, please, which
way I ought to go from here?”
“That depends a good deal on
where you want to get to,” said
the Cat.
“I don't much care where,” said
Alice.
“Then it doesn't matter which way
you go,” said the Cat.
From Chapter VI Pig and Pepper, Alice's
Adventures in Wonderland, Lewis Carroll
Planning
All of the Questions!

I keep six honest serving-men
(They taught me all I knew);
Their names are What and
Why and When
And How and Where and Who.
From Just-So Stories, Rudyard Kipling

Planning
An intelligent plan is the first step to success.
The man who plans knows where he is going,
knows what progress he is making and
has a pretty good idea when he
will arrive.”
Basil S. Walsh quote
Work consistently to achieve your

Plan: “…Many business visionaries
have failed as leaders because they
could not execute. Processes and systems, discipline and
efficiency are needed to create a foundation before creative
ideas can be implemented and entrepreneurial vision can
be realized.” -Howard Schultz, Chairman, Starbucks
Source: Schultz, Howard. Yang, Dori Jones. (1999). Pour Your Heart into It : How Starbucks Built a Company One Cup at a Time. New York: Hyperion.

Value of the Plan
 Communication vehicle
 Commitment to Perform
 Tool for calculating risks
 Yard stick for measuring and
evaluating progress
 Budget as a means to
achieve the plan---money is
a result of doing something
well and of doing something
good (ethics)

Persistence
How do you get there?
“There's a race of men that don't fit in,
A race that can't stay still;
So they break the hearts of kith and kin,
And they roam the world at will…..
And each forgets, as he strips and runs
With a brilliant, fitful pace,
It's the steady, quiet, plodding ones
Who win in the lifelong race…..
He has failed, he has failed; he has missed his chance;
He has just done things by half.
Life's been a jolly good joke on him,
And now is the time to laugh.
Ha, ha! He is one of the Legion Lost;
He was never meant to win;
He's a rolling stone, and it's bred in the bone;
He's a man who won't fit in.
From The Men That Don’t Fit In
by Robert Service
Persistence
How do you get there?
• Should you always persist and never give up? Sometimes you need
to reevaluate. If your plan is not still on track then maybe you need
to update the plan. Are your goals, related to your plan, still the
same?
• Bill Gates and Paul Allen started two companies, the first was called
Traf-O-Data and the second Microsoft. If you haven’t heard of Traf-
O-Data you can find out about it here. Gates and Allen started it as
teenagers, ran it for several years, made a few dollars, and then it
failed. They profited from the experience and did significantly better
with Microsoft.
• Persistence and stubbornness are two different things. As long as

your vision is consistent, persist in your actions. Vision, persistence
and consistency of action should produce consistency of results.

Four Routes to Success
• Achieving
• Selling
• Managing
• Idea generating
Source: Minor, John B. (1996). The 4 Routes to Entrepreneurial Success. San Francisco: Berrett-Koehler
Publishers.

Entrepreneurial Challenge
• Developing and refining your idea
• Getting others to “buy in”
• Implementing
• Working hard
• Persevering…
• Persevering…
• Persevering…
• Getting the results you want!

What can you expect?
• Exhilaration
• Terror
• Exhaustion
• Despair and sense of loss
Source: E-Myth, Gerber

Entrepreneurs
• Persevere
• Have self-confidence
• Are passionate
• Are willing to take reasonable risks
• Can tolerate ambiguity
• Are open to new experiences
• Are competitive
• Are hard working, high energy, disciplined
• Are realistic and optimistic

Business Entrepreneurs*
• Henry Ford, founder of the Ford Motor Company and creator of
the first assembly line
• Tony Hawk, Professional Skateboarder, founded Birdhouse
Skateboards and Hawk Clothing (sold to “Quicksilver”)
• Lillian Vernon, catalog retailer (first woman-owner enterprise to be
traded on the American Exchange)
• Richard Branson founder of Virgin companies
• Mary Kay Ash, founder of Mary Kay cosmetics
• Bill Gates, the world’s richest man and co-founder of Microsoft
• Steve Jobs, co-founder of Apple computers
• Madame C.J. Walker, first self-made African American millionaire
Partially based on list in Famous Entrepreneurs at
http://entrepreneurs.about.com/od/famousentrepreneurs/Famous_Entrepreneurs.htm

It’s not Just about Business and
Money!
• In other fields, entrepreneurship does
not involve creating individual profit,
however the principles are the same:
– Developing an innovative idea
– A new way of doing things or seeing things
– Getting support for the idea
– Being able to implement the idea
– Bringing things to fruition

Advocacy
• In many fields the principles of
entrepreneurship take the form of
advocacy:
– Pleading for supporting an idea or position
– Providing active support for an idea or
action
– Making a case
– Taking action

Artistic Entrepreneurship
• An Artistic Entrepreneur creates artistic or aesthetic capital which
“…simply brightens or enriches peoples’ lives…” – John L.
Thompson
• "Every artist is an entrepreneur." –Dr. Elliot McGucken
• “In the theatre, very much a business although not always a
profitable one, all the principles of entrepreneurship come into play;
knowledge, skill in techniques, courage to grasp opportunity, and
the perseverance to see the enterprise through.” – ASU Professor
Rick Cherwitz
• Thomas Kincaid, America’s most collected living artist
• Sir Andrew Lloyd Webber, Composer
• Russell Simons, Co-Founder of Def Jam record label
• Oprah Winfrey, founder of a media empire and one of the richest
women in the world
Sources: Thompson, John L. The World of the Entrepreneur, a New Perspective.
http://en.wikipedia.org/wiki/Russell_Simmons;
http://entrepreneurs.about.com/od/famousentrepreneurs/Famous_Entrepreneurs.htm

Political Entrepreneurship
• A political entrepreneur is a person who
works towards providing something for the
public in exchange of public support, votes,
and public recognition*
• Someone who founds a new political
movement or advocates a new idea
Based on a definition developed by Choi Taewook (2004) "Promoting a Northeast Asia Economic
Integration Policy", Korea Focus, May-April, 2004, vol 12, no 2.

Social Entrepreneurs
• “Social entrepreneurs identify resources where people
only see problems. They view the villagers as the solution,
not the passive beneficiary. They begin with the
assumption of competence and unleash resources in the
communities they're serving.“*
• Muhammad Yunus (Bangladesh) - Founder of microcredit an
organization that give small loans to the poor who do not qualify
for regular bank loans. Winner of 2006 Nobel Peace prize
• Marian Wright Edelman (U.S.) - Founder and president of the
Children's Defense Fund (CDF) and advocate for
disadvantaged Americans and children
• Susan B. Anthony (U.S.) - Fought for Women's Rights in
the United States, including the right to control property
and helped spearhead adoption of the 19th amendment.
*David Bornstein. 2003. How to Change the World: Social Entrepreneurs and the Power of New Ideas.
Oxford University Press.

ASU Young Alumni Entrepreneurs
• Read about ASU students just like you who

are on their way to the top in all fields. They
all share the entrepreneurial spirit.
http://www.asu.edu/alumni/magazine/i03vo10
n2/way_at_the_top.shtml
Source: ASU Magazine. Vol 10(2).

Who is an Entrepreneur in the area
you are interested in?
• The arts?
• Politics?
• Social justice?
• Business?
• Architecture?
• Athletics?
• Sciences?

• University as Entrepreneur initiative – Kauffman
Foundation http://entrepreneurship.asu.edu
Resources for Student Ventures at ASU:

• The Edson Student Entrepreneur Initiative provides
student-led teams with the resources such as office
space, funding and training to start a new venture:
http://www.studentventures.asu.edu/
• Entrepreneurial Advantage Projects provide student-

led teams with early funding to assist in the
development of business concepts, prototypes, non-
profit concepts, art exhibitions and other student-led
initiatives.
http://www.studentventures.asu.edu/

• The Advanced Technology Innovation Collaboratory encourages innovative
technology-based collaboration between ASU's faculty and small- to medium-size
enterprises.
• Arizona Technology Enterprises brings together ASU’s researchers and industry
partners to transform scientific discoveries into marketable products and services.
• The Arts, Media and Engineering Program brings together engineering, arts and
science disciplines that are invested in media research and training.
• ASU Technopolis spurs innovation in Greater Phoenix by equipping technology, life
science, and other innovative entrepreneurs with the skills and contacts they need to
better succeed in the marketplace.
• The Center for Healthcare Innovation & Clinical Trials builds upon the Master of
Healthcare Innovation to involve nursing students and faculty in creating new
healthcare innovations.
• The Center for New Media Entrepreneurship, in the Walter Cronkite School of
Journalism, will involve students and faculty in the development of new media
technologies.
• The Center for Nonprofit Leadership and Management engages in social
entrepreneurship and exists to advance nonprofit leadership practice so that
organizations can better achieve their mission.
• The Entrepreneurial Programs Office, in the Ira A. Fulton School of Engineering,
increases the exposure of engineering students to entrepreneurial opportunities.

• IDeaLaboratory encourages the research and development of creative thinking
and problem solving through direct engagement with small- and medium-sized
design and technology ventures.
• InnovationSpace, a collaboration among the College of Design, the Ira A. Fulton
School of Engineering and the W. P. Carey School of Business, is an
interdisciplinary product development course that emphasizes social and
environmental responsibility.
• Leadership for Educational Entrepreneurs Program is a federally funded
national model Master’s program for charter school leaders who need both
education and business skills to successfully increase student achievement.
• Performing Arts Venture Experience, in the School of Theatre and Film,
focuses on educating students, artists, and educators about how the principles of
entrepreneurship can support the development of creative opportunities for artists
of all kinds.
• Skysong, or the ASU/Scottsdale Center for New Technology, and Innovation will
act as a hub for knowledge-driven industries, technology innovations, and
commercial activities.
• Spirit of Enterprise Center serves as a centralized resource to help small and
medium-sized businesses continuously improve business practices.
• Technology Venture Clinic is a teaching laboratory where students from several
disciplines, including law, business, engineering and science, take part in the
technology transfer process.

Entrepreneurship courses at ASU
• W. P. Carey Management Department
courses
– MGT 440 Small Business and Entrepreneurship
– MGT 445 Business Plan Development
– W. P. Carey Management Department certificate
in Entrepreneurship
http://wpcarey.asu.edu/up/smallbusiness.cfm

• ASU at the Polytechnic minor in small business
http://www.east.asu.edu/ecollege/businessadmin/index.html
• BIS Org Studies concentration (David Thomas)

http://www.asu.edu/duas/bis/org_studies/
• Barrett Honors entrepreneurship course
• Honors Theses involving business plans

• MBB 490 – Business of Biotech (Guy
Cardineau)
• HSA 598 – CBS masters course in

Biotechnology Venture Management &
Entrepreneurship (Brad Kirkmann-Liff)
• http://www.azbioindustry.org/index.html

My Life Venture:
Make Your Mark!!
With its first offering in Spring 2008, this course will provide
you the tools to create your own personal action plan, to
create your life and not just your job. Whether you want to
start a venture or be a social or political entrepreneur, you
will have the means to consider how to evaluate opportunity
and consider financial options and obstacles.
Think outside the box, maximize your impact, create your life
as a venture.

Entrepreneurship:
What will be Your Mark?

Venture To Make Mark!

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Presenter Name, Ph.D.

Last updated 08-10-07

• Involves all majors and disciplines

Learn about Entrepreneurship at ASU:

© 2007 Arizona State University

Entrepreneurship is the act of:

© 2007 Arizona State University

What do I do well? What is my passion?

People, Planet & Profits

© 2007 Arizona State University

© 2007 Arizona State University

© 2007 Arizona State University

North • 2B < $2 / day

© 2007 Arizona State University

People, Planet & Profits

© 2007 Arizona State University

Industry Entity Project

© 2007 Arizona State University

© 2007 Arizona State University

• “…something that a firm can do well and that

© 2007 Arizona State University

© 2007 Arizona State University

No secret to success will work unless you do.

© 2007 Arizona State University

• “The introduction of something new”

• The primary mechanism by which economic growth is

© 2007 Arizona State University

Competitors Elements of Advantage

© 2007 Arizona State University

© 2007 Arizona State University

© 2007 Arizona State University

All of the Questions!

From Just-So Stories, Rudyard Kipling

© 2007 Arizona State University

Work consistently to achieve your

© 2007 Arizona State University

© 2007 Arizona State University

• Persistence and stubbornness are two different things. As long as

© 2007 Arizona State University

© 2007 Arizona State University

© 2007 Arizona State University

Source: E-Myth, Gerber

© 2007 Arizona State University

© 2007 Arizona State University

© 2007 Arizona State University

© 2007 Arizona State University

© 2007 Arizona State University

© 2007 Arizona State University

© 2007 Arizona State University

© 2007 Arizona State University

• Read about ASU students just like you who

Source: ASU Magazine. Vol 10(2).

© 2007 Arizona State University

© 2007 Arizona State University

Resources for Student Ventures at ASU:

• Entrepreneurial Advantage Projects provide student-

© 2007 Arizona State University

© 2007 Arizona State University