Entrepreneurial Behavior (theory and interactive practice on effectuation) Pori, 7 – 8 April 2014, Finland Ing. Matthijs H.M. Hammer M.Sc. Senior lecturer Entrepreneurship School of Business, Building & Technology PhD Researcher Faculty of Product Innovation
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Entrepreneurial Behavior, interaction with effectuation @ samk, pori, Finland
Slides of an interactive lecture in effectuation; theory and practice. Presented in the course Entrepreneurial Behavior @ SAMK university, pori, Finland for students in Toerism Management.
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Entrepreneurial Behavior (theory and interactive practice on effectuation)
Pori, 7 – 8 April 2014, Finland
Ing. Matthijs H.M. Hammer M.Sc.Senior lecturer EntrepreneurshipSchool of Business, Building & TechnologyPhD ResearcherFaculty of Product Innovation Management
• Short general introduction
• Theory:• What is Entrepreneurship?• How to behave like them?• How to learn this?
Three locations in theeastern part of the country:
•Enschede•Deventer•Apeldoorn
Bridge position between the Netherlands and Germany
Saxion University of Applied Sciences
History as a Textile region
Characteristics of Saxion:• Comprehensive university, predominantly
undergraduate level• Focus on profession-oriented education through
teaching & undergraduate research• Professional Masters’ programmes in key fields• Regional focus for all programmes, national
profile in key fields• Quality education under public scrutiny and
accreditation
Public funding, History dates back to 187523,125 students, 2,232 faculty and staff12 Schools, 6 research centres
Schools and academic programs
• School of Business Building & Technology
• School of Governance & Law• School of Health• School of Applied Psychology
and Human Resources Management
• School of Social Work• School of Education
• School of Creativity & Technology• School of Finance & Accounting• Hospitality Business School• School of Life Science, Engineering &
Design• School of Marketing & International
Management• School of Environmental Planning &
Building
12 Schools:
•125 Bachelor / Master programmes in Dutch.•27 Bachelor / Master international programmes in English.•Various Bachelor / Master programmes in German•Non-degree programmes
Small Business & Retail Management
• For the last 12 years continually chosen as the best Entrepreneurship program in the country. (Source: Studiegids Hoger Onderwijs Ministry of Education the Netherlands, 2011)
• Voted in October 2009 as the best performing study program in the entire field of commerce/economy in The Netherlands (8.3 out of 10) (Source: Elsevier, october 2009)
Winner of Dutch Wijnand Wijnen education award for most innovative university program concept.
Small Business & Retail Management
Winner of several innovation awards for student companies
Small Business & Retail Management
A kind question for youDo you want to co-operate in applied research on
Entrepreneurship?
Please fill-out the form provided.
First part is about your thoughts on entrepreneurshipSecond part for statistical processing.
Thank you.
Task 1
Individual task, please do NOT co-operate!
Take a blank piece of paperTake a pen
Draw an entrepreneur
results
>99% human being
Where from: >80% Man
Where from: >80% Suite
Where from: >80% Tie
Where from: >80% Smiling / success
Task 2
Please do co-operate now
Make small groups Draw an entrepreneur
Results
3 levels:
•Items above personal level (common wealth / added
value).
•Items on personal level (happiness / lucky / good life)
•Items below personal level (money/ office / factory)
What is the item below?
Prototyping
+ +
Prototyping
What is an entrepreneur?
Prototyping
• Object or pattern recognition (Matlin, 2002)• Combination of attributes associated with an object or
pattern (Solso, 1999)
Question?• What is a prototype of an business opportunity?
Entrepreneurial processV
AL
UE
CR
EA
TIO
N
Opportunity recognition
Opportunity preparation
Opportunity exploitation
(Shane & Venkataraman, 2000)
ExampleSee possibilities Tackle opportunities
Know where to find it. Successful application
VA
LU
EC
RE
AT
ION
Opportunity recognition
Opportunity preparation
Opportunity exploitation
CTO/COOCulture Capital
CFO
Economic Capital
CEO
Strategic Capital
CMOSocial Capital
Relates to knowledge, technologyorganization, culture,
Relates to vision, missionInfluence, power
Relates to finance, cash flow, costs
Relates to networks on multiple aggregation Levels in markets
But remember…..
Vision without Action
Actionwithout Vision
DaydreamDaydream NightmareNightmare
The Competent Egg
Knowledge
Application
Behaviour
Talent
Source: N. Vloon, 2002
Structure
Context
What suites You?
• What do You like?
• What distinguishes You?
• What is appreciated?
Problem:
You don´t know for yourself.
Different ways of development
Falcon
Source: N. Vloon, 2002Goose
Summery
1. Determine what your motivation is; what make you have fun.
2. Determine your relevant talents.
3. Determine what is your goal.
4. Create training activities in another professional context.
5. Do it! (with motivation and drive)
Step up to Saxion.
Effectuation(decision making heuristics learned by
expert entrepreneurs in uncertain, disruptive situations)
Matthijs Hammer, senior lecturer EntrepreneurshipSource: Stuart Read, Professor of Marketing
www.effectuation.org
Step up to Saxion.
Where to Start
• Causal principles (blue) what is taught in business school
• Effectual principles are always in red
Step up to Saxion.
• Means. The basis for decisionsand new opportunities:– Who I am– What I know– Whom I know
Where to Start• Goals. Given (based on predictions)
Step up to Saxion.
• Affordable Loss. Calculate downside potential and risk no more than you can afford to lose.
Risk, Return and Resources• Expected Return.
Calculate upside potentialand pursue the (riskadjusted) best opportunity.
Step up to Saxion.
Partnership. Build your “future” together with customers, suppliers and even prospective competitors.
Attitude Toward OthersCompetition. Set up
transactionalrelationships with customers and
suppliers.
Step up to Saxion.
34
Surprise
• Leverage Surprises.Surprises can present new opportunities.
• Avoid Surprises.
Step up to Saxion.
Underlying Logic & What to Do
To the extent we can predict the future, we can control it.
PLAN
To the extent we can control the future, we don’t need to predict it.
CO-CREATE
Step up to Saxion.
Effectuation(decision making heuristics learned by
expert entrepreneurs in uncertain, disruptive situations)
Step up to Saxion.
Step up to Saxion.
Step up to Saxion.
Step up to Saxion.
Task
1. Make small groups.2. Respond to the request:
From the city of Pori you are asked to develop a brand new / innovative and low cost-risk toerism attraction, museum, park or concept.