2014-6-9 1 清华大学经济管理学院高级培训中心 2014-6-9 Entrepreurship& Innovation 2014-6-9 Zhiyang Liu Assistant Dean, Director of Case Center, School of International Business Adminstration , Associate Professor, Shanghai University of Finance and Economics 2014-6-9 How many people are starting a business? How many people are preparing for starting a business？
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2014-6-9
1
清华大学经济管理学院高级培训中心 2014-6-9
Entrepreurship&
Innovation
2014-6-9
Zhiyang Liu
Assistant Dean, Director of Case Center,
School of International Business Adminstration ,
Associate Professor, Shanghai University of
Finance and Economics
2014-6-9
How many people are starting a
business?
How many people are preparing
for starting a business？
2014-6-9
2
2014-6-9
1、Why entrepreneurship is an important
issue?
2、 The difference between entrepreneurial
management and traditional management
3、How to prepare for start a business?
2014-6-9
“Most of what you hear about
entrepreneurship is all wrong. It’s not
magic; it’s not mysterious; and it has
nothing to do with genes. It’s a discipline
and, like any discipline, it can be learned.”
——Peter F. Drucker
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The progress you can make in entrepreneurship
Cognition
Method
Character
Action
Depends on：
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Entrepreneurial Management Framework
Internal
entrepreneurship
in existing
enterprise
Drivers
Opportunity Identification
Entrepreneurial motivation
Opportunity exploitation
Business plan
Business model
Venture capital
Entrepreneurial Team
Opportunity realization
Business growth or failure
Mature business operation
management
New
enterprise
creation
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Two main factors of successful
entrepreneurial :
Good business model
Funded by venture capital
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Entrepreneurship contest
Simulationt raining
(Deal with
uncertainty)
Recognize
entrepreneurship
Entrepreneurship
motivation training
Opportunity
identification
Framework for
testing
opportunity
Opportunity
exploitation
Business model,
Venture capital,
Entrepreneurship
team
Opportunity
realization
Entrepreneurship
management
training
Entrepreneurship can be learned and improved
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WHAT’S YOUR DREAM？
Creating Your Corporation．
Learn To Think Like The CEO Of Your Own Career
Everyone can meet the challenge
Everyone can reap rewards
Everyone can accomplish something
2014-6-9 Company Logo
Teaching Requirement
1、Treat yourself as an entrepreneurship in the
course
2、Write a business plan which is aligned with
market demand with your team member
3、Know the process of starting a business,
master the management skill
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Chapter One Recognize entrepreneurship
Why talking about entrepreneurship
What is entrepreneurship
Suitable for entrepreneurship?
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One： Why talking about entrepreneurship?
Entrepreneurship has become increasingly active due to social transformation and economic change——General Trend
Entrepreneurship makes great contribution to economic development
Entrepreneurial activity has obvious particularity
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1、Economic change and entrepreneurship activity
Global competition and rapid technological
innovation and diversification of consumer demand
makes the big enterprise life cycle is more and more
short, provides development space for small
business development, there appeared more and
more ants down the elephant's cases.
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Technology updates fast
Knowledge updates fast
Competitors response quickly
World changes fast
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Disappearing top 500 enterprises
From 1970 to 1980, 32% of top 500 enterprises
disapperaed;
From 1980 to 2000, 47％；
From 1990 to 2010, 54%.
——New York Times
“The economic system has changed from
management economy to entrepreneurship
economy, this is the most important and the most
promising events in the modern economic. ——Peter Drucker “Innovation and entrepreneurship”，1985
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2、The contribution of venture enterprise becomes bigger
65%
70%
75%
80%
85%
美国 日本 欧盟 中国
Figure 1 SMSE’s contribution to social employment
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Who are changing our life?
Jobs1976
马云，2005
Gates1975
Ellison,1977
Moore1968
Page /Brin,1998 Zuckerberg,2004
Williams,2006 刘强东，1998
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As the most anticipated IPO in 2012, Facebook‘s valuation could reach $100
billion, more than any other company in
silicon valley when valuations, including
netscape and Google.
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3、Entrepreneurial activity has obvious particularity
Is there any difference between
entrepreneurship management and
traditional management?
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Quilt VS Puzzle
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The premise and background of entrepreneurship is uncertainty and unknow
Knight 《Risk、Uncertainty and Profits》
The real source of profit is uncertainty
Successful entrepreneurs not only
appreciate the success, but also learn to
accept failure. They are also good at
seeking opportunities in uncertainty
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Today is the
tomorrow you
worried about
yesterday
Ronald Cohen: "let the world work for me”, Mechanical industry press
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Indiana Jones
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The logic of action
▲You can just think while sitting there, also can
take action
▲ But even if you think , also don't know what will
happen in the future
▲So, the only solution is action
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清华大学经济管理学院高级培训中心 2014-6-9
Act Quickly with the
Means at Hand
Bring Others Along Build On the Results
You Create and the
Things You Discover
Pay only what you can
afford to and want to –
Affordable Loss
■Quickly do according to
what you have
■Find the companions
■ Based on
the reality,
don't think too
far
■Consider the losses you can
bear and want
to bear
How to act cleverly?
▲——Entrepreneurship is a process of fast action and deal with uncertainty
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Act quickly with the means at hand
Feasibility
Market
Value
Individual
Is it doable?
可以做吗?
（技术/市场可行性）
Can I do it?
我能做吗
Is it worth doing?
值得做吗
（财务）
Do I want to do it?
我想要做吗
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Pay only what you can afford to and want to – Affordable Loss
Based on the realistic consideration, how
many losses you can bear for the next step?
Based on the desire to be considered,
how many losses do you want to bear for
the next step?
Wealth
Time
Energy
Reputation
Opportunity cost
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Bring Others Along
Gather more resources
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Finally if it is the results you want, then continue
If not, then when to end?
（1）You don't want to do
（2）The loss is more than you can afford
（3）You have convinced yourself that you can't do it well
Build On the Results You Create and the Things You Discover
上海财经大学刘志阳《领导学》讲义
Achieve the optimal
allocation of resources
and activities
（By what？）
Traditional management
Plan Organize
Command Control
Set goals and
objectives Approaches
（What & How？）
Motivate members complete
the organizational goals
(how to do better？)
measure the actual work,
correct the deviation
（How the work be done？）
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Entrepreneurial thinking and action
Thinking（Creation）
Acting （Experiencing）
VS. Acting Thinking
Find and confirm
the opportunity Opportunity exploitation
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Two：What is entrepreneurship？
1、The meaning of entrepreneurship
2、The elements of entrepreneurship
3、The processes of entrepreneurship
4、The steps of entrepreneurship
5、The types of entrepreneurship
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比尔依格（BillYeager）
雷诺·波萨克（Leonard Bosack）
桑德拉·莱纳（Sandra K. Lerner）
Inventor VS Entrepreneur
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Entrepreneurship and invention, innovation, and creation
Invent commercialize
Entrepreneurship
Innovation
Newly
Created Reconstruction
Creation = +
+
+
Creativity
Mobility
Think
Act
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Edison was the most famous innovators in the world, he is
also an inventor and entrepreneur. In his lifetime, he has
more than 1000 patents, including the well-know light, film,
the electric chair for condemned.
Edison's greatest achievement is that he can make an
invention, technically and commercially viable, and trigger
the market demand, and create profits for investors
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The role interaction of scientists, engineers, entrepreneurs
Product E1 P1
Design, develop
Engineer
Engineering
Process Method
Technology
development
Customer e1 C1 Entrepreneurs
Commercial
application
Business model
Value creation
S1 T1
Observe, research
S2 T2 Forecast, analyze
Scientist Nature phenomenon
Scientific principle
Basic theories
Construct the
theoretical model
Scientist Nature phenomenon
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1、The meaning of entrepreneurship
Entrepreneurship is the creation and/or recognition of opportunities, followed by the will and initiative to seize these opportunities. It requires a willingness to take risks -- both personal and financial -- but in a very calculated fashion in order to constantly shift the odds to your favor, balancing the risk with the potential rewards. Typically, entrepreneurs devise business operations to marshal their limited resources to generate profit for employees, shareholders, and himself .
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Entrepreneur： Who
Entrepreneurial opportunity: What
Entrepreneurial organization: Where
Entrepreneurial resource：By what
Entrepreneurship is essentially the dynamic
value-creation process , it includes the
interaction and match of entrepreneurs,
opportunities, organizations and resources.
2、The elements of entrepreneurship
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Element 1：Entrepreneur
The main part of entrepreneurship, plays a key of
promoting and leading role.
The type of entrepreneurs:
（1）Brewing：consider creating a new business
（2）Beginner：entrepreneur without entrepreneurship experience
（3）Practician：habitual entrepreneur
（4）Continuator ：consecutive entrepreneur
（5） Portfolio entrepreneurs： retain the original enterprise, and establishing another enterprise
（Delmar and Davidsson, 2000）
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Entrepreneur
Company Founder
Microsoft Bill Gates (20) & Paul Allen
Dell Michael Dell (18)
Apple Steve Jobs(21) &Watts Nick(26)
Google Page(25) &Brin(24)
Taobao Ma Yun (35)
Intel Moore (39)
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Element 2：Entrepreneurial opportunity
The market gap left by existing enterprises is the
main driving force for entrepreneurs to start a
business
Opportunity has the characteristics of availability,
continuity and timeliness
Learn to quickly estimate whether there is a real
commercial potential and decide how much time
spend on it, is an important skill for entrepreneurs
Opportunity also happens occasionally
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Element 3: Entrepreneurial organization
Organization is a system to coordinate entrepreneurial
activities, is also the carrier of entrepreneurship.
The type of entrepreneurship organization： New
enterprises, franchising, corporate entrepreneurship,
individual operation, Internet entrepreneurship, etc
Characteristic: the strong leadership of entrepreneurs and
a lack of formal structure and system.
Broadly, entrepreneurial organization is a relational
network in which entrepreneur is the core.
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Element 4: Entrepreneurial resource
Is various inputs of organization, including people,
money and goods, is also the guarantee of
entrepreneurship.
Entrepreneurs need to organize the internal and
external resources of enterprise, including the
choice，raising and collocation of resources.
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3、Timmons Entrepreneurial process model
Opportunity
Team
Resource
Communication skill
Leadership Creativity
Meet the
market gap
Entrepreneur
Four basic elements
mutually interact and
match, dynamically
create value
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4、The steps of entrepreneurship
Constructive process + Growth process
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The growth process of startup enterprise
Strategic alliance Fierce competition Find new companion Initial product requires a lot of customer service and strategic alliance to motivate the market
Complete products fully developed Complete product line portfolio
Early market
Mainstream market
Niche market
Mature market
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5、The types of entrepreneurship
Necessity-push
entrepreneurship :
No other choice,
entrepreneurs must rely on
entrepreneurship to seek
a way out for their own
survival and development
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Opportunity
Entrepreneurship : Entrepreneurial activity is a
kind of individual preference,
as a means to achieve some
goals (e.g., realize self value,
the pursuit of ideal, etc.)
Case: 1998.09，Google was founded by Page（25）and Brin（24）.
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Uncertainty
The required
investment
The types of entrepreneurship
Borderline entrepreneurship
Lawn care, hair salon
Entrepreneurial venture
Apple
Entrepreneruship combined with VC Intel, Lotus, Compaq, Staples, Genentech
Internal corporate entrepreneurship Windows 95, Pentium(Intel), Mach III (Gillette), Prozac (Lilly)
Revolutionary entrepreneurship Federal Express, Iridium (Motorola)
PS：The size of the purse = potential profits
Professional management
of external financing
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Scope of entrepreneurial practice
Individual entrepreneurshi
p
Corporate entrepreneurshi
p
Entrepreneurial organization
Social Entrepreneurship
Entrepreneurial society
Individual entrepreneurship change to entrepreneurial companies
Expand to the field of non-commercial
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IBM
zyliu.mentors.cn
One Foundation
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Three aspects of requirement for entrepreneurs:
Quality Ability Material condition
Commitment
Motive
Integrity
Health
Risk-taking
Decision-making
Technical skills
Management skills
Relevant industrial
knowledge
Family background
Financial situation
Successful entrepreneur=morality * ability + family + property
Entrepreneurial success=successful entrepreneur + seize the
opportunity + hardworking
Three：whether suitable for entrepreneurship
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Self-assessment for entrepreneurs
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Self-assessment for entrepreneurs
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Four: How to study entrepreneurship
Can entrepreneurship be taught?
How to teach?
How to study?
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1、The essence of entrepreneurship education
A large number of facts show that entrepreneurs have
congenital quality, and can be modeled through learning,
some attitude and behavior can be learned,
developed and derived through experience and
learning
Entrepreneurship education gives students specific
guidance in opportunity recognition, integration of
resources to deal with risk, creating enterprise. At
the same time, it provides students with the necessary
knowledge about enterprise management, such as
writing the business plan, capital development,
marketing, and cash flow analysis, etc.
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The objectives of entrepreneurship education
Objectives Important level
Increase the cognition and understanding of
the process of creating and managing new
ventures
1
Increase the entrepreneurial options in career
development 2
Understand the relationship between
entrepreneurial activities and functional
management activities
3
Under the special skill required in
entrepreneurship 4
Understand the role and function of new
ventures in social and economic
development
5
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2、How to teach?
Share cases in each class
Team learning and sharing
Writing business plan
Entrepreneurs lectures
Entrepreneurship competition
Entrepreneurial case studies
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3、The entrepreneurial topics can be learned and acquired
Topic 1:Commitment and determination
"Entrepreneurs have various style, personality
and moral standards, but there exists a common
thing that they never give up“
Not my excellence results my success, but my persistence. Nothing is impossible if you determine to change.
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Topic 2：Leadership
Take the lead of entrepreneurs Self-awareness
Honesty
maker of rhythm
courage
communication skill
Team players
Enterprise Team Type of organization
ethical conduct
ethical conduct
Focus
Performance/reward
Adaptability
External environment impact requirements of the principal
Past experience
Guidance
problem solving
value creation
Key skills
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Topic 3：Entrepreneurial and functional management
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Entrepreneurial managers According to the different driving factors and the
enterprise model, entrepreneurs’ management skills
needed for each stage are significantly different
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Shi yuzhu said,“Failure is the biggest
wealth. It is failure that makes him know
what can do and what can’t do in
management, product and marketing
strategy.
Topic 4：Accept failure
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Gut-sense – Establishment of entrepreneurship motives
Entrepreneurial sensitivity – recognition of entrepreneurial opportunities
First movers or impulse behavior – exploring process of entrepreneurial opportunities
Uses of resources during entrepreneurial process- creative use
of limited resources; resources reallocation for creation
Enhancement of organizing abilities under entrepreneurial
process
Topic 5: Understand the process of entrepreneurship
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Entrepreneurial skills
Opportunity oriented and opportunity recognition and exploitation abilities
Resources reallocation for creation
Value creation under innovation
Products 、Technology 、Innovation of Business Models
First movers and capability of learning and change during actions
Leadership with distinctive balancing skills
Customer-oriented
Can learn and obtain business theme:
master entrepreneurial skills
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4、The method to increase entrepreneurial ability
1、According to the 11 requirements of successful
entrepreneurs, analyzing your shortcomings. （Bucket
Theory）
2、To start a business successfully, one must overcome
weaknesses, strengthen his entrepreneurial ability
3、Two measures related entrepreneurial ability
construction
（1）Self learning and practice
（2）Seek complementary cooperation
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Shortcomings Method to overcome
Unsocial Try to communicate with a stranger everyday
… …
… …
Practice: Plan to increase entrepreneurial ability
Instructions： Write your shortcomings in the left column, and write the method to overcome these shortcoming in the right column.
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4、The gap in entrepreneurship education
In 1947, HBS offers the course named“Management
of new enterprise”, 188 MBA studied this course.
In 1967, Babson offers entrepreneurial management
graduate courses for the first time in the world.
In 1983, UTD Austin held the first college students
entrepreneurship competition
By the end of 2005, 80% of all the universities in USA
offer entrepreneurial courses, and the total number
of courses is 2200.
Babson (33); University of California Berkeley(23）
HBS(15); Stanford University (17)
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China's college students' entrepreneurship
education began in the business plan
competition (tsinghua university in May 1998,
introduce the business plan competition to
China's university campus), since then, the
business plan competition carried out in many
colleges and universities nationwide.
At present, more than 80% of the 95 MBA
training colleges universities offered
entrepreneurial courses, and many universities
take entrepreneurship as an important major
direction. The seminars focus on
entrepreneurship education are held in various
universities.
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1、Why entrepreneurship is an important issue?
3、What does the entrepreneurial management teach? And what is the difference between traditional management and entrepreneurial management?
2、Can entrepreneurial management be taught? Can it be learned?
4、I want to start a business, how to prepare?
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