King Fahd University of Petroleum & Minerals | Presentation to Students

THE JOURNEY TO

Michael Burcham President & CEO The Nashville Entrepreneur Center [email protected] Professor of Entrepreneurship Owen Graduate School of Management, Vanderbilt University [email protected]

SUCCESSFUL ENTREPRENEURSHIP

Why You?  

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THE CAREER ESCALATOR

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We finish college, get on the corporate escalator, gain experience, whisked up the organizational hierarchy, clearing

room for ambitious young graduates to follow. We move steadily up the escalator till time to step off and retire,

making room for the next level of folks to take our place.!

CULTIVATING AN ENTREPRENEURIAL MINDSET

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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?

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!•  We are all making decisions with limited information !•  In a time-compressed and resource constrained 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

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"Develop your own competitive advantage by combining 3 puzzle pieces:!

!

Your Assets

Your Aspirations

The Market

Realities

1.

THE TOOL KIT TO DEVELOP AN ENTREPRENEURIAL MINDSET

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"Plan to Adapt. Use the ABZ method so that you can adapt based on feedback and lessons learned.!

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THE BUSINESS JOURNEY THERE’S NO STRAIGHT LINE FROM “A” TO “B”

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THE TOOL KIT TO DEVELOP AN ENTREPRENEURIAL MINDSET

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"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.

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THE TOOL KIT TO DEVELOP AN ENTREPRENEURIAL MINDSET

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"Develop a method to evaluate options and ideas to determine the best new products and services for your client or the organization.!

4.

F Frame the Opportunity or Issue

O Organize the Information you Have

C Clarify What You Know and Do Not Know

U Understand Your Options. Develop a “Plan A” and a “Plan B” Validation of Options: •  ROI (Return on Investment) •  Value •  Projected Growth in Revenue, Margin, Customer Volume

S Select Your Best Option. Execute it Well. Does your solution Address the Client’s or Organization’s “Pain”? Does it match the Company’s Strategic Objective (s)? Is it a realistic? Is it affordable? Is it an executable solution?

PDCA  In struct io na l  C y cle

PLAN

A CT

DO

CHECK

• Data  Disagg regation

• Calendar  Development• Direct  Instructional

Focus

• Tutoria ls

• Enrichment

• Assessment

• Maintenance

• Monitoring

FOCUS MODEL

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THE TOOL KIT TO DEVELOP AN ENTREPRENEURIAL MINDSET

"Build your skill as a leader. !5.

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•  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

IQ: I must know who I am & where I want my team to go

EQ: I must know how I am seen, I must learn to relate well to others, and I must know how to attract talented people "

LESSONS LEARNED IN LEADERSHIP

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The Biggest Factor Affecting Progress Is

Human Factor

LESSONS LEARNED IN LEADERSHIP

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Team Leader

Team Member

Team Member

Team Member

Team Member Team Member Team Member

Team Member Team Member

North LESSONS LEARNED IN LEADERSHIP

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Team Leader

Team Member Team Member

Team Member

Team Member Team Member

North LESSONS LEARNED IN LEADERSHIP

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Delivery Skills

Emotional Intelligence

Discovery Skills

Innovation: Compelling vision of the future that attracts others

Outcomes: Ability to show others how to get things done

Relationships: Capable people actually choose to follow you

LESSONS LEARNED IN LEADERSHIP

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LESSONS LEARNED IN LEADERSHIP

Leadership is an"Autobiography"…its about character"

Leadership is an agreement.

You lead with permission..

People need to know who you are and what you stand for before they agree to be led by you.

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We  Become  

ü   What  we  Eat  ü   What  we  Read  ü   The  People  with  whom  we  spend  0me      Knowing  this,  I  use  the  following  tool  to  map  out  my  on  personal  development  plan  –  to  ensure  I  have  an  ac0ve  part  in  the  person  I  am  becoming…    

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Person

al  Life

 He

alth  &  Fitn

ess  

My  Brand  /  Iden0ty  Network  /  People  Professional  Skill  –Knowledge  

Expe

riences  

My  Goal:  

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