Global Entrepreneurs and

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1 Entrepreneurs and Cooperative Ventures By Dr. Robert D. Hisrich Garvin Professor of Director, Walker Center for Thunderbird School of Management 1 Place Glendale AZ , USA robert.hisrich@thunderbird.edu Telephone: Fax:

2 The Next Decade Hypercompetition Rapidly changing technology Rapidly changing supply chains Declining profit margins Declining or plateauing sales Shorter product life cycles Need new products/services Need new growth opportunities New marketing Significant capital available but hard/expensive to obtain

3 Innovation Chart Breakthrough Innovation Unique eness Technological Innovations Ordinary Innovation Number of Events

4 Product Evolution

5 The Role of in Innovation and Economic Development Government as an Innovator Government is one conduit for funding and commercializing the results of the synthesis of social need and technology. This is frequently called technology transfer. Intrapreneurship (Corporate Venturing) as an Innovator Intrapreneurship (entrepreneurship within an existing organizational Intrapreneurship (entrepreneurship within an existing organizational structure) can also bridge the gap between science and the marketplace. Existing organizations have the financial resources, business skills and frequently the marketing and distribution systems to commercialize innovation successfully. Too often the bureaucratic structure, the emphasis on short-term profits, and a highly structured organization inhibit creativity and prevent new products and businesses from being developed.

6 The Role of in Innovation and Economic Development (cont) as an Innovator can also bridge the gap between science and the marketplace through entrepreneurs forming new ventures. is the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence.

7 Decision to be an Entrepreneur Change from Present lifestyle Form new enterprise Desirable 1. Cultural 2. Subcultural 3. Family 4. Teachers 5. Peers Possible 1. Government 2. Background 3. Market and opportunity available 4. Capital available

8 Aspects of the Entrepreneurial Process Identify and Evaluate the Opportunity Develop a Business Plan Resources Required Start and Manage The Creation and length of opportunity Real and perceived value of opportunity Risk and returns of opportunity Opportunity versus personal skills and goals Competitive environment Opportunity Assessment Plan Section 1 Title Page Table of Contents Executive Summary Section 2 1. Description of Business 2. Description of Industry 3. Marketing Plan 4. Financial Plan 5. Production Plan 6. Organization Plan 7. Operational Plan 8. Summary Section 3 Appendices (Exhibits) Existing resources of entrepreneur Resource gaps Financial Supply Distribution Human Technological Access to need resources Management style Understand key variables for success Identify problems and potential problems Implement control system Develop growth strategy

9 Entrepreneurial/Intrapreneurial Leadership Characteristics Understands the environment Is visionary and flexible Creates management options Encourages teamwork Encourages open discussion Builds a coalition of supporters Persists

10 Market- Oriented Economy Market-Oriented vs. Controlled Economies Controlled- Oriented Economy Overall Market Conditions Orientation Toward Investment Entrepreneurial Size of market Ease of company formation Ease of doing business Tax structure on individual and company Media coverage Systematized code of business law Government attitude, policies and regulations Innovation and Innovative Activity Long-term thinking Going concern concept Community Banks Venture capitalists Informal private investors angels Private equity market Culture

11 Walker Center for Our mission is to advance global entrepreneurship through comprehensive, relevant, education, training, research and programming in the areas of enterprise capital, global entrepreneurship, global family enterprise, innovation and entrepreneurship in emerging markets.

12 Walker Center for Pillars Entreprenuership Family Innovation and Sustainability Capital Emerging Markets Goal Stakeholders Leadership/ Expertise Teach and develop the practice of in the globally competitive marketplace. Students, Entrepreneurs, Family Businesses, Professionals, Capital Providers and Capital Seekers, Intrapreneurship, Family, Innovation, Private Capital, Entrepreneurial Finance, Microfinance, Women, Technology, Finance and Real Estate Coursework Provide relevant, state of the art curriculum to students and professionals in areas of expertise Applied Mentorship Programs, Family, Certificate Programs, TPEC Conference and Forums, Angel Funding, Women s Training Consulting Provide demand driven, applicable programming and services to students, entrepreneurs and professionals

13 Academic and Publications Entreprenuership Family Innovation and Sustainability Capital Emerging Markets Academic Publications Business Plan The Entrepreneurial CEO 8 th edition Technology International Papers published on Post Doc Research Fellows Family Family Business 3 rd edition Innovation and Creativity Valuation of the Private Firm Financing and Forecasting for the Private Venture Seminar: Topics in Non Public Finance Quarterly TPEC Newsletters White Paper Series Annual Thunderbird Business Review: Equity Edition Research published in Academic Journals Social and in Emerging Markets Summerim The Importance of Education in the Entrepreneurial Process: A World View and Differences and Locus of Control

14 Non Academic Programs Entreprenuership Family Innovation and Sustainability Capital Emerging Markets Non Academic Mentoring Network Scholars Entrepreneur in Residence Thunderbird Network Walker Center Blog Family Program Business Plan Competition Thunderbird Incubator Alumni Entrepreneur of the Year Thunderbird Private Equity Conference Thunderbird Private Equity Forums Thunderbird Angel Network Private Equity Venture Capital Club Women s Training Certificate of

15 Proposed Academic and Non Academic Programs Entreprenuership Family Innovation and Sustainability Capital Emerging Markets Academic Masters of Technology Management Masters of Real Estate Finance and Development Microfinance Winterim Non Academic Certificate Program for Disabled Veterans Competitive Evaluation of Market Position of Family Program International Biotechnology Commercialization Center (IBCC) Healthcare Innovation Certificate Consulting Mentoring and Internships Thunderbird Venture Fund Women s Training