Download - Entrepreneurship & Innovation
1
Presented By:Darius Waithaka, PhD Candidate
Head of SME Solution CenterKenya Institute of Management
ENTREPRENEURSHIP&
INNOVATION
2
Small Exercise
3
Fostering The Culture of Entrepreneurship and Innovation
4
Entrepreneurship: Overview • Starting a business can be intimidating and challenging but
also very rewarding both financially and personally.• Being an entrepreneur is distinct from being a business
person. • Entrepreneurs are generally seen as being innovators and
leaders as opposed to business people who work with existing ideas.
• This has the potential to change the competition structure. You might find as an entrepreneur that your biggest competition is yourself and you will need to be able to motivate yourself from this position.
5
Entrepreneurship: Overview
• Entrepreneurs are revolutionary and perhaps take greater risks than a business person would.
• They create value, not simply profit, so their approach to various challenges will be different.
• The assets you value (employees and customers) will be distinct from those of a business person (real estate and inventory).
• There will be challenges, but there are effective ways for dealing with them.
6
7
Theory of Entrepreneurship
• Schumpeter: Entrepreneurship is creative destruction i.e. destroying the existing order by introducing a new and better order; continuous value addition; continuous creation of improvements.
• To innovate is to begin or introduce (something new) for or as if for the first time.
• Innovation becomes the effort to create purposeful, focused change in an organization’s economic or social potential
8
9
Scope of Marketing
How does your organization use
customer and market information as a means of understanding their
current and future needs.
Examine how your organization builds relationships with
customers
The key factors that lead to customer acquisition, satisfaction, loyalty and
retention and to business expansion and sustainability.
10
Branding
11
Why is branding important?
• promotes recognition• helps set you apart from the competition• tells people about your business DNA• provides motivation and direction for your staff• strong brand generates referrals• helps customers know what to expect• represents you and your promise to your customer• helps you create clarity and stay focused• helps you connect with your customers emotionally• A strong brand provides your business value
12
Small Exercise: How Entrepreneurial are
you?What can you spot?
13
What do you see?
FACEVASE
14
What do you see?
Face …. A Word???
15
Entrepreneurship is about looking at things differently; seeing whatothers cannot see... If you keep
doing what you have always been doing you will keep getting what
you have always gotten…
16
Characteristics of an Entrepreneur
• Self-confident and optimistic• Able to take calculated risk• Responds positively to challenges• Flexible and able to adapt• Knowledgeable of markets• Able to get along well with others• Independent minded• Versatile knowledge• Energetic and diligent
17
CONT…
• Creative, need to achieve• Dynamic leader• Responsive to suggestions• Takes initiatives• Resourceful and persevering• Perceptive with foresight• Responsive to criticism
18
Creating a Business Model: the role of leadership
• envisions the future of the organization: the vision;
• articulates a compelling vision;• generates consensus on the strategic
objectives of the organization;• facilitates the design or change of the
Business model;• put in place strategies for managing change.
19
21
Fig 1: The strategic planning model
22
Mandate, Vision,
Mission and Values
Situational analysis
Stakeholder analysis
Strategic Objectives
Action Plans
Implementation (Implementing
strategy)
Why we exist; what we shall accomplish by a set date; and the values that define us
Analysis of the external and internal environment in which we operate. Includes functions; organizational structures; and management and operational systems
Analysis of key stakeholders and their expectations
The ends that we must achieve to discharge our mandate; and how we shall pursue these ends. .
Activities that we must accomplish as part of the stated objectives; what we must do to achieve our objectives.
How we shall objectively implement the plan. To be considered are: Legal and regulatory framework. Institutional framework. Policies. Professional and technical resources. Other human resources. Financial resources. Procedures and systems. Monitoring and evaluation.
Stage I
Stage II
Stage III
Stage IV
Stage V
Stage VI
Source: PPD Consultants Ltd
23
THE END