ENTREPRENEURSHIP

Rasha Wahieb

Lecturer

Faculty of Business and Economics

SCOPE OF WORK

• What is Entrepreneurship?
• What is an opportunity?
• MACRO and MICRO environmental factors
• Entrepreneurial challenges and barriers
• Characteristics of Successful entrepreneurs
• People Style
• The Big challenge

What is Entrepreneurship?

• Academic Definition (Stevenson & Jarillo)
• Entrepreneurship is the process by which individuals pursue opportunities without regard to resources they currently control.
• Venture Capitalist (Fred Wilson)
• Entrepreneurship is the art of turning an idea into a business.
• Entrepreneurship is the willingness to take risks and develop, organize and manage a business venture in a competitive global marketplace that is constantly evolving. 
• Explanation of What Entrepreneurs Do
• Entrepreneurs assemble and then integrate all the resources needed – the money, the people, the business model, the strategy – to transform an invention or an idea into a viable business.

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What is An Opportunity?

An opportunity is a favorable set of circumstances that creates a need for a new product, service, or business.

The most important trends are:

• Economic forces
• Social forces
• Technological advances
• Political action and regulatory change

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Sometimes identifying opportunities simply involves noticing a problem and finding a way to solve it.

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It is often created when a product or service is needed by a specific group of people but doesn’t represent a large enough market to be of interest to mainstream retailers or manufacturers.

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MACRO and MICRO Environmental Factors

Barriers to Entrepreneurship

Barriers

Poor or absent infrastructure

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Unsupportive laws and regulations

Lack of financial support

Social barriers

Lack of training facilities

Lack of trained extension staff

Marketing

Constraints

Characteristics of Successful Entrepreneurs

• A moderate risk taker
• A networker
• Achievement motivated
• Alert to opportunities
• Creative
• Decisive
• Energetic
• Has a strong work ethic
• Lengthy attention span

• Optimistic disposition
• Persuasive
• Promoter
• Resource assembler/leverager
• Self-confident
• Self-starter
• Tolerant of ambiguity (uncertainty)
• Visionary

People are more predictable than we think

• What’s a style?
• Pattern of assertive and responsive habitual behavior
• Things we do repeatedly and unintentionally

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• Assertiveness (dominance) = degree to which a person:
• Makes their opinions known
• Tries to control/influence others
• Speaks out/makes statements
• Responsiveness (sociability) = degree to which a person:
• Expresses their emotions
• Enjoys interacting with others

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What is your style?

• Self-knowledge is the beginning of wisdom

Your style is:

• Not how you see yourself
• How people see you
• Style identification is learning people through Observation
• Behavior is observable not like inner qualities as values, beliefs, traditions, motives

Assertiveness

Less Assertive

• Less energy
• Move slower
• Gesture less
• Less intense eye contact
• Lean backward
• Speak softly
• Take time to decide
• Less risk-oriented
• Less confrontational
• Demonstrate anger less quickly

More Assertive

• More energy
• Move faster
• Use gesture
• Intense eye contact
• Lean forward
• Speak rapidly and louder
• Decide quicker
• Risk-oriented
• Confrontational
• Get angry quicker

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Assertiveness

Seeing Yourself as others See You

More Assertiveness

Less Assertiveness

Responsiveness

Less Responsive

• Less disclosing of feeling
• Appear more preserved
• Less facial expression
• Less vocal inflection
• Use more facts and logic
• More task-oriented
• Prefer working alone

More Responsive

• Express feeling more openly
• Appear more friendly
• More facial expression
• More vocal inflection
• Use more stories
• More people-oriented
• Prefer working with people

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Responsiveness

Seeing Yourself as others See You

Less Responsiveness

More Responsiveness

Self-Assessment

What is your style…..?

Self-Assessment

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Seeing Yourself as others See You

Analytical

• Most perfectionist
• Set very high standards
• Willing to do time-consuming work
• Seek to achieve and exceed standards
• Pay much attention to details
• Big on criticism and low on complement
• Very systemic and well-organized
• At best, they build highly effective system
• At worst, they generate bureaucracy and by-the book mentality
• Very task oriented
• They want to be certain before taking decisions

• Like to be alone and prefer work alone
• Dress conservatively
• Body language is very low: speak slowly, less eye contact and facial expression
• Lean back on chair when making decision
• They are the quietist, think before speak
• Very slow on deadlines, because they seek perfection and certainty
• Focus on analysis than taking decisions
• Break points into, first, second, third…etc
• Talk about the facts than the feelings

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Amiable

• Team Player
• Encourage others to expand on their opinion
• Very generous in their time
• Unselfish
• Extremely friendly and patient
• People-oriented
• Tend to build relationship more easily
• More interested in hearing your concern than expressing their own
• Sensitive to other people’s feeling
• Perform best if you identify to them their role
• They might get distracted from work by relating more to people’s problems

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• Some are better at creating organization while Amiables are better at maintaining organization
• When risk is involved, they delay taking decisions
• They tend to prefer to hear from people than reading their memo
• When angry, very slow to forgive and forget
• Warm voice, low volume, speak slowly
• Dress what people like
• Tend to avoid direct answer “going to Alex would be great idea”
• Dislike conflict so much
• As manager, they are very tolerant to employees inadequate performance
• They avoid using authority at work

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Expressive

• The most energetic
• Like to be the center of attraction
• They don’t like to spend too long in one place
• Enjoy being where the action is
• Always away from their desks
• Always use nonverbal communication and gesture
• Very strong eye contact
• Most outgoing
• Relate easily to strangers (have lots of friends)
• Always invite people to lunch, sport, movies
• Prefer to work with people
• They are dreamers and enjoy high imagination

• They hate details, look at the big picture instead
• Impulsive and spontaneous (act then think)
• Live in emotional roller-coaster (extreme happiness and sadness)
• Last-minute approach at deadlines
• Fun-seeker, playful, humors
• Make work more fun
• When they talk their whole body joins in
• They might turn people off by their one-sided conversation
• Think out loud
• Speak loud and fast
• Great story tellers
• People-oriented
• Very opinionative

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Drivers

• Very result-focus
• Goal-oriented
• Action-takers (even if they are just 55% sure)
• “You win some, You lose some”
• Amazingly, they tend to change their minds fast
• Walk and move faster than most of the people
• Very serious facial expression
• Tend to hide their feelings
• Their style tends to intimidate people
• Strong eye contact may provide discomfort to others
• The most forceful
• They look very serious most of the time

Styles Under Stress

• People boil at different degrees and act differently under stress
• We all develop Backup styles under stress
• Backup style: is style of behavior we develop under stress to relive excess stress
• Backup act as a safety valve that release excess stress

Styles Under Stress

Pros and Cons of Each Style

DRIVER

Pros Cons

Mover, Make-it-happen Autocratic

Independent Poor Collaborator

Result-oriented Impersonal

Candid Abrasive (rough)

Shortsighted

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EXPRESSIVE

Pros Cons

Spontaneity Hard to work with

Articulate (Fasee7) Poor Listener

Fast-paced Impatient

Visionary Impractical

Fun-loving Distracting

AMIABLE

Pros Cons

Diplomatic Conflict Avoider

Supportive Permissive(lenient)

People-Oriented Inattentive to task

ANALYTICAL

Pros Cons

Prudent (cautious) Indecisive

Painstaking (careful) Nitpicky

Task-oriented Impersonal

Systematic Bureaucratic

Finding Common Ground with People

• Style Clash is due Inflexibility not Incompatibility
• To succeed in a team you need to learn how to FLEX your style
• Style Flex: tailoring your behavior so the way you work fits better with other person’s style.
• Adjusting your behavior in a way another person likes to interact
• Style Flex is NOT Manipulation nor Conformity.
• Manipulation (Being nice to people at their expense) :
• Unethical
• Works against you in the long term
• Always harmful
• Conformity (Withholding your point of view ):
• Being liberal with liberal and conservative with conservatives

Finding Common Ground with People

• There is a difference between Content and Process
• Content is What is said (information, discussion, proposal…etc)
• Process is How you communicate the content (body language, loudness of voice, amount of air time…etc )

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• Flex is not agreeing with the Content it is adapting with the Process
• Benefits of Style Flex:
1. Focus on how can I change not how can I get you to change
2. Achieve your goal (Expressive presenting details to Analytical)
3. If you flex to people, they will flex to you (Niche Neighbors)
• Your approach should be:

“I will take the initiative to be in sync with you”

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But: HOW to FLEX with different styles ?

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Four Steps to Better Relationships

• When relationship is not going so well, don’t do much of the same; try something different
• How to Flex:

1- Identify your style and the other person style.

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2- Plan: select 2-3 types of behaviors that you could use differently to get in sync with him/her

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3- Apply those changes that you select in your meeting with the person

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4- Evaluate: review the process and outcome

For Expressive Only : �How to Flex to Each Style

For Amiable Only : �How to Flex to Each Style

For Analytical Only : �How to Flex to Each Style

For Drivers Only : �How to Flex to Each Style

Seeing Yourself as others See You

Food For Thought

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Watch your words, they become actions

Watch your actions, they become habits

Watch your habits, they become their character

Watch your character, it becomes you destiny

Frank Outlaw

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Prepared by

Dr. Walid Mokhtar

THANK YOU FOR PARTICIPATING

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