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Entrepreneurship:
Successor of Capitalism
Ing. Matthijs H.M. Hammer M.Sc.
Senior lecturer Innovative Entrepreneurship
School of Commerce & Entrepreneurship
Research center of Innovative Entrepreneurship
Introduction
Background
Chemical Environmental Laboratory sciences, Quality Management
Experience
Consulting company, Research centre of coating & surface technology
Saxion, university of applied sciences, Senior lecturer Innovative Entrepreneurship,
School of Commerce & Entrepreneurship
Eindhoven university of technology, PhD Researcher, Innovation Technology,
Entrepreneurship & Management (ITEM Capacity group)
Venturelab Twente, venture coach
European Council for Small Business and entrepreneurship, Country vice president for
The Netherlands
Editorial board of international scientific conferences and journals
Member supervisory committee of social and technology oriented enterprises
Menu
• History of economic eco-systems
• Analysis of last centuries developments
• Next step
• What is Entrepreneurship?
Definitions to start
Organisation and Management = Organisational Behaviour
• Organisational behaviour = an interdisciplinary science that
studies the behaviour of organisations and the factors that
determine this behaviour, and identifies how organisations
can be managed most effectively.
• Organisational behaviour contains both descriptive and
prescriptive elements.
• It is interdisciplinary, with elements from other disciplines (eg
economics, computer science, marketing, psychology) used to
develop a new approach.
• It helps the process of management, providing direction for
processes within the organization.
• It is goal orientated, so helps management to be most
effective.
First signs of trade
Glass spearhead, 70.000 BC from New Guinea
200 BCE, Trade routes
Develepment of economic
eco-systems
• Around Eufrat from 5.000 BC first city arose in Sumeria
(Irak) with 50.000 inhabitants and labour division.
• Introduction of a universal change value (rings of silver)
named “specie” (2.000 BC).
• 1100 AC, development of the western world.
• 1470, start of the Capitalism: growth of population, cities
and (international) trade. The principle of “Dept” was
introduced.
• 1820, labour division increase; urge to efficiency.
• 1971, abolition of the system of Bretton Woods;
decoupling values money and gold.
The development of trading
and the emergence of
multinational enterprises
The first international trading companies were set up and
funded by national governments with the aim of supporting
their colonial trade policies
– examples; English East India Company,
– Dutch East India Company,
– French West India Company
Today, nearly 90% of the world’s 500 largest companies are
located in North America, Europe and Japan
– The USA is home to 132 of these, e.g. General Motors
– Japan is home to 68 of these, e.g. Toyota
– France is home to 32, e.g. Carrefour
– Britain is home to 26 of these, e.g. BP
– The Netherlands is home to 12, e.g. Heineken
Multinational enterprises
1600 -2010
1595 VOC
Analysis of last centuries
developments
Industrial revolution
Cyber Physical Systems
Waves of innovation
Society is in need of solutions to increasing complexity and
technological development ( e.g. Toffler et al., 1981)
What will be the 4th wave?
• Entrepreneurship? (o.a. Mayard, 1996)
• 21st Century Skills (e.g. Brown et al., 2001)
Evolution of Management
models
• Abell (Abell & Hammond, 1979)
• Deming (Deming, 1982)
• Mc Gregor (McGregor, 1960)
• Mintzberg (Mintzberg, 1979)
• Porter (Porter, 1980)
Industrial evolution
“Modern” management
models
Innovation hero
Joseph Alois Schumpeter (1883 – 1950)
• "creative destruction" in economics
• Business Cycles; Without innovation no new
wave: hero is the entrepreneur
Business cycles, 1939
“Creative destruction”
Next step
“Modern” management
models
?!
Innovation hero
Joseph Alois Schumpeter (1883 – 1950)
• "creative destruction" in economics
• Business Cycles; Without innovation no new
wave: hero is the entrepreneur
Business cycles, 1939
“Creative destruction”
Evolutions in economic
development
Herbert Alexander Simon (1916 – 2001)
• A behavioral model of rational choice (1955)
• The Sciences of the Artificial (1969)
• Nobel laureate (1978)
• All impulses (realistic of symbolic) contribute to decision making.
• Machines, systems and models can replicate ‘cold’ cognition1,
but not ‘hot’ cognition2.
1: reasoning, planning, observing and decision making.
2: pain, pleasure, desire, and other emotions.
Evolutions in economic
development
Scott Shane
Sankaran Ventakaraman
2000: Entrepreneurship as a process
More to come in some slides….
Industrial revolution
Joseph
Schumpeter
Herbert Simon
Shane /
Venkataraman
Modern management
models
Types of Entrepreneurship
In many situations there is a debate about entrepreneurship;
different situations have different dynamics (Wennekers, 2013)
Entrepreneurial processVALUE
CREATION
Opportunity
recognition
Opportunity
preparation
Opportunity
exploitation
Value creation process (Shane & Venkataraman, 2000)
Summary
• Our (capitalistic) economic system emerged from trade and
value exchange for fixed values (Monetary values). Based
on trust the moment to equalise the transaction may be
postponed (debt).
• In the third wave of innovation, scientific models and
theories are used to simulate and simplify the increasing
complexity of reality to predict the future (positivism).
• Last decade the dislocation of the third wave of innovation
seem to be arrived. More and more there is attention to a
shift paradigm toward design-thinking (interpretivism /
social constructivism); What about (our innovation-hero)
the entrepreneur?
Question:
What is Entrepreneurship?
Activity
IDIVIDUAL ASSIGNMENT
DO NOT COOPERATE
• Take a blank sheet of paper.
• Take a pencil.
• Draw an entrepreneur.
results
>99% human being
Where from: >80% Man
Where from: >80% Suite
Where from: >80% Tie
Where from: >80% Smiling / success
Greedy businessman
Examples students give
Baron Charles Louis de Maere
5 december1802 – 8 september 1885
• Entrepreneur, 1832 textile factory Schuttersveld
• Founding father of Saxion, 1833
What do you see?
Prototyping
+ +
Prototyping
Dimensions of a business
opportunity prototype
factors
describing
the business idea
1. Solves customer
problems
2. Positive net cash flow
3. Manageable risk
4. Superior product
5. Change industry
factors
referring to the feasibility
of business development
1. Overall financial model
2. Advice from experts
3. Unique product
4. Big potential market
5. Intuition
Source: Baron and Ensley, 2006
Entrepreneurial processVALUE
CREATION
Opportunity
recognition
Opportunity
preparation
Opportunity
exploitation
Value creation process (Shane & Venkataraman, 2000)
Example
See possibilities Tackle opportunities
Know where to
find it.
Successful
application
test
How ventures are build:
Conventional Wisdom (Causal Logic)
Come up
• Show there is a large market for it
• Write a winning business plan
• Raise money
• Build and grow the venture
• Go public or sell
• Go off to the Bahamas
So how do
Expert entrepreneurs do it?
• At least 15 years experience founding and running
companies
• Multiple ventures including successes and failures
• At least one IPO
Th e y use Effe c t ua t io n
What is Effectuation?
Work with what’s
already
within your
control
to
co-create
the future
Principles of effectuations
decision making heuristics learned by expert entrepreneurs
in uncertain, disruptive situations. (Sarasvathy, 2001)
BLUE = causal; RED = effectual
Means. The basis for decisions
and new opportunities:
– Who I am
– What I know
– Whom I know
Goals vs means
Goals. Given (based on predictions)
Entrepreneurial dynamics
Affordable Loss.
Calculate downside potential and risk no more than you can afford
to lose.
Risk, Return and Resources
Expected Return.
Calculate upside
Potential and pursue the
(risk adjusted) best
opportunity.
Risk, Return and Resources
Alternative Own capital Loan bank investment Expected
return
1 40 0 35 50
Example
2 40 10 50 75
Alternative 2
Alternative 1
Partnership. Build your “future” together with
customers, suppliers and even prospective
competitors.
Attitude toward others
Competition. Set up transactional
relationships with customers and
suppliers.
44
Surprise
• Avoid Surprises.
• Leverage Surprises.
Surprises can present new opportunities.
Underlying logic & what to do
To the extent we can predict the future, we
can control it.
 PLAN
To the extent we can control the future, we don’t
need to predict it.
 CO-CREATE
More information:
www.discovereffectuation.nl
www.effectuation.org
Principles of Effectuation
Bird-in-hand principle:
• Start with Who you are, What you know, & Whom you know (Not
pre-set goals/opps)
Affordable loss principle:
• Invest what you can afford to lose – extreme case $0 (Not
expected return)
Crazy Quilt principle:
• Build a network of self-selected stakeholders (Not competitive
analysis)
Lemonade principle:
• Embrace and Leverage surprises (Not avoid them)
Pilot-in-the-plane principle:
• Co-create the future (Not find inevitable trends)
Business model canvas
(Osterwalder, 2004)
Summary
• Entrepreneurship is featured by process-oriented operations,
executed by people.
• Entrepreneurship is non-linear / predictable.
• Entrepreneurs have a predilection for co-operation (co-
creation)
• Entrepreneurs do like a dynamic environment; perceived as
risk by non-entrepreneurs.
• Entrepreneurs and managers apply different logics to make
decisions.
• Entrepreneurship is not better or worse than managing;
different. Both are needed for a sustainable development of
a company, economy or society.
THANK YOU FOR YOUR
ATTENTION
Thank you for your attention
Knowledge
Application
Behaviour
Talent
Source: N. Vloon, 2002
Structure
Context
The Competent Egg
Difference in development
FalconGoose
Goose
Conclusion
The adoption of an entrepreneurial
approach of the learning process and
the knowledge of entrepreneurial
methodologies as effectuation seems
to be practical aspects to start.
Questions?
Thank you for
your attention!

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Entrepreneurship: the successor of Capitalism

  • 1. Entrepreneurship: Successor of Capitalism Ing. Matthijs H.M. Hammer M.Sc. Senior lecturer Innovative Entrepreneurship School of Commerce & Entrepreneurship Research center of Innovative Entrepreneurship
  • 2. Introduction Background Chemical Environmental Laboratory sciences, Quality Management Experience Consulting company, Research centre of coating & surface technology Saxion, university of applied sciences, Senior lecturer Innovative Entrepreneurship, School of Commerce & Entrepreneurship Eindhoven university of technology, PhD Researcher, Innovation Technology, Entrepreneurship & Management (ITEM Capacity group) Venturelab Twente, venture coach European Council for Small Business and entrepreneurship, Country vice president for The Netherlands Editorial board of international scientific conferences and journals Member supervisory committee of social and technology oriented enterprises
  • 3. Menu • History of economic eco-systems • Analysis of last centuries developments • Next step • What is Entrepreneurship?
  • 4. Definitions to start Organisation and Management = Organisational Behaviour • Organisational behaviour = an interdisciplinary science that studies the behaviour of organisations and the factors that determine this behaviour, and identifies how organisations can be managed most effectively. • Organisational behaviour contains both descriptive and prescriptive elements. • It is interdisciplinary, with elements from other disciplines (eg economics, computer science, marketing, psychology) used to develop a new approach. • It helps the process of management, providing direction for processes within the organization. • It is goal orientated, so helps management to be most effective.
  • 5. First signs of trade Glass spearhead, 70.000 BC from New Guinea
  • 6. 200 BCE, Trade routes
  • 7. Develepment of economic eco-systems • Around Eufrat from 5.000 BC first city arose in Sumeria (Irak) with 50.000 inhabitants and labour division. • Introduction of a universal change value (rings of silver) named “specie” (2.000 BC). • 1100 AC, development of the western world. • 1470, start of the Capitalism: growth of population, cities and (international) trade. The principle of “Dept” was introduced. • 1820, labour division increase; urge to efficiency. • 1971, abolition of the system of Bretton Woods; decoupling values money and gold.
  • 8. The development of trading and the emergence of multinational enterprises The first international trading companies were set up and funded by national governments with the aim of supporting their colonial trade policies – examples; English East India Company, – Dutch East India Company, – French West India Company Today, nearly 90% of the world’s 500 largest companies are located in North America, Europe and Japan – The USA is home to 132 of these, e.g. General Motors – Japan is home to 68 of these, e.g. Toyota – France is home to 32, e.g. Carrefour – Britain is home to 26 of these, e.g. BP – The Netherlands is home to 12, e.g. Heineken
  • 10. Analysis of last centuries developments
  • 12. Waves of innovation Society is in need of solutions to increasing complexity and technological development ( e.g. Toffler et al., 1981) What will be the 4th wave? • Entrepreneurship? (o.a. Mayard, 1996) • 21st Century Skills (e.g. Brown et al., 2001)
  • 13. Evolution of Management models • Abell (Abell & Hammond, 1979) • Deming (Deming, 1982) • Mc Gregor (McGregor, 1960) • Mintzberg (Mintzberg, 1979) • Porter (Porter, 1980)
  • 15. Innovation hero Joseph Alois Schumpeter (1883 – 1950) • "creative destruction" in economics • Business Cycles; Without innovation no new wave: hero is the entrepreneur Business cycles, 1939 “Creative destruction”
  • 17. Innovation hero Joseph Alois Schumpeter (1883 – 1950) • "creative destruction" in economics • Business Cycles; Without innovation no new wave: hero is the entrepreneur Business cycles, 1939 “Creative destruction”
  • 18. Evolutions in economic development Herbert Alexander Simon (1916 – 2001) • A behavioral model of rational choice (1955) • The Sciences of the Artificial (1969) • Nobel laureate (1978) • All impulses (realistic of symbolic) contribute to decision making. • Machines, systems and models can replicate ‘cold’ cognition1, but not ‘hot’ cognition2. 1: reasoning, planning, observing and decision making. 2: pain, pleasure, desire, and other emotions.
  • 19. Evolutions in economic development Scott Shane Sankaran Ventakaraman 2000: Entrepreneurship as a process More to come in some slides….
  • 20. Industrial revolution Joseph Schumpeter Herbert Simon Shane / Venkataraman Modern management models
  • 21. Types of Entrepreneurship In many situations there is a debate about entrepreneurship; different situations have different dynamics (Wennekers, 2013)
  • 23. Summary • Our (capitalistic) economic system emerged from trade and value exchange for fixed values (Monetary values). Based on trust the moment to equalise the transaction may be postponed (debt). • In the third wave of innovation, scientific models and theories are used to simulate and simplify the increasing complexity of reality to predict the future (positivism). • Last decade the dislocation of the third wave of innovation seem to be arrived. More and more there is attention to a shift paradigm toward design-thinking (interpretivism / social constructivism); What about (our innovation-hero) the entrepreneur?
  • 25. Activity IDIVIDUAL ASSIGNMENT DO NOT COOPERATE • Take a blank sheet of paper. • Take a pencil. • Draw an entrepreneur.
  • 26. results >99% human being Where from: >80% Man Where from: >80% Suite Where from: >80% Tie Where from: >80% Smiling / success Greedy businessman
  • 28. Baron Charles Louis de Maere 5 december1802 – 8 september 1885 • Entrepreneur, 1832 textile factory Schuttersveld • Founding father of Saxion, 1833
  • 29. What do you see?
  • 32. Dimensions of a business opportunity prototype factors describing the business idea 1. Solves customer problems 2. Positive net cash flow 3. Manageable risk 4. Superior product 5. Change industry factors referring to the feasibility of business development 1. Overall financial model 2. Advice from experts 3. Unique product 4. Big potential market 5. Intuition Source: Baron and Ensley, 2006
  • 34. Example See possibilities Tackle opportunities Know where to find it. Successful application test
  • 35. How ventures are build: Conventional Wisdom (Causal Logic) Come up • Show there is a large market for it • Write a winning business plan • Raise money • Build and grow the venture • Go public or sell • Go off to the Bahamas
  • 36. So how do Expert entrepreneurs do it? • At least 15 years experience founding and running companies • Multiple ventures including successes and failures • At least one IPO Th e y use Effe c t ua t io n
  • 37. What is Effectuation? Work with what’s already within your control to co-create the future
  • 38. Principles of effectuations decision making heuristics learned by expert entrepreneurs in uncertain, disruptive situations. (Sarasvathy, 2001) BLUE = causal; RED = effectual
  • 39. Means. The basis for decisions and new opportunities: – Who I am – What I know – Whom I know Goals vs means Goals. Given (based on predictions)
  • 41. Affordable Loss. Calculate downside potential and risk no more than you can afford to lose. Risk, Return and Resources Expected Return. Calculate upside Potential and pursue the (risk adjusted) best opportunity.
  • 42. Risk, Return and Resources Alternative Own capital Loan bank investment Expected return 1 40 0 35 50 Example 2 40 10 50 75 Alternative 2 Alternative 1
  • 43. Partnership. Build your “future” together with customers, suppliers and even prospective competitors. Attitude toward others Competition. Set up transactional relationships with customers and suppliers.
  • 44. 44 Surprise • Avoid Surprises. • Leverage Surprises. Surprises can present new opportunities.
  • 45. Underlying logic & what to do To the extent we can predict the future, we can control it.  PLAN To the extent we can control the future, we don’t need to predict it.  CO-CREATE More information: www.discovereffectuation.nl www.effectuation.org
  • 46. Principles of Effectuation Bird-in-hand principle: • Start with Who you are, What you know, & Whom you know (Not pre-set goals/opps) Affordable loss principle: • Invest what you can afford to lose – extreme case $0 (Not expected return) Crazy Quilt principle: • Build a network of self-selected stakeholders (Not competitive analysis) Lemonade principle: • Embrace and Leverage surprises (Not avoid them) Pilot-in-the-plane principle: • Co-create the future (Not find inevitable trends)
  • 48. Summary • Entrepreneurship is featured by process-oriented operations, executed by people. • Entrepreneurship is non-linear / predictable. • Entrepreneurs have a predilection for co-operation (co- creation) • Entrepreneurs do like a dynamic environment; perceived as risk by non-entrepreneurs. • Entrepreneurs and managers apply different logics to make decisions. • Entrepreneurship is not better or worse than managing; different. Both are needed for a sustainable development of a company, economy or society.
  • 49. THANK YOU FOR YOUR ATTENTION Thank you for your attention
  • 50. Knowledge Application Behaviour Talent Source: N. Vloon, 2002 Structure Context The Competent Egg
  • 52. Conclusion The adoption of an entrepreneurial approach of the learning process and the knowledge of entrepreneurial methodologies as effectuation seems to be practical aspects to start.