Slides for the Advance Tourism Entrepreneurship Module, Malta & Gozo, October, 2012

1. ENERGISE2-0.COM
Dr Jim Hamill
www.energise2-0.com
www.twitter.com/drjimhamill

2. Opportunities
and challenges
for Malta/Gozo
tourism and
hospitality in
becoming more entrepreneurial.
Opportunities for you!
ENERGISE2-0.COM

3. Agenda
Morning
•Entrepreneurship – what is it?
– Characteristics of an entrepreneur
– Importance
•Are you an entrepreneur?
•Key Success Factors in Business Start-Ups
•Group Breakout Session - Ideation
•Lunch
Afternoon
•Ideation, Feedback and Discussion
•Roadmap to Success
ENERGISE2-0.COM

4. Your Experience
My Experience
ENERGISE2-0.COM

5. The Entrepreneur Roller Coaster
ENERGISE2-0.COM

6. What is an Entrepreneur?
ENERGISE2-0.COM

7. Range of Defintions
An entrepreneur (Wikipedia):
•“One who undertakes innovations, finance and business
acumen in an effort to transform innovations into economic
goods“. Includes – new business start up; revitalizing mature
organizations; social entrepreneurship; and intra-preneurship
•Entrepreneurial activities range in size from solo projects to
major undertakings creating many job opportunities
•Many kinds of organizations now exist to support would-be
entrepreneurs including specialized government agencies,
business incubators, science parks, and some NGOs
ENERGISE2-0.COM

8. Range of Definitions
• 1934: Schumpeter: Entrepreneurs are innovators who use a
process of shattering the status quo of the existing products
and services, to set up new products, new services
• 1961: David McClleland: An entrepreneur is a person with a
high need for achievement [N-Ach]. He is energetic and a
moderate risk taker
• 1964: Peter Drucker: An entrepreneur searches for change,
responds to it and exploits opportunities. Innovation is a
specific tool of an entrepreneur hence an effective
entrepreneur converts a source into a resource
• 1975: Albert Shapero: Entrepreneurs take initiative, accept
risk of failure and have an internal locus of control
ENERGISE2-0.COM

9. Range of Definitions
• 1975: Howard Stevenson: Entrepreneurship is "the pursuit of
opportunity without regard to resources currently
controlled."
• 1983: G. Pinchot: Intrapreneur is an entrepreneur within an
already established organization
• 1985: W.B. Gartner: Entrepreneur is a person who started a
new business where there was none before
ENERGISE2-0.COM

10. Characteristics of an Entrepreneur
ENERGISE2-0.COM

11. What is an Entrepreneur?
ENERGISE2-0.COM

12. Importance of Entrepreneurship
• Entrepreneurship is a key driver of economic growth,
productivity, innovation and employment – critical to
economic dynamism
• Countries with high levels of entrepreneurial activity tend to
out-perform those who don’t have the entrepreneurial spirit
• Shift in government policy from support to a small number of
large companies to support for business start-ups
• What support is available in Malta?
ENERGISE2-0.COM

13. Are You an Entrepreneur?
ENERGISE2-0.COM

14. GET Test
ENERGISE2-0.COM

15. GET Test
A person who is highly enterprising has the following
qualities:
•A strong need for achievement
•Like to be in charge
•Seek opportunities and use resources to achieve plans
•Believe that they possess or can gain the qualities to be
successful
•Are innovative and willing to take a calculated risk
ENERGISE2-0.COM

16. Give yourself a score out of
10 for the following questions
The more you agree with the question,
the higher your score
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17. Achievement
1. An orientation towards the future
2. Reliance on own ability
3. An optimistic rather than a pessimistic outlook
4. A strong task orientation
5. Effective time management
6. Results-oriented with yourself and others
7. Restlessness, driven and energetic
8. Opinionated in defence of ideas and views
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18. Achievement
9. Determination to ensure that objectives are met
even when difficulties arise
10. Responsible and persistent in pursuit of aims
11. Oriented towards challenging but realistic goals
12. Willingness to work long and hard when necessary
to complete tasks
ENERGISE2-0.COM

19. Need for Autonomy
13. Independence, preferring to work alone, especially
if they cannot be top dog
14. Self expressive, feeling a strongly need to do their
own thing their way, rather than work on other
people's projects
15. Individualistic and unresponsive to group pressure
16. Leadership, preferring to be in charge and disliking
taking orders
17. Unconventional, and prepared to stand out as being
different to others
ENERGISE2-0.COM

20. Need for Autonomy
18.Opinionated, having to say what they think and
make up their own mind about issues
19.Determination, strong willed and stubborn about
their interests
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21. Creative Tendency
20. Imaginative, inventive or innovative tendency to
come up with new ideas
21. Intuition, being able to synthesis ideas and
knowledge, and make good guesses when necessary
22. Change-orientation, preferring novelty, change and
challenges with a dislike of being locked into routines
23. Versatile and able to draw on personal resources for
projects or problem solving
24. Curious and interested in new ideas
ENERGISE2-0.COM

22. Calculated Risk Taking
25. Decisive, being able to act on incomplete information
and good at judging when incomplete information is
sufficient for action
26. Self-awareness with the ability to accurately assessing
their own capability
27. Analytical, being good at evaluating the likely benefits
against the likely costs of actions
28. Goal-oriented, setting themselves challenging but
attainable goals
29. Effective information management using information
to calculate the probability that their actions will be
successful ENERGISE2-0.COM

23. Internal Locus of Control
30. Opportunistic, seeking and taking advantage of
opportunities
31. Self-confidence with the belief that they have control
over their destiny and make their own luck, rather
than being controlled by fate
32. Proactive, taking personal responsibility to navigate
the problems that arise to achieve success on their
terms
33. Determination and express a strong willed control
over life
34. Self-belief, equating the results achieved with the
effort made ENERGISE2-0.COM

24. How did you score?
Are you an entrepreneur
in the making?
ENERGISE2-0.COM

25. Business Start Ups
Key Success Factors
ENERGISE2-0.COM

26. Success Factors
1. Thoroughly understand your market/your customers
2. Building a strong business model and strategy for
competitive advantage (differentiation)
3. Understand risk and deal with it
4. Have sufficient working capital
5. Strong focus on the sales pipeline (including pre-orders)
ENERGISE2-0.COM

27. Success Factors
6. Strong focus on profit margin
7. Strong vision and purpose; passion
8. Resilient, persistent and persuasive
9. Quality customer base/quality network – high value,
high growth potential
10. Have the right people/team in place
ENERGISE2-0.COM

28. Group Ideation
Group Ideation
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29. Group Ideation
Two key questions:
•Agree a business idea
•Develop an outline Business Plan
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30. Finding a Business Idea
Generate a list of business ideas (max of 3). Choose the most
attractive idea based on:
•Attractiveness - Would you enjoy doing it?
•Ability to undertake – Do you have the skills needed to do it?
•Practicality – Is it something that really can be done?
•Potential market demand – Will customers buy it?
•Ability to combat competition – Is there competition and can you
combat it in some way?
•Ability to differentiate – Can you differentiate it in some way that can
be sustained over a long period?
•Price potential – Can you avoid competing simply on price?
•Resource availability – Do you think you have, or can get, the
resources you need to start up this business?
ENERGISE2-0.COM

31. Develop an Outline Business Plan
Brief outline of the following:
•Your target market; market size and growth potential
•Benefits of your product or service; your USP?
•Your main competitors; their strengths and weaknesses
•The main strengths and weaknesses of your own business? How
will you differentiate your product/service?
•How will you market and promote your business?
ENERGISE2-0.COM

32. Developing the Business Plan
• What will your main costs be? Fixed and variable.
• What is your breakeven point?
• What are the critical success factors and how will you make
sure that you achieve them?
• What funding will you need and where will it come from?
ENERGISE2-0.COM

33. Coffee then Ideation
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34. Afternoon Session
Feedback and Discussion
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35. Balanced Scorecard
Approach to Business Start Up
ENERGISE2-0.COM

36. A Roadmap for the Future
ENERGISE2-0.COM

37. Use a Simplified Balanced Scorecard
• Will ensure that the actions and initiatives you take are fully
aligned with and supportive of your overall goals and
objectives; that KPIs are agreed for monitoring and evaluating
on-going performance, impact and ROI; and that all key
success factors are considered, especially the organization,
people and resource aspects critical to a successful business
start-up
• A Scorecard approach can also be very useful for internal and
external communications – a simple framework to present
your business idea, goals, objectives, key actions and
initiatives to colleagues, funders and other stakeholders
ENERGISE2-0.COM

38. Balanced Scorecard
• Not ‘paralysis by analysis’. By providing an agreed framework
to follow, the Balanced Scorecard considerably speeds up
strategy development and implementation
• The steps involved can be captured in a Balanced Scorecard
Strategy Map
• Five key questions to address……
ENERGISE2-0.COM

39. Balanced Scorecard
• What is the overall vision for your business?
• What are the key business objectives and targets to be
achieved?
• Who are your customers?
• What are the key actions and initiatives you need to take?
• Organisation, Resource and People Issues
ENERGISE2-0.COM

40. BSC Strategy Map
Brief statement of your overall 2.0/Social Media Vision and Mission
Strategic Objectives
Strategic Objectives
KPIs / Targets KPIs / Targets
KPIs / Targets KPIs / Targets
Customer Perspective
Customer Customer Customer Customer
Group 1 Group 2 Group 3 Group 4
Internal Management Perspective
2.0/Social Media 2.0/Social Media 2.0/Social Media 2.0/Social Media
Initiative 1 Initiative 2 Initiative 3 Initiative 4
- Objectives - Objectives - Objectives - Objectives
- KPIs - KPIs - KPIs - KPIs
- Targets - Targets - Targets - Targets
- Actions - Actions - Actions - Actions
Organisation Perspective
Organisation Resource People
ENERGISE2-0.COM

41. In Summary……..Business
Planning Pays
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42. Two Motivational
Videos to Conclude
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43. Motivational Video 1
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44. Video 2 is a surprise 
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45. Thank You
Dream your Dream
ENERGISE2-0.COM