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What it takes to be an entrepreneur? Milena Milicevic at Strasbourg Meetings 2013

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This content was presented at the Youth Forum Strasbourg Meetings: Focus Russia. Milena Milićević was one of the lecturers at the conference. You can find more information about the event:

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What it takes to be an entrepreneur? Milena Milicevic at Strasbourg Meetings 2013

  1. 1. What it takes to be an entrepreneur? + Examples of good practice across cultures. Strasbourg Forum Greater Europe Lecturer: Milena Milicevic 29 July-4 August 2013
  2. 2. Agenda for Today Entrepreneurship introduction The qualities of successful entrepreneurs The Potential of Young people Entrepreneurship in different cultures Is entrepreneurship a matter of mentality, confidence, national sport or an individual desire? How does entrepreneurship evolve for our Google generation?
  3. 3. Entrepreneurship introduction
  4. 4. • Entrepreneurship is the art of: • Numerous positive effects of entrepreeurship: Entrepreneurship Economy Society Creation Innovation Entrepre neurship
  5. 5. Tell us Your opinion: What are the qualities of successful entrepreneurs? Name Your several role models.
  6. 6. What do they have in common?
  7. 7. Activities of successful entrepreneur: YOU • Find your idea to develop • Listen to your intuition • Identify the untapped potential in your surroundings • Accept risk as a great source of motivation • Plan everything and get organized • Manage money wisely • Become an expert in your field, master negotiation skills • Build a brilliant business team • Be approachable • Take time off • Develop a loyal customer base • Resource: http://www.entrepreneur.com/article/200730
  8. 8. ‘‘You have to write/ live in such a way that only you can tell that story. ‘‘
  9. 9. Desirable outcome Actions to take 1. Harbour the idea to develop. 2. Listen to your intuition. 3. Identify the untapped potential in your surroundings. 4. Accept risk as a motivation. 5. Plan everything and get organized. 6. Manage money wisely. • Resource: http://www.entrepreneur.c om/article/200730 1. Read influential blogs, books, talk to people, observe. 2. Pay attention to body cues. 3. EVEN MORE: read, talk, observe, research. 4. FOR RISK AVERSE PEOPLE: What is worst that can happen? 5. DOODLE meetings, to do lists. 6. Investopedia, blogs, Yahoo finance, one coffee less per day.
  10. 10. Desirable outcome Actions to take 7. Become an expert in your field. 8. Build a brilliant business team. 9. Be approachable. 10. Take time off. 11. Develop loyal customer base. • Resource: http://www.entrepreneur. com/article/200730 7. Produce relevant content, add value to your profession. 8. You need a CONNECTOR, ENERGISER, RESEARCHER, SPECIALIST... 9. A smile and genuine interest will get you far. 10. Leave the office at 5.30. Sleep! by Arianna Huffington. 11. Your customers are your best partners.
  11. 11. More on teams, productivity, diverse opportunities
  12. 12. Constant improvement is a must • Time is Not a Limitless Commodity. • We’re More Productive in the Morning. • Don’t Wait to Be Told What to Do. • A New Job a Year Isn’t a Good Thing. • People Matter More Than Perks. Opp resources: Hey Success, Infostud, Mladi-info http://www.forbes.com/ sites/jasonnazar/2013/07/23/20- things-20-year-olds-dont-get/
  13. 13. The 4th GEM research (LBS & Babson College): more than 460 million entrepreneurs in 2002. “91% of Millennials expect to stay in a job for less than three years. Resource: Future Workplace “Multi ple Generations @ Work”. When you work for an employer and you’re 100% dependent on receiving a paycheck from that employer, you leave yourself very vulnerable.
  14. 14. Tell us Your opinion: In which industries is the potential of young people for entrepreneurship greatest?
  15. 15. Take-away tips: Scalable idea. Clear value proposition. Count on expansion among regions, professions, ages.
  16. 16. The Difference between Need and Want • Need of customer gets fulfilled; a fact or rational attribute about your company. Companies supply roughly the same functional benefits and therefore fulfilling a need doesn't differentiate one business from another; it's a cost of entry. • Want: when customers move beyond just needing your product or service to actually wanting it. They want to choose you over other options. The "want" is what separates your business from others, and turns you into a brand. • Resource: www.entrepr eneur.com/article/ 226275#ixzz2a2iqOdXt
  17. 17. Futurologists on Entrepreneurship • Entrepreneurship will bloom where people: • connect their ideas with market potential. • observe problems in meeting customers’ demand. • follow their intuition and permanently adapt, align, and improve their business. • deal directly with the unknown, while accepting the uncertainty and risks as motivation. • do things in a new or different way, beyond their customers’ and competitiors’ expectations . • innovate the already existing business processes. • work on expanding into new industrial spheres, customer segments or regions. • perceive success as a result of devoted work. Competitive advantage will come from: intellectual human capital, patents, innovation, brand, intangible assets.
  18. 18. Tell us Your opinion: Is entrepreneurship different among different cultures and if yes, how?
  19. 19. http://www3.imperial.ac.uk/inno vationstudies/researchthemes/fe aturedresearchgedi/aboutgedi GEDI score measures entrepreneurship
  20. 20. Resource: http://www.forbes.com/sites/susanadams /2013/05/30/the-worlds-most- competitive-countries/ 333 criteria in four broad categories—economic performance, government efficiency, business efficiency and infrastructure. For one third of the ranking, IMD uses a survey of more than 4,200 international executives. • Here is IMD’s list of the ten most competitive nations: • 1. U.S.A. 2. Switzerland 3. Hong Kong 4. Sweden 5. Singapore 6. Norway 7. Canada 8. UAE 9. Germany 10. Qatar.
  21. 21. It’s whether you're willing to experience the discomfort, risk, and uncertainty of saying or doing it. However, we should look beyond numbers. What makes leadership/ entrepreneurship hard isn't the theoretical.
  22. 22. Culture and entrepreneurship Fostering conformism  less entrepreneurial Protestant culture  devoted to work, innovation, values of excellence Confucianism  distributive justice, obligation, compassion, group/family orientation, improvement Enlightenment, liberalism, pragmatism  daily innovations enrich tradition, accumulation and progress matter.
  23. 23. Japanese takeaway • More than 90 % of total companies are SME that hire more than 75% of employees. Confucian religion emphasizes the importance of family and understanding of the customs and traditional culture. • ‘‘By 2015 there will be 500 million people under age 30 in China–roughly the population of the entire European Union,‘’ says Ge Dingkun, a professor of entrepreneurship at China Europe International Business School in Shanghai. • www.cpi.hr/download/links/hr/1407.pdf , www.ino.komora.net • Capital less than ¥100 million • 99.4% of all companies (5,39 million registered) 300employees • The essence of Japanese success -> importance of education & striving for excellence. • 31 million people= 79,5% out of all employed in private sector 60% of SME is tied contractually & cooperating with big corporations/ economy Chinese principles
  24. 24. • British people do not consider education or training to be a main success factor in business. • Such attitude can negatively affect obtaining the necessary, non-core experiences for starting entrepreneurial activities. • Germany: 80% live in West Female entrepreneurship requires more support. Lot of innovation and investment is exchanged in Ge.
  25. 25. There are over 27 million small businesses in the United States.
  26. 26. Tell us Your opinion: Is entrepreneurship a matter of mentality, confidence, national sport or an individual desire?
  27. 27. Tell us Your opinion: How does entrepreneurship evolve for our Google generation? What can we do?
  28. 28. National Geographics: http://www.youtube.c om/watch?v=4qwA5f Uh3hA Don’t forget to write. 
  29. 29. MgmtMilena Thank you for your time!  Milena Milidevid May your motto lead you! Mine is:

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