Introduction course for the Solvay Summer School

1. Solvay European Summer School 2010 ENTREPRENEURSHIP Introduction: The Entrepreneurial Process Olivier Witmeur Bernheim Chair of Entrepreneurship

5. HOW MANY SQUARES DO YOU SEE ? Solvay Summer School 2010 - Olivier Witmeur |

6. SUCCESSFULL START-UP : A CHALLENGE Solvay Summer School 2010 - Olivier Witmeur |

7. JOHN ROUGHNEEN CASE DISCUSSION

9. About (the) entrepreneur(s)

13. ‘ ENTREPRENEURIAL LEADERSHIP’ Solvay Summer School 2010 - Olivier Witmeur | ENTREPRENEURIAL LEADERSHIP SKILLS Visionary Team player Motivate Communication Influence Firm but Fair Build Confidence & Trust Manage change Deal with ambiguity Flexible but Consistent

19. VIDEO

21. The Entrepreneurial Process

23. THE ENTREPRENEURIAL FRAMEWORK Solvay Summer School 2010 - Olivier Witmeur | Conviction Creativity Communication Fits & Gaps ENTREPRENEUR OPPORTUNITY RESOURCES CONTEXT Adaptation

25. CLASSICAL LIFECYCLE Seed Start-up Expansion Early development Maturity Renewal | Solvay Summer School 2010 - Olivier Witmeur

26. EXAMPLES OF BUSINESS ISSUES EVOLUTION Solvay Summer School 2010 - Olivier Witmeur | Seed Start-up Early growth Team The founders. Most of the time the team is not balanced. Sales and techniques are in place. Finance may be outsourced. Every aspect is managed by a full time manager. Product Prototype geared to the main market needs. First version validated by customers. Ready for large scale distribution. Market research First comprehensive ongoing market research. Good knowledge of a first market niche. In depth knowledge of the customers and next market segments identified. Organization Purely informal Better role definition Dedicated management team and experienced boards. Customers relations Informal with innovators. Organized relationship with the first customers. Sales & Marketing processes ready to manage large numbers of customers. Financial needs Prototyping Market research Business planning Scaling up Sales & marketing Working capital Management

29. DEGREE OF ENTREPRENEURSHIP ? Solvay Summer School 2010 - Olivier Witmeur | Change New to founders High tech start-ups Franchisee Shops Take-over Buy Out Corporate Spin-offs Innovation Lawyers, Doctors, … . Adapted from Christian Bruyat, 1993 Value creation

30. DYNAMIC APPROACH OF ENTREPRENEURSHIP OPPORTUNITY TEAM RESOURCES | Solvay Summer School 2010 - Olivier Witmeur

31. Solvay Summer School 2010 - Olivier Witmeur | Q&A [email_address] www.olivier-witmeur.net