This short presentation was made at a convention of Diamantaires, seeking to present the idea of entrepreneurship, understand their context and provide a couple of tools from business school content for the delegates as a takeaway. Their businesses are mostly family run - although they are $mn and $bn businesses. We have much to learn from them - they are quite quiet.

1. Dr Shai Vyakarnam Entrepreneurship: Presentation to Family businesses in the diamond industry

4. Born or Made – Can it be taught? Entrepreneurs are nor born they are killed It is a process – It can be learned

5. Lack of Belief – No it cannot Entrepreneurs are risk Takers.... And this cannot be taught! Nonsense... They tolerate risk and uncertainty....

6. World Economic Forum Report – 2009 definitions. Entrepreneur > Individual Entrepreneurship > Process Entrepreneurial > Mindset Entrepreneurial Ecosystem > Role of Society Wilson, Vyakarnam.et al..

7. Entrepreneurial Intensity – Measure of Corporate Entrepreneurship High Apple Procter and Gamble Bell Labs Frequency of Entrepreneurship (number of events) 3M Tata Nucor Steel Wendys Low Degree of entrepreneurship Innovativeness, risk taking and proactiveness Low High Original by Covin and Slevin

8. To foster an enterprise culture and learn how to set up entrepreneurship education programmes: Buy the book!

9. Your Landscape

10. Industry structure – as I understand it Mining DeBeers Al Rosa BHP Angola DRC Zimbabwe Sorting, DTC Sort to price points 80% rev = 20% of biggest stones Sightholders Rough – Trade on Break bulk by region Manufacture Increasingly dynamic and innovative Dominated by India..plus Israel and NY Wholesale Consumer Retail Big Players Smaller players Inspired by Michael Porter

11. Background Manufacture is getting increasingly innovative Economic climate has impact Family businesses - succession Consumer perceptions Markets are moving to Asia – different needs Inventory - security Retail – at the sharp end – is sales driven And Yet... Volatile speculation Celebrate $$$$ or Acquisition of customers?

12. Learning from elsewhere...Ideas and practical suggestions..opportunities for entrepreneurship

13. 1. Move along value chain2. Improve within your space on value chain3. Take out competition Sightholders Manufacture Wholesale Retail

14. THE CASE OF CIRQUE DU SOLEIL Courtesy S Ansari Page 14

15. Types of circuses BIG TOP - Tents STATE CIRCUS WITH PERMANENT BUILDINGS MULTIPLE SHOW ARENAS ANIMALS SMALL REGIONAL – FAMILY SHOWS

16. Cirque de Soleil Cirque du Soleil, the surreal circus company currently playing at the Royal Albert Hall in London, is expecting record profits of $250m (£156m) on revenue of $1bn this year, according to its founder, Guy Laliberté. Independent – January 2011 Original courtesy S Ansari

17. Redefining field boundaries OPERA AND THEATRE CIRCUS CIRQUE DU SOLEIL

18. The field of Circus: Competitive features, services and benefits.Cirque took a view of eliminating, reducing raising and creating differentiators from its main competition Eliminate Reduce Raise Create High Offering level Low Original courtesy S Ansari

19. You have to sell something to someone to make a living!!! Strategic clarity Gold Winnie the Pooh Markets/ Customers diamantaires (Rosy Blue) existing new Products/Services Modelled on: Igor Ansoff, Corporate Strategy Vyakarnam and Leppard: Marketing Action Plan

20. Fostering a culture of entrepreneurship: What are you like now? And what do you want it to be? Some levers for change Symbols People and culture Stories Systems Overall Culture Strategy Rituals Structure Family business Or Business Family Johnson and Scholes

22. Incremental and creative shifts in strategy

23. And for changes to the culture and engagement of people in the businessIt comes down to belief, intent and leadership

24. s.vyakarnam@jbs.cam.ac.uk www.cfel.jbs.cam.ac.uk