Entrepreneurial Leadership

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ENTREPRENEURSHIP
E I G H T H E D I T I O N
ROBERT D. HISRICH.PhD
Garvin Professor of Global Entrepreneurship
Director, Walker Center for Global Entrepreneurship
Thunderbird School of Global Management
MICHAEL P. PETERS, PhD
Professor Emeritus
Carroll School of Management
Boston College
DEAN A. SHEPHERD, PhD
Randall L. Tobias Chair in Entrepreneurial Leadership and
Professor of Entrepreneurship
Kelley School of Business
Indiana University
McGraw-Hill
Irwin
CONTENTS
PREFACE vi
PART 1 THE ENTREPRENEURIAL
PERSPECTIVE
1 ENTREPRENEURSHIP AND THE
ENTREPRENEURIAL MIND-SET 2
Opening Profile: Ewing Marion Kauffman 3
Nature and Development of Entrepreneurship 6
The Entrepreneurial Process 7
Identify and Evaluate the Opportunity 7
Develop a Business Plan 9
Determine the Resources Required 9
Manage the Enterprise 10
How Entrepreneurs Think 10
Effectuation 10
Cognitive Adaptability 13
As Seen in Entrepreneur Magazine: What Me Worry?
.How Smart Entrepreneurs Harness the Power
of Paranoia 14
Learning from Business Failure 18
Recovery and Learning Process 20
A Dual Process for Learning from Failure 21
Ethics and Social Responsibility of Entrepreneurs 21
Ethics: Company's Code of Ethics 23
Role of Entrepreneurship in Economic Development 23
2 ENTREPRENEURIAL INTENTIONS AND
CORPORATE ENTREPRENEURSHIP 34
Opening Profile: Robert Mondavi 35
The Intention to Act Entrepreneurially 38
Entrepreneur Background and Characteristics 38
Education 38
Ethics: Ethical Conduct of Entrepreneurs versus
Managers 39
Age 40
Work History 40
Role Models and Support Systems 40
Moral-Support Network 41
Professional-Support Network 41
CONTENTS
As Seen in Entrepreneur Magazine: Hot or Not? 42
Minority Entrepreneurs 43
As Seen in Entrepreneur Magazine: Provide Advice
to an Entrepreneur about Improving a Business
through Certification as a Woman-Owned
Business 44
Entrepreneurial Intentions within Existing
Organizations 45
Managerial versus Entrepreneurial Decision
Making 45
Strategic Orientation and Commitment to
Opportunity 46
Commitment of Resources and Control of
Resources 46
Management Structure and Reward Philosophy 47
Growth Orientation and Entrepreneurial Culture 48
Causes for Interest in Corporate Entrepreneurship 48
Establishing a Culture for Corporate Entrepreneurship 51
Leadership Characteristics of Corporate Entrepreneurs 53
Establishing Corporate Entrepreneurship in the
Organization 54
Problems and Successful Efforts 56
3 ENTREPRENEURIAL STRATEGY: GENERATING
AND EXPLOITING NEW ENTRIES 64
Opening Profile: Justin Parer 65
New Entry 66
Generation of a New Entry Opportunity 67
Resources as a Source of Competitive Advantage 67
Creating a Resource Bundle That Is Valuable, Rare,
and Inimitable 68
Assessing the Attractiveness of a New Entry
Opportunity 70
Information on a New Entry 70
As Seen in Entrepreneur Magazine: Elevator Pitch
for Project Alabama 71
Comfort with Making a Decision under
Uncertainty 72
Decision to Exploit or Not to Exploit the
New Entry 72
Entry Strategy for New Entry Exploitation 73
Environmental Instability and First-Mover
(Dis)Advantages 74
Customers' Uncertainty and First-Mover
(Dis)Advantages 76
Ethics: Do the Right Thing 78
Lead Time and First-Mover (Dis)Advantages 78
As Seen in Entrepreneur Magazine: Provide Advice to
an Entrepreneur about Being More Innovative 80
CONTENTS xi
Risk Reduction Strategies for New Entry
Exploitation 81
Market Scope Strategies 81
Imitation Strategies 82
Managing Newness 84
PART 2 FROM IDEA TO THE OPPORTUNITY 91
CREATIVITY AND THE BUSINESS IDEA 92
Opening Profile: Frederick W. Smith 93
Trends 96
Green Trend 96
Clean-Energy Trend 96
Organic-Orientation Trend 96
Economic Trend 97
Social Trend 97
Health Trend 97
Web Trend 97
Sources of New Ideas 97
Consumers 97
Existing Products and Services 98
Distribution Channels 98
Federal Government 98
Research and Development 98
As Seen in...
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