Post on 01-Jan-2016
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Entrepreneurs Defined
Entrepreneurs are generally defined as individuals who create a business venture with the goal of making a profit.
Entrepreneurs are therefore assumed to be: Visionaries with clear missions Business & bottom line oriented Effective leaders Creative/Innovative Independent Thought leaders/knowledge experts NOT SO MUCH
Characteristics of Entrepreneurs What we know about entrepreneurs: High in N-Ach Low in N-Aff Independent Resilient Creative Not easily managed Don’t always play nice with others Passionate/driven
Brewers and Entrepreneurship Does a brewer have to create a business
to be an entrepreneur? No, entrepreneurship takes many forms There is no such thing as an “Intrapreneur”
Can “employees” be entrepreneurs? Yes, new products & business ventures
involve risk & rewards Only difference may be resource availability
and work parameters
Brewers and Entrepreneurship First mover
One does not have to be an inventor to be innovative
Being first to market has a number of advantages IF there is the business infrastructure to support the penetration of the target market
Early adopter A strategy utilized by those having a larger
presence within a target market Can come in after product acceptance and “flood”
the market driving smaller competitors into a retreat position
Brewers and Entrepreneurship Perceived role of brewers
Artist? May not care what others think
Scientist/chemist? Quality and process sometimes outweigh
business considerations Alchemist?
Strange and wonderful blends that may have no market
Business person? May be too mainstream & too low risk for a “big
hit”
Brewers and Entrepreneurship Orientation of brewer may determine
success as an entrepreneur A pragmatic combo appears to be the
most effective Reliance upon “team” becomes important
May be counter-intuitive for most but still critical
Timing of development, roll out, and market penetration is heavily dependent upon brewers and the “approach” May depend upon whether the brewery
is a first mover or early adopter
Characteristics of Managers vs. Entrepreneurs
An organization “local”
Risk averse Strict adherence
to rules and structure (bureaucratic)
Bottom line focus
A cosmopolitan Risk “tolerant” A boundary
spanner
The business version of ADD
Managers Entrepreneurs
Characteristics of Managers vs. Entrepreneurs
Facts & data drive decisions
Closely tracks results
Gate keeper
Intuitive decision maker
High tolerance for ambiguity
Doesn’t recognize any “gates”
Managers Entrepreneurs
Characteristics of Managers vs. Entrepreneurs
Meets customers’ needs
Responds to directions
“Rides herd to gain “obedience”
Creates customers’ needs
Does not respond well to directions
Has been lost from the herd
Managers Entrepreneurs
Characteristics of Managers and Entrepreneurs
Satisficing decisions Specific work
parameters (time, place, resources, etc)
Pragmatic decisions based upon resource allocation
Optimizing decisions Flexible work
parameters (do what it takes to “get er done”)
Experimentation (trial & error may dominate)
Managers Entrepreneurs
Ironically the identifiable age-related personality changes among managers are those with which most entrepreneurs are imbued at an earlier age.
Those things that attract certain personalities to creative and independently driven vocations are similar to those factors motivating entrepreneurs.
Personality and Entrepreneurs
Cautionary notes
Being creative/innovative does not always translate into entrepreneurial success
The need for independence does not equate to entrepreneurial success
Having great, unique products does not always mean a successful business venture
HOWEVER, if all of the above are combined with business acumen the odds are improved dramatically
Business reminders
Identify and try to understand the barriers to entry 142 breweries in Colorado with over 75 in planning
Know your market and targets When is it saturated?
Know your products and where they fit Demographics/target markets
Pay attention to competition but be true to your vision
Be willing to take calculated risks but know when to make changes- FOCUS on RESULTS