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Dr Huiyan Fu

(PhD, Social Anthropology, University of Oxford)

Thursdays, 15-18:00, T-010

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Group 1

Alex; Melisa

Emily; Kunal

Group 2

Leo ; Annchal

Princy; Akshay

Group 3

Lloyd; Ekachai

Nadia; Siripa;

Jatin

Group 4

Zaklina; Julia;

Ayush; Vissanu

Group 5

Omar; Missa

Ankit; Amp

Nitesh

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Group 1

Missa; Princy

Lloyd; Alex;

Group 2

Nadia; Annchal;

Ayush;Vissanu;

Group 3

Ekachai; Akshay

Melisa; Amp

Jatin

Group 4

Zaklina; Siripa

Leo; Nitesh

Group 5

Omar; Emily; Julia

Ankit; Kunal

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Group 1

Missa; Melisa

Alex; Vissanu; Jatin

Group 2

Annchal; Emily

Ankit; Ayush

Group 3

Ekachai; Leo

Amp; Nadia

Group 4

Omar; Akshay

Zaklina; Princy; Nitesh

Group 5

Lloyd; Kunal

Julia; Siripa

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1

3-4

students

2

3-4

students

3

3-4

students

4

3-4

students

5

3-4

students

6

3-4

students

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1. Develop an international perspective on entrepreneurship

2. Compare corporate & start-up entrepreneurship

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Group Discussion

Consider the following statements. Do you agree or disagree?Please use evidences or examples to support your argument.

Entrepreneurs are born, notmade

There is a standard profile or prototype of theentrepreneur

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Economics(Business&

Management)

CulturePolitics

Society or

Nation State

..Past.............. Present Future.....

The success of entrepreneurs depends on a nexus of political, economic

& cultural contexts, which differ considerably from society to society ,

from organisation to organisation and from time to time.

Putting entrepreneurship into context: space & time

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Entrepreneurial idea generation, its materialisation and sustainable

development are:

Nation-specifice.g.

Organisation-specific; industry/market-specific

e.g.

Time-specific

e.g.

Individual-specific

e.g.

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http://www.youtube.com/watch?v=E3h-T3KQNxU

An event from one point-of-view gives one impression. Seen from another point-of-

view it gives quite a different impression. But its only when you get the whole picture

you fully understand whats going on.

We can easily misinterpret facts, events and people when we examine them

out of context (or solely based on our own assumptions when it comes to

understanding otherpeoples worlds). It is their context that provides us with

the clues necessary to enable us to understand them. Context locates them inspace and time, as well as the present that we see. It gives us the language to

understand them, the codes to decode them, the keys to their meaning.

~ Holistic approach & cross-national comparative perspectives ~

http://www.youtube.com/watch?v=E3h-T3KQNxUhttp://www.youtube.com/watch?v=E3h-T3KQNxUhttp://www.youtube.com/watch?v=E3h-T3KQNxUhttp://www.youtube.com/watch?v=E3h-T3KQNxUhttp://www.youtube.com/watch?v=E3h-T3KQNxUhttp://www.youtube.com/watch?v=E3h-T3KQNxU

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Dispelling the Myths:

o Entrepreneurs are born, not made

o There is a standard profile or prototype of the entrepreneur

o

Ignorance is bliss for entrepreneurso Entrepreneurs are extreme risk takers (gamblers)

o Entrepreneurs must be inventors

o All you need is luck to be an entrepreneur

o All entrepreneurs need is moneyo Entrepreneurial people are academic and social misfits

o Most entrepreneurial initiatives fail

o Entrepreneurship is unstructured and chaotic

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Entrepreneurship is the process of creating value by bringing together

a unique combination of resources to exploit an opportunity.

Entrepreneurship can occur in:

Start-up ventures

Small firms

Mid-sized companies

Large conglomerates Non-profit organizations

Public sector agencies

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o Both involve opportunity recognition and definition and require a unique business

concept that takes the form of a product, service or process (opportunity-driven)

o Both find the entrepreneur needing to develop creative strategies for leveraging

resources (put resources together in a unique way)

o Both are predicated on value creation and accountability to various stakeholders (create

new value, sustainability )

o Both are driven by an individual champion who works with a team to bring the concept

to fruition

o Both require that the entrepreneur be able to balance vision with managerial skill,

passion with pragmatism, and proactiveness with patience

o Both find the entrepreneur encountering resistance and obstacles, necessitating bothperseverance and an ability to formulate innovative solutions

o Both involve significant ambiguity and entail risk and require risk management

strategies

o Both require harvesting (exit) strategies.

Similarities between start-up and corporate

entrepreneurship

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Start-up Entrepreneurship Corporate Entrepreneurship

Entrepreneur takes the risk Company assumes the risks, other than career-

related risk

Entrepreneur owns the concept or

innovative idea

Company owns the concept, and typically the

intellectual rights surrounding the concept

Entrepreneur owns all or much of the

business

Entrepreneur may have no equity in the company,

or a very small percentage

Potential rewards for the entrepreneur

are theoretically unlimited

Clear limits are placed on the financial rewards

entrepreneurs can receive

One mis-step can mean failure

Vulnerable to outside influence

More room for errors, company can absorb failure

More insulated from outside influence

Independence of the entrepreneur;

although the successful entrepreneur is

typically backed by a strong team

Interdependence of the champion with many

others; may also have to share credit with any

number of people

Major differences between start-up and corporate

entrepreneurship (Part I)

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Start-up Entrepreneurship Corporate Entrepreneurship

Flexibility in changing course,

experimenting or trying new directions

Rules, procedures and bureaucracy hinder the

entrepreneurs ability to maneuver

Speed of decision-making Longer approval cycles

Little security Job security

No safety net Dependable benefit package

Few people to talk to Extensive network for bouncing around ideas

Limited scale and scope initially Potential for sizeable scale and scope fairly

quickly

Severe resource limitations Access to finances, R&D, production facilities for

trial runs, an established sales force, an existing

brand, distribution channels that are in place,

existing databases and market research resources,

and an established customer base

Major differences between start-up and corporate

entrepreneurship (Part II)

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Corporate entrepreneurs remain in the corporate environment rather

than starting their own ventures for three main reasons:

The size of the resource base that they can tap into

The potential to operate on a fairly significant scope and scale fairly quickly

The security they enjoy when operating in an existing company

Organizational politics, management styles & cultural barriers are some of the

main reasons corporate entrepreneurs leave the company.

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An episode from my fieldwork in Tokyo, 2007

One of my informants was a journalist of a major Japanese newspaper corporation. Hefell foul of his superiors by openly criticising the newspapers management style

(such as seniority-based promotion and remuneration)* on his personal website. After

refusing to shut down the website, he was suspended from his usual duties. The

infuriated young man then filed a lawsuit against the newspaper for what he described

as a flagrant breach of freedom ofspeech. Although he lost the case in the end, he

found a new purpose for himself as he put it:

The Japanese firm is corrupt from within. I felt so suffocated by a number of

unreasonable rules and regulations. There is virtually very limited room for individual

freedom and development. In my view, the way in which the Japanese firm and the

Japanese society operate is essentially communist, albeit under a cloak of democracy.

I am now a freelance writer, spending most of my time talking to young people andvoicing their concerns on their behalf. The younger generations of workers are most

vulnerable to corporate abuse and exploitation. Through my work, I wish to make an

impact by revealing the wrongdoing of the Japanese firm. This is, I believe, what a

proper journalist should do.

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Reading for Next Week

Reading the key textbook: Chapter 3 & 4 esp. case study:

Keeping Innovating Alive at P&G (pp82-84)