To Educate - To Aide - To Inspire

To Educate - To Aide - To Inspire

To Educate - To Aide - To Inspire Ideas 2015Entrepreneurial Biennial International Business Institute for Community College Faculty INTERNATIONAL ENTREPRENEURSHIP: Birthing, Breeding, or Converting F. Samuel Carter Associate Professor Department of Marketing Institute for Entrepreneurship Assuming the International

Entrepreneurship Course is late in the curriculum, what are its unique value adding areas of content. AGENDA PERSPECTIVES PROBLEMS PROCEDURES Total Early-Stage Entrepreneurial Activity (TEA) Chart Title 30 25 Average % 18-64 population

20 15 10 5 0 ri Af ca ia As c /O

a ni a e Global Entrepreneurship Monitor 2014 Global Report La tin Am ic er r

Ca / a a bi b re n a pe o r Eu n n

io n U Economic Region 2006 2009 2014 nNo a pe o r Eu

n n io n U e op r Eu rth o N Am ic

er a WHATS AT STAKE? Opportunities for Success Global Competitiveness Replacement for World Tensions PERSPECTIVES

The passionate pursuit and exploitation of opportunities across domestic borders through innovation, risk mitigation, and adaptive execution without regard to currently controlled resources. BORN GLOBAL McDougall (1989) states: "international entrepreneurship is the study of the development of international new ventures or start-ups that, from their inception, engage in international business, thus viewing their operating domain as international from the initial stages of the firm's operation."

BORN ENTREPRENEUR McDougall and Oviatt (1996) state: "new and innovative activities that have the goal of value creation and growth in business organization across national borders." BRED GLOBAL McDougall and Oviatt (2000) state: International Entrepreneurship is a combination of innovative, proactive, and risk-seeking behavior that crosses or is compared across national borders

and is intended to create value in business organizations." Wright and Ricks (1994) suggests that international entrepreneurship is a firm-level activity that crosses national borders and focuses on the relationship between businesses and the international environments in which they operate. CONVERTED TO GLOBAL Brain Butler (2010) states: International Entrepreneurship is the systematic overview of the

opportunities, benefits, and rationales for engaging in global entrepreneurship. PERSPECTIVES Creating something new that has value Transform new knowledge and/or new value into a new venture BIRTH CONVERT BREED PERSPECTIVE The state of mind

which orientates human conduct towards entrepreneur ial activities and outcomes: passionate pursuit of opportunities with discipline, discernment, adaptive execution, and networking relationships. McGrath & MacMillan A Global Mindset combines an openness to and awareness of diversity across cultures and

markets with a propensity and ability to see common patterns across countries and markets. .Financial Times Broad Delivers Unique Methodologies for Venture Development METHODOLOGICAL Broad Delivers METHODOLOGICAL ISSUES

Opportunity Analysis o Data Collection o Targeting o Value (Pain) Assessment Risk Mitigation o Engagement o Collaboration Across Business Model Adaptive Execution o RATIONALE FOR VALIDATION Not every Is a Not every Key Here: Is Can it Be Commercialized

with a Profit Is a Key Here: Does it Solve Problem & Is There an Opportunity VALIDATING OPPORTUNITY A favorable or advantageous set of circumstances that makes it possible, or at least highly probable that some set of actions achieves some goal. VALIDATION CRITERIA Validation Checklist Life altering need

Sizable # with need Have M.V.P. Fits Passion Solves Problem Opportunity Industry/Competition Business Model P.olitical E.conomic S.ocial T.echnological L.egal E.nvironment

Lifetime customer value Entry strategies / costs Marginal costs Getting it Right Involves Risk Risk in the Enterprise Development Process (in c Risk Balanced Risk ontr ol) Risk (out of control) Uncertainly (Remaining High)

Amount at Stake Amount at Stake Uncertainly (Coming Down) IDEA TIME a) LAUNCH IDEA TIME LAUNCH IDEA

b) And ye shall know the truth & the truth shall set you free .J 8:32 TIME c) LAUNCH De-Risking is Acquiring Specific Knowledge and Applying it Early in the Innovation Process*** ***Based on 6500 case studies of projects launched & meta-analysis of 12998 projects completed. D E C O M P

O S E D _ R I S K P(LOSS) Ordinary Cum. Costs Ordinary P(LOSS) D Cum. Costs D FFE & DESIGN LAUNCH

Project Progression Over Stages & Time 01/27/2020 Calantone 20 Business Development Process n p a Le rtu ss a e t S oc Pr ea t

e k i on r a at M id l a V vi e R s n sio t s

Te um m le i s in iab ct ion M V u vis d o Re r P st u C s s

ne e l i s d u B Mo lo e ev D er om t en pm ITERATION

ADAPTIVE EXECUTION Dont Plan from a Fort (confined by your assumptions and uncertainties). Get out and attack your GOALS! Passionately pursue contact with customers, suppliers, channel members, and potential partners PROCEDURES DATA ACCESSIBILITY Market Creation activities involves the co-production of shared consciousness, meaning (culture) and moral

responsibility in order to create a community for a platform for market intelligence and possible commercialization There is typically A dearth of customer level and product level data TARGETING: GLOBAL CUSTOMER A customer with a global mindset whose buying

behavior is not limited by their domestic culture, market access, or national economic conditions CHANNEL MAPPING A step-by-step understanding of the intercompany product flow, and an estimate of the cost of each step, opportunities for improvement will literally jump off the CHANNEL MAPPING In collaboration with Tennessee State University, I participated in a study to assess the feasibility of a joint venture for small farm poultry

production in Nigeria. With a plethora of poultry farms within 60 kilometers of Lagos and comparable supply and production costs the price per pound was 10 times that in the Core Curriculum Items Forrest S. Carter, Ph.D. Associate Professor of Marketing Faculty Director, Institute of Entrepreneurship & Innovation [email protected] 517-432-6381

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