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CAS
© Ray Wallace 2015
WallaceDr Ray
Outline of my talk
 The Entrepreneur – some thoughts from Richard Branson
 Online evaluations – an individual’s ability to make a good entrepreneur
 Qualities needed by entrepreneurs
 Characteristics which define entrepreneurs
 Skills needed by entrepreneurs
 Some further tips from Richard Branson
 Team building and management
 Cultural awareness
 Entrepreneurship and Higher Education
 Mutual support
 What makes a good business opportunity?
CAS
© Ray Wallace 2015
…. You have the
idea, you have the
money
…. Now you need to
surround yourself
with the right people
…. But first of all we need to examine what
makes someone a successful entrepreneur
First of all a word from Richard Branson on
the subject of entrepreneurs …
Are you cut out to be an entrepreneur?
There are lots of online self-evaluations, quizzes, ‘questions & answers’
out there on the internet. Here are some examples:
• https://www.bdc.ca/EN/articles-tools/entrepreneur-toolkit/business-
assessments/Pages/self-assessment-test-your-entrepreneurial-
potential.aspx?page=Home
• http://www.psychometrictest.org.uk/entrepreneur-test/
• http://psychologytoday.tests.psychtests.com/take_test.php?idRegTest
=3204
• http://www.bbc.co.uk/news/business-33851439
http://www.bbc.co.uk/news/business-33851439
….. It certainly helps to have:
• Strong technology skills
• Expertise in a key area
….. But these are not the key
defining characteristics of
entrepreneurship
…. Once you start looking at what people say are
the characteristics of an entrepreneur you can
easily end up with a list as long as your arm!
…. What you will find however is that
entrepreneurs have many characteristics but
there are some key drivers and qualities that
ultimately lead them to success
Show strong
leadership
Have strong sense
of basic ethics and
integrity
Are willing to
fail
Are serial
innovators
Know what they
don’t know
Have a
competitive spirit
Understand the
value of a
strong peer
network
Have a high
degree of self-
motivation
Show strong
leadership
Have strong sense
of basic ethics and
integrity
Are willing to
fail
Are serial
innovators
Know what they
don’t know
Have a
competitive spirit
Understand the
value of a
strong peer
network
Have a high
degree of self-
motivation
Show strong
leadership
Have strong sense
of basic ethics and
integrity
Are willing to
fail
Are serial
innovators
Know what they
don’t know
Have a
competitive spirit
Understand the
value of a
strong peer
network
Have a high
degree of self-
motivation
Show strong
leadership
Have strong sense
of basic ethics and
integrity
Are willing to
fail
Are serial
innovators
Know what they
don’t know
Have a
competitive spirit
Understand the
value of a
strong peer
network
Have a high
degree of self-
motivation
Show strong
leadership
Have strong sense
of basic ethics and
integrity
Are willing to
fail
Are serial
innovators
Know what they
don’t know
Have a
competitive spirit
Understand the
value of a
strong peer
network
Have a high
degree of self-
motivation
Show strong
leadership
Have strong sense
of basic ethics and
integrity
Are willing to
fail
Are serial
innovators
Know what they
don’t know
Have a
competitive spirit
Understand the
value of a
strong peer
network
Have a high
degree of self-
motivation
Show strong
leadership
Have strong sense
of basic ethics and
integrity
Are willing to
fail
Are serial
innovators
Know what they
don’t know
Have a
competitive spirit
Understand the
value of a
strong peer
network
Have a high
degree of self-
motivation
Show strong
leadership
Have strong sense
of basic ethics and
integrity
Are willing to
fail
Are serial
innovators
Know what they
don’t know
Have a
competitive spirit
Understand the
value of a
strong peer
network
Have a high
degree of self-
motivation
Show strong
leadership
Have strong sense
of basic ethics and
integrity
Are willing to
fail
Are serial
innovators
Know what they
don’t know
Have a
competitive spirit
Understand the
value of a
strong peer
network
Have a high
degree of self-
motivation
Among these key qualities you will generally find the
following personal characteristics
Optimistic
thinker
A sense of
vision
Ability to
inspire other
people
A desire for
autonomy
Risk
tolerance
Drive and
persistence
Resilience
Optimistic
thinker
A sense of
vision
Ability to
inspire other
people
A desire for
autonomy
Drive and
persistence
Risk tolerance
Resilience
Optimistic
thinker
A sense of
vision
Ability to
inspire other
people
A desire for
autonomy
Drive and
persistence
Risk tolerance
Resilience
Optimistic
thinker
A sense of
vision
Ability to
inspire other
people
A desire for
autonomy
Drive and
persistence
Risk tolerance
Resilience
Optimistic
thinker
A sense of
vision
Ability to
inspire other
people
A desire for
autonomy
Drive and
persistence
Risk tolerance
Resilience
Optimistic
thinker
A sense of
vision
Ability to
inspire other
people
A desire for
autonomy
Drive and
persistence
Risk tolerance
Resilience
Optimistic
thinker
A sense of
vision
Ability to
inspire other
people
A desire for
autonomy
Drive and
persistence
Risk tolerance
Resilience
Optimistic
thinker
A sense of
vision
Ability to
inspire other
people
A desire for
autonomy
Drive and
persistence
Risk tolerance
Resilience
…. Additionally successful entrepreneurs must
have or be able to develop the following skills
• Creative and Critical Thinking Skills
• Interpersonal Skills
• Practical Skills
Creative
thinking
Critical
thinking
Problem
solving
Recognising
opportunities
What Why How Maybe
Maybe not
Fresh
perspectives
Unorthodox
solutions
Lateral
thinking
Reasoning
Evaluating
Problem
solving
Decision
making
Analysing
Identification Structuring
Possible
solutions
Logical
reasoning
Decision making Implementation Monitoring
Reasoning
Evaluating
Problem
solving
Decision
making
Analysing
Identification Structuring
Possible
solutions
Logical
reasoning
Decision making Implementation
Monitoring
Leadership and
Motivation
Communication
skills (all types)
Listening
•Active listening
•Empathetic listening
Body language
Personal
relations
Emotionally
intelligent
Negotiation
skills
Customers
Resolving
differences
Ethics
Integrity
Respect
Leadership and
Motivation
Communication
skills (all types)
Listening
•Active listening
•Empathetic listening
Body language
Personal
relations
Emotionally
intelligent
Negotiation
skills
Customers
Resolving
differences
Ethics
Integrity
Respect
Science-based skills
Generic skills –
integral part of
science-based skills
Goal setting
Project
management
Business
plan/Financial
forecast
Decision making
Knowledge
Business
knowledge
Entrepreneurial
knowledge
Opportunity-
specific knowledge
Venture-specific
knowledge
Science-based skills
Generic skills –
integral part of
science-based skills
Goal setting
Project
management
Business
plan/Financial
forecast
Decision making
Knowledge
Business
knowledge
Entrepreneurial
knowledge
Opportunity-
specific knowledge
Venture-specific
knowledge
Some more tips and encouragement from
Richard Branson ….
Building your team
Margerison – McCann Team Management Wheel
Creator/Innovator – likes to come up with new
ideas and different approaches to tasks
Explorer/Promoter – Enjoys exploring possibilities
and looking for new opportunities
Assessor/Developer – Prefers analysing new
opportunities and making them work in practice
Thruster/Organizer – Likes to push forward and get
results
Concluder/Producer – Prefers to work in a
systematic way to produce work outputs
Controller/Inspector – Enjoys focusing on the
detailed and controlling aspects of work
Upholder/Maintainer – Likes to uphold standards
and values and maintain team excellence
Reporter/Adviser – Enjoys giving and gathering
information
The ‘linker’ role involves integrating and coordinating
the work of others within the team and in relation to
external interfaces
The Margerison –McCann model
assumes that people are more
capable and motivated to perform
the types of work which they prefer
A typical Team Management Index (TMI) question
A
2
2
1
0
B
0
1
2
2
One of sixty questions
Selection choice
I definitely prefer possibilities
I prefer possibilities but realities are important to me
I prefer realities but possibilities are important to me
I definitely prefer realities
Four key work questions
• How do people prefer to relate with others?
• How do people prefer to gather and use information?
• How do people prefer to make decisions?
• How do people prefer to organise themselves and others?
How you relate to others
How you use and gather information
How you make decisions
How you organise yourself and others
Extrovert = E
Practical = P
Analytical = A
Structured = S
Introvert = I
Creative = C
Beliefs-based = B
Flexible = F
The Team Management Index scoring
(RIDO) scale
The scores on each scale range over 30
points either side of the centre point
Notes:
• In some situations a person may respond on the right hand side and in other situations on the left. For
example a score of 18 on the extroversion scale and 12 on the introversion scale, shows the range of
preference but overall extroversion dominates ∴ EXTROVERT
• For example, a person who scores E-20, C-5, B-10 and F-7 (E C B F) would have agreed with many more
of the Extrovert responses than the introvert, more of the Creative than the Practical responses, more
of the Beliefs than the Analytical and more of the Flexible than the Structured responses. They would
then map on the Team Management Wheel into the Creator-Innovator sector, with related roles of
Reporter-Advisor and Explorer-Promoter.
Cultural awareness
You can use the model to
understand people from different
cultural backgrounds better,
so that you can prevent
misunderstandings and enjoy a
better working relationship with
them
So now, hopefully, you will have a good idea of the
people with whom you need to surround yourself
Initially you will be looking for people with many
talents and as they will all need paying, you will need
to select them carefully!
There much in the way of guidance and reading
matter to be found on the internet and elsewhere but
there is one key entrepreneurial trait, which I have yet
to mention and it is one that most entrepreneurs rely
on: a highly developed intuition
Most entrepreneurs rely more on
gut feelings to make decisions
than they do on conscious
analysis of a situation. Even
though they may be highly
analytical and like to accumulate
lots of data, their actual decisions
are usually based on what feels
right
How does entrepreneurship fit in with Higher
Education? Some more now from Richard
Branson ….
So you are now all fired up with
enthusiasm but often you can
find yourself on your own with
no kindred spirits around you
….. help can be at hand in the
most unexpected places
… an example from the UK
Totnes Local Entrepreneur Forum
We have learnt about entrepreneurs, their
qualities and characteristics and how they
should build their teams but they also need to
know what will make a good business
opportunity
I will leave you with my thoughts on the FIVE
things that generally need to come together
The product or service will meet a need
The opportunity will work in your location
You have the resources you need to help the business succeed
You can provide the product or service at the right price according to the market
The timing is right in terms of the market and your resources
I hope very much that you have
enjoyed this presentation
You can provide anonymous
feedback at the following web
address:
https://www.surveymonkey.com/r/7HWZMY6

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Employability and the Entrepreneur

  • 1. CAS © Ray Wallace 2015 WallaceDr Ray
  • 2.
  • 3. Outline of my talk  The Entrepreneur – some thoughts from Richard Branson  Online evaluations – an individual’s ability to make a good entrepreneur  Qualities needed by entrepreneurs  Characteristics which define entrepreneurs  Skills needed by entrepreneurs  Some further tips from Richard Branson  Team building and management  Cultural awareness  Entrepreneurship and Higher Education  Mutual support  What makes a good business opportunity?
  • 4. CAS © Ray Wallace 2015 …. You have the idea, you have the money …. Now you need to surround yourself with the right people
  • 5. …. But first of all we need to examine what makes someone a successful entrepreneur
  • 6. First of all a word from Richard Branson on the subject of entrepreneurs …
  • 7.
  • 8. Are you cut out to be an entrepreneur? There are lots of online self-evaluations, quizzes, ‘questions & answers’ out there on the internet. Here are some examples: • https://www.bdc.ca/EN/articles-tools/entrepreneur-toolkit/business- assessments/Pages/self-assessment-test-your-entrepreneurial- potential.aspx?page=Home • http://www.psychometrictest.org.uk/entrepreneur-test/ • http://psychologytoday.tests.psychtests.com/take_test.php?idRegTest =3204 • http://www.bbc.co.uk/news/business-33851439
  • 10. ….. It certainly helps to have: • Strong technology skills • Expertise in a key area ….. But these are not the key defining characteristics of entrepreneurship
  • 11. …. Once you start looking at what people say are the characteristics of an entrepreneur you can easily end up with a list as long as your arm!
  • 12. …. What you will find however is that entrepreneurs have many characteristics but there are some key drivers and qualities that ultimately lead them to success
  • 13. Show strong leadership Have strong sense of basic ethics and integrity Are willing to fail Are serial innovators Know what they don’t know Have a competitive spirit Understand the value of a strong peer network Have a high degree of self- motivation
  • 14. Show strong leadership Have strong sense of basic ethics and integrity Are willing to fail Are serial innovators Know what they don’t know Have a competitive spirit Understand the value of a strong peer network Have a high degree of self- motivation
  • 15. Show strong leadership Have strong sense of basic ethics and integrity Are willing to fail Are serial innovators Know what they don’t know Have a competitive spirit Understand the value of a strong peer network Have a high degree of self- motivation
  • 16. Show strong leadership Have strong sense of basic ethics and integrity Are willing to fail Are serial innovators Know what they don’t know Have a competitive spirit Understand the value of a strong peer network Have a high degree of self- motivation
  • 17. Show strong leadership Have strong sense of basic ethics and integrity Are willing to fail Are serial innovators Know what they don’t know Have a competitive spirit Understand the value of a strong peer network Have a high degree of self- motivation
  • 18. Show strong leadership Have strong sense of basic ethics and integrity Are willing to fail Are serial innovators Know what they don’t know Have a competitive spirit Understand the value of a strong peer network Have a high degree of self- motivation
  • 19. Show strong leadership Have strong sense of basic ethics and integrity Are willing to fail Are serial innovators Know what they don’t know Have a competitive spirit Understand the value of a strong peer network Have a high degree of self- motivation
  • 20. Show strong leadership Have strong sense of basic ethics and integrity Are willing to fail Are serial innovators Know what they don’t know Have a competitive spirit Understand the value of a strong peer network Have a high degree of self- motivation
  • 21. Show strong leadership Have strong sense of basic ethics and integrity Are willing to fail Are serial innovators Know what they don’t know Have a competitive spirit Understand the value of a strong peer network Have a high degree of self- motivation
  • 22. Among these key qualities you will generally find the following personal characteristics Optimistic thinker A sense of vision Ability to inspire other people A desire for autonomy Risk tolerance Drive and persistence Resilience
  • 23. Optimistic thinker A sense of vision Ability to inspire other people A desire for autonomy Drive and persistence Risk tolerance Resilience
  • 24. Optimistic thinker A sense of vision Ability to inspire other people A desire for autonomy Drive and persistence Risk tolerance Resilience
  • 25. Optimistic thinker A sense of vision Ability to inspire other people A desire for autonomy Drive and persistence Risk tolerance Resilience
  • 26. Optimistic thinker A sense of vision Ability to inspire other people A desire for autonomy Drive and persistence Risk tolerance Resilience
  • 27. Optimistic thinker A sense of vision Ability to inspire other people A desire for autonomy Drive and persistence Risk tolerance Resilience
  • 28. Optimistic thinker A sense of vision Ability to inspire other people A desire for autonomy Drive and persistence Risk tolerance Resilience
  • 29. Optimistic thinker A sense of vision Ability to inspire other people A desire for autonomy Drive and persistence Risk tolerance Resilience
  • 30. …. Additionally successful entrepreneurs must have or be able to develop the following skills • Creative and Critical Thinking Skills • Interpersonal Skills • Practical Skills
  • 32. What Why How Maybe Maybe not Fresh perspectives Unorthodox solutions Lateral thinking
  • 36. Leadership and Motivation Communication skills (all types) Listening •Active listening •Empathetic listening Body language Personal relations Emotionally intelligent Negotiation skills Customers Resolving differences Ethics Integrity Respect
  • 37. Leadership and Motivation Communication skills (all types) Listening •Active listening •Empathetic listening Body language Personal relations Emotionally intelligent Negotiation skills Customers Resolving differences Ethics Integrity Respect
  • 38.
  • 39. Science-based skills Generic skills – integral part of science-based skills Goal setting Project management Business plan/Financial forecast Decision making Knowledge Business knowledge Entrepreneurial knowledge Opportunity- specific knowledge Venture-specific knowledge
  • 40. Science-based skills Generic skills – integral part of science-based skills Goal setting Project management Business plan/Financial forecast Decision making Knowledge Business knowledge Entrepreneurial knowledge Opportunity- specific knowledge Venture-specific knowledge
  • 41. Some more tips and encouragement from Richard Branson ….
  • 43. Margerison – McCann Team Management Wheel
  • 44. Creator/Innovator – likes to come up with new ideas and different approaches to tasks
  • 45. Explorer/Promoter – Enjoys exploring possibilities and looking for new opportunities
  • 46. Assessor/Developer – Prefers analysing new opportunities and making them work in practice
  • 47. Thruster/Organizer – Likes to push forward and get results
  • 48. Concluder/Producer – Prefers to work in a systematic way to produce work outputs
  • 49. Controller/Inspector – Enjoys focusing on the detailed and controlling aspects of work
  • 50. Upholder/Maintainer – Likes to uphold standards and values and maintain team excellence
  • 51. Reporter/Adviser – Enjoys giving and gathering information
  • 52. The ‘linker’ role involves integrating and coordinating the work of others within the team and in relation to external interfaces
  • 53. The Margerison –McCann model assumes that people are more capable and motivated to perform the types of work which they prefer
  • 54. A typical Team Management Index (TMI) question A 2 2 1 0 B 0 1 2 2 One of sixty questions Selection choice I definitely prefer possibilities I prefer possibilities but realities are important to me I prefer realities but possibilities are important to me I definitely prefer realities
  • 55. Four key work questions • How do people prefer to relate with others? • How do people prefer to gather and use information? • How do people prefer to make decisions? • How do people prefer to organise themselves and others?
  • 56. How you relate to others How you use and gather information How you make decisions How you organise yourself and others Extrovert = E Practical = P Analytical = A Structured = S Introvert = I Creative = C Beliefs-based = B Flexible = F The Team Management Index scoring (RIDO) scale The scores on each scale range over 30 points either side of the centre point
  • 57. Notes: • In some situations a person may respond on the right hand side and in other situations on the left. For example a score of 18 on the extroversion scale and 12 on the introversion scale, shows the range of preference but overall extroversion dominates ∴ EXTROVERT • For example, a person who scores E-20, C-5, B-10 and F-7 (E C B F) would have agreed with many more of the Extrovert responses than the introvert, more of the Creative than the Practical responses, more of the Beliefs than the Analytical and more of the Flexible than the Structured responses. They would then map on the Team Management Wheel into the Creator-Innovator sector, with related roles of Reporter-Advisor and Explorer-Promoter.
  • 58. Cultural awareness You can use the model to understand people from different cultural backgrounds better, so that you can prevent misunderstandings and enjoy a better working relationship with them
  • 59. So now, hopefully, you will have a good idea of the people with whom you need to surround yourself Initially you will be looking for people with many talents and as they will all need paying, you will need to select them carefully! There much in the way of guidance and reading matter to be found on the internet and elsewhere but there is one key entrepreneurial trait, which I have yet to mention and it is one that most entrepreneurs rely on: a highly developed intuition
  • 60. Most entrepreneurs rely more on gut feelings to make decisions than they do on conscious analysis of a situation. Even though they may be highly analytical and like to accumulate lots of data, their actual decisions are usually based on what feels right
  • 61. How does entrepreneurship fit in with Higher Education? Some more now from Richard Branson ….
  • 62. So you are now all fired up with enthusiasm but often you can find yourself on your own with no kindred spirits around you ….. help can be at hand in the most unexpected places
  • 63. … an example from the UK
  • 65. We have learnt about entrepreneurs, their qualities and characteristics and how they should build their teams but they also need to know what will make a good business opportunity I will leave you with my thoughts on the FIVE things that generally need to come together
  • 66. The product or service will meet a need The opportunity will work in your location You have the resources you need to help the business succeed You can provide the product or service at the right price according to the market The timing is right in terms of the market and your resources
  • 67. I hope very much that you have enjoyed this presentation You can provide anonymous feedback at the following web address: https://www.surveymonkey.com/r/7HWZMY6