2. French economist Jean Baptiste say described
an entrepreneur as one who shifts economic
resources out of an area of lower and into an
area of higher productivity and yield
3. Phelps : entrepreneurship is lucrative
Yunus : The simple yet revolutionary idea of
loaning tiny sums to poor people to start a
business
4. Based on the research which was done by
University of Louisiana said that Opportunity
and Change are the two issues most
important to be an entrepreneur.
5. Innovation
◦ Thomas Edison
◦ Intel founder Gordon Moore
◦ Steve Job
Formation of new Industries :
◦ as Joseph Schumpeter observed that the key to the
entrepreneurial renewal comes from the
competition from the new commodity, the new
technology, the new source of supply, the new type
of organization
6. Example :
◦ Skype developed by Niklas Zennstrom and Janus
Friis from Denmark
◦ Cellular One in Eastern Massachusetts lack in size
, financial but has the right strategy by opening
service center outside the downtown area Vs NYNEX
◦ Rapid creation of large market : Jet Blue, Air Asia
7. Entrepreneurship is the new paradigm :
entrepreneurial thinking and reasoning
Entrepreneurship has spawned a new
education paradigm for learning and teaching
Entrepreneurship education is becoming
dominant management model for running
nonprofit organization and social ventures
Entrepreneurship education is transcending
rapidly business school :
engineering, science,
8. 1. Entrepreneurship is the new paradigm
Ex : Marion Kaufman Three principle
a) Values and principle based management
b) Responsibility to community
c) Ethical highground
9. The use of Internet
The European Union‟s plan to make EU the
most competitive Economy include :
1. Fuelling Entrepreneur mindset
2. Encouraging more people to become
entrepreneur
3. Gearing entrepreneur for growth and
competitiveness
4. Improving the flow of finance
5. Creating a more entrepreneurial friendly
regulatory and administrative framework
10. 1994 – 1998 created 5 mill jobs in the US
Microsoft established in the late i970s in
1980 workforce 38 employees with sales $8
mill, by the end of 2004 sales were $21.8 mill
with 31000 employees.
11. Common characteristic of successful
entrepreneurs is their commitment to social
issues
13. Internally :
◦ Motivated
◦ High energy leader
◦ Unique tolerance for ambiguity
The mind is both influenced by and
influences the
psychological, physical, emotional, spiritual
elements of entrepreneur
14. Treat Others as you would want to be treated
Share the wealth that is created with all those
who have contributed to it at all levels
Give back to the community
15. Philanthropy is good for business
Take philanthropy to the factory floor
Link it to your client base
Cast the charity net wide
Manage charity work on a professional basis
Decide charity priorities in advance
16. Understood the importance of well treated
workforce
Shares in the company were offered to staff
17. A single psychological model of
entrepreneurship :
◦ Success of a new venture will depend upon talent
and behavior of the team or lead entrepreneur
◦ Consider recent research said that leadership is an
extraordinary complex subject, depending on the
interconnections among the leader, the task, the
situation, and those being led than inborn or
inherited characteristics
18. The need of achievement
The need of power
The need of affiliation
A study of 118 entrepreneur revealed that
those who like to plan are much more likely
to survive
19. Fundamentals of an entrepreneur in seizing
opportunity:
1. Responsiveness
2. Resilience
3. Adaptability
20. When assessing critical choices:
◦ Gut reaction
◦ Intuition
Similarly when faced with crippling business
◦ Regain their faith to win at the same time calmly
consider options
21. The ability to respond positively to challenges
Personal initiative
Great perseverance and determination
Listening to gut feeling or intuition
22. People : a broad view of entrepreneurship as a
form of human action, pulling together the current
state of the art in academic research with respect
to cognitive, economic, social and institution which
influence entrepreneurial behavior
Process : which follows
Idea, opportunity, team building, resource
acquisition, managing growth and entering global
market
Place refers to a wide and diverse range of
contextual factors
23. Commitment and determination
Courage
Leadership
Opportunity obsession => Obsessed first
with opportunity then money
Tolerance of risk, ambiguity, and uncertainty
Creativity, self reliance, and adaptability
Motivation to excel
Intuitive
24. Tenacious and decisive
Intensely competitive in achieving goals
Persistent in solving problems
Willing to undertake personal sacrifice
Immersed In the mission
25. Moral strength
Fearless experimentation
Not afraid of conflicts, failure
Intense curiosity in the face of risk
26. Self starter; high standard but not
perfectionist
Team builder and hero maker; inspire others
Treats others as you want to be treated
Shares the wealth with people who helped
create it
Superior learner
Patient and urgent
Work by Dr.Allan Grant : lead
entrepreneur, venture team, external
environment influences
27. Leadership in shaping the opportunity
Has knowledge of customer‟s needs
Market driven
Believe in themselves
28. Lead entrepreneur
◦ Self concept
◦ Intellectually honest = admits when he doesn‟t
know
◦ Pace maker =Displays a high energy and a sense of
urgency
◦ Courage = capable of making hard decision
◦ Communication skills = Maintains an effective
dialogue
◦ Team player = Competent in people Management
and team building skills
29. The venture team
◦ Organizational style
◦ Ethical behavior
◦ Faithfulness
◦ Focus
◦ Performance / reward = fairly and equally
◦ Adaptability
30. External environmental influences
◦ Constituent needs= Organization‟s needs are
satisfied
◦ Prior experience
◦ Mentoring
◦ Problem resolution
◦ Value creation
◦ Skill emphasis
31. Obsessed with value creation and
enhancement
Calculated risk taker
Risk minimizer
Risk sharer
Manages paradox and contradictions
Tolerates uncertainty and lack of structure
Tolerate stress and conflict
Able to resolve problem and integrate
solution
32. Open minded
Restless with status quo
Able to adapt
Quick learner
No fear of failure
Able to conceptualize and details
33. Goal and result oriented
Drive to achieve goals and grow
Low need for status and power
Interpersonally supporting not competing
Aware of weakness and strength
Has perspective and sense of humor
34. Passionately committed
Detects meaningful patterns
Thinks holistically
Senses gut type feelings
Processes non local information
35. The lead entrepreneur
The venture team
The external environment influences
Successful Entrepreneur :
1. They know when to use logic and when to
persuade
2. Interpersonally supporting not competing
36. Self concept
Intellectuality honest
Pace maker
Courage
Communication skills
Team Player
38. Constituent needs
Prior experience
Mentoring
Problem resolution
Value creation
Skill emphasis
39. High
INVENTOR ENTREPRENEUR
Creativity
and
Innovation
Promoter Manager,
Administrator
Low
High
General management skills, business knowhow and networks
40. Shaping and Managing an apprenticeship
◦ They have all 10 years of experience
◦ Built contacts
◦ Garnered the know how
◦ Established a track record in the industry
◦ Knowledge of customers
◦ Distribution channels
◦ The more successful ones have made money for
their employer before doing it themselves
◦ Adaptive and resilience
◦ Not afraid of failing
◦ Learn from failure experience
41. MOTIVATION TO EXCELL
◦ Successful entrepreneur are motivated to excel
◦ Have a low need for status and power
◦ Setting high but attainable goals
◦ Insist on the highest standards of integrity and
reliability ( the do what they say)
◦ They believe they personally can affect the
outcome( they don‟t believe in luck, fate)
◦ Self confidence and desire to take personal
responsibility
42. INTUITION IN DECISION MAKING
◦ Entrepreneur rely on intuitive abilities than rational
analytic when identifying new business opportunity
◦ Intuition is the ability of an individual to access
their subconscious mind
43. The role of experience and know how is the
central in successful venture creation
Most successful entrepreneurs follows a
pattern of apprenticeship where they prepare
for becoming entrepreneurs by gaining the
relevant business experiences from parents
who are self employed
44. Numerous studies show a strong connection
between the presence of role models and the
emergence of entrepreneurs.
45. Studies have indicated that 90 per cent or
more founders start their companies in the
same market place technology or industry
they have been working in.
46. 1. Entrepreneur are born, not made
2. Entrepreneurs are gamblers
3. Entrepreneurs want the whole show to
themselves
4. Entrepreneurs work longer and harder than
managers in big companies
5. Entrepreneurs experience a great deal of
stress and pay a high price
6. Money is the most important startup
ingredients
47. Leadership skills
Interpersonal skills
Team Building
Creativity and ingenuity
Motivation
Learning skills
Persistence and determination
Values, Ethics, honesty
Goal setting orientation
Self Discipline
Sense of humor
48. Do what gives you energy
Figure out what can go right and make it
Say” can do” rather than” cannot” or maybe
The cup is half full not half empty
Making money is more fun than spending it
Accept responsibility
Never give up
Make heroes out of others a team builds a
business, individual makes a living
49. Profiling the present
Entrepreneurial attitude & behavior
Various role demands result from pursuit of
opportunities
Getting constructive feedback
◦ From those who can be trusted
◦ Feedback Should be actionable
◦ Need to be honest
◦ Answering, debating and rationalizing should be
avoided
◦ Reaching final conclusion or decisions needs to be
left later time
50. Putting it all together
◦ The process is cumulative , and what an
entrepreneur does about weakness,
52. Entrepreneurship is a way of
thinking, reasoning, and acting that is
opportunity obsessed, holistic in
approach, and leadership balanced for the
purpose of value creation and capture
Today entrepreneurship has evolved beyond
the classic start up notion to include
companies and organizations of all types, in
all stages
53. An innovative idea that develops into a high
growth company
Success in addition to the strong leadership
of the main entrepreneur
Involves building team and complementary
talents
Requires skill to control resources
Most highly successful entrepreneurs have
held together a team and acquired financial
Backing in order to chase opportunity others
may not see
55. Leaders : set aspirations and continually work
at success
Giant firms tend to be hierarchical in
structure, with many layers of review,
approvals and vetoes managing and
administering from Top to Bottom
56. Improvisational, quick, clever, resourceful, an
d inventive all describe good entrepreneur
57. An opportunity with no or very low potential
can be an enormously big opportunity
◦ Steve Job and Steve Wozniak Personal Computer
To make money you have to first loose
money
To create and build wealth one must
relinquish wealth
To success one first has to experience failure
Entrepreneurship requires considerable
thought, preparation, and planning
58. For creativity and innovativeness to prosper
discipline must accompany the process
Entrepreneurship requires a bias toward
action and a sense of urgency, but also
demands patience and perseverance.
59. Remember, entrepreneurship
Is a full contact sport. The
value comes in the collision
Spontaneity
DOLLARS Discipline,
Opportunism
processes
60. THINK BIG ENOUGH = the biggest mistakes
aspiring entrepreneurs make is strategic
As one founder of numerous business put it
= unless the business can pay you at least
fives times your present salary
Arthur Rock => said that opportunity simply :
look for business concepts that will change
the way people live or work
61. Failure rates are high
Failure occur in the first two to five years
70% of failure is in the areas of retail
trade, construction, and small service
business
62. Most smaller enterprises that cease
operation simply do not meet our notion of
entrepreneurship, they do no create, or
pursue opportunities that realize value
63. Who are the survivors?
Higher level of success change dramatically if
the venture reaches a critical mass of at least
10 to 20 people with $2 million to $3 million
revenue
64. Driving process dominate entrepreneurial
process:
1. It is opportunity driven
2. It is driven by a lead entrepreneur and an
entrepreneurial team
3. It is resource parsimonious and creative
4. It depends on the fit and balance among these
5. It is integrated and holistic
6. It is sustainable
65. Opportunity
Strategy
Network
Team or business plan
66. Communication
OPPOR RESOUR
CES
TUNITY
Business plan
LEADERSHIP
CREATIVITY
TEAM
67. We build our understanding of opportunity by first
focusing on market readiness:
1.The consumer trend
2. Behavior
That seek new products or services
68. Thinking money first is a big mistake
Successful entrepreneurs devise ingeniously
creative and stingy strategies to gain control
of resources
69. Team is a key ingredient in the higher
potential team
1. Entrepreneur leader
◦ Learns and teaches – faster, better
◦ Deals with adversity, is resilient
◦ Exhibit integrity, dependability, honesty
◦ Builds entrepreneurial culture organization
2. Quality of the team
70. 2. Quality of the team
◦ Relevant experience and track record
◦ Motivation to excel
◦ Commitment, determination and persistence
◦ Tolerance of risk, ambiguity and uncertainty
◦ Team locus of control
◦ Adaptability
◦ Opportunity obsession
◦ Leadership and courage
◦ communication
71. Building a sustainable venture means
achieving economic , environmental and
social without compromising the same
opportunity for future generations
72. THE OPPORTUNITY :
CREATING, SHAPING, RECOGNISING, SEIZING
73. Think big enough
◦ Idea : is basically a neuron interaction in the brain
◦ Opportunity :
They create or add value to end user
They do by solving a significant problem, meeting
significant want
They have robust market
They are a good fit with the founder(s) and
management team at the time and marketplace – along
with an attractive risk – reward balance
74. To summarize : A superior opportunity has
the qualities of being attractive , durable and
timely and is anchored in a product or service
that creates or adds value for its buyer or end
user.
75. Regulatory changes
Reconstruction of value chain and channel of
distribution
Existing management = new capital structure
Entrepreneurial leadership = new vision and
strategy
Market leaders are customer obsessed or
customer blind
76. Higher potential business
◦ Can identify a market niche for a product to satisfy
customer‟s needs
◦ Serves as problem solver for which customers are
willing to pay
◦ The potential payback period is one year or less
Lower potential opportunities :
◦ Unfocussed on customers‟ needs
◦ Customers are unreachable/ other loyalties to
others
◦ Payback period more than three years
◦ Low value added
77. Market structure :
◦ A fragmented, imperfect market or emerging
industry often contains vacuum that create unfilled
market niche
Market Size
Growth rate= an attractive market is large
and growing
Market capacity
Market share attainable
Cost structure= a firm that can become the
low cost provider is attractive
78. Profit after tax : High and durable gross
margins usually translate into strong and
durable after tax profits
BEP = Break even and positive cash flow are
possible within two years
ROI Potential = Very attractive opportunities
have the potential to yield a return on
investment of 25 % or more per year
Capital requirements : Venture that can be
funded at low and moderate capital are
attractive
79. IRR (Internal Rate of return) = of 25% in 5 to
years is considered very healthy
Gross margin
80. Value added potential such as technology
Valuation multiples
Exit mechanism strategy
Capital market context : the context in which
the sale or acquisition of the company occurs
is largely driven by the capital markets at that
particular time. Timing can be crucial
81. Variable and fixed cost= low cost
attractive
Degree of control strong control over
prices attractive
Entry Barrier being able to gain proprietary
protection, regulatory attractive
82. Entrepreneurial team having a strong team
Industry and technical experience : a
management track record of significant
accomplishment in the industry
Integrity
Intellectual honesty
Fatal flaw issue basically , attractive
ventures have no fatal flaws :an opportunity
is rendered unattractive if it suffers from one
or more fatal flaws
83. Goals and fit : Is there a good match between
the requirements and what the founders want
Upside down issues : an attractive
opportunity does not have excessive
downside risk
Opportunity cost
Desirability
Risk/ reward tolerance
Stress tolerance
84. Degree of fit
Service management
Timing
Technology
Flexibility
Opportunity orientation
Pricing
Distribution channels
Room for error
85. EXISTING BUSINESS
FRANCHISES
PATENTS
PRODUCT LICENSING
CORPORATIONS
NOT FOR PROFIT RESEARCH INSTITUTE
UNIVERSITIES
86. Trade shows and association meetings
Customers
Distributors and whole sellers
Competitors
Former employers
Professional contacts
Consulting
Networking
87. You will need to invest in thorough research
to shape your idea into an opportunity. Data
available about market, competitors and so
on are frequently inversely related to the real
potential of an opportunity
89. Quick screen
1. Focus on a few superior ideas
2. Quickly and efficiently reject ideas
Venture Opportunity Screening Exercise(VOSE)
1. Are designed to segment the screening ideas into
manageable pieces
2. Provide an audit trail of your opportunity - shaping
activity
3. It is important to have realistic view of the
vulnerabilities and realities as well as the opportunity‟s
compelling strength
90. The iterative process of carefully examining
different ideas often :
◦ Trigger creative ideas and insight
◦ How strategy can be altered to enhance the value
chain, risk reward relationship and free cash flow
relationship
91. OPPORTUNIES FOR SOCIAL
ENTREPRENEURSHIP
What is social entrepreneurship :
A movement with a goal to effect positive
social change
92. Venture Mission
Economic Social
Economic
Traditional Social purpose
II I
Primary
Market
Impact
Social
Social Enterprising
consequences non profits
III IV
93. Are founded on the premise that a social
problem will be solved
The venture is for profit
The impact on the market is economic
94. There are two types
1. Utilizes earned income activities
2. Focus on growth and economic
sustainability
95. For Profit – achieving economic goals
For profit – primarily achieving social goals
For profit – equally emphasizing social and
economic goals
Not for profit, serving a social mission
The primary difference between social
entrepreneurship and traditional commercial
views of entrepreneurship is THE INTENDED
MISSION
96. Corporate with CSR practices impact
communities but CSR is not the core
component of their business model, align
best with Social consequence ventures
Starbuck
97. The three major components of Timmons
Model certainly apply to social
entrepreneurship.
Ex : Social opportunities are driven not only
by markets but also mission and social needs.
External stake holders are important
98. Characteristics of wicked problems Characteristics of Tame problems
1. You do not understand the 1.Have well defined and stable
problem until you have developed problem statements
the solution
2. Wicked problems have no 2. Have definite stopping points –
stopping rule when a solution is reached
3.There are no right or wrong 3.Have solution that can be
objectively evaluated as right or
wrong.
4.Every wicked problem is unique 4.Belong to a class of similar
problems that are all solved in a
similar way
5. Every solution to wicked 5.Have solutions that can be easily
problem is one shot operation tried and abandoned.
6. Wicked problems have no given 6. Come with a limited set of
alternative solutions infinite set alternative solutions
99. Resources acquisition is critical to the
success of social ventures, enterprising non
profits and even hybrid forms.
Social venture capital seek to invest in profit
ventures both financial return as well as
environmental return this is also known as
the double bottom line or triple bottom line
100. Social venture capital has three types of
funds :
1. Focused fund : a company invests in
expansion – stage clean
technology, business related to
energy, water
2. Community fund : its purpose is typically
economic development and job creation
3. VC with a conscience : This fund stipulated
that certain percentage will be invested in
socially responsible businesses related to
their target investment area
101. Include : the community, investors, the
government, customers, suppliers, manufactu
rers.
102.
103. Business Plan is more of a process and work
in progress than an end itself.
The Business plan is blueprint and flight plan
for a journey that converts ideas into
opportunities, articulate and the likely flight
and timing for a venture.
104. the numbers in a business plan do not
matter, but the economics of the business
model value proposition matter enormously
105. Runs from four to ten pages, essentially
covers analysis of and information about the
heart of the business
opportunity, competitive advantages the
company will enjoy and creative insights that
entrepreneur often has.
106. Entrepreneur himself is recommended to
write the business plan itself because it
involves the consequences of
strategy, tactics, the human and financial
requirements for launching and building the
venture.
107. Business plan – a written summary of:
◦ An entrepreneur‟s proposed business venture
◦ Its operational and financial details
◦ Its marketing opportunities and strategy
◦ Its managers‟ skills and abilities
It serves two essential functions:
◦ Guiding the company by charting its future course
and defining its strategy for following it
◦ Attracting lenders and investors who will provide
needed capital
108. Purposes of a Business
Plan
Development tool for organizational founders
Vision and mission clarification
Planning and evaluation guidelines
Tool for securing financial resources
Tool for guiding growth
109. Although building a plan does not
guarantee success, it does increase
your chances of succeeding in
business.
A plan is like a road map that
serves as a guide on a journey
through unfamiliar, harsh, and
dangerous territory. Don‟t attempt
the trip without a map!
110. Executive Summary
Mission Statement
Company History
Business and Industry Profile
Business Strategy
Description of Products/Services
111. (continued)
Marketing Strategy
Competitor Analysis
Description of Management
Team
Plan of Operation
Forecasted Financial
Statements
Loan or Investment Proposal
112. Remember: No one can create your plan for
you.
Potential lenders want to see financial
projections, but they are more interested in
the strategies for reaching those projections.
Show how you plan to set your business apart
from competitors; don't fall into the “me too”
trap.
Identify your target market, and offer
evidence that customers for your product or
service exist.
113. (continued)
Make sure your plan has an attractive
cover. (First impressions are crucial.)
Rid your plan of all spelling and
grammatical errors.
Make your plan visually appealing.
Include a table of contents to allow
readers to navigate your plan easily.
Make it interesting.
114. (continued)
Your plan must prove that the business
will make money (not necessarily
immediately, but eventually).
Use spreadsheets to generate financial
forecasts.
Always include cash flow projections.
Keep your plan “crisp” – between 25 and
50 pages long.
Tell the truth – always.
115. Feature – a descriptive fact about a product
or service (“an ergonomically designed, more
comfortable handle”).
Benefit – what a customer gains from the
product or service feature (“fewer problems
with carpal tunnel syndrome and increased
productivity”).
116. The Reality Test - proving that:
◦ a market really does exist for your product or
service.
◦ you can actually build or provide it for the cost
estimates in the plan.
The Competitive Test - evaluates:
◦ a company‟s position relative to its customers.
◦ management‟s ability to create a company that will
gain an edge over its rivals.
The Value Test – proving that:
◦ a venture offers investors or lenders an attractive
rate of return or a high probability of repayment.
117. Demonstrate enthusiasm, but don‟t be
overemotional.
Know your audience thoroughly.
“Hook” investors quickly with an up-front
explanation of the venture, its
opportunities, and its benefits to them.
Hit the highlights; focus on the details
later.
Keep your presentation simple – 2 or 3
major points.
118. (continued)
Avoid overloading your audience with
technological jargon.
Use visual aids.
Close by reinforcing the nature of the
opportunity.
Be prepared (with details) for potential
investors‟ questions.
Follow up with every investor to whom
you make your presentation.
119. Writing a Successful
Business Plan
10 Characteristics:
1. Clear, realistic financial projections
2. Detailed market research
3. Detailed competitor research
4. Descriptions of key decision makers
5. Thorough summary
6. Proof of vision
7. Good formatting and clear writing
8. Brief and concise
9. Writing that demonstrates the importance of the bottom line
10. A plan that captures “you”
121. Cash
Liquidity and timing
Unavoidable conflicts between users and
suppliers of capital
WHAT IS BUSINESS WORTH ?
◦ A=OE +L
122. Cash
Time
Risk
PSYCHOLOGICAL FACTORS DETERMINING
VALUE
◦ P/E Ratio can be thought as the number of years
that it will take the company to accumulate
sufficient profit to earn back the price of its share
123. In reviewing a range of investment
options, most investors will choose the one
that provides the greatest return, with the
lower risk, in the shortest time.
124. Exit value
Expectation of future
Time Horizon
Tolerances for risk
125. Investors expectation as an annual
percentage. It reflects the perceived risk of
the investment
126. 1. DISCOUNTED CASH FLOW defines as the
value of the company as simply the present
value of its future earning
2. THE VENTURE CAPITAL METHOD concerns of
the cash flow received at the exit
The expected price of the venture at time of exit
The amount of time until the exit
The discount rate to be applied
3. INVESTOR‟S REQUIRED OF OWNERSHIP
Investor‟s required share = Amount invested: total
present value
127. 4. THE FIRST CHICAGO METHOD usually focus
on later stage (growth equity, consolidation
and leveraged buyout)
5. OTHER RULE OF THUMB VALUATION
METHODS EBIT, EBITDA
6. OWNERSHIP DILUTION
128. Under this approach early stage ventures are
grouped by the stage of development
1. Pre – seed
2. Seed
3. First institutional round (C) round intended
to fund the development of the structure
and processes expected of a public
company
129. THE DOWN (CRAM DOWN) those ventures
that are able to secure funding tend to find
that valuations have declined precipitously
sometimes become uneconomic for
shareholders
130. DIFFERENT PERCEPTION between
entrepreneur and investor in length of time of
financing
STAGED CAPITAL COMMITMENTS
Increase capital dilute management‟s equity
Enable venture capital firms to control/ shut down
operations
131. SPECIFIC ISSUES
◦ Right of first refusal
◦ Ratchet anti dilution protection
◦ Washout financing
◦ Forced buyout
◦ Demand registration rights
◦ Key person insurance
132. Strategic Circumference
Legal circumference
Attraction to status and size
Unknown territory
Opportunity cost
Underestimation of other costs
Greed
The fundraising treadmill
Being too anxious
Impatience
Make the money and run myopia
134. Tran generational entrepreneurship and
wealth creation : families who are
enterprising generate economic activity and
build long term value across generation
In Australia family firms comprise two – third
of the small and medium sector
135. 1. Family – influenced startups> who formally
launches a new business with family
2. Family corporate venturing >family holding
business that have formal new venture
creation, strategies, plans, departments, or
capabilities.
3. Family corporate renewal > focus on
creating new streams of value through
innovation, transformational change
activities.
136. 4. Family private cash >start up money from
family member or business with a formal
written agreement for market based ROI and
or repayment.
5. Family investment fund >Stand alone
professional private equity or venture
capital controlled by family and/or using
family generated capital
137. Develop communication skills
Make sure to have the same view of future of
working together / common goals
139. Distinctive familiness or „f+‟ refers to when
these families resources and capabilities f+
lead to a competitive advantage for the family
Constrictive familiness or „f-‟ refers to when
they constraint the competitive enterprising
ability of the family
