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Student to future leader: Why learning about entrepreneurship is crucial to every career pathway

Entrepreneurship is defined as the starting of new businesses, usually by an individual who identified a gap in the market and trail blazed their way to success as sole owner and CEO. But you don’t have to share this passion of building your own business to see the value in utilising the same skills for your future career aspirations! We explore the relevancy of entrepreneurial skills for your career in this free one-hour webinar, and hear from a USQ student about how she found success by nurturing these skills and taking a chance.

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Student to future leader: Why learning about entrepreneurship is crucial to every career pathway

  1. 1. Welcome to Country
  2. 2. Student to entrepreneur: Five critical factors to turn your entrepreneurial dream into success Retha Wiesner Professor in Management Director of the WiRE Program www.wireprogram.com Research Program Leader: SME Performance and Entrepreneurial Leadership Institute for Resilient Regions University of Southern Queensland
  3. 3. Do you? • Recognise, create and act on opportunities? • Identify opportunities for creating or releasing value? • Do you form undertakings/ endeavours/ventures/projects that bring together resources to exploit those opportunities? • If yes, then you are entrepreneurial. • Entrepreneurship is not an extraordinary phenomenon but lies dormant in each of us as entrepreneurial potential to act. • Venture – endeavour, enterprise, project, business, undertaking, initiative, pursuit.
  4. 4. Five critical factors of success Purposeful passion/what energises you? (why?) Courage (execution) Luck (attitude and relationships) Savvy and & capability (how and what?)
  5. 5. Purposeful passion/what energises you? • The business plan myth • Finding the why to the what and the how of your venture • The why = authentic purpose and the soul of a venture • Manifested as: Purpose and intensity of feeling + endurance (maternal-like)/attitude towards work + differentiation + commitment • Your passion for your idea is contagious • Passion is what you purposely and ‘insanely’ love doing or what it is that energises you continuously. Factor 1
  6. 6. Fuelled by purpose and hunger, founders with strong purposeful passion characteristics are compelled not only to build a venture but to share their mission and vision with the rest of the world. Purposeful passion is not ‘lust’
  7. 7. When are purposeful passion and commitment most prominent?
  8. 8. Limitations to • Execution and market acceptance • Practical, legible plan of action • Control: what’s more important—the idea or its reach?
  9. 9. Let’s explore and share your purposeful passion
  10. 10. Poll What is your purposeful passion? If you are comfortable sharing, please let us know via the chat function on Zoom.
  11. 11. Let’s explore your purposeful passion • What is your name? • What do you love to do? (write, design, teach, talk, crunch numbers?) • Why do you love doing it so much? • What are you most principally/especially qualified to teach other people? • Who do you do it for? (Others) • What do these people want or need that you give your skill/passion to them? • How do they change as a result of what you give them?
  12. 12. Business savvy and capability (how and what?) Factor 2
  13. 13. Business savvy and capability (how and what?) Academic/Book savvy Practical savvy People savvy Creative savvy Book + practical + people + creative savvy = insight, sensibility, expertise and responsiveness = Business savvy
  14. 14. (a) Academic savvy - analytical prowess and intellectual discipline informs strategies and skills (execution & action)
  15. 15. (b) Street savvy • Street savvy individuals bring a hard- headed practicality and momentum that cuts through stasis. • They read situations and contexts rather than statistics. • They rely on observation, experience, and common sense to come up with what seems to be an obvious solution that their academic savvy colleagues may never have considered.
  16. 16. c) People savvy • A people savvy business-builder engages a pattern recognition that decodes and intuits how people will react. • They factor their perceptions of the opinions of others into your decision making. • Your comprehension of others’ intentions and actions helps you to create and maintain strong relationships and, by anticipating the next moves of your business rivals, maintain your competitive edge in the marketplace.
  17. 17. Master three types of critical conversations People savvy business- builders are great at three types of critical conversations: 1) one-on-one meetings 2) small-group discussions 3) town-hall-style convenings.
  18. 18. Practice social inclusion (empowering others/participation)
  19. 19. Prioritise, focus and cultivate your network of relationships
  20. 20. d) Creative savvy • Visionaries, idea generators, or innovators – grab on to them. • Ideas + push boundaries + ability to express your creativity into reality. • Those with high creative savviness are phenomenal at sensing and interpreting patterns.
  21. 21. Formula for savvy entrepreneurial students • Pattern recognition and trend spotting = Academic savvy + Practical savvy + People savvy + Creative savvy. • The ability to organise, simplify, and prioritise is perhaps the most important quality in Savvy-oriented entrepreneurial students. • It’s about grasping macro and micro trends earlier and faster by connecting different observations and different types of savviness. • Watch out for spending too much time on focusing on financial performance targets rather than on the inputs that drive those numbers. • Find out what caused the results. Find out the why?
  22. 22. Factor 3: Courage The courage to make things happen with the will to act – specifically at critical moments of initiation, endurance and evolution • Courage to initiate - It takes courage to begin something, both at the earliest stages of business formation and at the later, slower-growth stages— when the need for change is evident, but too few people can make that change happen. • The courage to endure: The optimal mind-set? Failure is not an option, but a reality. • The courage to evolve - those with the courage to evolve are able to change the direction of a venture in the face of new competitors or new consumer attitudes, or they are able to recognise the need to change themselves out of leadership for the greater good of the business.
  23. 23. Why courage? • People prefer the status quo. • A courageous individual isn’t someone who doesn’t feel fear; they are someone who acts despite their fear. • The bottom line: Ideas mean nothing without practical action.
  24. 24. Factor 4: Chance/luck • The occurrence of events in the absence of any obvious intention or cause. https://en.oxforddictionaries .com • Luck is an undeniably necessary component of business success.
  25. 25. Developing a chance/luck attitude • A chance/luck attitude = humility + intellectual curiosity + optimism. • Self-fulfilling prophecy: more luck tends to come to those people who believe in possibility and see the good in something before they see the bad. • Chance/luck attitude + luck network = possibility to influence certain types of chance. • Chance/luck network: A subset of one’s network that brings unforeseen positivity (those who want to share your path).
  26. 26. Factor 5 BUT…
  27. 27. Poll… How comfortable are you with failure?
  28. 28. Limit the number of hats you wear • You can’t do everything by yourself and be successful. • Call out for help • Determine what you do best
  29. 29. Don’t be afraid to think outside the box. What’s the story behind your work?
  30. 30. Have a lot of passion for what you are doing.
  31. 31. It takes time, never give up.