Excited to be live blogging from NACCE Miami Dade College Summit
Presenter: Gary Schoeniger, Co-Creator "Who Owns the Ice House"
How do we define entrepreneurship?
In the past we ignored the entrepreneurs and their talents, we focused on The Company. Then we focused on the charismatic start up leaders. But today net new jobs are created outside of large companies. So we know about large companies, small business management but do not know about entrepreneurial process.
How are we teaching?
- Plan & Pitch with tech focus but the problem is that a fraction of 1% are funded by VCs.
- Small Business Management as running a company but entrepreneurship is not management. Assumes trep has customers with traction.
Entrepreneurial Study on the Reality of the Founding of Fortune 500 Firms
- Did not have break through technology
- Little formal planning
- Ad hoc market research
- Start up capital of $10k or less
- Little or no experience in chosen field (BIG Surprise to me.)
What path do these "scrappy" Fortune 500 founders take?
- They connect with their environment by creating something useful. (Transformation Theory changes within a system - Search, Growth and Obsolescence (from Ted Talk on "How are Schools are Killing Creativity)). Solve other people's problems.
- Once founders get traction (people are buying what you are selling), they replicate success, improve continually and create compliance.
- Once environment changes in ways that are outside of our control, the growth starts to slow. Change may be met by entrenched systems. Founders pivot based on external changes and grow or perish.
- Because of growth phase, there is capital to fund new ideas. However, may be hesitant to make big bold bets. May acquire growth, not create internally.
Entrepreneurship = Opportunity Discovery! (Amen)
Gary presents on Who Owns the Ice House?"