Mastering Entrepreneurship

Lecture 1
Introduction to Entrepreneurship

October 5th 2017

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 Today’s agenda
▪ Intro: who are we and why are we here?
▪ Course overview : objectives, outline,
teaching methods
▪ Delve into the concept of
entrepreneurship: who, what, why, how?

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Who am I?
Oxford PPE
INSEAD MBA Gillian
Lacey-Solymar
McKinsey and Co

BBC Correspondent
Diverse UCL Lecturer
Career
Own company
Perfect Manors
Goldman
“No-idea Sachs
what-comes-next” Rubbish 10KSB Prog
career health Leader

1985-9 1985-94 94-2008 2008+ 2011-16

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Who am I?

Gillian
Lacey-Solymar

1985-9 1985-94 94-2008 2011-16

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Perfect Manors

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Perfect Manors

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Who is Jeffrey?

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Who is Nevena?

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Who are you and why are you here?

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Objectives of course
There is both a theoretical and
practical element to the course

To give an understanding of:

▪ what is entrepreneurship and how does it
work
▪ the criteria for success of a new business
(personal, market & technical),
▪ whether or not you are interested in
pursuing entrepreneurship

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 You will learn to:
▪ Judge the potential of a high-potential business
concept
▪ Differentiate between an opportunity and just an idea
▪ Appreciate the sources of finance
▪ Recognise the key factors needed for entrepreneurial
success
▪ **Figure out whether you really fancy becoming an
entrepreneur**

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The deal

▪ We teach you really good stuff

▪ You reciprocate

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The deal
▪ Full concentration (no mobiles etc)
▪ Full participation (if you don’t like answering
questions, it’s not the course for you)
▪ Debate

WHY?
▪ We participate fully –so should you
▪ Debate is more interesting than monologue
▪ Good for building confidence
▪ There is no right answer so debate is helpful
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 Multi-tasking doesn’t work

Presentation Title Page 14

 Multi-tasking doesn’t work

Your phones must be off

Your laptops must be away

Presentation Title Page 15

 You do yourself no favours…

“People who multitask all the time can’t filter out irrelevancy. They
can’t manage a working memory. They’re chronically distracted.”
The multitaskers “actually think they’re more productive,” [but they
are deluded.] “They initiate much larger parts of their brain that are
irrelevant to the task at hand.… They’re even terrible at
multitasking. When we ask them to multitask, they’re actually worse
at it [than non-multitaskers]. So they’re pretty much mental wrecks.”
Interview with Clifford Nass, Stanford Communications
Professor
Source:http://www.npr.org/2013/05/10/182861382/the-myth-of-multitasking
Social Sciences - Psychological and Cognitive Sciences:Eyal Ophir, Clifford Nass Clifford, Ophir Eyal, Wagner, Anthony
Cognitive control in media multitaskers PNAS 2009 106 (37) 15583-15587; August 24, 2009,
Presentation Title Page 16
 You do yourself no favours…

“People who multitask all the time can’t filter out irrelevancy. They
can’t manage a working memory. They’re chronically distracted.”
The multitaskers “actually think they’re more productive,” [but they
are deluded.] “They initiate much larger parts of their brain that are
irrelevant to the task at hand.… They’re even terrible at
multitasking. When we ask them to multitask, they’re actually worse
at it [than non-multitaskers]. So they’re pretty much mental wrecks.”
Interview with Clifford Nass, Stanford Communications
Professor
Source:http://www.npr.org/2013/05/10/182861382/the-myth-of-multitasking
Social Sciences - Psychological and Cognitive Sciences:Eyal Ophir, Clifford Nass Clifford, Ophir Eyal, Wagner, Anthony
Cognitive control in media multitaskers PNAS 2009 106 (37) 15583-15587; August 24, 2009,
Presentation Title Page 17
Blog from 2 days ago

“It’s not me demanding

that they [students]
focus — its me and them
working together to help
defend their precious
focus against outside
distractions. ”

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And it’s not fair to others…

▪ We found that participants who multitasked on a laptop

during a lecture scored lower on a test compared to
those who did not multitask, and participants who were
in direct view of a multitasking peer scored lower on a
test compared to those who were not. The results
demonstrate that multitasking on a laptop poses a
significant distraction to both users and fellow students
and can be detrimental to comprehension of lecture
content.
Cepeda, Nicholas Laptop multitasking hinders classroom learning for both users and nearby
peers, Computers and Education: March 2013 p24-31
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Build confidence here – it is low risk

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There is no right answer

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How will you learn?

▪ Lectures
— Discussions
— Frameworks
— Exercises
▪ Guest lectures
▪ Reading –text book
▪ Reading –around the subject
▪ Videos

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How will we check?

▪ Class discussions

▪ 2 assignments -15% each

▪ - Opportunity assessment
— - Case study

▪ Exam -70%
— - 3 hours: based on a case study

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 Course Outline
1. Introduction and the entrepreneur (GLS)
2. Creativity (GLS)
3. Opportunity identification (GLS)
4. Building a competitive advantage/business model
(GLS)
5. Marketing– (GLS) Reading week

1. Sources of capital - (GLS)

2. Teams, rewards and culture - (GLS)
3. The business plan and more on the business
model – (JP)
4. Intellectual property – (JP)
5. Growth models– (JP)
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Guest lectures

— Entrepreneurs come and tell you how it is in the “real

world”!-
— Thursdays –not-quite weekly
— 5-6/5.10-6.10 pm
— Open to all
— Free drinks!
— Compulsory!

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Assignment 1- Opportunity Assessment

— 15% grade
— Deadline Thursday after reading week ie
Thursday Nov 16th at 1.30pm
— Give your view of how great an opportunity a certain
business presents in terms of: the idea, the market,
the people, the resources and the deal
— Likely to be guest lectures 2 and 3

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Assignment 2 – case study

— 15% grade
— Deadline last Thursday of term –
Thursday 14th December 1.30pm
— Answer questions taken from a case
study
— Case study is distributed in advance
— We’ll give you tips on answering case
studies in general

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Reading

▪ Course textbook: Technology Ventures

Technology Ventures: from Idea

to Enterprise 4th International
edition by Byers, Thomas H.,
Dorf, Richard C., Nelson, Andrew
(2014) Paperback

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Who wants to be an entrepreneur?

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Do you want to be…

Jack Ma

Mark Zuckerberg

Elon Musk

Steve
Jobs

Arianna Huffington
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Forbes Magazine: The world’s 16 most
powerful female entrepreneurs –
selection

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Another list of the top 15 female
entrepreneurs:wealthygorilla.com

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Another list of the top 15

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Another list of the top 15

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(Short personal plea)

▪ Please could you women in this room become leading

entrepreneurs?

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List of the top female entrepreneurs:
2027

Xxx who now is the most

powerful woman in the xxx
industry worldwide, after
founding her company in
20xx, was educated at
UCL

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List of the top male entrepreneurs: 2027

YYY who now is the most

powerful man in the yyy
industry worldwide, after
founding his company in
20xx, was educated at
UCL

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 What is an entrepreneur?

▪ Characteristics ▪ Skills

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Characteristics of entrepreneurs

▪ Likes taking decisions

▪ Resilient
▪ Tenacious
▪ Passionate
▪ A leader
▪ Enthusiastic
▪ Convincing
▪ Hardworking
▪ A motivator
▪ Energetic
▪ Likes being in control
▪ Hustler
▪ Thick skin
▪ Risk assessor
▪ Able to deal with stress
▪ Paranoid (?)
▪ Able to deal with failure
▪ Independent
▪ Creative Page
Entrepreneurs’ skills
▪ Leadership
▪ Team building
▪ Communication
▪ Finance
▪ Opportunity evaluation
▪ Risk assessment
▪ Long term perspective
▪ Sound judgement
▪ Evangalism/selling
▪ Ability to inspire
▪ Analytical/Problem solving
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And …What is entrepreneurship?

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