ENTRECOMP IMPLEMENTATION - The Entrepreneurship Competence Framework Implementation

Taking the Initiative

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Initiate Processes that create values

Creating Value: where to startClick to read

The value of an organisation is represented by how innovative and sustainable is its underling Business Idea.

Business Ideas might come from two different considerations:

- Valorising unexplored opportunities

- Exploiting unmatched needs

- The Business Idea represents the core values of your organisation.

The main assets of a Business are represented by:

•Platforms

•Processes

•People

Depending on how these elements are combined together, entrepreneurs shape their Business Model, i.e. the way in which an organisation creates and delivers social and economic value.

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The PlatformClick to read

The Business Platform refers to the operational contexts faced on a daily basis by entrepreneurs. The Platform hosts:

•Competitors

•Customers

•Employees

•Technologies

•Market trends

•Macroeconomy dynamics

•Etc.

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ProcessesClick to read

Regardless of their strategic Offer, every business puts is place processes and procedures to create values for their clients.

Raw materials and resources of any kind (inputs) are further refined through technologies, know-hows and experiences (process) to produce and finalise final products / services (output).

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Processes – Value Chain Model Click to read

In the between of the Input-Output Cycle, resources pass through two distinct clusters of processes:

•Primary – the ones that directly contribute to the “transformation” of Inputs into Outputs and the generation of profit (i.e. Sales)

•Secondary – the ones that contribute to the efficiency and efficacy of the firsts (i.e. Technologies development and innovation)

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PeopleClick to read

People Management is one of the greatest and most challenging tasks faced by any entrepreneur.

People (i.e. the know-hows, the professional backgrounds, the technical experiences) represent the true driving force of an organisation.

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Value Creation vs Value OutcomesClick to read

Value is a very complex concept that comes in many forms and shapes:

•Qualitative Value

•Quantitative Value

•Output (the actual “result” in terms of product or service produced by the enterprise)

•Outcome (the expected impact from that product/service not just as profit, i.e. customer satisfaction)

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Take Up Challenges

What is a challengeClick to read

Entrepreneurship is per se an activity with an inherent and very high coefficient of risk.

The assumption of risk is among the few elements that distinct Entrepreneurs from Managers.

Such risk is related to the overall uncertainty upon the success and profitability of the entrepreneurial initiative.

The entrepreneurial challenge consists in facing such uncertainty with courage, method and critical thinking so to mitigate the risk and meet the expected outcomes.

A strategic planning of available resources and consistent objectives will help the entrepreneur in overcoming daily and extraordinary difficulties.

The entrepreneurial mindset sees in challenges great business opportunities waiting to be exploited and capitalised on.

In failure, entrepreneurs find learning outcomes that will help them to reshape their innovation path and re-set their competitive force.

As the famous Irish novelist Samuel Beckett once said:

Fail Harder, Fail better

In business there is no way to avoid challenges: difficulties, risks and unexpected events are a part of the entrepreneurial journey as much as clients and competitors belongs to it.

Successful entrepreneurs stand out from the others thanks to the way they are able to manage the stress that comes with business management – so to re-shape it as a leading force for continuous improvement.

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Avoid the trapsClick to read

Challenges are just new and innovative solutions that are not known yet, but be careful and pay attention to the warning signs.

Make sure to set goals and objectives that are realistic for your reaching, consistently with the resources (technological, financial and experiential) that you can actually rely on.

In other words: aim for the starts, but watch out to not get burn.

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Stick to intentions and carry out your plans

Seeking a definition of PlanClick to read

The mitigation of the entrepreneurial risk and the exploitation of business challenges is not something that happens by magic.

From the strategic planning of your entrepreneurial initiative depends the successful development of the same.

Strategic Planning is a very broad concept. It is possible to sum it up as the definition of the very basics of your business, such as:

- Background and needs/opportunities assessment

- Offer and covered markets

- Targets and final beneficiaries

- Competitors

- Long-term Sustainability

- Financial planning

- Risk assessment

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The Goal-oriented mindsetClick to read

The successful achievement of results implies also a very important intangible resources deployed by the entrepreneurs: his/her mindset and his/her way of being.

A goal-driven person (i.e. the entrepreneur) is driven by the desire to set high standards for him/herself and works towards achieving them.

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How to define your objectivesClick to read

•Keep it simple and define the priorities

•Break down each goal in a set of sub-results

•Be very specific and make them measurable

•Do not push yourself to the limit: set objectives that are achievable

•Scale up your learning curve and capitalise on others’ experience

•Do not go alone: listen the feedbacks and bring back home valuable critiques

•Celebrate the successes and pinpoint the lessons-learners

•Evaluate your overall performance

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Avoid the traps pt.2Click to read

The greatest threat that you might face is falling so much in love with your idea, to not realise when it is time to “let it go”.

Sometimes, when things do not work as expected, it might not about mere procedures and projects: maybe you are just not ready for that challenges yet (i.e. not enough resources, the idea is just not right, your offer does not match the market’s needs etc.).

Sticking to intentions is a conscious process that needs to be carried out with great sensitivity.

Otherwise it might unknowingly lead you to a tunnel-vision attitude that will prevent you to consider and analyse critical “warning” signs.

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