2024 RSM Lecture 5 - Entrepreneuring PDF

Lecture 5: Entrepreneuring Responsible Business Leadership  0. Introduction questions Who do you think of What characterizes a Who is already an when you think about good entrepreneur? entrepreneur or...

Lecture 5: Entrepreneuring Responsible Business Leadership  0. Introduction questions Who do you think of What characterizes a Who is already an when you think about good entrepreneur? entrepreneur or entrepreneurship? considering to be one? 2 Classification: Internal  0. Outline for today (and the book!) Entrepreneurs and Varieties of Entrepreneuring their logics entrepreneuring process (“Who?”) (“What?”) (“How?”) 15 MIN BREAK 3 Classification: Internal  “Entrepreneuring is the process and practice(s) of creating new valuable realities.” (Laasch, 2023, p. 242) Encompassess: 1. Addressing needs and challenges as opportunities 2. Expanding novel economic relationships 3. Bringing together resources 4. Creating (shared) value over time and space 4 Classification: Internal  0. Core takeaways of today’s lecture TAKEAWAY I TAKEAWAY II TAKEAWAY III Have an idea of the who, what, Why entrepreneuring will likely How entrepreneuring is and how of entrepreneuring be important to you important for the future 5 Classification: Internal  1. Entrepreneurs and their logics “Who?” Entrepreneurial traits Entrepreneurial types Entrepreneurial logics 6 Classification: Internal  1. “Who?” Some of the traits to characterize entrepreneurs Personality traits 1. High need for achievement Propensity to take responsibility for outcomes 2. High risk-taking propensity Seeking opportunities in spite of the risks faced while doing so 3. Internal locus of control The journey begins with leaders understanding their life stories. Belief in oneself to be able to influence Authentic leaders frame their stories in ways that allow them to see outcomes themselves not as passive observers but as individuals who learn 4. High self-efficacy from their experiences. These leaders make time to examine their Goal orientation and ability to build personal competence necessary to achieve goals experiences and to reflect on them, and in doing so they grow as individuals and as leaders(…)Their interviews showed that you do 5. High extraversion not have to be born with any particular characteristics or traits to Positive energy levels invested in building and maintaining relationships lead. You also do not have to be at the top of your organization. George, Sims, McLean, & Mayer, 2007, p. 1 For more, see: Kerr, Kerr, and Xu’s (2018) Personality Traits of Entrepreneurs: A Review of Recent Literature. 7 Classification: Internal  1. “Who?” Some of the traits to characterize entrepreneurs Daniel Vasella | Novartis Medical problems stoked his passion to become a physician Many long stays in sanitoria (e.g., tuberculosis, meningitis) Sister died of cancer at age 18 and his father at age 20 At 20, medical school and psychotherapy for trauma Decided to use abilities to increase his impact on medicine after failed application to become physician → went into business Became CEO of Novartis in 1996 → Drew on physician role models of his youth for Novartis culture: Compassion, competence, and competition George, Sims, McLean, & Mayer, 2007, pp. 2-3 8 Classification: Internal  1. “Who?” Some of the traits to characterize entrepreneurs Personality traits Dimensions of practice 1. High need for achievement Propensity to take responsibility for 1. Autonomy Productive motive outcomes Value creation 2. High risk-taking propensity Initiated by desiring a meaningful work 2. Innovativeness such as delivering innovation to generate Seeking opportunities in spite of the risks value for stakeholders. faced while doing so 3. Internal locus of control Belief in oneself to be able to influence 3. Proactiveness outcomes 4. High self-efficacy Goal orientation and ability to build personal 4. Competitive aggression Unproductive motive competence necessary to achieve goals Value capture Consists of value-extracting behaviour to 5. High extraversion appropriate existing value and externalize Positive energy levels invested in building costs, potentially reducing others’ overall 5. Risk-taking welfare in the process or even destroying and maintaining relationships positive value(s). 9 Classification: Internal  1. “Who?” Some of the traits to characterize entrepreneurs Personality traits Dimensions of practice Dark Triad characteristics 1. High need for achievement 1. Narcissism Propensity to take responsibility for 1. Autonomy Feeling superior, self-presumed greatness, outcomes believe that others should admire and serve them without expectation of reciprocation 2. High risk-taking propensity 2. Innovativeness Seeking opportunities in spite of the risks 2. Machiavellianism faced while doing so Cynical, little concern for the well-being of others, self-interested 3. Internal locus of control Belief in oneself to be able to influence 3. Proactiveness 3. Psychopathy outcomes Callous, insensitive to others’ needs, lack remorse, life perspective is every man for 4. High self-efficacy himself viewing others as prey or fellow Goal orientation and ability to build personal 4. Competitive aggression predators competence necessary to achieve goals 5. High extraversion Positive energy levels invested in building 5. Risk-taking and maintaining relationships 10 Classification: Internal  1. “Who?” Some of the traits to characterize entrepreneurs “The Dark Triad traits act as powerful Dark Triad characteristics psychological precursors to fraud intentions and behaviors.” 1. Narcissism (Harrison et al., 2018) Feeling superior, self-presumed greatness, believe that others should admire and serve them without expectation of reciprocation Sam Bankman-Fried | FTX “Upwards of 18 percent of CEOs might be 2. Machiavellianism What percentage of considered narcissists […] Up to 3-times more Cynical, little concern for the well-being of CEOs may be prevalent among CEOs than among the general others, self-interested considered population.” (Larcker et al., 2021) 3. Psychopathy narcissists? Callous, insensitive to others’ needs, lack remorse, life perspective is every man for himself viewing others as prey or fellow "The first method for estimating the intelligence of a predators ruler is to look at the men he has around him." "If an injury has to be done to a man it should be so severe that his vengeance need not be feared.” "Whoever believes that great advancement and new benefits make men forget old injuries is mistaken.“ (Machiavelli, 1532/2014) 11 Classification: Internal  1. “Who?” Three logics to characterize entrepreneurs 1. Causation Entrepreneurial manager 3. Bricolage To select among given A practitioner with both management and means (resources) to entrepreneuring competence, able to turn Creatively making do achieve a opportunities into value while administrating with the resources predetermined goal resources available (end) 2. Effectuation To imagine possible new goals (ends) using a given set of means 12 (resources) Classification: Internal  1. “Who?” A different logic to characterize entrepreneurs M1 G1 M2 G2 Given M1 M2 M3 G3 goal M3 M4 M4 G4 ‘Managerial’ ‘Entrepreneurial’ Causal thinking Effectual thinking “No plan ‘Inside-out’ survives contact with‘Outside-in’ the enemy.” Approach Helmuth Karl Bernhard Graf von Moltke Approach Deductive Inductive/abductive (Linear) thinking (Systemic) thinking 13 Classification: Internal  1. “Who?” A different logic to characterize entrepreneurs M1 G1 M2 G2 Given M1 M2 M3 G3 goal M3 M4 M4 G4 Example 1: Grameen Bank Example 2: SEWA Starting societal needs to business Born as a trade union of poor self- opportunities (outside-in approach) employed women in 1972 in Access to capital (cf. collateral) Gujarat, India Microcredit loans > Charity Making destitute women more 99.6% repayment rate in 2017 with independent, navigating complex 97% of borrowers being women social system However, also criticism (e.g., interest Access to loans, temporary refuge, rate, own variation of loan sharks, and schooling community deprivation) Focus on capability development 14 Classification: Internal (e.g., Nussbaum, 2011)  1. “Who?” A different logic to characterize entrepreneurs M1 G1 M2 G2 Given M1 M2 M3 G3 goal M3 M4 M4 G4 Example 1: Primark Example 2: Patagonia Irish fast fashion brand American high end fashion brand Goal: Business model relies on Goal: make products that give back overproducing mass quantities of to the Earth as much as they take cheap and temporarily fashionable Reducing negative externalities garments (planned obsolescence) Right to repair service Lacking consideration for Shared governance: Patagonia externalities, including supply chain Purpose Trust oversight, waste management However, lacking integration of value strategies, and no living wage. chain (Follow The Money, 2023) 15 Classification: Internal  1. Entrepreneurs and their logics “Who?” In short: Entrepreneurs are aware of the business environment and seize opportunities for societal challenges. It is useful to consider different entrepreneurial characteristics, but never definitively. Entrepreneurs as leaders can see and shape their life story. 16 Classification: Internal  2. Varieties of entrepreneuring “What?” Forms of entrepreneuring Your (probable) career and entrepreneuring path! Embedded agency in institutional entrepreneurship Commercial, social, and hybrid entrepreneuring 17 Classification: Internal  Briefly, who already knows where they want to work? 18 Classification: Internal  2. “What?” Forms of entrepreneuring Entrepreneurial act EXTERNAL The smallest building block of different forms INTERNAL of entrepreneuring Intrapreneurship Practice Entrepreneur Intention Example New business Creating a Business Creating a new organization Blake Mycoskie’s TOMS venturing new business (co)founder to realize an opportunity and Shoes business providing to create value shoes to those who need New business Institutional Intrapreneuring Acting from Organizational a) Tackling internal them Unilever’s ‘Sustainable Living venturing entrepreneurship the inside member, organizational change Plan (50 sustainability typically in opportunities opportunities), created by some leading former CEO Paul Polman role b) Using organizational resources to tackle a new external opportunity Institutional Venturing to Any role Changing taken-for granted Greta Thunberg’s entrepreneur- create ‘a new (institutionalized) aspects environmental movement ship normal’ 23 Classification: Internal  2. “What?” Intrapreneurial practices Some intrapreneurial practices 1. Championing: Advocating for the integration of social and business value 2. Communicating: Articulating about the rationale and importance of the transformation whilst actively listening to various stakeholders. 3. Creating innovative solutions: Creating new resource configurations, actions, and relationships. They are not managers of the status quo, but creators of a new, sometimes disruptive one. 4. Catalyzing for change: Inspiring and creating synergies in the work of others. 5. Coordinating: Reaching across internal and external boundaries, mobilizing, and aligning interests and incentives. 6. Contributing: Supporting the success of others. 7. Calculating shrewdly: Being cognizant of the realities of the corporate environment. Change is not framed in terms of ideals or intentions, but in terms of aligned incentives. 8. Assess: Testing how fast and far they can move the transformational process within the realities of the organization. 24 Classification: Internal  EXTRA: “What?” Insider social change agents! Main activities of insider social change agents? 1. Preparing 2. Motivating others 3. Connecting 4. Resourcing 5. Implementing 6. Evaluating 7. Coping Main outcomes of insider social change agents activities? 1. Political changes 2. Cultural changes 3. Structural changes 4. Extra-organizational changes 5. Momentum for further activity 6. Unintended consequences of the effort 7. Individual consequences Zie Heucher et al. (2024) 25 Classification: Internal  EXTRA: “What?” Insider social change agents! FOCUS FOR THE FUTURE? Better understanding what blocks these ‘agents’. Consideration for the ecosystem and interaction between dimensions. Thinking about chain reactions and activation. Zie Heucher et al. (2024) 26 Classification: Internal  EXTRA: “What?” Learning how to sell an issue Some lessons from (social) issue selling 1. Invest in relationships: Appeal to individual concern in a more humanistic way 2. Identify and support issue champions (e.g., relatable, reliable, radical) 3. Change requires patience and incrementality 4. Frames and framing that offers perspective for action (cf. ‘Apocalypse fatigue’) Issue selling: Ansoff (1980), Anderson & Bateman (2000), Dutton & Ashford (1993), Dutton et al. (2001) 27 (Social) issue selling: Wickert & De Bakker (2018), Alt & Craig (2016), Sonenshein (2006; 2014), Howard-Grenville (2007), Bansal (2003), Lauche & Erez (2022) Classification: Internal  2. “What?” Embedded agency in institutional entrepreneurship Institutional “’[E]mbedded agency’, which means that entrepreneurship you are trying to change the rules of the Entrepreneuring to create or game you are playing, while being bound by change taken-for-granted practices the same rules you are trying to change.” (Laasch, 2023, p. 253) 1. Positioning Institutional entrepreneurs require to be seen as legitimate among a divers set of stakeholders. Organization 2. Theorizing They require to create alternatives, to theorize new practices that could become the new normal, Ideas Membership through both discourse and political means. Practices Rituals Values Socialization 3. Institutionalizing The new practices are made the ‘new normal’ (‘institutionalized’) by connecting them to stakeholders' routines and values. Individual actor 28 Classification: Internal  EXTRA: “What?” Embedded agency in inst. entrepreneurship Institutional Some ideas entrepreneurship 1. Coalition building and idea champions (Battilana et al., 2009) Entrepreneuring to create or change taken-for-granted 2. Field-configuring events (Lampel & Meyer, practices 2008; Hardy & Maguire, 2010) 3. Free or experimental spaces (Zietsma & 1. Positioning Lawrence, 2010; Furnari, 2014) Institutional entrepreneurs require to be seen as legitimate among a divers set of stakeholders. 4. Practice-based frameworks and tools (e.g., Theory U, Collective Impact, Reflective Inquiry) 2. Theorizing They require to create alternatives, to theorize new practices that could become the new normal, “How can people step outside their specific through both discourse and political means. contexts to act on the very frameworks of 3. Institutionalizing rules and beliefs that shape their action?” The new practices are made the ‘new (Klag & Langley, 2023, p. 41) normal’(‘institutionalized’) by connecting them to stakeholders' routines and values. For more information, see e.g., Seo and Creed (2002) and Lok & Willmott (2017). 29 Classification: Internal  2. “What?” Commercial, social, and hybrid entrepreneuring Challenges for hybrid ventures: 1. Tensions and trade-offs Oftentimes both logics go together, yet may also evoke paradoxes (cf. Hahn et al., 2015). 2. Mission drift Overplaying one logic disproportionately more than the other logic over time and space. What is social value? Adapted from Alter (2007). “The quantification of the relative importance that people place on the changes they experience in their lives, … [which] is not however captured in market prices”. (Social Value UK) 30 Classification: Internal  2. “What?” Commercial, social, and hybrid entrepreneuring Social entrepreneurship Hybrid Entrepreneurship Ecological entrepreneurship Ashoka “identifies and supports the Kobo360 “ventured with a mobile Commonland “brings people together to world's leading social entrepreneurs, payment that both offers commercial restore landscapes and regenerate the learns from the patterns in their and social value to professional Earth: our common land. With our holistic innovations, and mobilizes a global truck drivers across Ghana, Kenya, approach to landscape restoration - the 4 community that embraces these new Nigeria, Togo, and Uganda.” Returns framework - anyone can work frameworks to build an "everyone a Viable business providing access to with nature and their local community to changemaker world.“” financial infrastructure and personal restore a landscape at scale.” Social enterprise for social safety to truck drivers. Entrepreneurial ventures for ecological entrepreneurs. and social change. 31 Classification: Internal  EXTRA: “What?” An example of Herenboeren Social and ecological entrepreneuring The Netherlands is a global agriculture powerhouse that is very hard to change from inside (e.g., market incentives, culture and community, etc.). Herenboeren is a fast-growing citizen movement started in Boxtel in 2016 by Geert van der Veer. Now 18 fully function farms and 35 initiatives. “You have to specialize, produce at low cost and for the global market.' I always wondered: Why isn't the soil a subject? Where is the ecology?” Herenboerderij is a cooperation of 250 households that invest about € 2000 each (and € 10 per week p.p.) to own their own food production. Mixed farm producing seasonal products on ± 20 hectares (1/3 of land). Community and movement building and (knowledge) exchanges. Huge success! → Scalability of the model? 32 Classification: Internal  2. “What?” Commercial, social, and hybrid entrepreneuring SDG Nexus Challenge: 1. Tensions and trade-offs 03 04 02 05 01 06 2. Mission drift 17 07 16 SDGs 08 3. Negative feedback loops 09 15 10 14 11 13 12 4. Unintended consequences 33 Classification: Internal  2. “What?” Commercial, social, and hybrid entrepreneuring 03 04 02 05 01 06 Leifer’s dissertation research was on 07 chess players, and built on the insight 17 that the best players were not better 16 SDGs 08 than their opponents at seeing further 09 down the rapidly branching tree of 15 possibilities. Rather, they excelled at 10 14 11 keeping their own options open while 13 12 simultaneously putting the squeeze on the viable choices of the other guy. For more information, see e.g., Leifer (1983, 1991) and Ferraro et al. (2015). 34 Classification: Internal  EXTRA: “What?” Social entrepreneurship Social entrepreneurship Necessary characteristics: Essentially contested concept! (Choi & Majumdar, 2014) 1. Social and economic value creation Number of publications per year containing the 2. Social value creation is not secondary to phrase “Social Entrepreneurship” (1954-2013) economic value creation 3. Commercial activities instrumental to achieve a social objective 4. Creative combination of resources Adapted from Pietro Versari’s (2023) Social Entrepreneurship RSM master elective. 35 Classification: Internal  EXTRA: “What?” Social entrepreneurship Social entrepreneurship Essentially contested concept! (Choi & Majumdar, 2014) 1. “Social Innovation” school of thought Social entrepreneurship as innovative activities applied for the creation of social value (e.g., Austin et al., 2006; Dorado, 2006; Zahraa et al., 2009) 2. “Earned Income” school of thought Social entrepreneurship as utilization of commercial activities to earn income to support social oriented activities. (e.g., Thompson, 2002; Mair & Schoen, 2007; Ebrahim et al., 2014) 3. “Positive Externalities” school of thought Social entrepreneurship is the pursuit of sustainable solutions to neglected problems with positive externalities. (e.g., Santos, 2012) Adapted from Pietro Versari’s (2023) Social Entrepreneurship RSM master elective. 36 Classification: Internal  EXTRA: “What?” Social entrepreneurship Value creation Value capture Social entrepreneurship Value creation from an Value capture from an Essentially contested concept! (Choi & Majumdar, activity happens when the activity happens when the aggregate utility of focal actor is able to 2014) society’s members vs appropriate a portion of increases after accounting the value created by the for the opportunity cost of activity after accounting 1. “Social Innovation” school of thought all the resources used in for the cost of resources Social entrepreneurship as innovative activities applied for the that activity that he/she mobilized creation of social value (e.g., Austin et al., 2006; Dorado, 2006; Zahraa et al., 2009) 2. “Earned Income” school of thought Social entrepreneurship as utilization of commercial activities to earn income to support social oriented activities. (e.g., Thompson, 2002; Mair & Schoen, 2007; Ebrahim et al., 2014) A social enterprises is an organization that 3. “Positive Externalities” school of thought maximizes value creation Social entrepreneurship is the pursuit of sustainable solutions to & neglected problems with positive externalities. minimizes value capture (e.g., Santos, 2012) Adapted from Pietro Versari’s (2023) Social Entrepreneurship RSM master elective. 37 Classification: Internal  2. “What?” Roles of social entrepreneurs Social bricoleur Social constructionists Social engineer Theoretical inspiration Hayek, local, contextualized Kirzner, ‘systemic changes Schumpeter’s ‘creative nature of opportunities in expectations’ destruction’ Opportunity Perceive local opportunities Build structures to provide Create more effective or 4th to address local social needs goods and services efficient social systems role? addressing social needs that designed to replace existing governments, agencies, and ones businesses cannot Scale Typically small scale, local in Small to large scale, local to Potential to disrupt existing scope international order globally Resources Use existing local resources, Need important external Find their own resources, tend not to rely on external resources (government, preserve its independence resources charities, NGO etc) to support the structure Pro/ Con Flexibility to face social Scalable and exportable Revolutionize and replace problems, self-reliant/ model in different regions/ existing institutions, in-depth Address only local social Need time and effort for impact/ Uniqueness of the needs fundraising, control by founder, tension and professionals and volunteers conflicts with industry incumbents being disrupted Adapted from Zahraa et al. (2009). 38 Classification: Internal  10 MINUTES BREAK 39 Classification: Internal  2. Varieties of entrepreneuring “What?” In short: Most entrepreneurship takes place within organizations, often through intrapreneuring. There are various practices to draw attention to problems and changes. For complex issues, it is important to formulate and implement strategies for specific sets of problems and that keeps options open whilst putting pressure on those of your competition. 40 Classification: Internal  3. Entrepreneuring process “How?” Opportunities, resources, and the team Navigating the ecosystem The business venture life cycle 41 Classification: Internal  3. “How?” Opportunities, resources, and the team Entrepreneuring process Managing a venture by connecting opportunity, resources, and the team 1. Communication 1. Recognizing opportunities Connecting the dots. Recognizing patterns. 2. Creativity 2. Discovering opportunities Setting out to uncover and address gaps. 3. Creating opportunities 3. Leadership Creation of both supply and demand. 42 Classification: Internal  3. “How?” Opportunities, resources, and the team Entrepreneuring resources Entrepreneurial teams Varieties of different capital The people working together used to seize an opportunity to seize an opportunity Entrepreneuring opportunity An unrealized potential to create value through a venture 43 Classification: Internal  3. “How?” An entrepreneurial ecosystem and its dimensions Entrepreneuring resources Entrepreneurial teams Varieties of different capital The people working together used to seize an opportunity to seize an opportunity Entrepreneuring opportunity An unrealized potential to create value through a venture 44 Classification: Internal  3. “How?” Some things on the venture lifecycle Venture life cycle The different phases ventures typically run through: Starting up, setting up, and settling down. 45 Classification: Internal  3. “How?” Some things on the venture lifecycle I. Starting up II. Taking off III. Settling down 46 Classification: Internal  3. “How?” Some things on the venture lifecycle Leadership crisis Only a quarter of the founding CEOs make it to an IPO in venture capital- backed companies (Wasserman, 2008). Great ideas and commitment, but growing with the needs and requirements of the organization? Losing control versus adding expertise. “Decide on three things at the start: the rules of the game, the stakes, and the quitting time.” Chinese proverb Classification: Internal  3. “How?” Some things on the venture lifecycle Autonomy crisis Managers can become more interested in their own unit than the business as a whole (Greiner, 1998) Most adopted solution: Delegation. However, centralized methods may disenchant employees to leave the organization. “[Employees] have come to possess more direct knowledge about markets and machinery than do their leaders at the top; consequently, they feel torn between following procedures and taking initiative on their own.” (Greiner, 1998, p. 3) Classification: Internal  3. “How?” Some things on the venture lifecycle Control crisis More authority and incentives to delegated managers, who take initiative to penetrate larger markets, respond faster to customers, and develop new products. However, losing control over a highly diversified field operation. Autonomy makes coordination and communication difficult. Example: WeWork’s failed internal controls (during Form S-1 documentation) as CEO Adam Neumann held questionable control over business operations, leading to problematic finances and control. Valuation dropped from $47b to $10b after S- 1 to $250m in 2023. Classification: Internal  3. “How?” Some things on the venture lifecycle Red tape crisis Bureaucra(z)y! The addition of extra reports, processes, functions, all of which contribute to additional work for employees and can risk the wider culture of the business. This can slow down decision making, resulting in a less agile company that cannot respond to market changes while also suffering a wider loss of efficiency/reduced margins. Example: Kodak. Photographic film (cash cow) versus in-house engineer Sasson’s digital camera (already in 1975!). Didn’t want to cannibalize, but consolidate. Classification: Internal  3. “How?” Some things on the venture lifecycle ??? Crisis The incumbent’s curse (cf. Hengelaar, 2017)? Implosion and lethargy? Schumpeter’s creative destruction? 51 Classification: Internal  3. “How?” Some things on the venture lifecycle 52 Classification: Internal  3. “How?” Business plans and business model canvasses Business Model Canvas Helps support developing and testing the core idea of your business (cf. forward- looking, future-oriented) See: Osterwalder & Pigneur (2010). 53 Classification: Internal  3. “How?” Business plans and business model canvasses The Sustainable Business Model Canvas Business Model Canvas See: Osterwalder & Pigneur (2010). 54 Classification: Internal  3. “How?” Business plans and business model canvasses The Triple-Layered Business Model Canvas See: Joyce & Paquin (2016). 55 Classification: Internal  3. “How?” Business plans and business model canvasses The Dynamic BM Framework See: Cosenz & Noto (2018) 56 Classification: Internal  3. “How?” Business plans and business model canvasses The Flourishing Business Canvas See: Flourishing Enterprise Co-lab (2022) 57 Classification: Internal  3. “How?” Business plans and business model canvasses Causal Loop Diagrams Impact of a cable car system in the city of Bogotá, Colombia See: Sarmiento et al. (2020) 58 Classification: Internal  3. “How?” Financing methods, financing development, and scale and scaling Financing methods Financing development Social enterprise Scale and scaling financing through collaboration 59 Classification: Internal  3. “How?” How to achieve scale through collaboration Low control/ High control/ Low risk High risk Extinction Tony B. Corp Petal PATAR Coffee + Patagonia? rebellion? Chocolonely + (menstruation IKEA Barry Callebaut solutions and community) De Vegetarische Slager + Unilever 60 See also: Werner, M. D., Punzi, M. C., & Turkenburg, A. J. K. (2023). Period Power: Organizational Stigma, Multimodality, and Social Entrepreneurship in the Classification: Internal Menstrual Products Industry. Journal of Management Studies.  3. Entrepreneuring process “How?” In short: The entrepreneurial process includes opportunities, a connected business environment, and developments. The process can be affected by critical incidents or crises. There are several tools available for planning and understanding business operations, such as business plans and business model canvases. 61 Classification: Internal  4. Core takeaways of today’s lecture TAKEAWAY I TAKEAWAY II TAKEAWAY III Have an idea of the who, what, Why entrepreneuring will likely How entrepreneuring is and how of entrepreneuring `be important to you important for the future Those with an awareness of a larger Most entrepreneuring will happen inside Entrepreneuring as a comprehensive business environment and opportunities to organizations for you. There are several process of critical activities, developments, address challenges that pose as needs or intrapreneuring practices and ways to get and future-oriented planning in addressing problems to organizations or society as a attention for change. However, remain needs and problems over space, time, and whole reflective about how systems are having its critical incidents effect on you and your activities as well 62 Classification: Internal  Thank you For your time and energy Daan Peeters PhD Candidate Business-Society Management Rotterdam School of Management, Erasmus University Burgemeester Oudlaan 50 3062 PA Rotterdam The Netherlands +31 6 40421263 [email protected] Accredited by Classification: Internal