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Entrepreneurial Thinking

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Sipan Oknaian

on 19 March 2014

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Transcript of Entrepreneurial Thinking


Sipan Oknaian
University of West of Scotland

Date: 22/03/2013
Phil Knight
Jimmy Wales
Colonel Harland David Sanders
Conrad Hilton
Ferrucio Lamborghini
He attended the University of Oregon. After that he continued his studies in business administration at the Stanford Graduate School of Business where he received his Master's degree in business administration.
Determined from a young age
Love towards sports and athletics; involvement from an early age
Ability to pull together resources he doesn't own
Enthusiastic and eager in expanding his idea; knew with who to contact
Determined, optimistic and motivated in achieving its goal
Highly educated
"When his father refused to give him a summer job at his newspaper [the Oregon Journal], believing that his son should find work on his own, Phil went to the rival Oregonian, where he worked the night shift tabulating sports scores every morning and
running home the full seven miles
Phil Knight
He was a middle-distance runner at the school, his personal best was 4:10 mile, winning varsity letters for track in 1957, 1958, and 1959. At the university he was not the best student, in fact
he spent most of his time in sports, especially athletics.
Made a stop at Japan in November 1962 where he discovered the Tiger trainers manufactured by Onitsuka Inc. Impressed with the low cost and quality, he immediately contacted the owner, Mr Onitsuka, to set up a private meeting.
secured Tiger distribution rights for the western United States.
Mr Knight ordered the Tiger samples and when they came after a year, he mailed two pairs to his track and field coach, Mr Bill Bowerman at the University of Oregon hoping to gain a sale and an influential endorsement.
Bowerman not only ordered the Tiger shoes but also
offered to become a partner
with Knight and would provide some design ideas for better running shoes. Together they formed Nike.
His first sales were made out of
a green Plymouth Valiant automobile
at track meets across the Pacific Northwest.

Founder of
Highly educated
He attended a university preparatory school, Randolph School, and later he earned a bachelor's and a master's degree in finance.
Passion for education was in family's blood
His mother Doris, and his grandmother, Elma ran the House Of Learning which was a small private school in the tradition of the one-room schoolhouse, where Wales and his three siblings received their early education.
As a child he was a keen reader with acute curiosity. He spent lots of hours poring over the Britannicas and World Book Encyclopedias.


took opportunity of internet technology


pursued his greatest passion
In 1996, he and two partners founded Bomis, a web portal featuring user-generatedwebrings and, for a time, erotic photographs which Wales described it as a "guy-oriented search engine"; he used the revenue from the website and pursued his greater passion which was the development of an online encyclopedia.
Good Networker; knew who to hire
In 1996, he and two partners founded Bomis, a web portal featuring user-generatedwebrings and, for a time, erotic photographs which Wales described it as a "guy-oriented search engine"; he used the revenue from the website and pursued his greater passion which was the development of an online encyclopedia.
Provided what was the best for his business and customers; innovative
He adopted the wiki model which would allow editors to contribute simultaneously and incrementally throughout the project, thus breaking Nupedia's bottleneck. Wikipedia was formed.
Adds value to people's lives
Jimmy Wales
Founder of Wikipedia
Involved in the food industry from a young age; Inspired by parents
Sander’s father tried to make a living as a farmer. After his father’s death, his mum took work in a tomato-canning factory, and the young Harland was
required to cook for his family
. When he was 40, he opened a service station in Corbin, Kentucky where he cooked chicken dishes and other meals such as country ham and steaks for customers.
Clever, creative and innovative
Over the next nine years he developed his "Secret Recipe" for frying chicken in a pressure fryer that cooked the chicken much faster than pan frying.
Single handedly battled to make most out of business opportunities; determined; persistent
At age 65, Sanders' store having failed due to the then new Interstate 75 reducing his restaurant's customer traffic, he took $105 from his first Social Security check and began visiting potential franchisees in order to promote his new chicken recipe.

In his travels, he was
rejected on many occasions
. However, Sanders persevered, and after
a little over 1,000 visits
, he finally persuaded Pete Harman in South Salt Lake, Utah to partner with him. They launched the first "Kentucky Fried Chicken" site in 1952.
Colonel Harland Sanders
Founder of Kentucky Fried Chicken (KFC)
Son of an entrepreneur
His father owned a general store and as a young boy, he employed there and cultivated his entrepreneurial skills.

He then worked as a representative in New Mexico's first State Legislature and finally decided to become a banker.
It was with the intention of buying a bank that he arrived in Texas at the height of the oil boom. He
bought his first hotel instead,

the 40-room Mobley Hotel in Cisco, Texas, in 1919, when a bank purchase fell through.
Guided by fate; risk taker
Determined; optimistic; finds solutions to problems.
During the Great Depression Hilton was nearly forced into bankruptcy and lost several of his hotels. Nonetheless he was retained as manager of a combined chain, and eventually
regained control
of his remaining eight hotels.
Growth oriented; profit driven
Over the next decade he expanded west to California and east to Chicago and New York.
Contributed to economic development; innovative, opened up a new market
During the 1950s and 1960s, Hilton Hotels' worldwide expansion facilitated both American tourism and overseas business by American corporations. It was the
world's first international hotel chain,

at the same time promulgating a certain worldwide standard for hotel accommodations.
Highly educated
Hilton received honorary degrees from the University of Detroit (1953), DePaul University (1954), Barat College (1955), Adelphi College (1957), Sophia University, Tokyo (1963), and the University of Albuquerque (1975)
Conrad Hilton
Hilton Hotels & Resorts Founders
Ferrucio Lamborghini
founder of Lamborghini
Gained education and developed expertise on his most passionate area in life
Following his interest in mechanics, Lamborghini studied at the Fratelli Taddia technical institute near Bologna.
In 1940 he was drafted into the Italian Royal Air Force, where he served as a mechanic at the Italian garrison on the island of Rhodes, becoming the supervisor of the vehicle maintenance unit.
Used creativity and introduced a new, improved product
After the war, Lamborghini opened a garage in Pieve di Cento. In his spare time, Lamborghini modified an old Fiat Topolino he had purchased. He made use of his mechanical abilities to transform the homely city car into a roaring 750-cc open-top two-seater.
Financially rich and stable
Lamborghini's increasing wealth allowed him to purchase faster, he literally had one car for every day of the week.
Innovative; confident; knew what he wanted
In 1958, Lamborghini traveled to Maranello to buy a Ferrari 250GT, He thought Ferrari cars were too noisy and were equipped with inferior clutches, and required continuous trips to Maranello for rebuilds. He decided to modify it, eliminating the negatives which the car had and replacing them with positives.
He was able to say 'I DID IT MY WAY'; turned vision into reality
Lamborghini gained the impetus to pursue an automobile manufacturing venture of his own, aiming to create the perfect touring car that he felt no one could build for him.
Profit-driven; Clever
He made triple of the profit by installing the components of his tractors in high-performance exotic car.
Part 2
Enterprising Organizations
•Sony Computer Entertainment Inc.
•Liquid Robotics Inc.
•Nokia Corporation

Sony Computer Entertainment handles the
research & development, production, and sales
of both hardware and software for the PlayStation line of handheld and home console video game systems.
Developed the first PlayStation in 1994

revolutionizing the gaming industry.
Used current technologies, and worked and
came up with new innovations.
PlayStation 2 was announced in 2000. It was a better version of its predecessor and the additional features included: better quality graphics, increased memory capacity, more stylish and included DVD player. It achieved to be one of the
best selling video consoles of all time.
Developed the PSP handheld portable PlayStation device to

allow greater gaming pleasure for users.
PlayStation 3 was the next great innovation by SonyComputerEntertainment, and was released in 2006 replacing the old PlayStation 2. It was aimed to meet the

current technological advances
successfully delivering the anticipated gaming pleasure to its eager and excited customers.
Gives gaming pleasure to

tens of millions of people

around the world and adds value into their lifestyles.
Smart technological innovation; environmental friendly; very efficient in its purpose
first wave-powered, autonomous marine robot.
This persistent and versatile platform for ocean science and exploration
breaks the economic and risk barriers


ocean data collection.
The Wave Glider enables game-changing scientific discoveries to help us
address the biggest challenges
our world faces, including global climate change, national security, hurricane & tsunami warning, and offshore energy & resource management. The glider is
more mobile than a buoy
can stay out longer
than a ship (in any weather) for a
fraction of the cost.
Liquid Robotics is an ocean data services provider and
developer of the Wave Glider
, an autonomous, environmentally powered ocean-going platform for
gathering and remotely transmitting information
about the surface of the ocean, such as water temperature, and the atmospheric conditions above, such as wind speed.
Original; Creative
Catalyst for economic development
Innovative; introduction of a new product/process; very valuable
Its principal products are
mobile telephones and portable IT devices.
Nokia has around 97,798 employees across 120 countries, sales in more than 150 countries and annual revenues of around
€30 billion.
It is the world's
second-largest mobile phone maker

by 2012 unit sales (after Samsung), with a global market share of 22.5% in the first quarter of that year.
It is the world's
143rd-largest company

measured by 2011 revenues according to the Fortune Global 500.
Nokia was the world's
largest vendor

of mobile phones from 1998 to 2012
The Nokia Research Center, founded in 1986, is Nokia's industrial research unit consisting of about 500 researchers, engineers and scientists; it has sites in seven countries. Keeps on

investing in research and development

in order to produce mobile phones which meet the exisiting technological requirements.
Nokia operates a total of

9 manufacturing facilities

located all around the world.
Entrepreneurial TV shows
•The Apprentice UK
•Dragons’ Den
•The Apprentice USA

Part 3
Throughout the show, the entrepreneurs use their skills to complete tasks assigned by Lord Sugar. Areas include: salesmanship, negotiation, requisitioning, leadership, teamwork and organization.
Identifies mistakes made by the entrepreneurs throughout the show allowing a potential entrepreneur to develop his thinking skills and avoid making these mistakes when he wishes to set up a business.
Analysis of the entrepreneurial traits are projected through interviews.
Direct, honest answers allow the audience to get a picture of a successful entrepreneur.
Closing deals, setting up business in a limited time frame, working under pressure, examples of failures and successes are all projected throughout the show. This potentially boosts up the confidence of a prospective entrepreneur as it allows him to become more familiarized with the business environment.
After watching a couple of series, the audience becomes influenced by the entrepreneurial thinking in the show, and as a result they potentially adopt a new way of thinking – entrepreneurial thinking - Potentially leading to emanation of entrepreneurship levels in the economy overall.
The show allows several entrepreneurs to present their various business ideas to a panel of five wealthy investors, the “Dragons” and pitch for financial investment offering a stake of the company in return.
Contestants come to the show presenting their ideas and if successful, he/she will get funding from one or more of the dragons.
The show influences its audience in terms of idea generating and expands their creative potential after having watched a couple of episodes.
Audience learns from the way the great entrepreneurs think, decide, and combat any issues and become influenced and adopt a new way of thinking – entrepreneurial thinking.
Billed as "The Ultimate Job Interview", the U.S. version stars sixteen to eighteen business people competing in an elimination competition.
The prize is a one-year, $250,000 starting contract to run one of Trump's companies. Each episode typically ends with Trump eliminating one of the contestants with the words, "You're fired".
The contestants (who are referred to as candidates) come from backgrounds in various enterprises, but typically include backgrounds in real estate, accounting, restaurant management, consulting management, sales, and marketing.
Just like Apprentice UK, the entrepreneurs' skills are tested by having to complete certain tasks.
Idea generation and creativity which are the main entrepreneurial traits are projected throughout the show, in a real life business setting.
Entrepreneurial traits are projected throughout interviews. This helps the audience to get a picture of what a successful entrepreneur looks like and thus encourages entrepreneurship activities in the economy.
The way the entrepreneurs think, plan and organize in order to complete the assignments are very influential.
Business magnate Lord Sugar gives the opportunity for young British entrepreneurs to participate in this program for a chance to win a financial prize and secure a work place with Lord Sugar himself.
The Apprentice UK
The Apprentice USA
Dragons' Den
Conrad Hilton
Thus, the show helps in potentially boosting up entrepreneurship levels in the economy since audience learns and become more familiar with entrepreneurial thinking after watching a couple of episodes.

The show acts as a medium of encouraging entrepreneurship activities in the economy. For example, when a contestant comes up with an idea that results to being a not so successful one, the audience can identify that upsides and downsides are just natural in the business environment.

This in turn encourages potential entrepreneurs and boosts up their confidence when unsure on setting up businesses.
“Entrepreneurs are individuals who exploit market opportunity through technical and/or organizational innovation"
Schumpeter (1965)
4-traders - Business Leaders, Phillip Knight[Online] Available URL:http://www.4-traders.com/business-leaders/Philip-Knight-241/biography/ [Accessed 19th March 2013]

BBC ONE (2013) The Apprentice [Online] Available
URL:http://www.bbc.co.uk/programmes/b0071b63 [Accessed 20th March 2013]

BBC TWO (2013) Dragons' Den [Online] Available
URL:http://www.bbc.co.uk/programmes/b006vq92 [Accessed 20th March 2013]

Bio. True Story (2013) Colonel Harland Sanders Biography [Online] Available
URL:http://www.biography.com/people/colonel-harland-sanders-12353545 [Accessed 20th March 2013]

Bio. True Story (2013) Conrad Hilton Biography[Online] Available URL:http://www.biography.com/people/conrad-hilton-9339383 [Accessed 20th March 2013]

Forbes (2011) Liquid Robotics to Usher Era of Smart Oceans With Autonomous Robots [Online] Available
URL:http://www.forbes.com/sites/singularity/2012/09/11/liquid-robotics-to-usher-era-of-smart-oceans-with-autonomous-robots/ [Accessed 19th March 2013]

Infoplease (2013) [Online] Available
URL:http://www.infoplease.com/biography/var/jimmywales.htm [Accessed 20th March 2013]

Liquid Robotics [Online] Available
URL:http://liquidr.com/company/about-us.html [Accessed 19th March 2013]

NBC (2013) The Apprentice [Online] Available
URL:http://www.nbc.com/the-apprentice/about/ [Accessed 20th March 2013]

Nokia (2013) [Online] Available
URL:http://www.nokia.com/global/about-nokia/about-us/about-us/ [Accessed 20th March 2013]

NNDB (2012) Ferruccio Lamborghini [Online] Available URL:http://www.nndb.com/people/334/000175806/ [Accessed 20th March 2013]
Full transcript