28 Parts what fs tne patent ° TE change? What is the difference between social entrepreneurs and business entrepreneurs? hat is te ciference between entrepreneurs and small-business ienagers? Briefly desrine what's meant by the term ‘entreaeneurship’ Why do he Frenth word instead of an English equiva Is there a alistinetion between ‘enterprising’ and ‘entrepreneurial in your language? If so, what i? How were entrepreneurs histrealy viewes? What challenges did they face throughout history? In your culture what isthe history of enterprise and entrepreneurship’ When wes the wood "entrepreneur frst used in economic itersture? \ihich school oF entrepreneurs! thought makes most sense to you, and why? ‘tat are the generational gfferences in etrepreneuristactity? Js enirepreneurship telly anather word for ‘human freedom? ‘what are the professions that have the highest proportion of self-employed people? Js your personal ensrepreneurship education curiculum relevant to you? \what personal gain do you expect out of your entrepreneurship education? ‘re you in an entiepeneurial university? Facing you Just as an ecosystem in the plysicel environment is 2 balanced, interdependent quasi-stable community of arganisms fving together, so its industrial a erdegendent firm belonging to the same econamy'®® We can refer to geographical environments that inflvence you in supperting your ‘quest for entrepreneurshin®* According ta Isenberg, entrepreneurs are most successel when they have sceess tothe hurian, financial and professional resourees they need, and operate in an environment in which policies encourage and sefeguard entrepreneurs Tis network is described as the ‘entrepreneurship ecosystem:*? Aulet describes the relevant components of & successful innovation ecosystem a5 individuals, organisations and resources; specifically including government, demand, ‘invention, funding, infrastructure, entrepreneurs and culture ® Here are some ways to be sure your own personal entreprene 1 Within your our culture, Sind “hose success stories an ele medels wha tolerate honest mistakes, take honourable Failure in ther stride, permit risk taking and cultivate contavian thinking, Who ist within your own personal circle who respects entrepreneurship 25 3 warty occupation? 2. entity enowiedgeable people wha have experience in creating organisations, hin, and building structures systems and controls 13. Find the mentoring organisations and industry assocTations that help investors and entrepreneurs network and learn From cone another. 4 Lecate the educational institutions for even online tutorials) that teach Pnancialiterecy nd 5 Pay attention to the publi infrastructure you will b needing, suchas transportation (toads, airports, rlways, container shipping] and communiation (sigital, broadband, mobil {6 Think about relocating yoursel” to 2 geographic iccation that has 2 concentration of peaple who think like you ao. This might be clese to universities raining insitusons, suppliers, cansuting companies and professional asecitions. Subscribe t, or become 2 memioer of, formal or informal groups that link entrepreneurs in the country oF region ard dliagpore networks ~ i particular, high-achieving expatriates logue is the business ecosystem, whichis ‘balanced, quasi-stzle collection of i ship ecasystam iin place. reereneursip,ey Because high achievers lice to zocomplish goal, the detective would have the greatest appeal for them. The politi is are interested in poveer and the millionaire is simply jovi 'S-High achievers tke to do constructive things that help them improve thems first choice, 10 The computer salesperson and the criminal lawyer have 3 much higher need te achieve than does the corporate 0 working on 2 hobby would Summit Software, Inc, recently eslebrated fis Ah year of busines. Jim Mueller, the proprietor. stated the sefiwane manufacturing and dlsteibution company when he was still working as a professor ai the local vniversiy, bet now he enjoys being in the fast-paced tect nology instr. Growth and! expansion were cagy for Jim, thanks to his knowledge, his contacts anid the pool of readily available workers fram whieh to choose, The company that originated in his study novs piesa nice space lose to the city conte Going into the sixth year, Jim continues 10 serve the same target market with eustamer support and lengthy’ projects We acknowtedges that technologics| advancements and new clientele are in the immediate future, All of the cuttent and forceasted w leaves Jim and his three employees with jie time to spend on adminisnative duties ~ let alone new that she company needs fis ow upgrades to continue its race of success and to stay competitive. Looking at Summit's nancial and the amount of work necessary to maintain the busines, he's not sute alee ta go fiom here Following isa srapshot of Jinr's annual sales since inception counts. Jim also realise eat) si1z000 Year? siasoo0 Years 250000 Year 4 sxa6000 Years s4e7000 1s Summit Software a gazelle? Support your 2 What problems may Jim face by awning such a fast-growing business? 3. Are gaveltes more important to the economy than traitional gr TaTAes? Why oF why not? ‘Our Job i to enable our customers to make HOE Using creative thought aud determination, Paul Cave, founder and chairman of BridgeClimb, has created a $50 milion business in just @ few years, effectively monepolising an internationally famous Australian icon brand he doesn't own, ‘apitalising on huge adventisng he doesi't pay for and sending a personaly delivered ware h recommendation "ough one million customer heroes to arguably 100 milion prospects around the world, And this is just the beginning, Paul Cave made no fever than 52 presentation se late 1990s fy an attempt to kale $12 mili to fare a buses that would enable milions of people ta climip the Sydney Harbour Bridge, The predominantly nierchant banking targets thought it was a fascinating opportunity, bul not for their anoney. In the ene, i was another entrepreneur, Brett Blond.\who Cave says ‘put money into this within 60 seconds of my teling him about it and became my Prt major shareholder Analytical minds struggle when there is no precedent to rely upon. Clearly Blundy, like Cave, es searching for ‘opportunities where there was no precedent Just three yeats after BridgeClimb opened, the business was climbing 200000 people per annum (¢wo-thirds oF them International visitors) and achieving a turnover af $50 million; and now more than 2.5 milion people have since climbed. Cave talks privately of a bottom line thot would make Warren Buffett green with ery. Since commencement, the company Is distributed over one milion dollars in special thank-you bonuses to Its 280 staff, Cave isn’: relly surprised at the success of BridgeClimb. Since he first conceived the ides over a decade ago while on a bridge climb with his YPO (Young Presidents Organisation) forum, he was forced to take plenty of time to thik the concept through, “As an entrepreneur, you couldn't have found anything [the barriers] more frustrating. The frst leter from the government basically gave 64 reasons why nar’, he says. Having been on the receiving end of so many ‘No’ answers has made Cave decidedly a ‘Yes’ men. Having now made it possible fr blind and deaf people to make the climb, the next challenge to be avercome isto climb people in wheelchairs and he is cotident of succes. Fortunately, Paul Cave's analytical economics background has not masked bis creative marketing ability ~ nat only to sense a basic business opportunity that has been staring Australians in the face since 1932, but also to see beyond the ‘simple climb to the higher order monopclisable value that Is already generating extraordinary wealth for the eompany. BridgeClim projects that it will pay an estimated $130 million ta the Raads and Treffic Authority of New South Wales ‘ver 20 yeats for exclusive tourism rights to arguably Australia's most internatfonally recognised manmade ican. This cost pales into insignificance when one considers the real value ofthe asset "eased. ‘While the Sydney Havbour Bridge ise i perhaps worth a bilion dollars as a structure, Its value as an established international brand and icon is far greater, probably in the order of tens of billions. The brand is being built Further and ‘maintained by word of mouth and advertising in an extraordinary manner, Being 2 world-frst bridge-climbing experence ives & powerful frst-mover advantage. But being on an already world-fomous bridge in the centre and mast visited tourist city another monopoly. ‘Dut cat's by ne means all. Cave says: "The Austalian Tourist Commission has spent some §20 to $30 million showing commercials featuring BridgeCiib to the rest of the world to bring people here. "Eleven hundred joumalists climbed the bridge during the 2000 Olympic Games and the publicity they generated could have reached an estimated 2.5 billion peaple worldwide, That advertising and publicity has come to us at no cost. ‘The way Cave has harmessed more than a milion climbers as compelling promoters of his company's message further exemplifies the man's intuitive ability to market without money through customer word of mauth. The value delivery system - company culture, defined procedure, staf training, climber preparation, climber satisfaction measure and so an — js designed, a8 Cave pus ft, to delight the customer, “every climber, every time and there fs no exception fo that’. Climbing, ‘now permitted 24 hours a day, seven days a week, happens as often as every 10 minutes whether iti hot, col, raining oF foggy and the customer ratings (excellent plus good] average more than 99 per cent in all conditions. Price isnot an issue, but providing extracrdinary value is, Cave insists. The average pre per person Is $14 and a further $90 is spent om merchandise, He admits thatthe valve people ascribe to the ‘Climb of Your Life’ experience is a voyage of ‘lscovery for him. Once discovered, however, his rind pursued the value Eke 2 dog with a bone. For exaryple, 400 [krown) proposals of marriage have been made on BridgeCiimb, with only one rejection. A technique has been devised so that she "ing can be passed saely and securely down a piece of card to seal the acceptance, integrated valve indeed The advice that Paul Cave offers budding entrepreneurs is deceptively simple when one considers the lengths to which he has gone to implerent his formule Be clear about what it is and don't stray from that course. Keep driving in pursuit of thet goal. He admits that BridgeClinib operating on the Syérey Harbour Bridge is ‘a dream come true’ and his intemational team is working on ‘othr con bridges around the word Don't ty to be all things. Be famous for just one thing, says Cave: ‘We sre doing 2 very simple thing. We are a Facttatar only, caking people tothe top of the bridge, Our job Is to enable our customers t© make heroes of themselves. If Prospective staff find thet unreasonable (that is, the every climber, every time, constant measurement philosophy), please ‘don't come here’, Cave says Sur yon § Bird de Boro (200) "Mseting wiht money: pulie by Pennan Pushing Cop & 2099 by Jab Lyons Und pein.ee 1 What was the opportunity that Cave saw that allowed him to market someone else's product without any money? Cove aves meaning to the I China's hexagram in adversity it furthers ane to be persevering’. Bive your own interpratation ofthis. het does Cave mean when he discusses enabling the customers to become heroes? ‘What entrepreneurial traits cid Cave exhibit in starting this business? ee Courseiiate ‘Visit htpyflogireengagebraincam and use the access code that comes with this book for 12 months access to tee student resources for this text, The CourseMate Express website contains a range of resources and study tools for this chapter, including © Interactive chapter quizzes and media qui © Experiencing entreprencurship self-tests and activities © Online video aetivities, weblinks and mare! Eiplore Search mel management fr articles relevant to this chapter. 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