Achieving Entrepreneurial Success Through Passion, Vision & Courage

By Brooke R. Envick PhD

The quintessential American Dream is to own a business and make a living doing what you love. For many, this seems quite difficult because there tends to be information overload when you search for ways to do it. On top of that, many people believe that entrepreneurship is only reserved for a select group of people with a certain personality type. While being an entrepreneur is certainly not for everyone, it is a viable option for many. You probably have more passion, vision and courage than you realize to make your entrepreneurial dreams come true!

Based on a 20-year study of approximately 200 successful entrepreneurs, this book is designed to unleash your passion, vision, and courage, provide it with direction, and elevate it to a whole new level, called dynamic success. The Entrepreneurial Intelligence Model is the basis for the book, and it includes three themes and eight qualities for entrepreneurial success:
Passion:
Ambition
Work Ethic
Continuous Learning

Vision:
Innovation
Using People as an
Asset
Courage:
Taking Informed-Risk
Integrity
Resilience

The Entrepreneurial Intelligence Model also includes five action-steps, which are:

Generating Ideas
Creating Value Propositions and a Competitive Advantage
Conducting an Idea Merit Survey
Completing at Feasibility Analysis
Developing a Business Plan

This is all provided in an easy to read, understandable, step-by-step format. If you want to make your American Dream a reality, this book is for you!

• Language: English
• Publisher: AuthorHouse
• Release date: Jun 10, 2013
• ISBN: 9781481749381

Brooke R. Envick PhD

Brooke R. Envick, Ph.D. joined the faculty at St. Mary's University in 1996, shortly after completing her Ph.D. at the University of Nebraska-Lincoln. She is the Paul C. Goelz Chair in Entrepreneurship, Director of the Meadows Center for Entrepreneurial Studies, and Director of the Entrepreneur Scholars Program. She also serves as Chairman of the Board for the Forum on Entrepreneurship Breakfast Series in San Antonio, Texas. Envick specializes her teaching in entrepreneurship, leadership, and small business management. She has received 11 teaching awards, including the Outstanding Educator Award for Innovative and Creative Teaching from the Academy of Educational Leadership. Envick has published over 25 peer reviewed journal articles in over 10 different business management and entrepreneurship journals and is on the editorial board for the Journal of Leadership & Organizational Studies. She has received 13 distinguished research awards at national and international conferences. Envick has served as a start-up and small business growth consultant for several entrepreneurial firms. Most recently, Dr. Envick was selected for Leadership San Antonio, 2012; and she received the Volunteerism & Community Service Award at St. Mary’s University.

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© 2013 Brooke R. Envick, Ph.D.. All Rights Reserved.

No part of this book may be reproduced, stored in a retrieval system, or transmitted by any means without the written permission of the author.

Published by AuthorHouse 06/04/2013

ISBN: 978-1-4817-4937-4 (sc)

ISBN: 978-1-4817-4938-1 (e)

Library of Congress Control Number: 2013908334

Any people depicted in stock imagery provided by Thinkstock are models, and such images are being used for illustrative purposes only.

Certain stock imagery © Thinkstock.

Because of the dynamic nature of the Internet, any web addresses or links contained in this book may have changed since publication and may no longer be valid. The views expressed in this work are solely those of the author and do not necessarily reflect the views of the publisher, and the publisher hereby disclaims any responsibility for them.

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For my parents, Don and Doris Envick,

for providing me with the love, support, and encouragement, to earn my doctorate and liveout my dream career!

Table of Contents

About the Author

Foreword

Acknowledgements

Chapter 1: Understanding Dynamic Success & Developing Entrepreneurial Intelligence

 Developing Entrepreneurial Intelligence

                          Entrepreneurial Intelligence Model

Chapter 2: Passion, Vision, & Courage

 Passion

Ambition

Work Ethic

Continuous Learning

                          Vision

Innovation

Using People as an Asset

                          Courage

Informed Risk-Taking

Resilience

Chapter 3: Idea Generation

 The Economy

                         Politicial & Legal Issues

                         Socio-cultural Issues

                         Technology

                         Markets

                         Industry Structures

                          Product & Service Variations

Chapter 3: Questions to Consider Exercise

Chapter 4: Value Propositions & Competitive Advantage

 Common Value Propositions

                         Competitive Advantage Examples

Chapter 4: Questions to Consider Exercise

          Exercise 4.1: Understanding Value Propositions

Chapter 5: Idea Merit Survey

                       Value Propositions

                          Immediate Benefits

                          Delayed Benefits

                          Limitations

                          Disadvantages

                          Alterability

                          Window of Opportunity

                          Direct Competition

                          Indirect Competition

                          Time to Market

Chapter 5: Questions to Consider Exercise

          Exercise 5.1: The Business Idea Merit Survey

Chapter 6: Feasibility Analysis

 Market Potentia

                         Management Team Capital

                         Financial Viability

Chapter 6: Questions to Consider Exercise

          Exercise 6.1: Market Potential Test

          Exercise 6.2: Management Team Capital Test

          Exercise 6.3: Financial Viability Test

Chapter 7: The Business Concept Statement & Elevator Pitch

                          Business Concept Statement

                          The Elevator Pitch

Chapter 7: Questions to Consider Exercise

          Exercise 7.1: Business Concept Statement

          Exercise 7.2: Developing the Elevator Pitch

Chapter 8: Business Plan Basics

                          Executive Summary

                         General Business Description

                         Product/Service Plan

                         Marketing Plan

                         Management Plan

                         Operations Plan

                         Financial Plan

Chapter 8: Questions to Consider Exercise

          Exercise 8.1: Business Plan Development

Chapter 9: The Learning Zone

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About the Author

Brooke R. Envick, Ph.D. joined the faculty at St. Mary’s University in 1996, shortly after completing her Ph.D. at the University of Nebraska-Lincoln. She is the Paul C. Goelz Chair in Entrepreneurship, Director of the Meadows Center for Entrepreneurial Studies, and Director of the Entrepreneur Scholars Program. She also serves as Chairman of the Board for the Forum on Entrepreneurship Breakfast Series in San Antonio, Texas. Envick specializes her teaching in entrepreneurship, leadership, and small business management. She has received 11 teaching awards, including the Outstanding Educator Award for Innovative and Creative Teaching from the Academy of Educational Leadership. Envick has published over 25 peer reviewed journal articles in over 10 different business management and entrepreneurship journals and is on the editorial board for the Journal of Leadership & Organizational Studies. She has received 13 distinguished research awards at national and international conferences. Envick has served as a start-up and small business growth consultant for several entrepreneurial firms. Most recently, Dr. Envick was selected for Leadership San Antonio, 2012; and she received the Volunteerism & Community Service Award at St. Mary’s University.

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Foreword

The American Dream: … a land in which life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement. ~ James Truslow Adams

The term American Dream was first used in 1931 by James Truslow Adams in his book The Epic of America. Sadly, many people want to fulfill the American Dream by operating their own business, but settle for an unfulfilling career because they do not know how to make it a reality. Others may have some knowledge, experience, and skills but do not think they have enough time.

This book is designed to make your dream become a reality.  It offers a straight-forward, step-by-step process that includes eight essential and learnable qualities of highly successful entrepreneurs and five action-steps that will get your idea transformed into a completed business plan. Whether you’re a single parent with limited time and resources or a fat cat without any entrepreneurial experience, you can hone the eight essential qualities of entrepreneurial intelligence:

• Ambition

• Work ethic

• Continuous learning

• Innovation

• Using people as assets

• Informed risk-taking

• Integrity

• Resilience

These qualities are learnable! While some may be simply a matter of choice, others will take further conditioning. This book provides you with the guidance on how to enhance each of them to achieve dynamic success and realize your own American Dream.

This book also provides you with action-steps to:

• Generate entrepreneurial ideas

• Develop value propositions and a competitive advantage

• Complete an idea merit test

• Conduct a feasibility analysis

• Write the business plan

Acknowledgements

I wish to thank all of the entrepreneurs who I have had the privilege of learning from over the past 16 years, beginning with Donald O. Clifton, who founded Selection Research Inc., and acquired the Gallup Organization. Others include Bill Greehey, Chairman of the Board of NuStar Energy, former Chairman & CEO of Valero Energy Corporation, and the namesake to the Bill Greehey School of Business at St. Mary’s University. In 2013, Mr. Greehey was ranked by Harvard as the 12th best CEO in the United States and 31st in the world! Other acknowlegements include Edward B. Kelley, former Chairman, President & CEO of USAA Real Estate Company; G.P. Singh, Ph.D., founder of Karta Technologies, Inc.; Colleen Barrett, former President & Corporate Secretary for Southwest Airlines who has been recognized as one of the most powerful American business women; and Red McCombs, co-founder of Red McCombs Automotive Group and Clear Channel Communications, and former owner of the San Antonio Spurs, Denver Nuggets, and Minnesota Vikings, and the namesake of the McCombs School of Business at the University of Texas at Austin.

Other entrepreneurs who have directly influenced my ideas and understanding of success include: Edward E. Whitacre Jr., former Chairman of GM and former Chairman & CEO of AT&T; Peter M. Holt, CEO of Holt Cat, the largest Caterpiller dealership in the U.S. and owner of Spurs Sports & Entertainment; and Marty Wender, co-founder & CEO of Wender & Hall, LLC, who was responsible for bringing SeaWorld to San Antonio and was selected as one of the Top-100 developers in the nation by Real Estate Times magaine. There are literally over 100 others I can name, and am truly blessed and deeply grateful for all the knowledge they have provided to my students and me.

I would also like to acknowlege my mentor in entrepreneuship education since 1993, Robin D. Anderson, currently Dean of the Pamplin School of Business Administration at the University of Portland. I served as his graduate assistant while pususing my Ph.D. at the University of Nebraska-Lincoln, where he served as the Director of the Entrepreneurship Center. Anderson founded the Entrepreneur Scholars Program in 1999, which has opened unparalleled opportunities for literally hundreds of students; and it received the National Program Model Award from USASBE in both 2002 and 2012 (an award you can only win once every decade).

I also wish to thank my family, for their continuous dedication, inspiration and guidance. And last, but not least, I thank my students. You are my purpose!

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CHAPTER 1:

Understanding Dynamic Success & Developing Entrepreneurial Intelligence

To give anything less than your best is to sacrifice the gift ~ Steve Prefontaine

Nike is a company that has demonstrated amazing success, primarily due to their marketing prowess. They have not only been able to promote their products through world-class athletes such as Michael Jordan, but they create memorable and meaningful taglines like, Just Do It. These taglines become catchphrases in most households, sports teams, and social scenes.

If you search There Is No Finish Line on the Internet, you will find that it has been applied to many slices of life. There is an academic journal article entitled, There Is No Finish Line for Education. The Austin, Texas Chamber of Commerce used it in the title of their 2007 annual report. And most notorious is the book called No Finish Line, written by Marla Runyan, who was the first legally blind athlete to compete in the Olympic Games. Whether success is sought in education, athletics, business, or any other facet of life, the message is that if you want to continually be the best, there really is no finish line. There is always more you can and must accomplish.

While success can be defined in a number of ways, the most common terms that come to mind include achievement, winning, and gaining prosperity. It may relate to