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Articles of interest
Entrepreneur Value Chain™: Turning Activities Into a Competitive Advantage for Entrepreneurs Every morning I arrive at work I have the pleasure of walking into a room full of aspiring entrepreneurs. The possibility in the room is palpable. The energy in the room is intense. Some strive to develop their entrepreneurial skill set. Some focus on conquering their next venture milestone. Most are struggling to turn a profit for the first time in their life. Entrepreneurs are an interesting bunch; they are refreshing to be around because they’re doers - my kind of people.
When I tell people I teach entrepreneurship, the majority respond with some variation of “how do you do that?” While I am still not convinced that entrepreneurship can be taught, I do know that success in an entrepreneurial endeavor requires interconnectedness between two critical forces. In entrepreneurship, it is the entrepreneur and the venture. These are not opposing forces, but complementary opposites, working together to create value. How do they do this? What does it take?
Most of my students drink the Michael Porter juice and get value chains. I like value chains too – really I like anything that uses visual representation to simplify something complex. So when the 1VBC team set out to create entrepreneur superstars – I naturally suggested a visual representation of what it takes to be a superstar. What it takes is the Entrepreneur Value Chain.
When I tell people I teach entrepreneurship, the majority respond with some variation of “how do you do that?” While I am still not convinced that entrepreneurship can be taught, I do know that success in an entrepreneurial endeavor requires interconnectedness between two critical forces. In entrepreneurship, it is the entrepreneur and the venture. These are not opposing forces, but complementary opposites, working together to create value. How do they do this? What does it take?
Most of my students drink the Michael Porter juice and get value chains. I like value chains too – really I like anything that uses visual representation to simplify something complex. So when the 1VBC team set out to create entrepreneur superstars – I naturally suggested a visual representation of what it takes to be a superstar. What it takes is the Entrepreneur Value Chain.
Becoming a superstar entrepreneur is a process with multiple moving parts that often occur in unison, so it lends itself perfectly to a value chain. Starting at the bottom, the primary activities are segmented into two main cycles: the Entrepreneur Cycle and the Venture Cycle. Working our way up the diagram, each cycle is sustained by a core group of characteristics. Then, the entire process is supported by critical activities. Taken together, the Entrepreneur Value Chain is the visual representation of the activities and characteristics that create a competitive advantage for entrepreneurial superstars.
Successful entrepreneurship begins with the entrepreneur and the venture interacting. A successful entrepreneur engages in certain activities – thinking productively, setting goals, managing time and tasks – and exhibits specific characteristics that support these activities – integrity, reflection and a strong support network.
Once the entrepreneur identifies a venture opportunity, we move to the venture side of the Entrepreneur Value Chain. Here, there are certain necessary activities – validating a problem, solution, and customers, developing a team, creating a sales plan – and specific characteristics that support these activities – the company culture, an advisory board, and customer-focused communications.
What really excites me about the Entrepreneur Value Chain is the inclusion of some fundamental building blocks of entrepreneurship. These cut across the individual and the venture cycles, from before the opportunity jumps out until the business scales.
Successful entrepreneurship begins with the entrepreneur and the venture interacting. A successful entrepreneur engages in certain activities – thinking productively, setting goals, managing time and tasks – and exhibits specific characteristics that support these activities – integrity, reflection and a strong support network.
Once the entrepreneur identifies a venture opportunity, we move to the venture side of the Entrepreneur Value Chain. Here, there are certain necessary activities – validating a problem, solution, and customers, developing a team, creating a sales plan – and specific characteristics that support these activities – the company culture, an advisory board, and customer-focused communications.
What really excites me about the Entrepreneur Value Chain is the inclusion of some fundamental building blocks of entrepreneurship. These cut across the individual and the venture cycles, from before the opportunity jumps out until the business scales.
- Continuous Action
- A Burning Desire to Succeed
- Creative Energy
John R. Fugazzie - Networkpreneur
