The Balanced Framework by Dr. Greg Watson is a management system that combines the strengths of various business excellence models and methodologies into one comprehensive approach to improving organizational performance.
It integrates the key elements of the Malcolm Baldrige National Quality Award Criteria, the European Foundation for Quality Management (EFQM) Excellence Model, and the International Standards Organization (ISO) Quality Management System standard. It also includes the Lean Six Sigma methodology and the Hoshin Kanri strategic planning process.
The Balanced Framework consists of three key elements:
Strategic Excellence: This focuses on setting the strategic direction of the organization and aligning all activities towards achieving the strategic objectives.
Operational Excellence: This involves improving the efficiency and effectiveness of all operational processes to deliver high-quality products or services to customers.
Organizational Excellence: This relates to developing a culture of continuous improvement and learning throughout the organization.
The Balanced Framework emphasizes a systems perspective, customer focus, leadership involvement, process management, and measurement, analysis, and knowledge management. It encourages organizations to balance their efforts across these areas to achieve sustainable performance improvement.
Essentials Connect, introduced by Entrepreneurship Essentials under Dr. Greg Watson, is a global business networking platform that aids entrepreneurs and innovators. The platform provides round-the-clock access to a premier innovation ecosystem, simplifying the process of networking with industry leaders. It serves as an online startup community and corporate innovation hub, offering resources and support for every stage of business development. The platform includes advanced business education models, access to experienced advisors, investment and financing pathways, and a supportive community network. This comprehensive approach nurtures all aspects of entrepreneurial development, promoting growth and success. New entrepreneurs can benefit from this platform as it provides education, expert advice, financial opportunities, and a supportive network, all of which are crucial in the early stages of business development.
The Leadership Connect service, offered under Entrepreneurship Essentials led by Dr. Greg Watson, is designed to boost the capabilities and unity of entrepreneurial teams by nurturing critical leadership skills. This service is centred around developing influential and visionary leaders as well as cooperative teams, recognizing that the success of a business is not only dependent on its ideas, but also the people who implement them. The service provides customised training and development strategies that match the unique challenges and opportunities that entrepreneurial ventures encounter.
This service benefits entrepreneurs who have launched a new venture by enhancing their leadership skills and the cohesion of their teams, which are crucial for navigating the dynamic business environment. It provides tailored training and development strategies that directly align with their specific challenges and opportunities, increasing their potential for success. In the broader picture, this service contributes to the overall strength and effectiveness of the business by focusing on the people driving the ideas.
Private Coaching, spearheaded by Dr. Greg Watson through The Advisor Network, is an exclusive service that provides personalized and continuous guidance to entrepreneurs and startups. This service utilizes a well-curated collective of professionals, carefully matched to members based on their unique business needs and goals. The coaching offers industry-specific insights, functional business advice, and strategic assistance at various stages of a startup's lifecycle.
For new ventures, this opportunity can serve as a crucial stepping stone in their entrepreneurial journey. The guidance and insights provided can help them navigate the complexities and challenges of starting a business, reduce risks, and optimize their operations. They can benefit from the expert advice to make informed decisions, develop effective strategies, and accelerate their growth.
Established companies at critical inflection points in their growth can also benefit immensely from this service. At such pivotal moments, decisions made can either propel the company to new heights or lead to its downfall. Private Coaching can provide strategic guidance, assist in identifying potential opportunities and pitfalls, and help devise action plans to steer the company towards success.
In summary, Private Coaching is a valuable resource that can significantly benefit businesses at any stage and size by providing expert advice, strategic guidance, and continuous support tailored to their specific needs. This service is most beneficial for those who are committed to learning, growth, and are open to external insights and guidance.
Dr. Greg Watson's philosophy of entrepreneurship revolves around the concept of creating value for others in a manner that benefits all parties involved. He believes that true entrepreneurship is not just about personal gain, but about contributing positively to society while also achieving success. Therefore, entrepreneurship can be defined as the process of identifying opportunities, creating innovative solutions, and establishing a business venture, all with the aim of providing value to others in a mutually beneficial context. This involves having an entrepreneurial mindset and spirit, which includes traits such as resilience, creativity, and a willingness to take risks.
Entrepreneurial Mindset refers to a specific state of mind which orientates human conduct towards entrepreneurial activities and outcomes. Individuals with entrepreneurial mindsets are often drawn to opportunities, innovation and new value creation.
This mindset consists of a range of different traits such as optimism, creativity, resilience, adaptability, leadership, and the capacity to take calculated risks.
The importance of an entrepreneurial mindset is significant in today's fast-paced business environment for several reasons:
Problem Solving: Entrepreneurs are often faced with numerous challenges. An entrepreneurial mindset helps to view these challenges as opportunities and find innovative solutions.
Adaptability: The business environment is constantly changing. Having an entrepreneurial mindset helps individuals adapt to these changes and seize the opportunities that come with them.
Resilience: Failure is a part of any business. How one reacts to failure can be the difference between success and giving up. An entrepreneurial mindset enables individuals to learn from their failures and bounce back stronger.
Innovation: To remain competitive in today's market, businesses need to constantly innovate. An entrepreneurial mindset fosters creativity and encourages the exploration of new ideas.
Economic Growth: Entrepreneurs with the right mindset contribute to economic growth by creating new businesses and jobs.
Leadership: An entrepreneurial mindset encourages the development of leadership skills, including decision-making, strategic thinking, and team management.
In summary, an entrepreneurial mindset is vital not only for entrepreneurs but also for employees, students, and anyone who wants to thrive in today's dynamic and competitive world. It can open doors to new opportunities, foster innovation, and drive economic growth.
Core Value: Offering practical, actionable guidance and support to individuals beyond mere motivation and entertainment. We focus on providing value in the form of effective strategies and processes that can be implemented in real-life situations. The goal is not just to inspire but to bring about a real, tangible change in people's lives within a suitable timeframe.
Building Skills and Knowledge: An entrepreneurial coach can help you gain necessary skills and knowledge in business management, strategic planning, and decision-making. They can guide you on various aspects such as finance, marketing, sales, human resources, and operations.
Goal Setting: They can assist you in setting realistic and achievable business goals. They help you create a vision for your business and a road map to reach there.
Identifying Strengths and Weaknesses: A coach can provide an unbiased perspective on your strengths and weaknesses. They can help you leverage your strengths and work on your weaknesses to ensure a balanced growth.
Overcoming Challenges: Every business faces challenges and a coach can provide guidance on how to handle them effectively. They can offer solutions based on their experience and knowledge.
Accountability: A coach holds you accountable for your actions and decisions. This can motivate you to stay focused and committed to your goals.
Enhancing Leadership Skills: A coach can help you develop leadership skills like effective communication, decision-making, and team management. They can assist you in becoming a leader who can inspire and motivate the team.
Building Network: They can introduce you to other professionals, potential partners, or clients, helping you expand your business network.
Confidence Building: By providing feedback and encouragement, a coach can help boost your confidence. This can help you take calculated risks and make bold decisions for your business.
Work-Life Balance: Starting a new business can often lead to stress and burnout. An entrepreneurial coach can help you manage your time effectively, ensuring a healthy work-life balance.
Personal Development: Apart from business growth, a coach can also contribute to your personal development. They can help you improve your problem-solving skills, time management, and emotional intelligence.
Entrepreneurial Theory and Thought
System that supports the creation and growth of new ventures
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An entrepreneurial ecosystem or entrepreneurship ecosystems are peculiar systems of interdependent actors and relations directly or indirectly supporting the creation and growth of new ventures.[1][2][3]
"Ecosystem" refers to the elements, individuals, organizations or institutions outside the individual entrepreneur that are conducive to, or inhibitive of, the choice of a person to become an entrepreneur, or the probabilities of his or her success following launch. Organizations and individuals representing these elements are referred to as entrepreneurship stakeholders. Stakeholders are any entity that has an interest, actually or potentially, in there being more entrepreneurship in the region. Entrepreneurship stakeholders may include government, schools, universities, private sector, family businesses, investors, banks, entrepreneurs, social leaders, research centers, military, labor representatives, students, lawyers, cooperatives, communes, multinationals, private foundations, and international aid agencies.
In order to explain or create sustainable entrepreneurship, one isolated element in the ecosystem is rarely sufficient. In regions which have extensive amounts of entrepreneurship, including Silicon Valley, Boston, New York City, and Israel,[4] many of the ecosystem elements are strong and typically have evolved in tandem. Similarly, the formation of these ecosystems suggests that governments or societal leaders who want to foster more entrepreneurship as part of economic policy must strengthen several such elements simultaneously. However, recent research shows that government policy is often limited in what it can do to develop entrepreneurial ecosystems.[5]
In July 2010, the Harvard Business Review published an article by Daniel Isenberg, Professor of Entrepreneurship Practice at Babson College, entitled How to Start an Entrepreneurial Revolution.[6] In this article, Isenberg describes the environment in which entrepreneurship tends to thrive. Drawing from examples from around the world, the article proposes that entrepreneurs are most successful when they have access to the human, financial and professional resources they need, and operate in an environment in which government policies encourage and safeguard entrepreneurs. This network is described as the entrepreneurship ecosystem.
The Babson College Entrepreneurship Ecosystem Project then categorizes this framework into these domains: policy, finance, culture, supports, human capital and markets. Much additional scholarship has reinforced this conceptualization, and Liguori and colleagues developed a measure that has been widely used nationally to assess communities from Tampa to Philadelphia to Chicago, and more.[1][7]
Policy covers government regulations and support.
Finance domain includes the full spectrum of financial services available to entrepreneurs.
Culture covers societal norms and success stories that help to inspire people to become entrepreneurs.
Support domain includes non-governmental institutions, infrastructure and the professionals support such as investment bankers, technical experts and advisors.
Markets cover entrepreneurial networks and customers.
Human capital includes education system and the skill level of the workforce.
Several academic researchers have begun to investigate entrepreneurial ecosystems as well. Spigel[8] suggests that ecosystems require cultural attributes (a culture of entrepreneurship and histories of successful entrepreneurship), social attributes that are accessed through social ties (worker talent, investment capital, social networks, and entrepreneurial mentors) and material attributes grounded in a specific places (government policies, universities, support services, physical infrastructure, and open local markets). Stam[9] distinguishes between framework conditions of ecosystems (formal institutions, culture, physical infrastructure, and market demand) with systematic conditions of networks, leadership, finance, talent, knowledge, and support services.
Emerging entrepreneurial ecosystems (EEEs) are often evaluated using tangible metrics like new products, patents, and venture capital funding. However, Hannigan et al. (2022)[10] argue that understanding these ecosystems requires considering cultural factors alongside material ones. They emphasize that cultural elements, such as community engagement and shared values, play a crucial role in the growth and success of EEEs. By incorporating both cultural and material perspectives, policymakers can better design incentives and regulations to foster economic growth and innovation in these ecosystems. This approach suggests that building cultural infrastructure is as important as financial and technical support in developing thriving entrepreneurial environments.
There are several key conditions that typically define a healthy ecosystem. The ecosystem:
is tailored around its own unique environment it does not seek to be something it isn't, like the next Silicon Valley
operates in an environment with reduced bureaucratic obstacles in which government policies support the unique needs of entrepreneurs and tolerate failed ventures
actively encourages and invites financiers to participate in new ventures - although access to money isn't without barriers for those planning new business ventures
is reinforced, not created from scratch, by government, academic or commercial organizations
is relatively free from, or is able to change, the cultural biases against failure or operating a business
promotes successes, which in turn attract new ventures
is supported by dialogue among various of the entrepreneurship stakeholders
Related content
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Startup ecosystem following the financial downturn of 2008 and the long-lasting slow growth period, there have been increasing focus towards fostering more startup company creation around the world to further target regional support efforts towards those type of companies that have higher innovation, growth and job creation potential. This has also led to an increasing focus on startup ecosystem development.
University-based entrepreneurship ecosystem Entrepreneurship thrives in ecosystems in which multiple stakeholders play key roles. Academic institutions are central in shaping young people's attitudes, skills and behaviours. However, actors outside of the education systems play an increasingly critical role in working with formal and informal educational programmes as well as reaching out to underserved and socially excluded targets groups. This requires collaboration and multistakeholder partnerships. Entrepreneurship ecosystems commonly refer to academic programs within a university that focus on the development of student/graduate entrepreneurs and/or the commercialization of technology or intellectual property developed at the university level.[11][12] However before the entrepreneurial ecosystem can bloom, the education system must embrace the idea that entrepreneurship is a core element of higher education.
Also, entrepreneurship is usually perceived as the cure-all solution for deprivation depletion. Advocates assert that it guides to job design, higher earnings, and lower deprivation prices in the towns within it happens. Others disagree that numerous entrepreneurs are generating low-capacity companies helping regional markets. [13]
Business cluster A business cluster is a geographic concentration of interconnected businesses, suppliers, and associated institutions in a particular field. Early research was done in this context by Benjamin Chinitz in 1961. Chinitz posed several theories, but most importantly noticed a correlation between average firm size and average growth rates within regions.[14] In addition, Glaeser, Kerr and Ponzetto followed up this research and confirmed the relationship between smaller average firm size and higher growth rates.[15] Chatterji, Glaeser and Kerr also noted that some of the most famous entrepreneurial clusters (Silicon Valley, Boston's Route 128 Corridor, and Research Triangle Park) were located near large research universities.[16] Governments often look to clusters to stimulate innovation and entrepreneurship in their region. When clusters are applied to entrepreneurship, experts agree governments should not seek to create new clusters, but rather reinforce existing ones.[17] Tony Hsieh, founder of Zappos, has begun a project to see if an entrepreneurial cluster can be created in Las Vegas.[18]
See also
[edit]
Entrepreneurship
Startup ecosystem
Business cluster
Economies of agglomeration
Collaborative innovation network
Coworking
Innovation system
Venture capital
References
[edit]
^ a b
Liguori, Eric; Bendickson, Josh; Solomon, Shelby; McDowell, William C. (2019-01-01). "Development of a multi-dimensional measure for assessing entrepreneurial ecosystems". Entrepreneurship & Regional Development. 31 (12): 721. doi:10.1080/08985626.2018.1537144. ISSN 0898-5626. S2CID 158253768.
^Cavallo et al., 2019 (2019). "Entrepreneurial ecosystem research: present debates and future directions". International Entrepreneurship and Management Journal. 15 (4): 12911321. doi:10.1007/s11365-018-0526-3. hdl:11311/1087032. S2CID 158759341.{{cite journal}}: CS1 maint: numeric names: authors list (link)
^Hannigan, Timothy R.; Briggs, Anthony R.; Valadao, Rodrigo; Seidel, Marc-David L.; Jennings, P. Devereaux (2022-11-01). "A new tool for policymakers: Mapping cultural possibilities in an emerging AI entrepreneurial ecosystem". Research Policy. Uncommon Methods and Metrics for Local Entrepreneurial Ecosystems. 51 (9): 104315. doi:10.1016/j.respol.2021.104315. ISSN 0048-7333.
^"The Start-up Nation Unveiled: Interviews with Israel's Leading Entrepreneurs". Startup Camel. Archived from the original on 20 February 2015. Retrieved 28 February 2015.
^"Entrepreneurship Ecosystems and Growth-Oriented Entrepreneurship", Report for the OECD LEED Programme, Paris; Mason, C. and Brown, R. 2014.
^"How to Start an Entrepreneurial Revolution" Harvard Business Review. Retrieved June 2010.
^Liguori, Eric; Bendickson, Joshua S. (2020-10-01). "Rising to the challenge: Entrepreneurship ecosystems and SDG success". Journal of the International Council for Small Business. 1 (34): 118–125. doi:10.1080/26437015.2020.1827900. ISSN 2643-7015. S2CID 228858931.
^Spigel (2017) The Relational Organization of Entrepreneurial Ecosystems. 41(1): 49-72 DOI: 10.1111/etap.12167
^Stam (2015) Entrepreneurial Ecosystems and Regional Policy: A Sympathetic Critique. European Planning Studies 23(9): 1759-1769. DOI: 10.1080/09654313.2015.1061484
^Hannigan, Timothy R.; Briggs, Anthony R.; Valadao, Rodrigo; Seidel, Marc-David L.; Jennings, P. Devereaux (2022-11-01). "A new tool for policymakers: Mapping cultural possibilities in an emerging AI entrepreneurial ecosystem". Research Policy. Uncommon Methods and Metrics for Local Entrepreneurial Ecosystems. 51 (9): 104315. doi:10.1016/j.respol.2021.104315. ISSN 0048-7333.
^"The Entrepreneurship Ecosystem," MIT Technology Review. Retrieved September 2005.
^""Entrepreneurial Impact: The Role of MIT," Kauffman Foundation. Retrieved February 2009". Archived from the original on 2011-07-21. Retrieved 2011-04-29.
^Lee, Neil. "Entrepreneurship and the fight against poverty in US cities". Economy and Space: 1–22.
^Chinitz, Benjamin. Contrasts in Agglomeration: New York and Pittsburgh. The American Economic Review, Vol. 51, No. 2, Papers and Proceedings of the Seventy-Third Annual Meeting of the American Economic Association. (May, 1961): 279-289.
^Glaeser, Edward L, William R. Kerr, and Giacomo A.M. Ponzetto, Clusters of Entrepreneurship (NBER Working Paper Series, National Bureau of Economic Research, Cambridge, MA, 2009).
^Chatterji, Aaron, Edward Glaeser, and William Kerr. "Clusters of Entrepreneurship and Innovation." NBER Innovation Policy & the Economy (University of Chicago Press) 14, no. 1 (2014): 129-66.
^"Clusters and the New Economics of Competition," Harvard Business Review. Retrieved 1 November, 1998.
^Metz, Rachel. Zappos CEO Bets $350 Million on a Las Vegas Startup Scene MIT Technology Review. July 17, 2013. http://www.technologyreview.com/news/516526/zappos-ceo-bets-350-million-on-a-las-vegas-startup-scene/.
External links
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The Dutch Entrepreneurial Ecosystem
Current News in the Media
How Dr. Greg Watson Drives New Venture Success: Personalized Mentorship, Networking, and Entrepreneurial Training
During his tenure as the director of the New Venture Development Program at the Eller College of Management, Dr. Greg Watson played an integral role in guiding students through the challenging process of launching successful new ventures. His hands-on approach combined mentorship, access to critical resources, and industry connections, ensuring that students had the tools and knowledge to bring their ideas to market. Below are some of the specific ways Dr. Watson helped students launch new ventures:
During his tenure as the director of the New Venture Development Program at the Eller College of Management, Dr. Greg Watson played an integral role in guiding students through the challenging process of launching successful new ventures. His hands-on approach combined mentorship, access to critical resources, and industry connections, ensuring that students had the tools and knowledge to bring their ideas to market. Below are some of the specific ways Dr. Watson helped students launch new ventures:
Mentoring: Dr. Watson provided personalized mentorship to each student team, offering strategic advice on refining their business ideas, conducting market validation, and developing viable business models. He guided students through the creation of investor-ready business plans and pitch presentations, while providing feedback on product-market fit and scalability. His one-on-one sessions focused on overcoming operational challenges and preparing students to engage with early-stage investors.
Networking: Dr. Watson leveraged his extensive professional network to connect students with key stakeholders in the entrepreneurial ecosystem. He organized networking events, investor pitch days, and mentorship sessions with seasoned entrepreneurs, venture capitalists, and industry experts. By facilitating these connections, he helped students build essential relationships with potential co-founders, advisors, and investors, which were critical to the launch and growth of their ventures.
Education: As an experienced educator, Dr. Watson ensured that students gained the entrepreneurial mindset and practical skills necessary for venture creation. He taught advanced courses in entrepreneurship, including venture financing, market strategy, and leadership. Additionally, he brought in guest speakers and organized workshops focused on specialized topics such as intellectual property, lean startup methodology, and customer discovery. This rigorous academic foundation prepared students for the complexities of starting and scaling new ventures.
Resources: Dr. Watson facilitated access to essential resources that helped students turn their business ideas into operational ventures. He connected students with funding opportunities through university-sponsored seed funds and external angel investors. Additionally, he helped student teams secure office space in incubators and use the university's prototyping labs and research facilities. His support extended to guiding students in applying for patents and navigating legal challenges associated with starting a new business.
Support: Understanding the emotional toll of entrepreneurship, Dr. Watson offered continuous support and encouragement to student teams. He helped them manage the pressures of startup life, providing strategies for resilience and coping with failure. His open-door policy fostered a supportive environment where students could seek advice, share their struggles, and receive constructive feedback on overcoming obstacles in their entrepreneurial journey.
Empower Your Entrepreneurial Journey: Expert Training and Support for New Venture Success
Starting a new venture can be daunting, but with the right guidance, your ideas can become reality. At Entrepreneurship Essentials, we empower aspiring entrepreneurs like you to overcome challenges, refine your business model, and bring your vision to life. Whether you need help bootstrapping, securing venture capital, or fine-tuning your prototype, our expert-led workshops and consulting services provide the support and tools you need to succeed. Take the first step toward your entrepreneurial journey and let us help you turn your dream into a thriving business. Your future starts now!
