| Every individual who starts, owns, or is a member | | | | to focus on the benefits and features of their |
| of the management team of an enterprise, should | | | | products and/or services. Intrapreneurs, who are |
| strive to build sustainable advantage. Sustainable | | | | agents of change in established enterprises, tend |
| advantage is essential to value creation because | | | | to do the same thing. However, focusing on |
| cash flows become predictable and reliable over | | | | products and/or services alone is insufficient for |
| long periods of time. As a consequence, it is | | | | building sustainable advantage over time. |
| easier to plan for investments in new endeavors | | | | Without people there is nothing in business. |
| and to maintain contingency reserves for | | | | Processes must be effective and efficient at |
| downturns. | | | | delivering quality products and/or services |
| Building sustainable advantage requires proficiency | | | | conveniently. If an enterprise can't deliver, a |
| in the disciplines of entrepreneurship, leadership, | | | | competitor will. |
| and management. Collectively, these three | | | | Hence, the management team collectively must |
| disciplines embrace "enterpriship." | | | | be proficient in entrepreneurial, leadership, and |
| Enterpriship is both an art and a science. Art is an | | | | managerial roles that dictate successful |
| occupation that requires both knowledge and skills; | | | | people-oriented, process-oriented, and product and |
| science is method for systematizing knowledge. | | | | or service capabilities. |
| Through both knowledge and skills, enterpriship | | | | The entrepreneurial role is both process-oriented |
| provides a systematized approach to building | | | | and product-oriented, through which innovative |
| sustainable enterprises by employing the | | | | ideas are transformed into value at every stage |
| techniques of entrepreneurship, leadership, and | | | | of an enterprise's development. |
| management. | | | | The leadership role is people-oriented, through |
| Entrepreneurship is a competency for starting, | | | | which direction is set that others will follow to |
| developing, and assuming risk for an enterprise. | | | | achieve results - equally applicable to top-level |
| Leadership is a competency for aspiring, inspiring, | | | | executives, team leaders within functions, or |
| and motivating others. Management is a | | | | anywhere in between. |
| competency for directing and controlling events | | | | The managerial role is process-oriented, through |
| and activities - management as a "team" has the | | | | which resources (time, materials, and supplies) are |
| authority and responsibility for the enterprise. | | | | applied to activities to achieve results. |
| Being proficient in all three competencies requires | | | | These three roles embrace the planning and policy |
| experience. Entrepreneurs may lack the leadership | | | | development, deployment and execution, and |
| and management competencies, leaders may lack | | | | performance measurement activities of the |
| entrepreneurial and management competencies, | | | | enterprise. Deployment means positioning the |
| and managers may lack the entrepreneurial and | | | | resources of the enterprise in the best markets |
| leadership competencies to build a sustainable | | | | for its products and/or services. Execution means |
| enterprise. | | | | getting things done through people and processes |
| Upwardly mobile entrepreneurs have to | | | | effectively and efficiently. |
| demonstrate to investors that they can build large | | | | Unless the management team employs these |
| markets. Lifestyle business enterprise owners, | | | | three enterpriship competencies collectively to |
| such as dry cleaners, hairdressers, professional | | | | address people, process, and product and/or |
| service providers, restauranteurs, and retailers, | | | | service capabilities, the enterprise will be unable to |
| are responsible for everything in their businesses. | | | | build sustainable advantage over time, and will |
| Executives and managers in larger enterprises are | | | | ultimately decline, and maybe fail. |
| under constant pressure from investors to | | | | If the management team can systematize building |
| generate quality earnings on an ongoing basis. | | | | sustainable advantage through the effective and |
| The enterprise depends upon the use of all three | | | | efficient use of people and processes, then there |
| enterpriship competencies as do the employees, | | | | more time to spend on developing the benefits |
| customers, suppliers and investors. | | | | and features of products and/or services. |
| When entrepreneurs start enterprises, they tend | | | | Enterpriship provides the approach... |