Development Guide

DDI COMPETENCY LIBRARY 3.1

109

© Development Dimensions International, Inc., MMVIII. Revised MMXIV. All rights reserved.
 ENTREPRENEURSHIP
Using own understanding of key market drivers to create and seize business opportunities,
expand into new markets, and launch new products, services, and/or profitable endeavors.

Key Actions
• Identifies key market drivers—Continually scans the market and shows
understanding of the key market drivers and emerging trends (e.g., technology,
competition, pricing, customer needs).
• Energetically pursues profitable business ventures—Aggressively develops
new business opportunities with the greatest potential for competitive advantage,
market penetration, revenue generation, and financial viability; targets business
opportunities that align with organizational priorities and resource realities.
• Takes calculated risks—Offers fresh ideas and/or novel approaches to create
greater market value and brand differentiation.

QUICK TIPS
• Talk with customers about the unique aspects of their market as it relates to your product
or service.
• Be creative and willing to take calculated risks when necessary to expand business
opportunities.
• Compare your domestic market with your international market to identify similarities and
differences.
• Know your competitors. Systematically compare your strategies to those used by your
competitors.
• Establish baselines for penetrating new markets and set goals for future penetration in
reference to the baseline analysis.
• Understand every aspect of the distribution chain and how each one facilitates or inhibits
meeting customers’ needs.
Questions to Guide Development
Use these questions to help you determine your level (or your employees level) of proficiency at
this competency.
• Can you give me an example of a new strategy you've implemented that was intended to
increase profits?

110

© Development Dimensions International, Inc., MMVIII. Revised MMXIV. All rights reserved.
 • Can you give me an example of an innovative idea or concept you have conceived that had a
lasting impact on a business?
• Can you think of a time when others thought your idea for creating market value was
unconventional? How did you come up with the idea? How did you try to sell the idea to
others?
• Can you think of a time when you uncovered a potential new market for an existing product or
service? How did you uncover it?
• Can you think of a time when you were leading the competition due to a new market strategy?
How did you come up with that strategy?
• Describe a situation in which you saw it as appropriate to take substantial risk to enhance
business. How did you decide it was an appropriate risk?
• Describe a time when you led the launch of a new product or service. How did you approach
the launch?
• Give an example of a business risk you took with the intention of improving performance in a
specific market sector. Describe the risks and potential benefits that you considered before
arriving at a final decision.
• Give me an example of a strategy you put together that was intended to increase profits.
• Give me an example of a time when you identified new potential customers and distribution
channels. How did these translate into business opportunities or results?
• How do you keep abreast of the competition in your area of industry? Give me a specific
example of how you leveraged this information to increase your organization's competitive
advantage.
• How do you target business opportunities that will align with your organization's priorities and
resources? Give me an example of a time when you were able to pursue this type of alignment.
• Organizational priorities and markets are continually changing. In such an environment, how do
you evaluate the markets to go after to meet your organization's goals and priorities?
• Tell me about a time when you saw the competition getting out in front with a new idea. What
strategy did you put in place to counter the competition's offering?
• We all encounter times when business is bad (i.e., when sales or profits are down). Tell me
about a time when business was going badly for your organization. How did you try to improve
the situation?
• What systems have you put into place to understand current and emerging customer needs?
How have you used the information you've gathered?

111

© Development Dimensions International, Inc., MMVIII. Revised MMXIV. All rights reserved.
 DEVELOPMENT ACTIVITIES
Self-Directed
• Develop a way to classify your customers that adds meaning to your market understanding
(for example, size, product mix, or business type).
• Study your organization’s revenue breakdowns. Identify the largest revenue generators and
sources of income that might be underutilized.
• Anticipate customer needs. Identify products or services used by your customers that you
do not now provide. Brainstorm ways you could expand your services to meet even more of
your customers’ needs.
• Review market analyses and see what variables were considered.
• Identify and analyze successful and unsuccessful marketing strategies used for products or
services that are similar to yours.
• Identify the top competitors in your business and the relative strengths and weaknesses of
your organization’s offerings.
• Review the files on past organizational marketing strategies to identify successful or
unsuccessful practices.
• Identify an organization with successful marketing strategies. Search for information that
describes how it positioned itself into a highly competitive stance.
Partnerships
• Identify a market need your organization does not address. Work with knowledgeable
people to develop a response that will meet the need. If possible, test the product or
service with a cooperative client.
• Work with the marketing group to identify or receive training on marketing research and
analysis tools.
• Ask a software support person to tailor or create a market database tracking system that
focuses on your local market. Include new developments and their projected impact.
• Discuss with peers the techniques they used to analyze markets successfully. Ask key
customers, competitors, employees, and stockholders for their perceptions of your
organization’s marketing direction. Do their perceptions match the organization’s
understanding of the market?
• Begin a discussion group or task force to keep abreast of current market developments.
Identify ways that this group can provide feedback to the organization (for example,
newsletters, forums, or update meetings).

112

© Development Dimensions International, Inc., MMVIII. Revised MMXIV. All rights reserved.
 Targeted Assignments
• Identify a market direction your organization has not explored. Conduct research on that
market and develop a plan that would put your organization in an advantageous market
position.
• Read ten to twenty articles about your specific market. Subscribe to one journal or
magazine. Make reading and browsing the Internet a regular part of your marketing
education.
• Apply and evaluate two market analysis techniques over six months. Compare them for
overlap and unique information they provided. Develop and implement a plan for one
technique (or components of that technique). Establish a process for reviewing and
updating the technique to ensure its continued utility.
• Volunteer for a task force or project team that is charged with a start-up, business
expansion, turnaround, or other entrepreneurial venture.
Workshops
Look for a workshop that addresses the following:
• Market analysis techniques relevant to the products or services you offer.
• Matching sales strategies to market analysis information.
• Evaluating market analysis data to better understand the conditions and characteristics of
your local market.
• Conducting competitive analyses.
• Creating an entrepreneurial culture.
• Identifying and taking advantage of new market opportunities.
• Building a business case for a new business venture.

ADDITIONAL LEARNING RESOURCES

Practical Advice
Christenson, C.M. (2011). The innovator’s dilemma: The revolutionary book that will change the
way you do business. New York: HarperCollins.
Hamel, G. (2012). What matters now: How to win in a world of relentless change, ferocious
competition, and unstoppable innovation. San Francisco: Jossey-Bass.
Isenberg, D.J. (2010, June). How to start an entrepreneurial revolution. Harvard Business Review,
88(6), 40–50.

113

© Development Dimensions International, Inc., MMVIII. Revised MMXIV. All rights reserved.
 MacPherson, M. (2009, July). Entrepreneurial learning: Secret ingredients of business success.
T+D, 63(7), 46–51.
McGrath, R.G., & MacMillan, I. (2009). Discovery-driven growth: A breakthrough process to reduce
risk and seize opportunity. Boston: Harvard Business School Publishing.
Price, C. (2012). The one thing to win at the game of business: Master the art of decisionship—the
key to making better, faster decisions. Hoboken, NJ: John Wiley & Sons.
Ptolomey, J. (2009, May/June). Tapping into your entrepreneurial side. Online, 33(3), 34–40.
Case Studies
Chakravorti, B. (2010, November). Finding competitive advantage in adversity. Harvard Business
Review, 88(11), 102–108.
Krippendorff, K. (2012). Outthink the competition: How a new generation of strategists sees options
others ignore. Hoboken, NJ: John Wiley & Sons.
Martin, R., & Martin, D. (2010). The risk takers: 16 women and men who built great businesses
share their entrepreneurial strategies for success. New York: Perseus Books.
Ofek, E., & Wathieu, L. (2010, July/August). Are you ignoring trends that could shake up your
business? Harvard Business Review, 88(7/8), 124–131.
Contemporary and Classic Insights
Bullough, A., & Renko, M. (2013, May). Entrepreneurial resilience during challenging times.
Business Horizons, 56(3), 343–350.
Habiby, A.S., & Coyle, Jr., D.M. (2010, September). The high-intensity entrepreneur. Harvard
Business Review, 88(9), 74–126.
Porter, M.E., & Kramer, M.R. (2011, January/February). Creating shared value. Harvard Business
Review, 89(1/2), 62–77.
Rabb, C. (2010). Invisible capital: How unseen forces shape entrepreneurial opportunity. San
Francisco: Berrett-Koehler.
Reeves, M., & Deimler, M. (2011, July/August). Adaptability: The new competitive advantage.
Harvard Business Review, 89(7/8), 134–141.
Sales References
Berry, T. (2010). Sales and market forecasting for entrepreneurs. New York: Business
Expert Press.
Lindgren, M., & Bandhold, H. (2009). Scenario planning: The link between future and strategy.
New York: Palgrave Macmillan.
Linoff, G., & Berry, M. (2011) Data mining techniques for marketing, sales, and customer support.
Indianapolis, IN: Wiley Publishing.

114

© Development Dimensions International, Inc., MMVIII. Revised MMXIV. All rights reserved.
 Zoltners, A., Prabha, S., & Lorimer, S. (2009). Building a winning sales force: Powerful strategies
for driving high performance. New York: Palgrave Macmillan.

115

© Development Dimensions International, Inc., MMVIII. Revised MMXIV. All rights reserved.