Week 1 Flashcards
two types of entrepreneurship
SME
Innovation
entrepreneurship
seeks to understand how opportunities to create something new arise and are discovered or created by specific individuals who then use various means to exploit or develop them, thus producing a wide range of effects
Objectives can be profit, social or personal
describe SME and Innovation
SME: small medium enterprise ent. manage their businesses by expecting stable sales, profits, and growth
Innovation: Focus their efforts on innovation, profitability and sustainable growth
Characteristics of Innovation ent.
Focused on international markets
Focused on competitive advantage and creating something completely different
Tradable jobs: can be performed anywhere (remotely)
Grows like a “hockey stick” / exponential growth
Characteristics of SME ent.
Focused on local, regional markets
Employ non-tradable jobs
Family businesses with little outside capital
Grows linearly
Intrapreneurship
Social Venture
Lifestyle
Intrapreneurship: Startup inside larger companies that develops new product
Social Venture: To accomplish a social mission / create value for society
Lifestyle: Make money as a hobby
how to find good entrepreneurs (according to Peter Drucker)
entrepreneurs are not born, they’re made
It’s not magic but discipline
Commonalities across entrepreneurs
They make decisions in uncertain times
Effectuate when they identify opportunities
Learn from failure through iteration / engage in design thinking as they launch and scale
Use stories and careful framing to gain legitimacy for ideas that are not yet “real things” as they look for resources and build their network
Causal reasoning
Involves thinking of a desired outcome and then coming up with a plan (business plan) to achieve that outcome
Starting at the end and figuring out how to get there
effectual reasoning
Considers what a person has (who they are, what they have, what they know, and whom they know) and then arrives at an outcome from a range of possible outcomes
Allows entrepreneurs to be successful in a highly uncertain environment
Starting where you are now and then using their resources to produce an outcome (can go many different ways)
What is ABEL
Ask, Build, Experiment, Learn
Design Thinking Process
is a process for creative problem solving that includes empathy/human-centeredness, ideation, and experimentation
Being human-centered is unique to this type of design. People first, then business second
what is my purpose
the intersection of your interests, skills, and impact
