5 Flashcards
A mastery experience
1-3
- experience through routines (last jobs)
- experience in the past (not especially what learned, but the experience)
e.g.: Dell was confident enough with selling PCs that he stopped studying medicine
Self-efficacy
- perceived feasibility to make entrepreneurs more confident than normal people
Self-efficacy vs Overconfidence
1 Entrepreneurial Self-efficacy +
- high perceived feasibility
- building of new intentions
- increases likelihood of success
2 Entrepreneurial overconfidence -
- over-assess own abilities
- ignore important infos
- increases likelihood of failure
Prof Kampfer: Self-efficacy vs. overconfidence
- Failures do not hinder progress
- but instead, sticking to the suspicion of failure could hinder progress
- try out things.
- The art lies in not going 100 ways but 10
Motivations to start a business
positive 3
negative 2
+:
- do something great
- solve a particular problem
- bring new tech to world
-:
- ego gratification
- show that I am a smart person
Overconfidence leads to
1-4
1 locus of control
2 hard-easy effect
3 autopilot mode
4 increased information
Overconfidence leads to
1 locus of control
Overestimating the control of external factors
Overconfidence leads to
2 hard-easy effect
- Underestimating easy tasks
- being overconfident when faced with harder tasks
Overconfidence leads to
3 autopilot mode
- Neglect the simple essentials
- because of experience
Overconfidence leads to
4 increased information
- having too much information
- make it easy to miss important points
Results of Failures
1-7
- making mistakes = chance to learn
- a failed idea can be useful
- create extraordinary change
- builds up a tough skin
- keep the ego in check
- create „aha“ moments
- propels growth as an entrepreneur
—> try to make the best out of a failure and capture learning!
How Failures can be bad
1-3
- call failures something else
- use failure as stepping stone
- hide your failures
Business Units, general
1-9
Marketing
Legal
Finance
Innovation Management
Organization
Controlling
Human Ressources
Production
Logisitics
Build-Measure-Learn Loop
0 Idea
Step 1 Build: Hypothesis of Value & Growth
Step 2 Product: Build the MVP (Test hypotheses, target early adopters)
Step 3 Measure: Reliability ≠ vanity metrics
Step 4 Data: Split tests / cohort analyses
Step 5 Learn: Validated learning
Step 6 Idea: pivot or preserve
minimum viable product
1 general
2 Purpose
3 Features
1
- improve product quickly
- keep track of customers preferences
- generate feedback
2 Purpose
- test leap-of-faith assumptions
- learn as fast as possible
- not only product design and answering technical questions
- target groups are early adopters
3 Features
- generate feedback for one hypothesis
- BML cycle time is minimal
- no additionales features / design
