Chapter 1: Flashcards
Entrepreneurship
take a new business idea and start a company to bring idea to market
Entrepreneurship: way of thinking and combining abilities…..
to find/create opportunities and act on them for economic progress
Media and Entrepreneurship (2)
- media exaggerates people as overnight success
- no such thing as overnight success
Who is Jaun Giraldo
- where was he born, what did he create and what did it provide
- what is it made from what does it mean?
- how did he obtain deal and what did he learn
- Ecuador, Waku wellness teas to provide health benefits
- filtered from 20 super herbs/flowers, not fermented. means together
- went to Ecuador to secure supplies and learned not to be shy to ask for help
7-truths of entrepreneurship
- not reserved for start-ups
- do not have special set of personality traits
- can be taught
- not extreme risk takers
- collaborate more than they compete
- act more than they plan
- is a life skill
Truth 1: Entrepreneurship is Not Reserved for Start-up’s (3)
- hint 1: research
- hint 2&3: funds
- create business off research to assess validity of idea/model
- Business funded and if successful then no longer start-up
- many types of entrepreneur
Start-up
temporary organization level in search of scalable business model
traditional view
anyone who starts business is an entrepreneur
Truth 2: Entrepreneurs Do Not Have Special Set of Personality Traits (2)
- thinking patterns of entrepreneurs different than non-entrepreneurs
- patterns in thinking but not behaving <- change way we think
Effectuation
Starting small with what you have, not what you think you need. Take quick action using available resources to start idea.
4 main traits of entrepreneur personality
achievement need, take risk, influence events, ambiguity tolerance
Truth 3: Entrepreneurs Can be Taught (3)
- change way we think towards entrepreneur
- if entrepreneurs had natural traits, could not be taught
- not predictable and cannot be taught as a linear process
Truth 4: Entrepreneurs Are Not Extreme Risk Takers (3)
- they take good risks and don’t gamble when risk is too high
- risk is personal and relative to individual/business
- should never be zero sum game or all or nothing
Truth 5: Entrepreneurs Collaborate More Than They Compete (2)
What cycle (1)?
- strong connection with others is key to business success
- Entrepreneurs draw on shared experiences and desires to learn from others
- Act learn build cycle
Truth 6: Entrepreneurs Act More Than They Plan (2)
- Does business plan have value? Depends on stage, while it is required for investing and obtaining funds, it is also valuable to be agile and adaptive.
- Too much time on business plan takes time from putting into action
Truth 7: Entrepreneurs Is a Life Skill
- Life skill that helps people deal with uncertain future by providing with methods to think, act, improve skills, identify, approach, adapt, set goals and take control.
Corporate entrepreneur (intrapreneurship) (2)
explain award (1)
- improve existing product/service/idea using resources of large company
employee work in units - work separate from mainstream workers
- Award for “throw out rule book” to achieve goal
Entrepreneurship (Employee Entrepreneurship) (2)
- Think and act entrepreneurially within many organizations etc big/small, government, not for profit, religious
- Employees are paid a set number of hours to strictly innovate current or new product/service ideas.
Franchising (2) and explain royalties (1)
- License purchased by individual (franchisee) from business (franchiser) to allow franchisee to trade under name of that business
- Both entrepreneurs but less cost for franchisee as marketing costs reduced by franchisor
-pays Royalties: share of income generated from business
Buying a small business (merger)
Entrepreneur buys out existing owner and takes over operation, less risky than start from scratch etc Chris Cranston and FlowDog (Aquadog)
Social Entrepreneur (2)
- Sourcing innovative solutions for society, environment and social life, some argue if it can be profitable or not
-Takes risk to improve society and its benefit etc water shortages, poverty, global warming, lack of education
Benefit Corporation
organization certified by non-profit B lab that ensures strict standard of social and environmental performance, accountability and sustainability
Family Enterprising (largest around the world) (2)
- Business owned and managed by multiple family members
- Each generation can bring the business forward in new innovative ways
Serial Entrepreneur
people who can repeatedly turn creative ideas into successful business strategies. Start or purchase several business. Use proceeds to fund new innovative project (Elon Musk)
Entrepreneurship as a Method and Practice
A way of thinking, acting and behaving-> Dynamic Process, smart action > planning, quick
Entrepreneur assurance (5)
act sooner, do things can do, try things you can’t, fail forward, quick thinking
Prediction
thinking about and analyzing existing information to predict future
Creation (2)
acting and collecting data to create future, more important than predict for entrepreneur
9 Components of entrepreneur
1.Identify desired impact of world
2. start with means at hand
3. describe idea
4. calculate affordable loss
5. take small action
6. network and enroll others
7. Expand resources
8. build on what you learn
9. reflect and be honest with yourself.
Means at hand
1. category part of
2. what is it
- idea today
- who are you, what you know, who do you know
Affordable Loss
1. category part of
2. what is it
- take small actions
- what are you willing to lose, give up what type of loss etc resource or financial, reputation
Network and Enroll Others
1. category part of
2. what is it
- Expand resources
- Share idea with other in search of all possible resources
Impact statement
(what you curious about), what brings joy and energy, motivates and engages you, high level goal/vision
