Chapter 1: Intro / Practicing Entrepreneurship Flashcards
Define Entrepreneurship
A way of thinking, acting, and being that combines the ability to act or create new opportunities with the courage to act on them.
What is the 1st feature of modern entrepreneurship?
Method that Requires Practice
Learn + identify opportunities, embrace uncertainty, proactivity. Cannot be adequately taught, it is unpredictable.
What is the 2nd feature of modern entrepreneurship?
Entrepreneurs Think Differently
Effectuation: Every action leads to other actions and new resources. Create the future rather than predict it. Future is unpredictable yet controllable through human action.
What is the 3rd feature of modern entrepreneurship?
Entrepreneurs Act More than Plan
Collecting data + testing ideas to validate (or not) that an opportunity is worth pursuing.
Act - Learn - Build
What is the 4th feature of modern entrepreneurship?
Profit is Not the Only Motive
Do good while making money
What is the 5th feature of modern entrepreneurship?
Entrepreneurs Collaborate More than Compete
Collaboration + Networking with others:
- Allows for mutual learning
and info exchange
- Financing
- Emotional support
- Develop entrepreneurial
mindset
- Reduce loneliness
What is the 6th feature of modern entrepreneurship?
Entrepreneurship is a Life Skill
Provides a set of skills applied to many fields and organizations:
- Solve problems
- Identify opps
- Embrace uncertainty
- Look at world through
solution-driven opportunity
lens
Ways to Access Entrepreneurship: Corporate Entrepreneurship
Employees create new products, ventures, processes, or renewal within large corporations
Corporate venturing, innovation arm
Ways to Access Entrepreneurship: Entrepreneurship Inside
Employees who think and act entrepreneurially within any type of organization.
Desire to create something of value, deeper level of connection with their work
Ways to Access Entrepreneurship: Franchising
Operator buys license from franchisor. Franchisee pays franchisor a percentage of monthly sales revenue.
Ways to Access Entrepreneurship: Buying a Small Business
Buyout and take over operations
Less risky than a franchise, only 30-40% of businesses sell
Ways to Access Entrepreneurship: Social Entrepreneurship
Sourcing solutions to social and environmental problems. SDG Goals
BCorp: Strict standards of social and environmental performance, accountability and transparency
Ways to Access Entrepreneurship: Family Enterprising
Businesses managed by family members.
Walmart, Volkswagen, Roche
Ways to Access Entrepreneurship: Serial Entrepreneurship
Starting several businesses, looking for the next big thing
What was entrepreneurship traditionally viewed as?
Sequential, step-by-step process
What is the method view of entrepreneurship?
Nonlinear, unstructured, complex, approach/way of doing things, no guarantee of particular outcome
Gets easier with practice
Managerial Thinking
Process view, linear, big planning, wait until you get what you need, avoid failure at all costs, competitive, certain
Entrepreneurial Thinking
Small actions, start with what you have, experimentation, embrace and leverage failure, collaborative, uncertain, act to learn
What are the assumptions of the traditional entrepreneurial process?
- Have finance + resources for research and marketing
- Have the time to invest in intensive planning and research
What are the assumptions of the entrepreneurial method?
- Focuses on relationship building and community
- Starting quickly without too much investment (feedback + move on)
- Prioritize diverse opportunities
Deliberate Practice
Shapes the brain: Repeated activity stimulates myelin creation increasing speed + strength of neural impulses and improving performance
