Chapter 2- Nursing Entrep Flashcards
“Entrepreneurs see ways to put resources and information together in new combinations. They not only see the system as it is, but as it might be. They have a ___, at the ordinary and seeing the extraordinary. Consequently, they can spot opportunities that turn the commonplace into the unique and unexpected.”
Mitton (1989, p. 12)
knack for looking at the usual and seeing the unusual,
Mitton (1989, p. 12)
“In my opinion, all previous advances in the various lines of invention will appear totally insignificant when compared with those which the present century will witness. I almost wish that I might live my life over again to see the wonders which are at
the threshold”.
Charles H. Duell, Commissioner, U.S. Office of Patents, 1898-1901
The significant problems we face cannot be solved at the same level of thinking we were at when we created them.
Albert Einstein
Opportunity recognition is the active, cognitive
process/ processes through which individuals
conclude that they have identified the potential to create something new, that has the potential to generate economic value and that is not currently being exploited or developed, and is viewed as desirable in the society in which it occurs.
Baron
Systematic innovation involves “monitoring seven sources for innovative opportunity”
Drucker
- The unexpected (unexpected success, failure, or outside events)
- The incongruity between reality as it actually is and reality as it is assumed to be or as it ought to be
- Innovation based on process need
- Changes in industry structure or market
structure that catch everyone unawares
Internally Focused
- Demographics (population changes)
- Changes in perception, mood, and meaning
- New knowledge, both scientific and nonscientific
Externally Focused
One of the components of Mitchell’s (2000) New Venture Template asks whether the venture being examined represents a new combination. To determine this, he suggests considering two categories of entrepreneurial discovery:
Scientific Discovery and Circumstance
- Physical/technological insight
- New and valuable way
Scientific Discovery
- Specific knowledge of time, place, or circumstance
- When and what you know
Circumstantial Discovery
Mitchell also presented two more sets of variables to consider:
Demand and Supply
Distinction between true advances and promotional differences
Schumpeter’s (1934)
New or improved good/service
Example: assembly line method to
automobile production, robotics, agricultural processing
Schumpeter’s (1934)
New method of production
Example: Honda created a new market for smaller modestly powered motorbikes
Opening of a new market
Enhance availability of products by
providing at lower cost
Conquest of a new source of supply of raw materials
Murphy (2011) claimed that there was a single-dimensional logic that oversimplified the approach. Opportunities may be identified:
- purposeful search
- Because others provide the opportunity to
the entrepreneur - prior knowledge, entrepreneurial,
and means other than a purposeful search - combination of lucky
happenstance and deliberate searching
for opportunities
people with high IQs can be unsuccessful in
business and those with lower IQs can be
successful as an entrepreneur
Vesper
Vesper (1996) identified several ways in which entrepreneurs found ideas:
- Prior job
- Recreation
- Chance event
- Answering discovery question
placing one’s mind into a mode where the
subconscious will work to push ideas into the conscious mind
Search questions
with a potential customer request, someone else’s idea, or another event
Questions based on encounters
seeing only what you expect to see or think what others expect you to see
Perceptual
- intolerance of ambiguity
- preference for judging rather than seeking
ideas - tunnel vision
- insufficient patience
Emotional
disdain for fantasy, reflection, idea
playfulness, humor
Cultural
- fear of subconscious thinking
- inhibition about some areas of imagination
Imagination
- distrust of others who might be able to help
- distractions
- discouraging responses from other people
Environmental
weak technical skills in areas such as financial analysis
Intellectual
- poor writing skills
- inability to construct prototypes
Expressive
- Brainstorming
- Considering multiple consequences of
possible future events or changes - Rearranging, reversing, expanding,
shrinking, combining, or altering ideas - Developing scenarios
generating tricks
Tactics for departure according to Vesper
is a human-centered approach to innovation that draws from the designer’s toolkit to integrate the needs of people, the possibilities of technology, and the requirements for business success.
Tim Brown, president and CEO
Design Thinking
Tim Brown, president and CEO
- deeply human process
- thought of as a system of overlapping spaces rather a sequence of olderly steps
Design Thinking
problem or opportunity that motivates the search
for solutions
Inspiration
process of generating, developing, and testing ideas
Ideation
path that leads from the project stage into people’s lives
Implementation
