Introduction

Question 1

What is entrepreneurship?

Answer 1

• “Pursuit of ideas and opportunities beyond the resources currently controlled”: growth oriented
• “The process of making an opportunity into a reality”

Question 2

What are the views on entrepreneurship and opportunities?

Answer 2

• Discovery theory
  
  • Opportunities are out there, waiting for entrepreneurs to discover them through systematic search
  • External
• Creation theory
  
  • Entrepreneurs create opportunities via their actions, reaction and experiments around new products, services, business models
  • Internal

Question 3

What are the key points of entrepreneurship?

Answer 3

• 1. A mindset focused on growth oppourntities through internal or external resources
• 2. Systematically creates value through different kinds of innovation
• 3. Implements this value in established organisations, markets and industries, or by creating new ones

Question 4

What is innovation?

Answer 4

• Innovation is about new value, not new things,
• New combinations of the factors of production
• Is systemic

Question 5

What is the innovation cycle?

Answer 5

• Context -> creativity -> implementation -> context
  
  • Context -> creativity: identifying opportunities
  • creativity -> implementation: managing uncertainty
  • implementation -> context: measuring and learning impact

Question 6

What are the types of innovation?

Answer 6

• Product Innovation
  
  • Process Innovation
  • Position Innovation
  • Resource Innovation
  • Paradigm Innovation

Question 7

What is product innovation?

Answer 7

• 1. Introduction of a new product or service

- Changes in an organisations offerings

Question 8

What is process innovation?

Answer 8

• 2. Introduction of a new process or method of production

- Changes in the way offerings are produced or delivered

Question 9

What is position innovation?

Answer 9

• 3. Opening of a new market, where a particular kind of product or process has not previously been undertaken
     - Changes in the context in which offerings are introduced

Question 10

What is resource innovation?

Answer 10

• 4. Development of a new source of supply for raw materials or semi-finished goods, not previously utilised
     - Changes in materials and suppliers

Question 11

What is paradigm innovation?

Answer 11

• 5. Creation of a new form of organisation of an industry, a new way of carrying out a particular industry
     - Similar to business model innovation
     - Changes in the underlying mental models that define what they organisation does

Question 12

How can innovation be measured?

Answer 12

• 1. Commercial Viability as Success
• 2. Improving Present Value as Success
• 3. Market Disruption as Success
• 4. Resource Acquisition as Success
• 5. Knowledge Creation as Success
• 6. Knowledge Transfer as Success
• 7. National Interest as Success
• 8. Personal Achievement as Success

Question 13

What are the discovery skills?

Answer 13

• 1. Associating
     - The ability to successfully connect seemingly unrelated questions, problems or ideas
• 2. Questioning
     - Aiming to find the right questions rather than the right answers, asking why, imagining opposites and embracing constraints
• 3. Observing
     - Carefully, intentionally and continently looking out for small behavioural details
• 4. Experimenting
     - Constructing interavitce experiences to provoke unotheoox responses, looking for insights to emerge
• 5. Networking
     - Meeting people form diverse backgrounds to find and test ideas

Question 14

What kinds of models are there?

Answer 14

• 1. Scale model (model as copy)
     - Representations or short hand descriptions
• 2. Role model (model to be copied)
     - Ideal cases to be imitated or admired

Question 15

What is the Business model?

Answer 15

• The business model is holistic and conceptual
• It is a representation of the Logic-FLow of activities within the organistion
• Its focus is the creation, delivery and capture of value

Question 16

What is the role of the business model and what are the components of this role?

Answer 16

• Linking strategy, structure and resources to the context
  • Strategy
    
    • Business models serve as a blueprint allowing organisations to translate their vision into value propositions, offering and relationships
  • Structure
    
    • Business models also allow organisations to understand how they ought to be structured to best create, deliver and capture value
  • Resources
    
    • Business models help the organisation establish links between their existing resources and value creation, as well as identify resources that are missing

Question 17

What are the components of the BM?

Answer 17

• Value proposition
• Customer Segments
• Customer Relationship
• Chanels
• Revenue Streams
• Key Activities
• Key Partners
• Key Resources
• Cost Structure