Entrepreneurship Review PDF

UNIT 1 Characteristics of Entrepreneur According to… Discipline JOSEPH SCHUMPETER...

UNIT 1 Characteristics of Entrepreneur According to… Discipline JOSEPH SCHUMPETER Focus on Goals Entrepreneurship is an economic process of creative destruction. This means destroying the Creative Innovation order or equilibrium to create a new one Leadership Self-confidence Entrepreneurship involves identifying opportunities, creating innovative solutions, and organizing resources to establish and manage a business venture. The Job of an Entrepreneur Create values According to…. Innovation KURATKO, 2020 Develop Entrepreneurship is the capability and readiness to create, organize, and drive an enterprise, along with any of its concerns, in order to make a profit. Importance of Entrepreneurship Entrepreneurship is a dynamic process of vision, change, and creation. Jobs Creation Problem solver Types of Business Source of innovation Sole proprietorship Partnership Rewards of Being an Entrepreneur Limited Partnership Helping the community Corporation Greater wealth LLC Non-Profit Factors Affecting Growth of Entrepreneurship Co-op Economic Social Scope of Entrepreneurship Cultural Industrial Sector: economic growth. Service-based entrepreneurs offer consulting, Personality marketing, and other services. Agricultural and Associated Industrial Sector: contributes to rural development. Overview of the Startup Ecosystem Service Sector: restaurants, healthcare providers, and digital agencies. Startup Ecosystem ❖ is a network of organizations and individuals, including entrepreneurs, investors, Who is an Entrepreneur? incubators, accelerators, universities, and government entities that support the creation and An individual who creates, organizes, and operates a business or businesses, taking on greater than growth of startups. normal financial risks. ❖ is a dynamic network of interconnected elements that support entrepreneurial activities. Characteristics: Key Components: Risk-taker Entrepreneurs: The core of the ecosystem. Visionary Investors: Provide capital Innovator Incubators/Accelerators: Offer resources and mentorship leader Government and Universities: Provide policies, regulations, and talent Startup Characteristics: ❖ is typically defined as a newly established business that is in the early stages of operations, Innovation founded by one or more entrepreneurs to develop a unique product or service and bring it to Risk-taking market. Adaptability Strong drive to create and grow business Key aspects: Innovation: Startups often aim to solve a problem or fill a gap in the market with a new or Key Elements of the Entrepreneurial Mindset significantly improved product, service, or process. 1. Innovation - Constantly seeking new ideas and solution. 2. Risk-taking - Embracing uncertainty and taking calculated risks Scalability: They aim for high scalability, meaning they can increase revenue with minimal 3. Adaptability - Flexibility in response to challenges and changes incremental cost. 4. Resilience - Bouncing back from failures and setbacks 5. Vision - Having a clear long-term vision and goals Risk and Uncertainty: Startups operate in environments with high risk and uncertainty, often 6. Passion - goes beyond mere interest and involves a strong emotional connection and because they are trying to create something new dedication to pursuing a specific goal or vision. 7. Continuous Learning – an ongoing process of acquiring new knowledge, Growth Orientation: seeking external funding from venture capitalists,angel investors, or skills, and insights throughout one's life and career crowdfunding to accelerate their development. 8. Networking and Collaboration – building beneficial relationships; joint Lean Operations: Many startups operate with limited resources, employing lean methodologies to effort for shared success. test ideas quickly, learn from failures, and pivot if necessary Carol Dweck Types of Startups ❖ a renowned psychologist and professor at Stanford University 1. Technology Startups: Innovate using technology ❖ Best known for her pioneering work in the field of motivation and personality, particularly for 2. Social Startups: Address social or environmental challenges. here research on the concept of “mindset” 3. eCommerce Startups: Operate online marketplaces. 4. Fintech Startups: Revolutionize financial services Growth Mindset 5. Healthtech Startups: Improve healthcare through technology Believe that their abilities can be developed through dedication, hard work, learning, 6. SaaS (Software as a Service) Startups: Provide subscription-based software solutions. resilience 7. Biotech Startups:Focus on biotechnology and life sciences. They see challenges as opportunities to learn 8. Education Startups: Transform education and learning. Embrace effort as the path to mastery View setbacks as valuable experience that contribute to their development —------------------------------------------------------- UNIT 2 Fixed Mindset Entrepreneurial Mindset Individuals with a fixed mindset believe that *their abilities, intelligence, and talents are fixed Refers to a set of attitudes, behaviors, and beliefs that enables individuals to approach traits. challenges and opportunities with entrepreneurial perspective. They tend to avoid challenges, fear failure, and view effort as fruitless. Feedback or criticism is often perceived as a judgment of their inherent abilities, leading to a desire to look smart and a tendency to give up easily. Personal Entrepreneurial Competencies It helps in identifying novel products, services, or business models that can differentiate a ❖ Achievement Cluster business from its competitors. ❖ Planning Cluster 2. Problem Solving ❖ Power Cluster Through ideation, entrepreneurs can identify and address specific problems or needs in the market. ACHIEVEMENT CLUSTER It allows for the exploration of multiple solutions, increasing the chances of finding the most Opportunity Seeking effective one. Commitment to the Work Contract 3. Market Opportunities Risk-taking Ideation helps in discovering new market opportunities by analyzing trends, customer Persistence needs, and gaps in the market. Demand for Efficacy and Efficiency It enables entrepreneurs to align their ideas with market demands, ensuring relevance and potential success. PLANNING CLUSTER 4. Risk Mitigation Goal Setting By generating a wide range of ideas, entrepreneurs can evaluate and select the most viable Systematic Planning and Monitoring ones, reducing the risk of failure. Information Seeking It allows for the testing and refinement of ideas before significant resources are invested. 5. Team Collaboration POWER CLUSTER Ideation encourages collaboration and the sharing of diverse perspectives within a team. Persuasion and Networking It enhances team creativity and fosters a culture of continuous improvement and innovation Self confidence Key Ideation Techniques —------------------------------------------------------- 1. Brainstorming UNIT 3 2. Mind Mapping 3. SCAMPER Ideation 4. Brainwriting - is the creative process of generating, developing, and communicating new ideas. It 5. Storyboarding involves brainstorming, mind mapping, and other techniques to explore potential solutions to 6. Six Thinking Hats problems or opportunities in the market. 7. Focus Groups - It is a crucial step in the entrepreneurial journey, as it helps in identifying innovative 8. Heuristic Ideation Technique solutions to problems and uncovering new opportunities in the market. 9. Problem Inventory Analysis - Driving force behind innovation and entrepreneurial success. It is through this process 10. Free Association that entrepreneurs generate, refine, and develop ideas that can solve problems, meet market Brainstorming needs, and create value. - is a group creativity technique designed to generate a large number of ideas for the solution to a problem; a group activity where participants share ideas spontaneously. Importance of Ideation in Entrepreneurship - It involves participants sharing ideas spontaneously in a free-flowing manner, without 1. Innovation and Creativity immediate criticism or judgment. The goal is to encourage creative thinking and the Ideation fosters innovation by encouraging entrepreneurs to think outside the box and come generation of a wide range of ideas. up with unique solutions. - Powerful tool for generating creative ideas and solving problems in various fields, from business to education to technology.  History: Mind mapping ❖ Was developed by Alex F. Osborn, an advertising executive, in the late - is a visual brainstorming tool that helps organize information around a central concept. 1930s. He discovered that these - It uses branches to represent related ideas, making it easier to see connections and sessions significantly improved both the quality and quantity of ideas produced. develop complex ideas. ❖ Osborn first introduced the term “brainstorming” in his book “How to Think Up” (1942) and - Purpose: to visually structure information, which helps in understanding, remembering, further elaborated on the technique in “Your Creative Power” (1948) and “Applied and generating new ideas. Imagination” (1953). - It is particularly useful in ideation, planning, and problem-solving processes. ❖ Osborn’s method was based on Two key principles: - Idea generation strategy to produce ideas effectively by association. Defer Judgment: Criticism of ideas is withheld during the brainstorming session to - Translate whatever is running into the minds into a visual picture. Helps to show how are encourage free thinking. different pieces of information/ideas connected. Quantity Breeds Quality: The more ideas generated, the higher the chance of producing a valuable solution. Benefits of Using Mind Maps for Ideation ❖ He also established Four rules for effective brainstorming: 1. Enhanced Creativity: Mind maps stimulate creative thinking by allowing the free association Go for Quantity: Aim to generate as many ideas as possible. of ideas. The visual format encourages the exploration of different pathways and connections. Withhold Criticism: Avoid evaluating ideas during the session. 2. Improved Memory and Recall: The use of keywords, images, and colors in mind maps Welcome Wild Ideas: Encourage creative and unconventional thinking. helps in better retention and recall of information. The visual structure mimics the way the Combine and Improve Ideas: Build on others’ ideas to enhance them. brain naturally processes information. 3. Clarity and Focus: Mind maps provide a clear overview of the topic, helping to maintain Importance of Brainstorming in Generating Creative Ideas focus on the central idea while exploring related concepts. This clarity is crucial for effective Encourages Free Thinking brainstorming and ideation. Promotes Collaboration 4. Efficient Organization: Mind maps allow for the efficient organization of thoughts and ideas. Generates a Large Number of Ideas The hierarchical structure makes it easy to categorize and prioritize information. Enhances Problem-Solving 5. Collaboration: Mind mapping can be a collaborative activity, encouraging team members to Stimulates Creativity contribute and build on each other’s ideas. This collective approach can lead to more Builds Team Morale comprehensive and innovative solutions. Rules and Best Practices: Step-by-step Guide to Creating a Mind Map: Encourage wild ideas. 1. Central Idea: Write the main topic in the center of the page. This central idea will be the Build on the ideas of others. focal point of the mind map Stay focused on the topic. 2. Main Branches: Draw branches radiating from the central idea, each representing a main One conversation at a time. category. Be visual. 3. Keywords and Images: Use keywords and images on each branch to represent ideas. Go for quantity over quality initially 4. Sub-Branches: Add sub-branches to include more specific details. 5. Colors: Use different colors for branches to enhance visual appeal and organization. Examples of Successful Brainstorming: Airbnb: The founders brainstormed the idea of renting out air mattresses in their apartment to make extra money, which eventually evolved into the global platform for short-term rentals. SCAMPER (A method for creative thinking) - is an acronym for a set of seven prompts that help generate new ideas and solutions by Storyboarding Technique ( Visualizing ideas and solutions) encouraging creative thinking. - Involves visually mapping out ideas through a series of illustrations or images, much like - Developed by Bob Eberle, SCAMPER is designed to help entrepreneurs think outside the a comic strip box by modifying existing products, services, or processes. - It is used to visualize the customer’s journey, how a product might be used, or how a business concept will unfold. Breaking Down SCAMPER Substitute : What can be substituted in the product, service, or process? Steps for Effective Storyboarding ○ thinking about substituting different parts of the product or its processing for Step 1: Identify the scenario or problem you want to solve. something else. Step 2: Break the scenario into key steps or moments. Combine: What ideas, processes, or elements can be combined? Step 3: Draw or describe each step, focusing on how the user interacts ○ thinking about combining different products’ features or processes in order to develop with the product or service. completely new product. Step 4: Analyze the story for any gaps or improvements. Adapt : What can be adapted or adjusted to solve the problem? ○ Signifies adapting different measures according to the situation. Six Thinking Hats technique ( A Structured Approach to Problem-Solving) Modify : How can the product, service, or process be modified for improvement? - Developed by Edward de Bono, Six Thinking Hats is a method that encourages ○ signifies modifying features, physical qualities, size or price of existing product. participants to look at problems from six different perspectives or “hats” representing Put to another use : Can the product be used in a different way? a different mode of thinking, helping teams explore all angles of a problem. ○ using the existing product for some another problem or as a by product. Six Hats: Eliminate : What can be eliminated to improve the product or service? 1. White Hat: Data, facts, & information ○ signifies eliminating non-essential components and reducing time/efforts and cost. 2. Red Hat: Feelings, reaction + vibes Reverse : Can you reverse or rearrange parts of the process? 3. Blue Hat: Manages the process ○ rearranging the components or using different order. 4. Yellow Hat: Sunshine & Possibility 5. Green Hat: Creativity & Surprise Brainwriting technique ( A collaborative ideation technique) 6. Black Hat: Caution & Skepticism - It is a method similar to brainstorming but instead of vocalizing ideas, participants write down Applying the Six Thinking Hats their thoughts anonymously. White Hat: What do the market data and research say? - It encourages quieter participants to contribute and avoids the dominance of more vocal Red Hat: How do customers feel about the product? participants. Black Hat: What are the risks of launching the product? - Silent technique where the group of people (usually six) are required to write minimum three Yellow Hat: What are the potential benefits? ideas on special forms/cards which are circulated to each participant for pre-specified Green Hat: How can we make the products more innovative? duration. Blue Hat: How will we organize the launch? Steps in Brainwriting: Step 1: Pose a central question or problem to the group. —--------------------------------------------------------------- Step 2: Each person writes down three ideas related to the question. HOW TO CULTIVATE AN ENTREPRENEURIAL MINDSET Step 3: After a few minutes, the sheets are passed to the next person to add their thoughts or 1. PASSION expand on ideas. ❖ your reason for being/ for doing Step 4: The process continues for several rounds. ❖ your business needs to be something that brings you joy and something that you’ll do Step 5: Review and discuss all ideas as a group. regardless of money  2. FOCUS ON YOUR NICHE ➔ Products are made using unused or discarded materials like electronics and plastics. ❖ stay authentic to your audience and find out how you can stand apart from your ➔ This movement has led to many tech products developed independently. competitors ➔ Example: MintyBoost, a DIY USB charger kit made from an Altoids tin, batteries, and 3. BUILD A TRUSTED AND TALENTED TEAM connectors ( instructions are available online). ❖ partner with the individuals with the knowledge and skills that you do not 5. Mobile Trends: ❖ communicate, collaborate and elevate each other ➔ Mobile phones are changing how purchases are made and how consumers interact, ❖ TEAMWORK MAKES THE DREAM WORK ➔ There is no distinction between the future of technology and the future of mobile, both 4. EMBRACE FAILURE are evolving toward more consumer-friendly operations. ❖ learn from the losses and appreciate and celebrate the wins 6. Health Trend: 5. SET SMALL ACHIEVABLE GOALS ➔ Health maintenance concerns are a major trend due to an aging population. ❖ break down your huge tasks into manageable to dos ➔ This trend creates many opportunities for entrepreneurs, including: —--------------------------------------------------------------- ◆ Cosmetic procedures UNIT 5 - BUSINESS OPPORTUNITY: IDENTIFICATION AND SELECTION (1) ◆ Fitness centers (gym) Covers how to spot opportunities, generate and refine ideas, and key factors for starting a ◆ Fitness toys (punch balloons, bicycles) new venture. ◆ Healthy food options ◆ Care clinics Business Opportunity Identification ◆ Wellness coaches - Business opportunity is a favorable chance for business ➔ Green Mountain Digital is developing a social network platform for nature lovers. - Based on knowledge and expertise 7. The Internet of Things: - Turn ideas into successful business ➔ The number of people connecting to the internet is increasing daily. - Identify, select, and screen opportunities ➔ The potential for everyday items to connect to the internet is rising, leading to new products. TRENDS ➔ These products can access the internet through embedded Wi-Fi transmitters. Trends are what’s popular in your market and can offer great opportunities for new ventures. ➔ It is believed that soon, the internet will be so integrated that users won’t even notice Seven trends that create business opportunities: they are interacting with it. 1. Wearable Trend: As microprocessors shrink in cost and size, wearable technology like smart watches (Fitbit) has emerged. Consumer interest in smart watches is expected to boost the industry, with new companies offering apps and accessories. 2. Green Trend: The green sector is full of opportunities for entrepreneurs worldwide, as consumers are willing to spend more on eco-friendly products. Trends like hybrid cars and sustainable packaging create chances for new business. Going green is lasting, but the specific trends will change over time. 3. Payments: The payments industry is growing and changing, with more digital payment options and increased transactions worldwide. It includes lending services like lending.com, credit and debit card processing through billdesk, and billing services like Paytm. 4. Maker Trend: The maker movement is a trend where individuals or groups create and sell products. A GOOD BUSINESS IDEA 2. Intrapreneurship ➔ A business idea is the starting point for current and future entrepreneurs. - An employee responsible for innovating new ideas, products, and processes ➔ Ideas are crucial in the initial stages and development of startups. within an organization. ➔ Can stem from inventions, new products or services, or original solutions to everyday - Companies can utilize the creativity of their employees, including executives, problems. engineers, and salespeople. ➔ A good business idea doesn’t have to be unique 3. Hobbies and Interests ➔ Success chances increase when marketing a product similar to existing offerings but - Hobbies are activities people enjoy in their leisure time and can inspire providing greater value to customers. business ideas. ➔ IDEAS is use as an acronym in entrepreneurship. - Many successful entrepreneurs, like Virat Kohli, have turned their passions into thriving ventures. Kohli founded a fitness center chain called 'Chisel,' IDEAS stand for: demonstrating how interests can lead to successful business opportunities. I - Identification of opportunities D - Designing intro prototype to show to segment of society E - Exclusive or Unique that is different from competitors A - Acceptable to segment of society S - Satisfying to the segment of the society for which made. SOURCE OF BUSINESS IDEAS ➔ Business ideas can generate income when implemented. ➔ Developing feasible ideas is a crucial first step for entrepreneurs. ➔ Source of new product idea include: ◆ Company employees ◆ Customers ◆ Competitors ◆ Outside inventors ◆ Acquisitions ◆ Channel members ➔ There’s no standard method for identifying the right business idea. ➔ Successful entrepreneurs use internal and external sources of idea generation. INTERNAL SOURCES EXTERNAL SOURCES ➔ Generate business ideas from within the organization. Businesses can obtain new-product ideas from external sources like customers, competitors, ➔ Companies can find new ideas through formal Research and Development (R&D) or and channel members. employee suggestions. 1. Need Recognition of Customers: 1. Research and Development Observe societal needs - R&D helps create new or modified products to meet customer needs through Identify strong unmet needs market research and product development. People seek external solutions Create business ventures Use surveys for insights  2. Existing Products and Services: 1. Brainstorming - Improving existing goods and services can generate valuable business ideas and 2. Brain Writing create products with greater market appeal. Entrepreneurs should analyze their 3. Focus Group offerings and competitors to find improvement opportunities. For example, data ➔ Used for various purposes, including idea generation storage has evolved from floppy disks to cloud solutions like iCloud and Google ➔ Led by a moderator to facilitate in-depth dialogue. Drive. ➔ Typically consists of 8-14 recruited participants 3. Distribution Network: ➔ Useful for both idea generation and idea screening - Distribution partners, including dealers, wholesalers, retailers, and agents, are key ➔ method used to gather insights and opinions from a selected group (8-14 participants + sources of new ideas due to their proximity to customers, understanding of unmet moderator) of people about a specific topic, product, or idea. Conduct in-depth discussion needs, and extensive industry experience. 4. Mind Mapping 4. Trade Journals, Business Magazines and Newspaper: 5. Heuristic Ideation Technique - Trade journals, business magazines, and newspapers publish reports on industry ➔ An idea generation method for developing new product ideas. trends, best practices, legal issues, and the business environment. ➔ Involves examining different product features. - For example, Laghu Udyog Samachar Magazine, published by MSME in India, helps ➔ Creates new ideas by mixing elements from existing products. identify business opportunities. ➔ The goal is to discover innovative product concepts through existing product combinations. 5. Trade Fairs and Exhibitions: 6. Scamper - Trade fairs and exhibitions are key sources of idea generation, widely advertised 7. Problem Inventory Analysis online and in various media. ➔ Similar to focus groups but focuses on identifying product problem - Global participants showcase new products and services. ➔ Two-step procedure: - Attendees can meet manufacturers, sales representatives, and distributors, gaining ◆ 1. Provide consumers with a list of specific problems in a product category. valuable insights for new business ideas and ventures. ◆ 2. Identify and discuss products facing those specific problems. 6. Government Schemes: 8. Free Association - The Indian government supports entrepreneurship through training and assistance ➔ A method of developing new idea through a chain or a cycle of word association. schemes to reduce unemployment. ➔ It involves writing down a chain of related words connected to the problem. - Initiatives like the Khadi and Village Industries Development Board and STEP ➔ Types of associations: empower individuals and women. ◆ Serial Association: Begins with a trigger, records the flow of ideas leading to a - Other programs, such as JAM, BIRAC, and TREAD, aid aspiring entrepreneurs. useful one. - Entrepreneurs should identify and select ideas that lead to successful businesses. ◆ Centered Association: Generates multiple associations around the original trigger, exploring a specific area. TECHNIQUES OF IDEA GENERATION —----------------------------------------------------------------- Chapter 5 - Opportunity Identification and Selection (Part 2) 2. Focus on a specific sector or type of client. Market segmentation OPPORTUNITY TO START AND ENTERPRISE ★ Classifying the population into different sectors (definition by market experts) Opportunity (according to Webster’s Dictionary) ★ It is another way of identifying business prospect “Favorable position or a chance for advancement” 3. Identifying problems ★ Problems bring with them potential business opportunities. If you are able to solve a STEPS IN ARRIVING AT A BUSINESS OPPORTUNITY: problem, the solution could very well be a promising business opportunity. 4. Take the macro perspective or view the larger environment where the business will be situated. ★ This means looking at the STEEP aspect of business environment: Social, Technological, Economic, Environmental, Political. Other ways of scanning the environment: 1. Looking closely at the market. ❖ Demand and supply gap analysis. ❖ Import-export movement. ❖ Product substitution. ❖ Forward-backward industry linkages. 2. Looking at people’s skills ❖ Observe your community. What skills are available? Can these be developed for GENERATING IDEAS commercial purposes? 3. Looking at available business assistance programs Environment- one of the sources of business ❖ Try visiting the office of the DTI, you may be able to get a list of priority businesses for development in the locality. WAYS TO SCAN THE ENVIRONMENT FOR BUSINESS OPPORTUNITIES: COLLECTING INFORMATION FROM THE ENVIRONMENT 1. Understand/Identify the needs and wants of people and draw ideas of a product that can 1. Ad hoc scanning satisfy their needs. ❖ Short term, infrequent, usually initiated by a crisis According to Abraham Maslow(psychologist): 2. Regular scanning “People generally have different kinds of basic needs such as food, clothing, shelter, ❖ Involves studies done on a more or less regular basis, say, once a year safety, socialization, recognition for their self-esteem, and self-fulfillment.” 3. Continuous scanning ❖ Regular collection and processing of data on a wide range of factors from the NEED- generic business environment WANTS- specific ❖ BEST METHOD - makes current data available to you and allows you to take advantage of opportunities before competitors do. Example: Everyone needs food but one person may want fried chicken. VARIOUS MEANS OF COLLECTING INFO: Sink or swim school of engineering 1. Accessing Networks (agencies, orgs, personal contacts) Generalists are perfect for startups 2. Public meeting, trade fairs, and fora. Find co-founders that compliment you 3. Focused groups discussions. 4. Key people surveys. Myth # 3 : 5. Publications. Finding the solution of the problem is the hardest part 6. In-depth interviews. Reality : 7. Usage and awareness studies. Finding the problem to solve is the hardest part It’s easy to build solutions to problems on one have SCREENING PROCESS is after potential business ideas have been generated. Done to focus on the How do you know if you’re solving the right problem? business that will be suitable to the situation. It’s ok to solve simple problems —----------------------------------------------------------------- VIDEO : From Stanford to Startup [Entire Talk] Myth # 4 : Specific Content : THe Eight Myth About Startups and Entrepreneurship Working for months to build a robust product in secrecy, then launch to the world. Reality : Instagram co-founders : Make your product public quickly Kevin Systrom & Mike Krieger Build the minimum viable product that answers “Are we building the right thing?” Fail early and often, make failing as low cost as possible Myth #1 You can learn to be an entrepreneur from a blog, a book or a talk Myth # 5 : Reality : Start a bidding war among VCs with a slick pitch deck. 1 day on the job > 1 year in a book Reality : Experience teaches you to make better decisions with limited data Raise only what you need to get off the ground (not that much) Do many projects early, learn from them Optimize for people, not valuation The truth : you’re never ready, that’s the fun part Focus on a prototype and traction, not a fancy pitch deck. A year in a job was worth a year of experience - The collection of experiences and knowledge you can get from those sources are Myth # 6 : super important. Starting a company = building a product - A lot of it is very specific to your situation and all you can really learn to do Reality : beforehand is try to deal with that uncertainty. Starting a company is 50% building a product and 50% other stuff -Theme of this talk : “Trusting your gut” - developing a better gut is the work you can invest in Recruiting, building, and managing a team beforehand. Raising capital - Once you do start a startup, it’s super tempting to get caught up in the meta part of doing a startup Bank Accounts, Taxes, Forms, Insurance, Office, Oh my.. Myth # 2 Startups only come from computer science students. REality : Early twitter team never went to college Neither of the co-founders didn’t major in Computer Science Myth # 7 : TYPE OF TEST: (70 Points) Successful startups come from a single great idea. 1. TRUE OR FALSE Reality : 2. MULTIPLE CHOICE First idea is likely not the last one 3. IDENTIFICATION/FILL-IN THE BLANKS Your job is to explore the solution space 4. MATCHING TYPE Themes will follow you 5. APPLICATION TEST Sharing & Discussing helps Entrepreneurship Myth # 8 : - process of starting and managing a new business, typically as an independent venture. Great startups happen overnight - revolves around answering various questions with regard to why, where, when and how business Reality : opportunities arise. Recognizing an opportunity often results from the knowledge and expertise of the Overnight successes take 5 years individual entrepreneur. Success comes from the foundations you’ve built along the way Even with the right idea, you’re fighting to the next hill Success can seem obvious in retrospect, but in reality it’s never that clear Intrapreneurship - practice of acting like an entrepreneur within an existing organization. “There’s no better time to start than now.” - [email protected] i) Idea generation is the first step towards starting a new venture. —----------------------------------------------------------------- ii) Members of distribution channel are usually good sources of idea generation. VIDEO : Ep 1 (Introduction to Innovation and Entrepreneurship) | SkillUp iii) In brainstorming technique, rewards and criticisms are necessary to encourage participation. iv) Mind mapping is the process where branches are stemmed out of the central theme. Innovation v) Modifying in SCAMPER refers to adapting measures according to the situation. - Characterized as being something entirely novel, technology-based and causing a positive impact on the world. i) ………………. is the powerful graphical technique which is used to translate whatever is running - Is concerned with the creation and pursuit of new ideas. into the minds into a visual picture. - The term was popularized in the late 19th century by French sociologist, Gabriel Tarde as a ii) …………………….. idea generation technique allows for in-depth discussions. “novelty”, but with no explicit definition. iii) Government of India has initiated various schemes to provide ……………………… to the people - Victor Thompson in 1965 defined innovation as the generation, acceptance and having a desire to start their own enterprises. implementation of new ideas, processes, products or services. iv) Brain writing is a kind of written ………………………….. - Many innovations are actually imitations. Imitations of nature. Biomimicry has led to some of v) …………………… is the idea generation technique that aims to develop new product ideas by the world's greatest technological innovations. Replication has always been a part of combination of features of existing products. innovation. - Innovation can also be a way of thinking, or a way of doing things differently while still achieving your goals. - Well-intentioned innovations don't necessarily always lead to entirely positive results. - Being more innovative starts with a creative mindset. - Innovation does not always have to be product or service based. It can also be an ideology. - Harvard professor Theresa Amabile developed a framework that implies that creativity arises through the merging of knowledge, critical thinking and motivation. —-----------------------------------------------------------------