Creative Confidence & Entrepreneurial Mindset PDF

Creative Confidence & Entrepreneurial Mindset Session 1B © The Board of Trustees of the Leland Stanford Junior University, 2015-2016. A...

Creative Confidence & Entrepreneurial Mindset Session 1B © The Board of Trustees of the Leland Stanford Junior University, 2015-2016. All rights reserved. + LECTURE OUTLINE Introduction & Overview ✖ MODULE I: CREATIVITY & ENTREPRENEURIAL MINDSET (Note: These lectures are relevant to GROUP PROJECT 1) 1A: Introduction to Innovation and Entrepreneurship ✖ 1B: Creative Confidence and Entrepreneurial Mindset ✔ 2A: Where Ideas Come From 2B: Sustainable Innovative Ideas & Sustainable Development Goals (SDGs) 3A: Sustainable Entrepreneurship, Circular Economy & UAE’s Green Economy Agenda © The Board of Trustees of the Leland Stanford Junior University, 2015-2016. All rights reserved.  Agenda What is creativity? What is a Mindset? Entrepreneurial Mindset Entrepreneurial Mindset and Failure © The Board of Trustees of the Leland Stanford Junior University, 2015-2016. All rights reserved.  Part 1 What is Creativity? Source: mtdtraining © The Board of Trustees of the Leland Stanford Junior University, 2015-2016. All rights reserved.  What is Creativity? “the capacity to produce new ideas, insights, inventions, products, or artistic objects that are considered to be unique, useful, and of value to others.” Source: Heidi et al., Entrepreneurship: The Practice and Mindset © The Board of Trustees of the Leland Stanford Junior University, 2015-2016. All rights reserved.  Creativity Doing new things with old things Bringing old ideas to new products, people, places. – e.g. Careem took an existing idea (i.e. Uber App) to a new place i.e. the UAE Source: Uber Newsroom © The Board of Trustees of the Leland Stanford Junior University, 2015-2016. All rights reserved.  Tom Kelley: Orbiting the Giant Hairball Source: ecorner.Stanford.edu © The Board of Trustees of the Leland Stanford Junior University, 2015-2016. All rights reserved.  Discussion Have you become less creative as you have gotten older? Why is it important for organizations to support the creativity of their employees? © The Board of Trustees of the Leland Stanford Junior University, 2015-2016. All rights reserved.  David Kelley: Build Your Creative Confidence © The Board of Trustees of the Leland Stanford Junior University, 2015-2016. All rights reserved.  Source: TED © The Board of Trustees of the Leland Stanford Junior University, 2015-2016. All rights reserved.  Discussion Why is it important to stay confident in order to innovate? How can we lose confidence? © The Board of Trustees of the Leland Stanford Junior University, 2015-2016. All rights reserved.  Part 2 What is a Mindset? Source: Baumgartner © The Board of Trustees of the Leland Stanford Junior University, 2015-2016. All rights reserved.  What is a Mindset? “You see life through your own unique lens. This is your mindset” “(Mindset is) – the assumptions and expectations you hold about yourself, your life and the situations around you.” sourcesofinsight © The Board of Trustees of the Leland Stanford Junior University, 2015-2016. All rights reserved. Source:Stanford.edu  Types of Mindsets a. Fixed mindset: the assumption held by people who perceive their talents and abilities as set traits. b. Growth mindset: the assumption held by people who believe that their abilities can be developed through dedication, effort, and hard work. Source: Heidi et al., Entrepreneurship: The Practice and Mi © The Board of Trustees of the Leland Stanford Junior University, 2015-2016. All rights reserved.  The Growth Mindset A belief that a person’s most basic abilities can be developed through dedication and hard work—brains and talent are just the starting point. A ‘growth’ mindset allows individuals to view challenges and failures as opportunities to improve their learning skills. © The Board of Trustees of the Leland Stanford Junior University, 2015-2016. All rights reserved. © The Board of Trustees of the Leland Stanford Junior University, 2015-2016. All rights reserved.  Entrepreneurship & Growth Mindset Entrepreneurship is not for those that lack courage. It requires the ability to embrace change and uncertainty Armed with a growth mindset, entrepreneurs tend to view challenges as opportunities for learning and growth and learning. Entrepreneurs that possess a growth mindset and apply it for entrepreneurial activities (e.g. creating startups or innovation) are known as having an “entrepreneurial mindset” © The Board of Trustees of the Leland Stanford Junior University, 2015-2016. All rights reserved.  Part 3 Entrepreneurial Mindset Framework: Effectuation Source: Baumgartner © The Board of Trustees of the Leland Stanford Junior University, 2015-2016. All rights reserved.  Entrepreneurial Mindset “An entrepreneurial mindset is resilient, resourceful, and solutions-oriented — even when the conditions say otherwise. People with these mindsets are lifelong knowledge-seekers who are curious and creative, and they are critical thinkers…” Source: MIT Sloa © The Board of Trustees of the Leland Stanford Junior University, 2015-2016. All rights reserved.  Ways of Thinking (Mindsets) 1. Causal Logic: This means using predictive logic e.g. choosing ideas based on financial projections that suggest that an idea can make millions or billions. 2. Effectual Reasoning:  Provides a way of thinking that accepts that the future is unpredictable.  Rather than predict, entrepreneurs treat ideas as experiments that may succeed or fail.  So, entrepreneurs take action by testing ideas to see if they work Provides a way of thinking that accepts that the future is unpredictable © The Board of Trustees of the Leland Stanford Junior University, 2015-2016. All rights reserved.  Effectuation Principles 1. Bird-in-Hand Principle: Expert entrepreneurs choose business ideas that are based on their own skills, resources, and expertise. As opposed to choosing ideas that are beyond their means. 2. Affordable Loss: Expert entrepreneurs choose business ideas based on what they can afford to loose, not based on financial projections of how much sales/profit they can gain. 3. Crazy-Quilt Principle: Expert entrepreneurs build teams, partnerships and collaborations with others 4. Lemonade Principle: Expert entrepreneurs turn unexpected failures into opportunities, by learning from failure. 5. Pilot-in-the-Plane Principle: While traditional entrepreneurs try to predict the future (using causal reasoning), expert entrepreneurs rely on non-predictive forms of control by focusing on things they can directly influence Source: MIT Sloa © The Board of Trustees of the Leland Stanford Junior University, 2015-2016. All rights reserved.  MINI CASE STUDY: Did Zuckerberg use Causal vs. Effectual Reasoning when he was creating Facebook? © The Board of Trustees of the Leland Stanford Junior University, 2015-2016. All rights reserved. : Source Arabian business  VIDEO: https://www.youtube.com/watch?v=5XgvKTdjOKE © The Board of Trustees of the Leland Stanford Junior University, 2015-2016. All rights reserved.  Facebook Case Study Mark Zuckerberg founded Facebook in 2004, when he was a student at Harvard University Zuckerberg learnt how to write computer code when he was very young. He used his programming skills to create Facebook He created the “first version” of Facebook in the dormitory of Harvard university with only about $2000 (not millions of dollars) He had a strong core team that helped him build Facebook Some months after launching Facebook, Sean Parker (a core team member) brought Peter Thiel as Facebook’s first investor. Facebook received $500,000 from Peter Thiel. Zuckerberg actually failed before succeeding with Facebook. Before Facebook, He created FaceMash, which failed. He learnt from his failure, and moved on to create Facebook © The Board of Trustees of the Leland Stanford Junior University, 2015-2016. All rights reserved.  Critical Thinking Questions Q1: Did Zuckerberg focus more on causal or effectual reasoning in the early days of building Facebook? Q2: If you believe that he focused more on causal reasoning in the early days of building Facebook, then explain why you think so? Q3: If you believe that he focused more on effectual reasoning in the early days of building Facebook, then explain why you think so? Q4: How can developing an entrepreneurial mindset benefit individuals and organizations? © The Board of Trustees of the Leland Stanford Junior University, 2015-2016. All rights reserved.  Answer!!! Mark Zuckerberg – closer to Effectual Reasoning but might have used both Note: Instructors should ONLY explain the corrects answer listening to students’ views BIRD-IN-HAND PRINCIPLE Zuckerberg learnt how to write computer code when he was very young. He used his programming skills to create Facebook AFFORDABLE LOSS He created the “first version” of Facebook in dormitory of Harvard university with only about $2000 (not millions of dollars) CRAZY QUILT He had a strong core team that helped him build Facebook Some months after launching Facebook, Sean Parker (a core team member) brought Peter Thiel as Facebook’s first investor. Facebook received $500,000 from Peter Thiel. LEMONADE Zuckerberg actually failed before succeeding with Facebook. Before Facebook, He created FaceMash, which failed. He learnt from his failure, and moved on to create Facebook Based on: David Kirkpatrick, The Facebook E © The Board of Trustees of the Leland Stanford Junior University, 2015-2016. All rights reserved.