Entrepreneurial Mind Module 2 PDF

City College of San Jose del Monte THE ENTREPRENEUR MIND – MODULE MODULE 2: ENTREPRENEUR CONTEXT INTRAPRENEURSHIP Learning Objectives ✔ Know the basics of...

City College of San Jose del Monte THE ENTREPRENEUR MIND – MODULE MODULE 2: ENTREPRENEUR CONTEXT INTRAPRENEURSHIP Learning Objectives ✔ Know the basics of Entrepreneurship ✔ Define Intrapreneurship, Social Entrepreneurship, Public Entrepreneurship and Entrepreneurship Policy What Is Intrapreneurship? The term intrapreneurship refers to a system that allows an employee to act like an entrepreneur within a company or other organization. Intrapreneurs are self-motivated, proactive, and action- oriented people who take the initiative to pursue an innovative product or service. An intrapreneur knows failure does not have a personal cost as it does for an entrepreneur since the organization absorbs losses that arise from failure. KEY TAKEAWAYS Intrapreneurship is a system which allows an employee to act like an entrepreneur within an organization. Intrapreneurs are self-motivated, proactive, and action-oriented people who have leadership skills and think outside the box. Intrapreneurship is one step toward entrepreneurship—intrapreneurs can use what they've learned as part of a team to develop their own businesses. Understanding Intrapreneurship An intrapreneurship creates an entrepreneurial environment by allowing employees to use their entrepreneurial skills for the benefit of both the company and the employee. It gives employees the freedom to experiment, as well as the potential for growth within an organization. Intrapreneurships foster autonomy and independence, while attempting to find the best resolution. For example, an intrapreneurship may require an employee to research and recommend a more efficient workflow chart to a company’s brand within a target group or implement a way to benefit company culture. It's important for employers to recognize these employees. By not promoting intrapreneurship or recognizing employees who demonstrate an intrapreneurial spirit can be detrimental to a brand or company. Employers who encourage intrapreneurship stand to benefit because it leads to the success of the department or the company as a whole. Keeping these employees can help lead to innovation and growth. Companies that don't promote them may lose intrapreneurs to other companies, or they may end up working for themselves.  City College of San Jose del Monte THE ENTREPRENEUR MIND – MODULE Identifying intrapreneurs can sometimes be difficult. These employees are generally self-starters who are both ambitious and goal oriented. They are often able to solve problems on their own and come up with ideas that lead to process improvements. An intrapreneur may also take certain risks by assuming multiple tasks—even some that he or she may not be comfortable with—and look for new challenges. Intrapreneurs are tasked with using the company's resources, while entrepreneurs use their own. Special Considerations Intrapreneurship is one step toward entrepreneurship. Intrapreneurs can develop and use their creativity to enhance existing goods and services within the context of the business, all without any of the risk attached to being an entrepreneur. Using these skills as part of a team lets the intrapreneur test theories and determine which methods are most effective for solving problems. Intrapreneurs may use what they've learned as part of an organization's team to create their own company and reap the benefits of their hard work rather than letting another organization profit from their ideas. Types of Intrapreneurs By including employees from every age group when resolving issues, a variety of answers are proposed and resolutions determined in a more efficient manner, benefiting everyone in the organization. A majority of millennials are embracing the intrapreneurial style of work. They desire meaning, creativity and autonomy when working. Millennials want their own projects to develop as they help their companies grow. Characteristics of Intrapreneurs Intrapreneurs are able to resolve specific issues such as increasing productivity or cutting costs. This requires a high level of skill—namely leadership skills and thinking outside the box—directly applicable to the assignment. An intrapreneur also takes risks and drives innovation within a business to better serve the market through increased goods and services. A successful intrapreneur is comfortable being uncomfortable while testing his or her ideas until achieving the desired results. He or she is also able to interpret trends in the marketplace and visualize how the company needs to evolve to stay ahead of its competition. The intrapreneur is part of a company's backbone and the driving force mapping out the organization’s future. SOCIAL ENTREPRENEUR What Is a Social Entrepreneur? A social entrepreneur is a person who pursues novel applications that have the potential to solve community-based problems. These individuals are willing to take on the risk and effort to create positive changes in society through their initiatives. Widespread use of ethical practices such as impact investing, conscious consumerism, and corporate social responsibility programs facilitate the success of social entrepreneurs.  City College of San Jose del Monte THE ENTREPRENEUR MIND – MODULE KEY TAKEAWAYS A social entrepreneur is interested in starting a business for greater social good and not just the pursuit of profits. Social entrepreneurs may seek to produce environmentally friendly products, serve an underserved community, or focus on philanthropic activities. Social entrepreneurship is a growing trend alongside socially responsible (SRI) and ESG investing. Understanding Social Entrepreneurs While most entrepreneurs are motivated by the potential to earn a profit, the profit motive does not prevent the ordinary entrepreneur from having a positive impact on society. As Adam Smith explained in The Wealth of Nations (1776), "It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own self-interest."1 Smith believed that when individuals pursued their own best interests, they would be guided toward decisions that benefited others. The baker, for example, wants to earn a living to support his family. To accomplish this, he produces a product, bread, which feeds and nourishes hundreds of people. Examples of social entrepreneurship include microfinance institutions, educational programs, providing banking services in underserved areas and helping children orphaned by epidemic disease. Their efforts are connected to a notion of addressing unmet needs within communities that have been overlooked or not granted access to services, products, or base essentials available in more developed communities. A social entrepreneur might also seek to address imbalances in such availability, the root causes behind such social problems, or social stigma associated with being a resident of such communities. The main goal of a social entrepreneur is not to earn a profit, but rather to implement widespread improvements in society. However, a social entrepreneur must still be financially savvy to succeed in his or her cause. How Social Entrepreneurs Take Action The introduction of freshwater services, through the construction of new wells for instance, to communities that lack stable utilities of their own is another example of social entrepreneurship. In the modern era, social entrepreneurship may be combined with technology assets such as bringing high- speed internet connectivity to remote communities, with the intent to provide school students with more access to information and knowledge resources. Social entrepreneurship is a way to connect you to your life's purpose, help others find theirs, and make a difference in the world, all while eking out a living. PUBLIC ENTREPRENEURSHIP What is public Entrepreneurship? Public entrepreneurship is an idea whose time has come. As the challenges for public services and society become more acute and complex, a concept with its roots in the 1960s is being increasingly revisited as public leaders look to inject entrepreneurial spirit and innovation into the traditional structures and processes of government.  City College of San Jose del Monte THE ENTREPRENEUR MIND – MODULE While “social entrepreneurs” are people outside government, public entrepreneurs act within government and, at their heart, are a blend of two different roles: that of a public servant, and that of an entrepreneur. The underlying premise is that these roles are usually distinct, but the skill sets they require need not be. Indeed, the future public servant will increasingly need to think and act like an entrepreneur – building new relationships, leveraging resources, working across sector lines and acting, and sometimes failing, fast. Within organizations, this means stimulating innovation through a problem-solving spirit and a natural bent for working more closely with citizens. Across systems, it means building coalitions and cross sector collaborations that can improve outcomes, control cost and sustain access in ways that span the traditional siloes of government. Why are we talking about public entrepreneurship now? Public entrepreneurship is re-emerging because the context for public services is changing rapidly: In many OECD countries, a cocktail of rising demand, constrained budgets and high citizen expectations is putting pressure on established welfare states and forcing difficult decisions about how public resources are mobilized and spent. In parts of the Global South, questions are being asked about the efficacy and sustainability of development programs. State capacity may be increasing but public servants require new skills and capabilities in order to adapt to the grain of society and politics. Digital technology and social media are helping to provide new insights about behavior, motivation and decision-making – flipping our expectations about how change happens and what public servants are there to do. In all these contexts, the implications for individuals working in government and public services are profound. Old hierarchical structures of performance management and accountability are being replaced by a more modern, adaptive climate in which public servants are expected to be co- designers of services and co-producers of outcomes – rather than cogs in the system. What are the key characteristics of a public entrepreneur? Collaborating and networking. Collaboration is fundamental to the public entrepreneur, who seeks to build coalitions for change across government, business, and civil society, often knowing when to ‘let go’ in order for others to lead. Working across systems. Public entrepreneurs see themselves as part of a system rather than just an organization or department. Building narratives for change. Entrepreneurs persuade, influence and “sell”. They influence behavior, showcase social innovation and persuade colleagues (administrators, politicians and citizens) that even in our increasingly blame-driven culture, where civil servants are understandably risk averse, there remains an upside of doing something differently. Leveraging new resources. A critical function of the public entrepreneur is to find new ways of financing public service and development interventions. This could mean pooling budgets, looking to public-private partnerships, utilizing digital technology, or experimenting with new models of social finance and impact investment.  City College of San Jose del Monte THE ENTREPRENEUR MIND – MODULE Focusing on outcomes. Public entrepreneurship is about doing what it takes to get the right outcome, even if that means abandoning traditional career paths and confounding performance expectations Adapting and learning. An appetite for risk is woven deeply into the DNA of entrepreneurs, who are minded to “fail quickly, fail fast and fail cheaply” – an attitude that can feel antithetical to that of the archetypal civil servant. Public entrepreneurs must take this attitude into environments with a human as well as a financial cost, so learning and adapting quickly is vital. ENTREPRENEURSHIP POLICY Policy entrepreneur refers to an individual who takes advantage of opportunities to influence policy outcomes to increase their self-interests The term was first coined by American political scientist John W. Kingdon in his influential work Agendas, Alternatives and Public Policies published in 1995. He himself describes them as "advocates who are willing to invest their resources - time, energy, reputation, money - to promote a position in return for anticipated future gain in the form of material, purposive or solidary benefits" Kingdon created the Multiple Streams Framework (MSF) which outlines that the policy process can be situated into problems, policy and politics. Political entrepreneurs are most active in the policy stream, creating solutions to potential problems and bringing them forth to the agenda setting process. Policy entrepreneurs are the most important actors in the Multiple Streams Framework, as they develop policy alternatives and couple them with problems to present solutions to policy makers at the right time. POLICY ENTREPRENEURS USE: ⮚ innovative ideas ⮚ non-traditional strategies ⮚ to influence society, ⮚ create opportunities, ⮚ and promote desired policy outcomes. This new term has been addressed in other works but hasn't been systematically used by other political scientists in theories of policy change The Role of a Policy Entrepreneur is to… 1. First identify demand for innovation in the political landscape when a recognizable policy window is open. 2. When this window is open, a policy entrepreneur has a limited amount of time to undergo the initial launch of proposing policy recommendations to supply the demand  City College of San Jose del Monte THE ENTREPRENEUR MIND – MODULE 3. utilizing their personal, network and institutional resources to take action on joining streams together on their idea through the policy stages. 4. addressing issues and problems and coming up with innovative solutions to them by creating policy alternatives into a product that they can present as a persuasive agenda. 5. A successful policy entrepreneur will manage to get their issues onto a political agenda and potentially pass and influence a form of legislation that relates to their personal benefit. 6. However, not every attempt will be successful. If unsuccessful, a policy entrepreneur may hold onto their agenda for a later time or even apply it to a different issue that they deem may work ACTIVITY/ASSESSMENT: ACTIVITY: Comprehension Check: Directions. Answer the following questions. 1. What do you prefer, A new product or an innovation of a new product? 2. Think of an example of a simple business and apply the 5 Steps to Evaluating Business Opportunities. ACIVITY: K-W-L Chart Directions. With the inputs you collected, you will now complete the KWL chart by writing what they have learned in the L column. Screenshot your final KWL Chart and post it in our official Google Classroom. K- what I already KNOW W- what I WANT to know L- What I LEARNED about about this topic about this topic this topic REFERENCES Intrapreneurship by Will Kenton Published: Jan 29, 2020 https://www.investopedia.com/terms/i/intrapreneurship.asp#:~:text=The%20term%20intrapre neurship%20refers%20to,an%20innovative%20product%20or%20service. Social Entrepreneur by Adam Hayes Publihsed on Sep 28, 2020 https://www.investopedia.com/terms/s/social-entrepreneur.asp Enter the public entrepreneur: implementing innovation in the public sector Published on December 12, 2016 https://www.centreforpublicimpact.org/public-entrepreneurship-briefing-bulletin/  City College of San Jose del Monte THE ENTREPRENEUR MIND – MODULE Policy entrepreneurship Published on Oct 15, 2019 https://www.slideshare.net/ssusercd9ee1/policy-entrepreneurship