Ch. 1-5 learning obj.

2.2 Define "entrepreneurial mindset" and explain its importance to entrepreneurs.

An entrepreneurial mindset is the ability to quickly sense, take action, and get organized under certain conditions. Of the two mindsets proposed by Carol Dweck, the growth mindset represents a fundamental belief that failure is something to build on, and a learning mindset is essential for personal and professional growth.

4.5 Demonstrate how to observe and convert observation data to insights.

An insight, in this sense, is an interpretation of an event or observation that, importantly, provides new information or meaning. There are four different types of observation, and, like entrepreneurship, the ability to discern trends and patterns from each dimension is a skill that can be practiced and improved.

2.6 Relate the mindset for entrepreneurship to entrepreneurial action.

As entrepreneurship demands practice to achieve success, the right mindset is necessary for that practice to be successful. When people believe they can succeed, they're more likely to pursue the right activities to make that happen.

.2 Demonstrate design thinking as a human-centered process focusing on customers and their needs.

Before business feasibility and economic sustainability are considered in the design process, entrepreneurs discover what people need. Products that achieve all three are bound to be the most successful, but the product or service must first be designed to provide a desired solution, or fulfill a need, for the design process to be considered human centered.

5.4 Describe the different types of Customer Value Propositions and learn how to identify your customer segments.

Businesses tend to have different CVPs for each customer segment. This is to ensure they are meeting the needs of the customers within each segment. Examples of different customer segments targeted by different types of businesses include mass market, niche market, segmented market, diversified market, and multisided markets. Types of CVPs include all-benefits, points of difference, and resonating focus.

1.3 Compare and contrast the different forms of entrepreneurship in practice today.

Corporate entrepreneurship (or intrapreneurship) is entrepreneurship within large corporations. Inside entrepreneurs are similar to corporate entrepreneurs, but they can be found in any type of organization, large or small, nonprofit or for-profit, and even among governing bodies. -Franchising and buy-outs are popular ways to start relatively near the ground level. -Social entrepreneurship: entrepreneurship focused on making the world a better place—is manifested in nonprofit and large, for-profit firms alike. A form of social entrepreneurship is the Benefit Corporation, or B Corp, which designates for-profit firms that meet high standards of corporate social responsibility. -Family enterprises, entrepreneurship started within the family, remain a dominant form of business development in the United States and abroad. -Serial entrepreneurs are so committed to entrepreneurship that they're constantly on the move creating new businesses

2.4 Explain how to develop the habit of creativity.

Creativity is defined as the capacity to produce new ideas, insights, or inventions that are unique and of value to others. Developing the habit of creativity requires engaging in new experiences, making new associations, and letting go of fears and insecurities.

5.2 Identify the four core areas of a business model.

Each business model includes an offering, customers, infrastructure, and financial viability.

3.1 Explain how the entrepreneurial mindset relates to opportunity recognition.

Having the right entrepreneurial mindset is essential to identifying opportunities and taking action to start new ventures. It gives entrepreneurs the confidence to network and find unmet needs in the marketplace and the ability to persist with ideas and build on opportunities.

3.5 Connect idea generation to opportunity recognition.

IDEATE (identify, discover, enhance, anticipate, target, and evaluate) is an empirically proven method for identifying and selecting high-potential ideas that can be converted to new opportunities.

2.5 Explain how to develop the habit of improvisation.

Improvisation is the art of creating without preparation. Improvisation is recognized as a key skill not just for budding entrepreneurs, but for business practitioners of all types. Developing the habit of improvisation requires practice to quickly adapt to changing circumstances, think on your feet, and build on the ideas of others.

4.6 Demonstrate how to interview potential customers in order to better understand their needs.

Interviews should be done for two reasons: (1) to develop a better understanding of user needs during the inspiration phase of design thinking (2) to get feedback on ideas during the implementation phase. The interview must be well-prepared, the customer must be listened to and intelligent questions asked, and the interview must be evaluated when it is over.

4.1 Differentiate between design and design thinking.

Many types of design are related to fashion, graphic, architectural design, or industrial design. Similar to the Entrepreneurship Method in many ways, design thinking is ultimately a constructive and collaborative process that merges the power of observation, synthesis, searching and generating alternatives, critical thinking, feedback, visual representation, creativity, problem solving, and value creation. There are seven design skills relevant to entrepreneurs: observation, listening, desire change, context and integration, solution-driven, consideration, and unbound

3.2 Employ strategies for generating new ideas from which opportunities are born.

Of the nearly countless ways of generating ideas, seven strategies have been outlined by researchers: analytical strategies, search strategies, imagination-based strategies, habit-breaking strategies, relationship-seeking strategies, development strategies, and interpersonal strategies.

2.1 Appraise the effectiveness of mindset in entrepreneurship.

Part of the Entrepreneurship Method is having the right mindset (or mental attitude) to start and grow a business. Entrepreneurs who have the right mindset are more likely to persist with ideas and act on potential opportunities.

1.1 Explain the importance of action and practice in entrepreneurship.

Practice and action make it possible to achieve success. Many of the successful entrepreneurs behind major corporations today established their companies by acting, learning, and building what they learned into their next actions. Many entrepreneurs have learned entrepreneurship by doing entrepreneurship, but this text is designed to help you practice the essentials in the hope that you can avoid some of the more common pitfalls.

1.7 Assess the role of deliberate practice in achieving mastery.

Practice doesn't make perfect; rather, deliberate practice makes perfect. -Starting with specific goals, deliberate practice involves consistent, targeted efforts for improvement. -Feedback and self-reflection are necessary for meaningful improvement, and repetition is required to achieve lasting results.

2.3 Explain how to develop the habit of self-leadership.

Self-leadership is a process of self-direction that is developed by using behavior strategies, reward strategies, and constructive thought patterns.

5.3 Explain the importance of the Customer Value Proposition.

The CVP outlines exactly how the firm will generate value, how it will generate it in excess of its competition, and how it will continue to do so in the future. As the true measure of any business is creating value, the true measure of a business model is its customer value proposition.

1.6 Illustrate the key components of the Entrepreneurship Method

The Entrepreneurship Method is designed so entrepreneurs can embrace and confront uncertainty rather than avoid it. The eight components are identify your desired impact on the world; start with the means at hand; describe the idea today; calculate affordable loss; take small action; network and enroll others in your journey; build on what you learn; and reflect and be honest with yourself.

1.4 Distinguish between entrepreneurship as a method and as a process.

The Entrepreneurship Method outlines the tools and practices necessary to take action. Entrepreneurship as a process, instead, guides would-be creators along a thorough but static path from inception to exit.

5.6 Explore the Lean Canvas as an alternative to the Business Model Canvas.

The Lean Canvas is an adapted version of the BMC and was created to better address the needs of startup entrepreneurs. The Lean Canvas replaces the BMC components of customer relationships, key activities, key resources, and key partners with unfair advantage, solution, key metrics, and problem, respectively. The focus of the Lean Canvas is problem and solution, whereas the BMC focuses more on value proposition and customer segments.

4.7 Identify and describe other approaches to design thinking.

The authors of Designing for Growth suggest four questions that are useful to ask during the design-thinking process, all of which have periods of divergence and convergence: What is? What if? What wows? What works? 33 Another variation on the design-thinking process is from the Stanford Design School, which uses five phases: empathy, define, ideate, prototype, and test. Finally, the Google Design Sprint method draws on design thinking by using its tools to develop hypotheses, prototype ideas, and run low-cost tests in a real environment.

5.1 Define the business model

The business model is the framework for creating and delivering consumer value, while extracting value for the entrepreneur as well.

.4 Illustrate the key phases of the design-thinking process.

The design-thinking process consists of three main overlapping phases: inspiration, ideation, and implementation.

5.5 Identify the nine components of the Business Model Canvas

The four core elements of a business model can be expanded to nine business model components. Separating core elements into their respective components makes them easier to define and integrate with one another. The offering constitutes the (1) value proposition. Customers relate to (2) customer segments, (3) channels, and (4) customer relationships. Infrastructure includes (5) key activities, (6) key resources, and (7) key partners. Financial viability includes (8) cost structure and (9) revenue streams.

3.3 Apply the four pathways to opportunity identification.

The four pathways (design, effectuate, search, and find) are useful for explaining how entrepreneurs identify and exploit opportunities.

1.8 Propose different ways in which this book can help you practice entrepreneurship.

The tools for success and methods to hone entrepreneurial skills will be available in every chapter. Thought and action exercises alike will be employed, and research and testimonials from proven academics and entrepreneurs will be provided as we move through the text. As a final test of application, case studies will follow every chapter, giving you the opportunity to employ what you've learned, a chance for entrepreneurship within a unique and real-world context.

1.5 Compare and contrast the prediction and creation approaches to entrepreneurship.

The two main perspectives on entrepreneurship: predictive logic, the older and more traditional view. creation logic, which has been developed through recent advances in the field. -Prediction is the opposite of creation. Whereas prediction thinking is used in situations of certainty, the creation view is used when the future is unpredictable.

1.2 List the seven lesser-known truths about entrepreneurship

There are seven lesser-known truths about entrepreneurship: (1) entrepreneurship is not reserved for startups; (2) entrepreneurs do not have a special set of personality traits; (3) entrepreneurship can be taught and it is a method that requires practice; (4) entrepreneurs are not extreme risk takers; (5) entrepreneurs collaborate more than they compete; (6) entrepreneurs act more than they plan; (7) entrepreneurship is a life skill.

4.3 Describe the role of empathy in the design-thinking process.

To create meaningful ideas and innovations, we need to know and care about the people who are using them. Developing our empathic ability enables us to better understand the way people do things and the reasons why; their physical and emotional needs; the way they think and feel; and what is important to them.

3.4 Demonstrate how entrepreneurs find opportunities using alertness, prior knowledge, and pattern recognition.

To find opportunities, entrepreneurs need to be alert to random opportunities when they arise, possess knowledge based on past experience, and identify connections between seemingly unrelated things or events through pattern recognition.