Chapter 2: Practicing Entrepreneurship

Creation logic

a form of thinking that is used when the future is unpredictable; used in situations of uncertainty determine their goals according to whatever resources they have at hand

Donnie's Dogs was an idea from Donald Emmanuel. Donald felt that there was a market for upscale hot dogs and sausages in his hometown. Donald tested his feeling by bringing his own propane grill to a high school football game and selling his hot dogs. It turned out to be an unsuccessful venture, but Donald learned a lot and continued his entrepreneurial journey with other ventures. In the case of Donnie's Dogs, which approach to entrepreneurship did Donald use?

creation

the ____ approach works best in times of uncertainty

creation

to achieve high levels of performance, high performers follow a process called ____, which involves carrying out carefully focused efforts to improve current performance

deliberate practice

Skill of empathy

developing the ability to understand the emotion, circumstances, intentions, thoughts and needs of others.

Joshua Fishman started an educational software company, and recently closed a 3-year exclusive license agreement for his software after a presentation to the Ohio Department of Education. after the sale, Joshua took the time to reflect about his feelings leading up to, during, and after the presentation. what type of reflection was Joshua practicing?

emotional reflection

research on entrepreneurship has shown which of the following?

entrepreneurs who have failed and tried again are far more likely to be successful in their subsequent ventures

entrepreneurship is not a process:

known inputs and predicted outputs, steps to complete, linear, predictive, planning focus, expected return, competitive

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

8 components of the practice of entrepreneurship

1. Identify your desired impact on the world 2. Start with means at hand 3. Describe the idea today 4. Calculate affordable loss 5. Take small action 6. Network and enroll others in your journey 7. Build on what you learn 8. Reflect and be honest with yourself

in the second chapter 2 video, the move that was referenced to reinforce the concept of "start with the means at hand" was:

Apollo 13

Predictive Logic

a form of thinking that sees entrepreneurship as a linear process in which steps are followed and outcomes are-ideally-predictable; used in situations of certainty determine the goals they need to achieve and look for the resources to enable them to reach their goals

Deliberate practice

a method of carrying out carefully focused efforts to improve current performance

entrepreneurship as a method:

a set of practices, phases of learning, iterative, creative, action focus, investment for learning, collaborative

Skill of experimentation

best described as acting in order to learn-trying something, learning from the attempt and building that learning into the next iteration.

rather than engaging in risk calculations, instead determine what you are willing to part with in terms of money, reputation, time, and opportunity cost. doing so is part of which component for building an entrepreneurial mindset

calculate affordable loss

in the chapter 2 Future Predictions article, the author claimed that 30-40% of jobs will disappear in the next 20 years

false

Skill of play

frees the imagination, opens p out minds to a wealth of opportunities and possibilities, and helps us to be more innovative as entrepreneurs.

Skill of reflection

helps make sense of all of the other actions required of play, empathy, creativity and experimentation.

which of the following is true about the method approach?

it is inclusive, which means it includes any organization at any stage of business

Skill of creativity

requires a general openness to the world and relates to unleashing our creative ability to create and fined opportunities to solve problems.

in the chapter 2 Future Predictions article, the author states that Uber is what type of company

software

entrepreneurs who engage in deliberate practice are better at which of the following things?

storing new information

compare & contrast the prediction and creation approaches to entrepreneurship

the 2 main perspectives on entrepreneurship are the predictive logic, the older and more traditional view, and the 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 the the future is unpredictable

key components of the Practice of Entrepreneurship

the Practice of Entrepreneurship is designed so entrepreneurs can embrace and confront uncertainty rather than avoid it; the 8 components include the following: identify your desired impact on the world, start with means at hand, describe the idea today, calculate affordable loss, take small action, network/enroll others in your journey, build on what you learn, and reflect/be honest with yourself

Theory of Effectuation

the idea that the future is unpredictable yet controllable and entrepreneurs can "effect" the future

entrepreneurship as a method vs as a process

the method of entrepreneurship 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 skills essential to building a mindset for the Practice of Entrepreneurship

the skills of play, empathy, creativity, experimentation, and reflection support the development of different parts of our entrepreneurial selves

traditional steps of an entrepreneurship process

think of an idea, do market research, get some financial projections, find a partner/team, write a business plan, get financing, find space/build a prototype/hire people, bring your product/service to market, manage the business, plan an exit

the example used in the first chapter 2 video to demonstrate creative logic was:

throwing together a dinner part for unannounced guests

the difference between a mind-set and a mindshift is that a mind-set is something you have, while a mindshift is something you create through action

true