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College notes Entrepreneurship in Analytics and AI (XM_0090)
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✔Entrepreneurship
Created @February 2, 2021 1:58 PM
Class S4
Type S4
Materials
Lecture 1:
Introduction
basics of its education:
learning about entrepreneurship → you will become a professional with all the needed knowledge
learning for entrepreneurship → becoming a better entrepreneur
learning with entrepreneurship
entrepreneurship is "the creation, discovery, and exploitation of value adding
opportunities"
modern theories in entrepreneurship
most popular theories:
effectuation vs causation
is a Favorite exam question!
extra explanation:
Entrepreneurship 1
, 1. where do you wanna go with it, which unique knowledge/connections do you have
2. focus on downside risks, how far will you go - causation which kind of return do you expect
3. things that come up your way - causation avoids surprises, dont want to be surprised by things in the
market
4. open innovation, accepting that you are not the best in everything - ...
5. control in your micro environment-
effectuation is more self focused (pitfall is no strategic orientation, no clear idea)
causation pitfall can be too strategic
entrepreneurial orientation: placing yourself in a competitive environment
creation vs discovery
typology of entrepreneurs
there are many types
main types are:
nascent entrepreneurs : have ideas, did not start yet
new entrepreneurs: start-ups
serial entrepreneurs: have started more than one
Portfolio entr.: more than one under same umbrella
former entr.: sold company or retired and give advices or invest
gazelle entr.: fast growing ones, create job opportunities
stable entr.: remain at the same level, don't want to grow
there are also additional types, and with the day the list grows: green entr., studentrepreneurs, etc
start-up motivation
basic motives: greed (="I want to have it"), love, fear, prove yourself, status, commitment, curiosity
Entrepreneurship 2
, those drives can also be:
hybrid entrepreneurial motivation: you have characteristics of both
fluid entrepreneurial motivation: you start with one and end with the other one
resourcing the start-up business
what do you need to start your own business?
a good business idea
a good business plan
tangible resources: physical items including financial (cash), physical resources ( machinery, land or
buildings) & organization resources (routines, systems, policies)
there are multiple financial option in each state. Special attention for start-ups:
bootstrapping: A range of activities aimed at absorbing and borrowing resources at no/low
financial cost from the entrepreneur’s social networks
micro credit: small-scaled form of debt finance, possibly accompanied by other forms of micro
finance, for example insurance and saving, in combination with weak requirements for collateral
Entrepreneurship 3
, Some downsides: high interest levels, often no clear effects, some financers profit unequally,
high monitoring costs, lack of clarity about payback (dependence?)
crowdfunding: large number of investors investing with small amounts in the firm, with(out)
intended compensation, often via internet platforms
intangible resources: human capital, network, intellectual capital, reputation
good fortune
reading 1.1 is about the definition of entrepreneurship (over which there is no consensus) and creation, opportunity,
discovery, exploitation, valley of entrepreneurial death, triple P(profit-people-planet).
Tutorial A
Business Model Tutorial
the core of the BM: value proposition
BM describes: the rationale of how an organization creates, delivers, and captures value.
Entrepreneurship 4
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