Week 1 - Introduction to entrepreneurship
Why are entrepreneurs important?
Where do firms come from?
- Firms do not emerge out of the blue, they started by entrepreneurs
And who takes decisions on behalf of firms?
- Entrepreneurs play an essential role in strategic firm decisions
So entrepreneurship is important at firm start but also throughout a firm’s lifecycle
Entrepreneurship…:
- adds to economic growth of regions and countries
- creates employment (SMEs are numerically dominant, and smaller firms
contribute more to job creation than larger firms)
- could create societal and/or environmental change/value
The starting point
“A human-centered approach to innovation that brings together what people need
with wath is feasible and economically viable” (design table)
Design Thinking Process Diagram
= a method that forces you to postpone thinking about solutions and to keep you in
the problem as long as possible (→ Can help you dig deeper)
,Problem → Solution → Benefit
State the problem → Show the solution → Show the benefit
How do we generate ideas?
→ Creativity underpins innovation
- Ability to generate new ideas
- “The seed of innovation”: creativity involves a process or activity leading to
invention as a result
- “Creativity is the starting point whether it is associated with invention or
opportunity spotting. This creativity is turned to practical reality (bijv. a
product) through invention” (Bolton & Thompson, 2000)
→ “Inspiration comes of working every day” (Charles Baudelaire)
→ Creativity exercises techniques
The best business dome from people’s bad personal experiences → something
frustrated you and you think “maybe I should start a business with a solution for this
problem” (Richard Branson)
Alertness
→ the ability to identify opportunities without searching
→ one “stumbles upon” an idea
The Delta Model for law professionals
,Sources of new ideas
→ Consumers:
- Formally monitor potential ideas and needs among consumers
- Let consumers express their opinions (what do they want/need?)
→ Existing products and services
- Formally monitor and evaluate competitive products and services on the
market
- Uncovering ways to improve current products
- Entrepreneurship is a response to opportunities created but not exploited by
the incumbent firms
→ Files from the Patent Office, in response to government regulations, research and
development
Trends/external enables
The main source of opportunity is change
PESTELE analysis
- Political changes
- Economic changes
- Social/societal changes
- Technological changes
- Environmental
- Legal
- Ethical
Changes to technology, demography, culture, human needs and wants; institutional
framework conditions, macroeconomic conditions, and the natural environment
Filtering ideas
, Entrepreneurial opportunities
Generation of ideas, but not all ideas are entrepreneurial opportunities
Importance of entrepreneurial opportunities:
- Situations in which new goods, services, raw materials, and organizing
methods can be introduced or sold at greater than their cost of production
- What are the defending elements here?:
Successful opportunity recognition
Strong opportunities
Strong opportunities at the intersection: “Don't just start a business, solve a problem”
Why are entrepreneurs important?
Where do firms come from?
- Firms do not emerge out of the blue, they started by entrepreneurs
And who takes decisions on behalf of firms?
- Entrepreneurs play an essential role in strategic firm decisions
So entrepreneurship is important at firm start but also throughout a firm’s lifecycle
Entrepreneurship…:
- adds to economic growth of regions and countries
- creates employment (SMEs are numerically dominant, and smaller firms
contribute more to job creation than larger firms)
- could create societal and/or environmental change/value
The starting point
“A human-centered approach to innovation that brings together what people need
with wath is feasible and economically viable” (design table)
Design Thinking Process Diagram
= a method that forces you to postpone thinking about solutions and to keep you in
the problem as long as possible (→ Can help you dig deeper)
,Problem → Solution → Benefit
State the problem → Show the solution → Show the benefit
How do we generate ideas?
→ Creativity underpins innovation
- Ability to generate new ideas
- “The seed of innovation”: creativity involves a process or activity leading to
invention as a result
- “Creativity is the starting point whether it is associated with invention or
opportunity spotting. This creativity is turned to practical reality (bijv. a
product) through invention” (Bolton & Thompson, 2000)
→ “Inspiration comes of working every day” (Charles Baudelaire)
→ Creativity exercises techniques
The best business dome from people’s bad personal experiences → something
frustrated you and you think “maybe I should start a business with a solution for this
problem” (Richard Branson)
Alertness
→ the ability to identify opportunities without searching
→ one “stumbles upon” an idea
The Delta Model for law professionals
,Sources of new ideas
→ Consumers:
- Formally monitor potential ideas and needs among consumers
- Let consumers express their opinions (what do they want/need?)
→ Existing products and services
- Formally monitor and evaluate competitive products and services on the
market
- Uncovering ways to improve current products
- Entrepreneurship is a response to opportunities created but not exploited by
the incumbent firms
→ Files from the Patent Office, in response to government regulations, research and
development
Trends/external enables
The main source of opportunity is change
PESTELE analysis
- Political changes
- Economic changes
- Social/societal changes
- Technological changes
- Environmental
- Legal
- Ethical
Changes to technology, demography, culture, human needs and wants; institutional
framework conditions, macroeconomic conditions, and the natural environment
Filtering ideas
, Entrepreneurial opportunities
Generation of ideas, but not all ideas are entrepreneurial opportunities
Importance of entrepreneurial opportunities:
- Situations in which new goods, services, raw materials, and organizing
methods can be introduced or sold at greater than their cost of production
- What are the defending elements here?:
Successful opportunity recognition
Strong opportunities
Strong opportunities at the intersection: “Don't just start a business, solve a problem”
