An elaborate summary of all the articles and the lectures. I made sure that the logic of each article becomes clear and I also explained some difficult conceptual models. This summary is not to learn by heart but as handy overview for during the exam!
,Burke (2009) Strategies for entrepreneurial success.......................................................................................4
Solve the last 10% (not the first 90%) of the consumer’s problem...................................................................................................................4
Reform rather than revolutionise......................................................................................................................................................................4
Impose a cost effective culture..........................................................................................................................................................................4
De-risk before taking risk...................................................................................................................................................................................4
Agility: be able to quickly adapt to changes......................................................................................................................................................5
Johnson; Christensen; Kagermann (2008): Reinventing your Business model..................................................5
Defining the business model.............................................................................................................................................................................5
How great models are built...............................................................................................................................................................................7
When is a new business model needed?..........................................................................................................................................................8
Blank (2013): why the lean startup changes everything..................................................................................8
Lecture 1: The lean model changes everything............................................................................................... 9
Most essential idea: being agile........................................................................................................................................................................9
Sarasvathy (2012) Effectuation and entrepreneurship....................................................................................9
The logic behind effectuation............................................................................................................................................................................9
The five principles of effectuation...................................................................................................................................................................10
The dynamics of effectuation in the start-up process.....................................................................................................................................11
Practical implications of effectuation..............................................................................................................................................................12
Read (2009) Marketing under uncertainty.................................................................................................... 13
Additions to Sarasvathy’s effectuation............................................................................................................................................................13
Propositions and their result...........................................................................................................................................................................13
Implications and conclusion............................................................................................................................................................................14
Managerial implications..................................................................................................................................................................................15
Leinwand & Mainardi (2010): The coherence premium.................................................................................16
The main line of reasoning..............................................................................................................................................................................16
What’s coherence or capabilities?..................................................................................................................................................................16
How does this coherence create value?..........................................................................................................................................................16
Lecture 2: Effectual Logic.............................................................................................................................. 17
Fiet (2007): A Prescriptive Analysis of Search and Discovery.........................................................................17
What is alertness and why should we spend more attention?.......................................................................................................................17
the systematic search for discoveries.............................................................................................................................................................18
Signals and signal processing...........................................................................................................................................................................19
Implications......................................................................................................................................................................................................20
COOPER (2010): VOICE-OF-CUSTOMER METHODS........................................................................................20
Where do (good) ideas come from?................................................................................................................................................................20
Voice-of-customer methods............................................................................................................................................................................21
Other effective methods..................................................................................................................................................................................21
Coyne (2007) THink inside the box............................................................................................................... 21
WHy traditional methods fail..........................................................................................................................................................................21
ASking the right questions...............................................................................................................................................................................22
Give better guidance to the brainstorming process........................................................................................................................................22
Shah (2007) : The accidental entrepreneur................................................................................................... 22
The classic entrepreneurial approach.............................................................................................................................................................23
The end-user entrepreneurial approach.........................................................................................................................................................23
When will end-user entrepreneurship occur?................................................................................................................................................24
Lecture 3: Systematic search and user innovation.........................................................................................25
Systematic search............................................................................................................................................................................................25
User innovation...............................................................................................................................................................................................26
Maxwell (2011), BA early stage decision making (Elimation by aspect).........................................................27
Important stuff from the framework...............................................................................................................................................................27
Discussion and implication..............................................................................................................................................................................27
Hart (2003) Copmanies’ evaluation criteria................................................................................................... 28
Which criteria are used at which gate?...........................................................................................................................................................28
What type of evaluations are used mostly at which gates?............................................................................................................................29
Important notes from the discussion..............................................................................................................................................................29
Maxwell (2014) : Trustworthiness................................................................................................................ 30
What we found................................................................................................................................................................................................30
Important takeaways from the discussion......................................................................................................................................................32
Lecture 5 notes............................................................................................................................................ 32
Cornwall (2009) : Bootstrapping................................................................................................................... 32
The concept of bootstrapping in short...........................................................................................................................................................32
Techniques for bootstrapping.........................................................................................................................................................................33
The ethics of bootstrapping.............................................................................................................................................................................34
Winborg (2000) : Bootstrapping and acquisistions........................................................................................35
What financial bootstrapping methods are used............................................................................................................................................35
What different groups of bootstrappers exist?...............................................................................................................................................35
Page | 2
,Lecture 6: Bootstrapping.............................................................................................................................. 36
Kim (2005) : Social capital............................................................................................................................ 37
Introduction.....................................................................................................................................................................................................37
Social networks tend towards homogeneity, not diversity.............................................................................................................................37
Observation 2: not all relationships are the same..........................................................................................................................................39
Some people are more central in a network than others...............................................................................................................................40
Hutter (2011) : Guerrilla marketing............................................................................................................... 40
The surprise effect...........................................................................................................................................................................................41
The diffusion effect..........................................................................................................................................................................................41
Low-cost effect................................................................................................................................................................................................42
Suggested further research.............................................................................................................................................................................42
HO (2010) : Viral marketing.......................................................................................................................... 43
Lecture 7: Networking; Guerrilla marketinh; Personal sales..........................................................................43
Networking......................................................................................................................................................................................................43
Key competences for personal sales...............................................................................................................................................................44
The ten commandments for networking........................................................................................................................................................44
The two major steps from viral marketing......................................................................................................................................................44
Ghezzi (2018) : Defining Crowdsourcing........................................................................................................ 45
The I-P-O model...............................................................................................................................................................................................45
I - The input......................................................................................................................................................................................................46
P - The process.................................................................................................................................................................................................46
Output..............................................................................................................................................................................................................48
Notes from the discussion...............................................................................................................................................................................48
Dustdar (2013) : Quality control in crowdsourcing systems...........................................................................49
Quality operationalisation...............................................................................................................................................................................49
Quality-control approaches.............................................................................................................................................................................49
Limitations to quality-control..........................................................................................................................................................................50
Lecture marketing and crowdsourcing.......................................................................................................... 50
What is crowdsourcing used for?....................................................................................................................................................................50
what motivates the crowd?.............................................................................................................................................................................51
Cialdini (2001) : The science of persuasion.................................................................................................... 51
Liking – People like those who like them........................................................................................................................................................51
Reciprocity – People repay in kind..................................................................................................................................................................51
Social proof – People follow the lead of similar others..................................................................................................................................51
Consistency – People align with their clear commitments.............................................................................................................................51
Authority – People defer to experts................................................................................................................................................................51
Scarcity – People want more of what they can have less of...........................................................................................................................51
Johnson (2012) : Beyond Nudges.................................................................................................................. 51
Structuring the choice architecture.................................................................................................................................................................52
Describing choice options................................................................................................................................................................................53
Isssues in implementing choice architecture..................................................................................................................................................53
Application of the tools of choice architecture...............................................................................................................................................54
Baumeister (2012) : Self-control as the moreal muscle.................................................................................54
How self control works....................................................................................................................................................................................54
Extending the strength model.........................................................................................................................................................................55
What gets depleted?.......................................................................................................................................................................................55
When willpower is low....................................................................................................................................................................................55
Beyond self control..........................................................................................................................................................................................55
Page | 3
, BURKE (2009) STRATEGIES FOR ENTREPRENEURIAL SUCCESS
There are 5 archetypal strategies that are applied by entrepreneurs. This research is necessary since there is
change that goes from ‘what determines an entrepreneur’ to ‘what determines successful entrepreneurial
performance’. We are thus specifically looking at what made something an entrepreneurial success. Two major
elements are key:
- Entrepreneurs embrace corporate strategy; it allows for the easier access of resources
- Entrepreneurs trade down on entrepreneurial behaviour; it’s more civilized and approachable
Here are the five strategies:
SOLVE THE LAST 10% (NOT THE FIRST 90%) OF THE CONSUMER’S PROBLEM
In sum, the business environment in which entrepreneurs have existed over at least the last two decades have
tended to favour the conditions conducive for adaptive imitation and late mover advantages. By consequence
the most successful entrepreneurs have not been the most innovative but have chosen strategies more
associated with corporations who adopt a wait, learn (from early innovators mistakes and customer reactions)
and adapt approach to innovation strategy.
REFORM RATHER THAN REVOLUTIONISE
Revolutionising business rarely requires revolutionary innovative steps. In recent years innovation has been
more continuous and revolutionary innovations take at least a decade to diffuse from invention to commercial
viability. Therefore, most successful entrepreneurs are necessarily reformers who help an existing technology
to diffuse rather than revolutionaries launching new technological trajectories. Succesful entrepreneurial
ventures are not restricted to new and high growth industries but tend to span an economy’s portfolio of
industries. Their innovation is more continuous and built on an existing innovation platform provided by
other firms.
o So this really explains the platform-industry! Via a platform, you bring a technology to a vast array of
different people who can then use it!
IMPOSE A COST EFFECTIVE CULTURE
Successful entrepreneurs usually work their financial resources to the limit. Money is not deployed unless it
generates net value added. In this exercise opportunity cost is taken into consideration so that investment in
an initiative will only take place if entrepreneurs are convinced it maximises net value creation. Successful
entrepreneurs behave as if every penny/cent counts and in the process generate a ‘work the money hard’
culture in their business. This keeps the venture focused on innovation, maximising revenues, minimising
costs and coming out the right side of value creation when a decision involves a trade-off between these
objectives.
Put differently, a company that has tight cash flows will be forced to make decisions that improve this
precarious financial situation. This usually means only incurring a cost when it will generate even more in
revenue.
DE-RISK BEFORE TAKING RISK
Successful entrepreneurs neither lovingly embrace risk nor rely exclusively on courage in order to take risk.
Instead they minimise risk to acceptable levels by using methods used in corporate financial strategy. That is
not to say that entrepreneurs are experts or even understand corporate finance, but they do understand its
underlying logic or intuition. They adopt strategies that allow them to hedge and spread risk. Successful
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