Entrepreneurship and innovation management
Summary
, Week 1 The entrepreneurial process - Introduction to innovation management and its
challenges
Articles: Black (2013); Sledzik (2013); Kuratko, Covin, & Hornsby, (2014);
Crossan & Apaydin (2010); Wessel, M., & Christensen, (2012).
Ent. Video 1
Sledzik (2013)
Schumpeter: created the field of entrepreneurship and innovation.
This was important in societal developments.
Before Schumpeter, there were two dominant views in economic and social status:
1) Under socialized/microeconomics view
The market consists of automized actors, who are well-informed, covered by
government rules and principles
Example: view on profit:
Should not appear in a perfect functioning market
2) Sociology
All our actions and behaviors are covered by the societal environment we are in
(demographics, social status etc.).
Example: view on profit:
Is a sign of the exploitation of the working class.
Schumpeter: the truth is somewhere in between.
He came up with the idea of the individual in the market. The market doesn’t exist of
homogeneous individuals covered by market principles, but also not by groups who are
described by their group members. No, market evolution is driven by extraordinary
individuals who we call entrepreneurs; creating innovation through change (through the
process of creative destruction).
Innovation is a process of industrial mutation, that increasingly revolutionized the
economic structure from within, incessantly destroying the old one, incessantly
creating a new one. So, creative destruction means that the entrepreneur creates
something new and BETTER than the previous solutions for the same problem and
replaces the old solution.
How do entrepreneurs do that?
Allocating existing resources to new uses and new combinations
Creating change through creative destruction
Innovation profit. Profit is the reward for the entrepreneur.
According to Schumpeter:
The entrepreneur is carrying out innovations which is fundamental in history
The entrepreneurs have four main motives to do this:
- Money/profit
- Independence
- Competition
, - Joy of creation
Implication Schumpeter: does not take into account social causes.
Most important characteristics of an entrepreneur:
- Intelligent
- Alert
- Energetic
- Determined
These characteristics can be learned; an entrepreneur can be learned and improved
Ent. Video 2
Banks (2013)
Entrepreneurial process:
The process is not linear; idea – execution – profit: no!
Try – fil – try – again – fail etc. success!
Entrepreneurs start with a business plan based on untested assumptions
Successful entrepreneurs do something differently from the rest (they iterate):
1) Learning from failures
2) Alter their business model
3) Set up and test new assumptions
4) Succeed or start all over again
Component of business models:
- Revenue model
- Gross margin model
- Operating model
- Working capital model
- Investment model
Wat is a lean start-up?
Interactive process: building, measuring, learning (circular).
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