Entrepreneurship and Innovative Business Development 1
Course Learning Outcomes for Unit I Upon completion of this unit, students should be able to:
1. Compare the types of entrepreneurship. 1.1 Contrast different types of entrepreneurship related to a level of risk. 1.2 Analyze a type of entrepreneurship.
4. Examine business models.
4.1 Apply a business model. 4.2 Explain a company’s use of business models.
Course/Unit Learning Outcomes
Learning Activity
1.1 Chapter 1 Student Resource: Frugal Innovation Unit I Case Study
1.2, 4.1 Unit Lesson Chapter 1 Unit I Case Study
4.2
Unit Lesson Chapter 1 Student Resource: Challenges of a Family Business Unit I Case Study
Required Unit Resources Chapter 1: Practicing Entrepreneurship In order to access the following resource, click the link below. Navigate to the Video and Multimedia area in Student Resources for Chapter 1 of the eTextbook to view the items listed below.
• Challenges of a Family Business
• Frugal Innovation
Unit Lesson
Characteristics of an Entrepreneur How do you define an entrepreneur? Are you surprised to learn the truth about entrepreneurs rather than the myths that are falsely attributed to entrepreneurs? In the article by Goyette (2019), it is stated that more managers are building an entrepreneurial mindset in their employees with a growing preference to hire people who can contribute within an organization as an intrapreneur, a person who acts and thinks in an entrepreneurial manner. In this course, entrepreneurship is explained in depth to help you understand who entrepreneurs are, the characteristics of entrepreneurs, and why these characteristics support the success of the entrepreneurial venture. In later units, tools and resources will be presented as mechanisms to enhance your creativity and build your own entrepreneurial skills. Characteristics connected to entrepreneurship include creativity,
UNIT I STUDY GUIDE
Exploring Entrepreneurship https://edge.sagepub.com/neckentrepreneurship2e/student-resources/1-practicing-entrepreneurship/video-and-multimedia
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resourcefulness, perseverance, passion, motivation, being future-oriented, optimism, an adventurous spirit, flexibility, ethical behavior, comfort with ambiguity and risk, emotional and social intelligence, and humility. Each of these characteristics associated with successful entrepreneurs comes from research on the qualities displayed by entrepreneurs through a variety of studies that attempted to find out why some people become entrepreneurs, while other people are content to work for others.
Entrepreneurship and Ethics A common theme within the field of entrepreneurship is the importance of being ethical and honest. Since there are many risks associated with the progression from identifying a problem, finding a solution, and building the venture, a variety of people are needed along this path. Entrepreneurs focus more on collaborating with others than on competing against other people or organizations. Within each of these relationships, each person is dependent on the other for building a successful venture. In these relationships, each person must speak the truth, even when the information is detrimental. The earlier any negative information is identified and communicated, the quicker the problem can be addressed. Building teams and networks is another important characteristic of entrepreneurs. An entrepreneurial team is a significant part of a venture’s success.
Some derailers result from childhood experiences where learned messages, such as a fear of failure, hold us back in life. Surprisingly, some people even have a fear of being successful, as the message heard in childhood could have been that the person was inadequate or incapable of being successful.
Social Entrepreneurship
In fitting with this emphasis on ethical behavior, a subdivision within the field of entrepreneurship is about creating non-profit ventures and for-profit ventures that solve a societal need. Social entrepreneurs identify challenges faced by social and environmental problems, such as how to add more protein to a population’s diet in a tropical climate. One solution to this problem could be the creation of shitake mushroom farming to add a new source of protein into the local populations’ diet. Another idea is farming oyster mushrooms to teach people how to earn extra income by selling their mushrooms. Once you start developing your
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entrepreneurial mindset, you will start to notice more examples of social entrepreneurship and the creation of new products to solve unique challenges.
Intrapreneurship In this course, preconditioned restrictive messages about entrepreneurship will be diminished as your knowledge of the field of entrepreneurship is expanded and as you learn how to develop your entrepreneurial skills to become alert in continuously viewing the world through a lens that notices all of the possibilities for creating new ventures to solve problems. Not only is the topic of entrepreneurship relevant to the idea of starting a venture, it’s also relevant from the perspective of intrapreneurship, the focus on creating new products within an organization. An example is 3M, which was originally named Minnesota Mining and Manufacturing Company. It has a history of success, failure, success, innovation, and perseverance (3M, n.d.). In addition to its history of innovation and perseverance, 3M has a focus on collaboration and trust, essential components that propelled 3M into the Fortune 500 list with over 60,000 products and a presence in over 70 countries. One-third of those products were invented within the last 5 years (3M, n.d.). To support intrapreneurship, 3M is known for encouraging employees to spend 15% of their time working on new ideas. Even ideas that do not result in success count as work toward new inventions (Goetz, 2011). 3M’s mission includes the importance of protecting employees and the environment, creating products with a high value to the customer, incubating and protecting disruptive technologies and processes, and developing and engaging employees (3M, n.d.). This type of supportive environment is intentionally designed to encourage entrepreneurial activities that are, in the case of working within an established corporation, examples of intrapreneurship.
Business Models and Entrepreneurship Along with growing entrepreneurial behaviors through intrapreneurship, other forms of entrepreneurship can occur through understanding business models. Business models describe the method for providing a value that results in revenue. Some organizations like YouTube avoided creating a traditional business model around selling a service. Instead, YouTube was created with the intent of harvesting, or selling the company. Their innovative business model was designed to grow the volume of video data, rather than create a business model based on revenue related to uploading video. Another innovative type of business model includes subscription services, the idea of the customer purchasing a regular predetermined quantity of a product over a set timeline, a growing trend in start-up companies. The topic of business models and entrepreneurial venture success has not been studied extensively. An article by McDonald and Eisenhardt (2020) explores how business models position the new venture for success in noting the value in adjusting traditional business models to align with the value proposition. The example from this article points to the difference between Blockbuster and Netflix. Blockbuster’s business model was time-locked; whereas, Netflix’s business model offered ease of use and flexibility while simultaneously tracking individuals’ streaming history and preferences. These key alterations to the business model used by Blockbuster differentiated Netflix as an entertainment provider that offered key values to their users. The openness to reconsidering the business model from a creative value-added perspective locked Blockbuster out of the video rental industry. Even redefining how the industry is described provides new insights into defining the business model. The redefined industry move from video rental to entertainment provider has reshaped this industry with Netflix advancing to creating their content, solidifying their business model even further to block out competing players. The topic of business models and revenue models is covered later in the course in more depth.
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Manager vs. Entrepreneur There is a difference between being a manager and being an entrepreneur. Entrepreneurial ventures are not small versions of large corporations. There is a difference between following a method rather than a process. Entrepreneurs focus on taking action, experimenting, and seeking out the best business model that fits their venture and target market. There is even the idea of failing until success is reached. Failure is an opportunity to learn, rather than accepting a result without considering the various components or variables that were part of the action or experiment.
Behaviors of Entrepreneurs Keep in mind the importance of enjoying this course as part of the entrepreneurial behaviors of playfulness and experimentation. During this course, take time to apply the topics covered in the chapter readings. For example, Table 1.7 in Chapter 1 of the eTextbook shows how to use deliberate practice, which is a concept similar to practicing mindfulness. Consider practicing these activities at least once a day. Being deliberate, being consciously aware, and being in the moment are activities that you could build into your life. The benefit is improved perception, memory, intuition, and metacognition (Neck et al., 2021). These are documented behaviors of entrepreneurs proven to be effective and worth your time in practicing the activities and tools covered throughout this course.
Interactive Activity In each unit, you will find an interactive knowledge check activity, where you follow Claire’s story and help her develop a business idea. This is a nongraded activity.
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In order to check your understanding of concepts from this unit, complete the Unit I Knowledge Check activity. Unit I Knowledge Check PDF version of the Unit I Knowledge Check Note: Be sure to maximize your internet browser so that you can view each individual lesson on a full screen, ensuring that all content is made visible.
Conclusion
In today’s world of uncertainty, stepping out of traditional career paths and stepping into the world of entrepreneurship can provide greater control over your life. Although this sounds contradictory given the unknowns in starting a new venture where even the industry might not have existed before the startup opened, the average employment time within one company has now dropped to 3.2 years for employees between the ages of 25 and 34 (Doyle, 2019). As an entrepreneur, your efforts are directly related to advancing the development of your venture. Growing your idea into a successful venture is a rewarding manifestation of your dream, your idea.
References Doyle, A. (2019, November 8). How long should an employee stay at a job? The Balance Careers.
https://www.thebalancecareers.com/how-long-should-an-employee-stay-at-a-job-2059796 Goetz, K. (2011, February 1). How 3M gave everyone days off and created an innovation dynamo. Fast
Company. https://www.fastcompany.com/1663137/how-3m-gave-everyone-days-off-and-created-an- innovation-dynamo https://online.columbiasouthern.edu/bbcswebdav/xid-136931866_1https://online.columbiasouthern.edu/bbcswebdav/xid-138335266_1https://online.columbiasouthern.edu/bbcswebdav/xid-136931866_1
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Goyette, K. (2019). 5 things leaders do that stifle innovation. Harvard Business Review. https://libraryresources.columbiasouthern.edu/login?url=https://search.ebscohost.com/login.aspx?dire ct=true&db=bsu&AN=139155074&site=eds-live&scope=site
McDonald, R. M., & Eisenhardt, K. M. (2020). Parallel play: Startups, nascent markets, and effective
business- model design. Administrative Science Quarterly, 65(2), 483–523. https://doi- org.libraryresources.columbiasouthern.edu/10.1177/0001839219852349
Neck, H. M., Neck, C. P., & Murray, E. L. (2021). Entrepreneurship: The practice and mindset. SAGE. 3M. (n.d.). The history of 3M: From humble beginnings to Fortune 500.
Learning Activities (Nongraded) Nongraded Learning Activities are provided to aid students in their course of study. You do not have to submit them. If you have questions, contact your instructor for further guidance and information. In order to access the following resource, click the link below. Utilize the following Chapter 1 Flashcards to review terminology from the eTextbook. https://edge.sagepub.com/neckentrepreneurship2e/student-resources/chapter-1/flashcards
- Course Learning Outcomes for Unit I
- Required Unit Resources
- Unit Lesson
- Characteristics of an Entrepreneur
- Entrepreneurship and Ethics
- Social Entrepreneurship
- Intrapreneurship
- Business Models and Entrepreneurship
- Manager vs. Entrepreneur
- Behaviors of Entrepreneurs
- Interactive Activity
- Conclusion
- References
- Learning Activities (Nongraded)
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