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business
entrepreneurship
Entrepreneurship Theory Process And Practice 10th Edition Donald F. Kuratko - Solutions
the motives and management of corporate ventures
the advantages and drawbacks of different structures for corporate ventures
the likelihood of success of corporate venture outcomes.
What are the key capabilities required for the venture?
Where, how and when is the fi rm going to acquire the capabilities, and at what cost?
How will these new capabilities affect current capabilities?
Where else could they be exploited?
Who else may be able to do this, perhaps better?
1. What are the differences between corporate venturing and new product development?
2. In what ways could strategic and operational goals create confl icts?
3. What are the main management challenges in the relationships between the parent organization and its ventures?
4. What are the advantages and disadvantages of the different approaches to resourcing and structuring corporate ventures?
identifying the factors which contribute to the success and growth of new ventures
differentiating the factors which entrepreneurs can infl uence from those which are more contextual
implementing proven strategies for new venture success and growth.
1. What individual founder characteristics infl uence the success of a new venture?
2. How does innovation affect the growth and profi tability of a new venture?
3. Why are complementary resources critical to the development and growth of a new venture?
4. What contribution do the external context and networks make to success?
identifying different types of knowledge and intellectual property
choosing and applying appropriate methods of knowledge management
developing a strategy for licensing intellectual property.
1. Consider a smartphone. What types of intellectual property are necessary to create value?
2. In what ways can tacit knowledge be made explicit and codifi ed?
3. What mechanisms exist to help the sharing and transfer of knowledge within an organization?
4. What are the advantages and disadvantages of using formal IPR to commercialize an innovation?
the concept of business models
their role as a framework for describing how value is created and captured
the skills to map and build business models and to use these to explore value capture.
What? The value proposition.
By whom? The supply side.
For whom? The demand side.
How? The key activities by the supply side to create value for the demand side.
1. You have a scientist friend at the university who has been working on a new technology for blood sugar measurement. She’s asked you to help develop this into a business idea for a portable monitor for diabetics. Using the business model framework, develop a coherent story for how this business
2. Use the business model canvas approach to ‘reverse engineer’ a successful innovation which you have recently bought. What was the value proposition, how did it identify and develop key activities, key markets, etc.?
3. Spotify is a successful streaming music service which has challenged existing business models in the industry. Using the ideas in this chapter, try to map the business model canvas the original entrepreneurs may have had when they were thinking about starting the business.
4. You are a social entrepreneur with an idea for providing simple low-cost shelters for housing refugees in crisis areas. How could you use the business model approach to develop your story to pitch it successfully to potential supporters?
reviewing and consolidating the key themes in the book
exploring key infl uences on how to manage the innovation process effectively
identifying key skills at individual, team and organizational level associated with effective innovation
developing the ability to review how well individuals and organizations manage the process
practising taking an audit approach to improving innovation and entrepreneurship
Know what resources you will need to take your opportunity forward?
Plan ahead to identify the resources which you will need – and work out where and how you will get those you don’t have?
Build rich networks to enable you to access wider resources?
Build contingency plans (What if I can’t get access to these key resources? What other routes can I take to exploit this opportunity?)
Learn from how others have obtained resources?
We have a clear system for choosing innovation projects and everyone understands the rules of the game in making proposals.
When someone has a good idea, they know how to take it forward.
We have a selection system which tries to build a balanced portfolio of low- and high-risk projects.
We focus on a mixture of product, process, market and business model innovation.
We balance projects for ‘do better’ innovation with some efforts on the radical ‘do different’ side.
We recognize the need to work outside of the box and there are mechanisms for handling offmessage but interesting ideas.
We have structures for corporate venturing.
How you will manage the project from your idea to full-scale launch?
Who will you need to involve – and how will their involvement be timed?
Is there a clear project plan with a timeline and plans for resources, especially cash fl ow, throughout the life of the project?
Do you have criteria for stopping the project if it is going seriously off-track?
How will you know how well you are doing in terms of project progress? When and how will you review?
Do you have contingency plans? What if something goes unexpectedly wrong or falls behind schedule?
Do you have a clear and concise ‘story’ which you can share with others about your idea?
Where will you be in a year’s time – and how will you know whether or not you have succeeded?
What comes next if things go well – what will you do to grow or develop the venture further?
Can you ‘paint a picture’ – can you make your idea come alive for others to see and share what excites you about what you are trying to do?
Is there a clear roadmap for how you will get from your idea and exciting vision today to making that dream a reality next year?
Have you the key skills and resources which you need to make the venture succeed?
Have you identifi ed the key people who will help you achieve your vision?
How will you motivate them – how will you get them to buy in to what you are trying to do?
How will you handle confl icts and disagreements?
How will you take decisions – and make sure everyone sticks to what is decided even if they don’t agree?
How will you communicate – keep everyone in the loop?
How will you make sure teams perform as greater than the sum of the individual parts, rather than less?
Have you identifi ed who you will need to help you in taking your venture forward?
How will you engage and motivate them to ‘buy in’ to the project?
How will you manage confl icts and tensions within the network?
How will you share information and communicate?
How will you take decisions – and see that people stick to them?
How will you fi nd partners for your network and with these people build a sense of shared identity and commitment?
1. Use the refl ection questions in this chapter (and additional ones from the online audit frameworks) to carry out a review of innovation management capability in an organization you are familiar with.
2. ‘If we don’t learn from history, we are condemned to repeat it.’ This famous quotation underlines the challenge of learning. What stops organizations learning from their past efforts at innovation – and what can they do to improve their learning capability in the future?
=+V1 To begin our exploration of entrepreneurship and the environment
=+2 To distinguish between business and social entrepreneurs
=+3 To distinguish between entrepreneurs and small-business owners
=+4 To explain the importance of entrepreneurs for economic growth
=+5 To examine the historical development of entrepreneurs and of entrepreneurship
=+6 To define entrepreneurship and explore the major schools of entrepreneurial thought
=+7 To realise that entrepreneurship is a pathway to freedom
=+1 What is the potential role for entrepreneurs in the era of climate change?
=+2 What is the difference between social entrepreneurs and business entrepreneurs?
=+3 What is the difference between entrepreneurs and small-business managers?
=+4 Briefly describe what is meant by the term ‘entrepreneurship’.
=+5 Why do we use the French word instead of an English equivalent?
=+6 Is there a distinction between ‘enterprising’ and ‘entrepreneurial’ in your language? If so, what is it?
=+7 How were entrepreneurs historically viewed? What challenges did they face throughout history?
=+8 In your culture, what is the history of enterprise and entrepreneurship?
=+9 When was the word ‘entrepreneur’ first used in economic literature?
=+10 Which school of entrepreneurial thought makes most sense to you, and why?
=+11 What are the generational differences in entrepreneurial activity?
=+12 Is entrepreneurship really another word for ‘human freedom’?
=+13 What are the professions that have the highest proportion of self-employed people?
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