Week 0 Booklet Lecture
Week 0 Booklet Lecture
Week 0 Booklet Lecture
WEEKS:
TOPICS:
•Overview of the Program
•Skills Needed by Entrepreneurs
•Common Misconceptions about Entrepreneurship
•Dealing with Ambiguity
LEARNING OBJECTIVES:
• Able to appreciate the course flow and your journey.
• Sensitized to entrepreneurial mindsets.
• Sensitized to working with ambiguity.
ACTIVITY:
• Ready to get activated
•Team formation
•Taing stock of your resources
WHAT IS ENTREPRENEURSHIP?
•The activity of •It is a process of change.
setting up a •See a problem you want to solve.
business or •Feel a load of doubt, resolve to go forward
businesses, anyway.
taking on •Find an approach to make the problem better.
financial risks in •Discover you were wrong, or that the world has
changed on you, or both.
the hope of
profit.
•Decide to keep going anyway because what
you’re doing is important.
•Figure out a different way to make the problem
-Forbes better.
WHO IS AN ENTREPRENEUR?
•An entrepreneur is someone who starts or owns a business.
Whether it’s in farming, retail, manufacturing or in the service
sector, entrepreneurs are businesspeople who find their
success by taking risks.
10 CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS
10 CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS
MYTH 4. All leaders are charismatic and their charisma is a key factor in
success – Just because some famous name have charisma, does not mean
that all entrepreneurs have it or That it is an important characteristic. This is the
fourth myth. The fact that all entrepreneurs are charismatic and that is why
they are successful. We agree that famous entrepreneurs, they all have
charisma. But apart from the charisma, successful entrepreneurs showcase
vision, analytic skills and blend of humility and ambition.
COMMON MISCONCEPTIONS ABOUT ENTREPRENEURSHIP
MYTH 5. Entrepreneurs love risks – While the common image of
entrepreneurs taking risks fearlessly comes to your mind, it isn’t really
that simple. Most entrepreneurs assess their risks, find their
advantage and try to influence their outcome.
You can minimize the risk of a project by only investing what you
are willing to lose – rather than focusing on what can be achieved if
the project succeeds. You should therefore practice how to make
decisions and perform actions where you can manage the potential
loss if your actions do not get the expected outcome.
SKILLS THAT AN ENTREPRENEUR NEEDS TO BUILD VENTURES
Entrepreneurial Method (Principles of Effectuation)
3. Crazy Quilt: Entering into new partnerships can bring the project
new funds and new directions.
The test has been designed to bring together and measure a number
of personal ‘tendencies’ commonly associated with the enterprising
person. These include:
• need for achievement;
• need for autonomy;
• creative tendency;
• risk taking; and
• drive and determination.
•The single biggest reason why start-ups succeed | Bill Gross | TED
(youtube.com)
•https://www.youtube.com/watch?v=bnpx7gpsqby
TASK 1: TEAM FORMATION
TASK 1: TEAM FORMATION
TASK 1: TEAM FORMATION
TASK 1: TEAM FORMATION
TASK 2: TAKE STOCK OF YOUR RESOURCES
Well! You have now formed your teams! What should you do next? A
good place to get started is to take stock of your means. Here, you will
apply the first effectuation principle, Bird-in-Hand. This exercise will
teach you to become aware of your strengths individually as well as in
your teams. Fill up the table below to take stock of what you have on
hand right now. When you cumulate each box for the team you get a
snapshot of your team strengths as they are today!
TASK 2: TAKE STOCK OF YOUR RESOURCES