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business
entrepreneurship

Questions and Answers of Entrepreneurship

=+4 Now that the founder owns less than half of the company, how easy or difficult do you think it will be
=+to develop new entrepreneurial ideas within the company?
=+5 Will PledgeMe be able to remain innovative and fast moving now that it has many shareholders?
=+6 It’s clear that the shareholders and founders need to have a logical framework to allocate equity to the various players and to recover equity from people who separate from the company. Have a
=+Equity Calculator at http://foundrs.com/. Fill it out from three perspectives: Anna herself, the original developer and current investors in the company. Should the original developer own half the
=+If someone left, how does this impact the company?
=+Should the investor pitch-person have higher equity?
=+How would you calculate sweat equity (value created voluntarily by hard work in the company)? (See Advani, 2007)
what ‘innovation’ and ‘entrepreneurship’ mean – and how they are essential for survival and growth
innovation as a process rather than a single fl ash of inspiration
the diffi culties in managing what is an uncertain and risky process
the key themes in thinking about how to manage this process effectively.
1. Is innovation manageable or just a random gambling activity where you sometimes get lucky? If it is manageable, how can fi rms organize and manage it – what general principles could they use?
2. ‘Build a better mousetrap and the world will beat a path to your door!’ Will it? What are the limitations of seeing innovation simply as coming up with bright ideas? Illustrate your answer
3. What are the key stages involved in an innovation process? And what are the characteristic sets of activities which take place at each stage? How could such an innovation process look for:a. a
4. Fred Bloggs was a bright young PhD scientist with a patent on a new algorithm for monitoring brainwave activity and predicting the early onset of a stroke. He was convinced of the value of his
5. How does innovation contribute to competitive advantage? Support your answer with illustrations from both manufacturing and services.
6. Does innovation matter for public services? Using examples, indicate how and where it can be an important strategic issue.
7. You are a newly appointed director for a small charity which supports homeless people.How could innovation improve the ways in which your charity operates?
8. Innovation can take many forms. Give examples of product/service, process, position and paradigm (mental model) innovations.
9. The low-cost airline approach has massively changed the way people choose and use air travel – and has been both a source of growth for new players and a life-threatening challenge for some
10. You have been called in as a consultant to a medium-sized toy manufacturer whose range of construction toys (building bricks, etc.) has been losing market share to other types of toys. What
11. Innovation is about big leaps forward, eureka moments and radical breakthroughs – or is it? Using examples from manufacturing and services, make a case for the importance of incremental
12. Describe, with examples, the concept of platforms in product and process innovation and suggest how such an approach could help spread the high costs of innovation over a longer period.
• 13. What are the challenges managers could face in trying to organize a long-term steady stream of incremental innovation?
social entrepreneurship and social innovation
social entrepreneurship as an organized and disciplined process rather than a wellmeaning but unfocused intervention
the diffi culties in managing what is just as much an uncertain and risky process as‘conventional’ economically motivated innovation
the key themes needed to manage this process effectively.
1. Give a man a fi sh and you feed him for a day. Teach a man to fi sh and he can feed himself for life. How could you put this principle into practice through a social entrepreneurship venture –
2. ‘Some problems have no solution’ – a somewhat pessimistic Japanese saying. How could a social entrepreneur challenge this?
3. Jasmine Chang has approached you – as an innovation adviser – with a novel treatment for childhood diarrhoea. How would you advise her to take this idea forward to make a difference?
4. In many ways, taking a socially valuable concept to market has much in common with ‘conventional’ new product development. Where do you see the similarities and differences?
the reasons for, and implications of, the uneven global distribution of innovation
the main components of a national system of innovation, and how these interact to infl uence the degree and direction of innovation in a country
the challenges faced and the opportunities offered by emerging markets, in particular meeting needs at ‘the bottom of the pyramid’.
1. What factors infl uence the location of innovation, and how could these constrain the globalization of innovation?
2. What are the main components of a national innovation system, and how do these interact?
3. How can fi rms learn from overseas sources of innovation?
4. How can fi rms limit the scope for competitors imitating their innovations, and therefore better appropriate the benefi ts of their innovations?
5. Beyond formal R&D investment, what types of capabilities and competencies do fi rms need in order to innovate?
6. Compare the development of capabilities in China and India. What are the key lessons for developing economies?
the challenges which sustainability raises for innovation
the different types of innovation which can contribute to improved sustainability
a model framework for positioning sustainability-led innovation with three levels:0 doing what we do better 0 opening up new opportunity at enterprise level 0 system-level change
the key issues in the process of moving towards sustainability-led innovation
some tools to help with the journey.
1. You have been asked to develop a sustainability-led innovation strategy for your business which makes children’s toys. Using the framework model in the chapter, outline how you would carry this
2. Using examples of innovations which may have had unexpected negative consequences, outline what factors you would build into a framework for ensuring ‘responsible innovation’.
3. Where could the sustainability space open up new opportunities for an entrepreneur?And where would the challenges lie in exploiting those opportunities?
4. How would an organization obtain competitive advantage through following a strategy of sustainability-led innovation? Give examples to support your case.
the nature of creativity and the creative process
the many different ways in which creativity can be deployed for innovation
the key infl uences on creativity and the ability to express it
tools to facilitate creativity and develop skills in using them.
How would Google manage our data?
How would Disney engage with our consumers?
How could Southwest Airlines cut our costs?
How would Zara redesign our supply chain?
How would Apple design and launch our product/service offering?
1. ‘You have to be a genius like Einstein or Leonardo da Vinci to be creative’. Is this true?
2. You’ve been appointed to help an organization develop its creative capability amongst the workforce. How would you go about doing this?
3. Creativity is more than just a light bulb fl ash of inspiration. How could you use a process view of creativity to support and enhance this capability in an organization?
4. An entrepreneur friend has complained to you about being stuck for new ideas to help grow her business. How could you use ideas about enhancing and developing creativity to offer some advice?
=+ How can you apply this technique to develop creative and collaborative teamwork while building your own venture or in what ways can you adapt this approach to assist you in building creative teams?
=+3 Locate the article by David Magellan Horth and Charles J. Palus, ‘Using visuals to build teams’, TþD (October 2003), 59, which describes a unique technique to get a team to think and work
=+you to get involved in similar discussions and dialogue. How would you go about starting your own forum to promote better futures for your community?
=+2 Find and read the brief article titled ‘Living laboratory to show us the future’ by James Bow in the Alternatives Journal, 30(5) (November–December 2004), 18. Conduct research on an
=+chapter formulate a set of opportunities that may emerge from a chosen trend or forecast.
=+1 Locate the article ‘Outlook 2015: Top trends and forecasts for the decade ahead’ in The Futurist, 48(6) (November–December 2014). After reading it, assemble a group and utilising some of
=+4 Is this case creative or just plain deceptive? Justify your answer and discuss any ethical dilemma.
=+3 What arenas of creativity are exhibited in this case?
=+2 What would define the creativity in this case as lateral thinking?
=+1 What model of opportunity was this venture following and what was creative and innovative about their actions?
=+3 Which other Asia–Pacific countries would be the next candidates for Interface’s sales team?
=+2 What system of complementary activities contribute to Interface’s competitiveness?
=+1 How does Interface demonstrate that competitive advantage and sustainability are not mutually exclusive?
=+12 What is the philosophy of cradle-to-cradle design and what are some examples of companies using this approach in your country?
=+11 What dilemma faces entrepreneurs in the era of climate change? What are some examples of this?
=+10 Identify and describe five of the innovation principles.
=+9 Briefly describe each of the five major misconceptions commonly associated with innovation.
=+8 What are the four major types of innovation?
=+7 What is meant by the term innovation in simple terms and what important attributes does an innovation need in order to be an entrepreneurial opportunity?
=+6 Describe at least five key elements that contribute to a creative climate.
=+4 What are four major components in the creative process?
=+3 What are four major models of entrepreneurial opportunity? Explain and give an example of each.
=+2 How are prior knowledge and learning important to the recognition of opportunities?
=+1 Why are ideas not necessarily an entrepreneurial opportunity? What is necessary to bridge the gap?
=+8 To consider the challenges and changing dynamics of social and sustainability innovation
=+7 To review some of the major misconceptions associated with innovation and to define the 10 principles of innovation
=+6 To introduce how innovation can inspire opportunity through invention, extension, duplication and synthesis
=+box, identify arenas of creativity and work in creative climates
=+5 To present ways of developing personal creativity: recognise relationships, use lateral thinking, use your ‘brains’, think outside the
=+of the creative process: knowledge accumulation, incubation process, idea evaluation and implementation
=+4 To examine the role of creativity and to review the major components
=+3 To identify the four models of market opportunity: competition, innovation, alertness and social need
=+2 To define and illustrate the sources of opportunity for entrepreneurs
=+1 To explore how ideas fit within the opportunity identification process
=+Blackburn and John Hartom’s shoes and imagine your own social enterprise facing these same challenges. What elements would you put in place at the outset of the venture that would serve to
=+B. S. Coffey and H. Dixon-Fowler in Entrepreneurship Theory and Practice (2014), 38(5), pp. 1237–45. Put yourself in Lisa

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