THINKING ENTREPRENEURIALLY

CONTENTS

With an appreciation for the opportunities and challenges of strategic decision making, you can explore the next chapters on entrepreneurial mindset, motivation, and behavior as the first three steps of the Opportunity Analysis Canvas.

Retrieved from: The Opportunity Analysis Canvas - Edition 2.0

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Competition

You have to have an international reference of competition. You have to have the highest [standards]. Carlos Slim Helu, Mexican business magnate, investor, philanthropist, and world’s wealthiest person Assessing industry condition and industry status provides a starting point for understanding competition. To outperform the competition, the learning curve, complementary assets, and reputation effects are key factors for entrepreneurs to understand. This is the competition element of the Opportunity Analysis Canvas. Retrieved from: The Opportunity Analysis Canvas - Edition 2.0 How does the learning curve influence your success? When we define a learning curve, we’re exploring the rate of learning over time. How long does it take to get good at something? For a simple game, such as the Angry Birds app, it’s probably an hour or two. Once you understand the basic principles of the game, you can build reasonab...

How can I use this book?

This book’s structure aligns with the opportunity analysis canvas, as each of the nine steps are addressed in a dedicated chapter. The focus of each chapter is to first introduce you to the topic. This provides a background on the subject, and emphasizes its relationship to entrepreneurship. Tools including self-assessments, research databases, and reference materials are highlighted. Tips and techniques are then presented for how to develop your skills and knowledge. Next, a feature entrepreneur is profiled. Lastly, challenge questions are posed for you to develop your opportunity analysis abilities. These nine steps are explored in three parts: Steps 1 – 3 - Thinking entrepreneurially: Thinking in this context is influenced by individual mindsets, motivations, and behaviors. Part I addresses these first three steps of the opportunity analysis canvas. This sets the stage for the subsequent chapters on seeing entrepreneurially. Steps 4 – 7 - Seeing entrepren...

Industry Condition

Our idea is to serve everybody, including people with little money. Ingvar Kamprad, Founder of IKEA. After examining entrepreneurial mindset, motivation, and behavior, the next step is exploring entrepreneurial opportunities is evaluating industry condition. We can examine the rules of competition within an industry. This helps entrepreneurs to decide what industries that they do choose to enter, entrepreneurs can better anticipate the opportunities and challenges there in. Understanding the knowledge conditions and demand conditions , the two core segments of industry condition, provides insights into the attractiveness of an industry for new entrants. With this understanding, aspiring entrepreneurs can determine if, and how, to compete effectively within their chosen industry. Retrieved from: The Opportunity Analysis Canvas- Edition 2.0 What impact do knowledge conditions have in your industry? Knowle...

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