CAIG Center For Entrepreneurship

Motivation is everything. You can do the work of two people, but you can’t be two people. Instead, you have to inspire the next guy down the line and get him to inspire his people. Lee Iacocca Past President and CEO of Chrysler. Entrepreneurial motivation encompasses the factors by which goal-directed behavior is initiated, energized, and maintained. For entrepreneurial strategic decision-making, three factors are emphasized: self-efficacy, cognitive motivation, and tolerance for ambiguity. Retrieved from: The Opportunity Analysis Canvas  Do you have high self-efficacy?      As we turn our attention to entrepreneurial motivation, we're going to start the conversation with a discussion of self-efficacy. Specifically, we'll examine how self-efficacy impacts you and your motivations, and how to improve your personal self-efficacy.     Self-efficacy is your belief in your ability to accomplish a specific task. It intersects an element ...

Surround yourself only with people who are going to lift you higher. Oprah Winfrey Media proprietor, actress, producer, and philanthropist. Entrepreneurial mindset and motivation can only translate into action if entrepreneurial behaviors exist. This is where thinking transitions into seeing and acting. While there are many behaviors that may be described as entrepreneurial, focus on the behaviors most critical to entrepreneurial opportunity analysis and action. This chapter examines confidence, interpersonal skills, social capital, and risk tolerance. Retrieved from: The Opportunity Analysis Canvas - Edition 2.0 Do you have the confidence to attempt the difficult?      There are many statistics on the failure rates of startups. You may hear that 10% of new companies survive. Perhaps it's a 20% survival rate for second-time entrepreneurs. For entrepreneurs who have raised venture capital for their startups in the past, their success rate on future ventur...

CONTENTS Industry Condition Industry Status Macroeconomic Change Competition      Successful entrepreneurs introduce a product or service that satisfies customer needs in a better way than competitors at a price that is greater than the cost of creating and delivering that product or service. To understand how to fulfill customer needs at an attractive price, four areas are critical to assess: industry condition , industry status , macroeconomic change, and competition .  Retrieved from: The Opportunity Analysis Canvas - Edition 2.0

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...

If General Motors had kept up with technology like the computer industry has, we would all be driving $25 cars that got 1,000 miles per gallon. Bill Gates Co-founder of Microsoft.       With industry conditions addressing the knwledge and demand factors, it's important to understand industry lifecycle and industry structure as the key components of industry status. By studying industry status, aspiring entrepreneurs can assess an industry's timelines for new entrepreneurial entrants.      We'll discuss how industries evolve, and what happens as new competitors emerge. I'll also help you recognize the timelines and windows of opportunity that are going to maximize your success within an industry. Retrieved from: The Opportunity Analysis Canvas - Edition 2.0 What is the lifecycle stage of your industry?      With industry lifecycle , we're addressing the life of the industry. What's the lifecycle of a person? What are...