This course is the first in a series on starting a business. Though new venture creation is the focus of the specialization, this course is important for everyone.To create a successful business it is not only about what you do (technical execution), it is also about how you think. This course provides learners with insights to re-frame their thinking in order to maximize their chances for success. So what can a learner expect to gain from this course? At the end of this course a learner: 1.) will be able to argue effectively against all of the reasons for not starting their business (or reaching some goal); 2.) will be able to operate effectively within the new framework or model for starting a business (or any new endeavor), thus increasing their chances for success; and 3.) will be able to make the initial business startup decisions of what type of business to start, and what type of business owner to be. Having an entrepreneurial mindset is critical to being successful as an entrepreneur. An entrepreneurial mindset stands alone in terms of its importance. No other attribute, personality, inherent entrepreneurial proclivities, training, or demographic profile is common to all successful entrepreneurs whether Warren Buffet, Steve Jobs, or the neighborhood florist or grocer. The course provides learners with an understanding of the attributes and perspectives of an entrepreneurial mindset, and the process to acquire one. We suggest that learners bring an open mind and be willing to thoroughly explore the nascent business ventures they have been carrying with them.The course introduces concepts that enables a person to start a trans-formative process in the way they think generally, and in the way they think about business specifically. This new way of thinking has the potential to positively impact not only them, but their family, and community.
How to become DRIVEN!
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Из курса от партнера Michigan State University
Developing An Entrepreneurial Mindset: First Step Towards Success
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Forrest S. CarterAssociate Professor, Faculty Director of Institute of Entrepreneurship and Innovation
Marketing
Ken SzymusiakManaging Director, Burgess Institute for Entrepreneurship & Innovation
Broad College of Business
David WheelerCreative Research Faculty, The Hub for Innovation
Media and Information
[MUSIC]
Hi, welcome back to How to Start a Business.
This is module two on self-assessment.
In this lesson, we're going to talk about what it takes to be driven,
to move forward in starting your new enterprise.
In the intro to this module,
we talked about the entrepreneurs generally have three unique qualities.
One, they're driven.
Two, they're knowledgeable.
And three, they are calculated risk-takers.
The objectives of this lesson,
are to talk about what creates drive in an entrepreneur.
The importance of determination in business success.
How do you become a driven entrepreneur?
Determination versus arrogance.
And your level of committment, to making sure that your business moves forward.
I'm just going to start out, by offering you a case study in determination.
On this slide, you see Sir James Dyson, the inventor of the bagless vacuum.
What a lot of people don't realize,
is how long it took him to bring his product to the marketplace.
Over 5 years, and over 5,000 failed prototypes,
before he even came up with the first functioning bagless vacuum.
Then he tried to license it to numerous companies.
Lots of failed business dealings.
Lots of hard work to take it to the marketplace.
And now, the vacuum itself brings in $1.3 billion in sales.
Think about that for
a second, 5,000 failed prototypes to get to the point where he is today.
Most people don't have that type of stamina.
Let's talk about how we can get you in that right mindset.
So I'd like to start out with a simple slide.
To just, kind of outlines, what creates an entrepreneur?
This is probably reiterated numerous times in literature.
It's passion and skill.
And where they meet, generally creates an opportunity for
an entrepreneur to take and manage of.
But what causes someone to spend their time, to create over 5000 prototypes,
to get to one product that may or may not even sell?
That takes something else.
That takes serious passion.
We like to think of passion falling into two categories when it comes to starting
your own venture.
On one hand, you have the things we love, the search for inspiration.
And the things that make you happy, right?
On the other hand, we have the things we hate.
Things that often annoy us the most.
The problems that we run into most frequently, also are a great,
great source of inspiration.
Mr. Dyson, certainly wasn't passionate about vacuums.
But what he saw, was that his vacuum didn't work well.
He thought there needs to be a better way.
He drew inspiration from all sort of industries,
to come up with something that now is considered status quo.
Similarly, someone who starts a bakery, likely loves baking.
Not the fact that they hate all other baked goods.
We'll be exploring this topic further,
as we transition into the ideation phase of this specialization.
But it's important for you, to begin thinking about the topics, problems,
and activities that you're truly passionate about right now.
One really important caveat, in developing an entrepreneurial mindset, is that I want
you to make sure to consider the process, not just the product.
I want to challenge you not to get hung up products only.
A lot of people when they think of a business, they think,
I don't have the great idea for the next thing.
Or, maybe my skill set doesn't lend itself to producing product X.
But the reality is, a lot of us, spend time,
developing skill sets maybe in jobs that we're not super passionate about.
Or maybe you've developed skill sets over a number of years,
that you didn't realize are applicable to other fields.
Let's use an example here.
On it's face, many people are not very enthused about the prospect of being
an accountant, right?
It's one of those fields that people talk about when you say, he's an accountant.
Or hey, he gets into accounting.
It's not about making boring spreadsheets and doing someone's tax returns.
It's about problem solving.
Accountants are driven to this field because they find interest in finding
complex changes.
Helping a business owner succeed.
So, while you're exploring your mindset,
you need think about the skill sets you've acquired over time.
What makes you passionate?
And how you can merge those two together, so
that you can launch a successful business.
I'd like to pause, so that we can reflect back on some of the things we've covered
in this lesson so far.
At this point, it's time for us to begin assessing what makes you passionate.
Step one, I'd like you to list the three activities that you enjoy
most doing in your life.
Could be walking your dog, could be fishing, could be a number of things.
But take the time to write down those things.
Try to be as specific as possible, don't be too broad.
Step two,
for each one of the activities, list why you feel passionate about those things.
What about walking your dog brings you joy?
What about going fishing do you enjoy?
What about solving complex problems or puzzles makes you happy?
Step three, for
each activity, I'd like you to list one thing that annoys you about that activity.
What are some of the problems you encounter,
when you go through these things that bring you joy?
I think, you'll see where this is going to lead in a little bit.
But I'd like you to get this information down on paper at this point in time.
To help, I'm going to give you my passion assessment.
My favorite thing is fishing.
I like the anticipation of what might happen next.
It could be the slowest day on the lake possible.
And you never know when that next one's going to happen, right?
That next big fish comes along.
That's the thing that really drives me to get into fishing.
What I find most annoying, is the difficulty in finding fish right?
because I have cheap equipment.
And I don't like to spend a lot of money on fancy stuff.
And you can see, the other passions I'm excited about are,
playing with my daughter, and collecting rare bourbon and whiskey.
We all have our things that we find interesting.
And as you look through my list, you'll see the things I like most.
And the things I'm most annoyed with.
I'm just using this as a template, to get you going on your list, so
we can proceed to the next step of this chapter.
But that list I just had you make, is pretty useless,
unless you're driven enough to take action.
As my slide depicts, we're at the beginning of a really long journey ahead.
You must translate your passions to drive and determination.
You might be thinking, thanks Mr. Obvious.
Why is this guy even bothering to tell me this?
In response, I'm going to remind you that we promised to demystified business
start-up process, in this specialization.
And that at several points along this journey, the answers are,
kind of stupidly obvious.
But most people underestimate the time and effort it takes to create a business.
You can create a name and get business cards.
And claim you own a business.
It doesn't work that way.
All of this is cliche,
unless you're determined to move forward on the opportunity.
Once again, we're here to walk you through the process.
But now is the time to give yourself the gut check,
that you are ready to move on it.
This specialization will only be helpful, if you're willing to join the adventure.
All of this leads to the last point of this lesson.
A lot of people talk about starting businesses.
Right?
You probably have family members,
you have friends, you have friends from high school,
you have co-workers who are constantly talking about starting a business, right?
This is the majority of the people in the world.
You have to understand that taking action,
whether it's filing your LLC, whether it's interviewing a first customer,
whether it's creating a prototype, puts you in the 10%, maybe even higher
of the people who are willing to take the leap forward in starting their business.
There's a high bridge between people who talk and people who act.
You need to put yourself in a position,
mentally, that you're going to take the step forward and taking action.
If not, this is kind of of all for not.
We're here for you to pursue your dream, your opportunity.
I want to bring up the most negative word in the english language, which is no.
The question to you, at this point of time is, are you going to embrace it?
Are you're going to run from this word?
because you're going to hear it a lot in your process.
You're going to hear it from banks.
You're going to hear it from friends.
You may hear it from your spouse.
You're going to hear it from investors, maybe even potential customers.
You must use hubris at this point and time, because some ideas are just bad.
But you also, must be willing to work in the face of adversity.
Let's continue the journey.
And talk about how to build confidence through knowledge, in the next lesson.
[MUSIC]
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