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Entrepreneurial Process And The Main Tools Of Entrepreneurship

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Entrepreneurial process change is the central part of the business model generation. There are a few theories of entrepreneurship from different people. For example, Schumpeter said: “Entrepreneurship as the fourth factor of production. Innovation as an economic driver. Creative destruction” and Jeffry Timmons said: “Entrepreneurship is a way or reasoning, thinking and acting (heuristic).” The first step of entrepreneurship is a new idea. The new idea comes from knowledge, motivation, and creativity. However, different people have different idea because of the innovation engine. Innovation engine including factors affecting a person or organization’s ability to innovate, totally six elements, there are attitude, knowledge, imagination, resources, culture, and habitat. All six-element divided into two types. Attitude, knowledge, and imagination are three internal influence elements for people. Resources, culture, and habitat are three external influence elements for people. Such as culture and attitude are parallel, culture is the presentation of collective attitudes and affects individual attitudes. Habitat and imagination are parallel because we can only build it if we imagine what a place looks like. The built habitats further influence our imagination. Resources and knowledge are parallel, and resources can be used because they know. And the number of resources will determine how much we know.

Also, there are three ideation tools to help us to build a new idea. Frist one is reframing problems, according to this tool I know people can dramatically change the scope of possible solutions by changing the framework. Next tool is to challenge assumptions; everything has unlimited possibilities. The last one is connected and combine ideas in a non-obvious way.

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When people have a new idea, people can go for innovation; new give innovation values. The last step is entrepreneurship. When entrepreneurial make a decision and take action, there is always the unknown result. And the principles of effectuation are very useful; we use the example of How “Airbnb Started” to understand what is means-based, acceptable downside, learn through failure, build businesses with others and control. The five elements are the different stage in the process of business development.

What did I learn in this part?

At the beginning of this course, we learned about the entrepreneurial process. Before taking this course, I was thought entrepreneurial process just find a new project, and then to invested or work, but never consider about the what’s going on in the process. I even forgot if I cannot find a new project and I have no new idea, how can I begin my business?

After watching the video “where does the new idea coming from” and learn the ideation tool I know there is some way to help you “beginning.” If the beginning not hard, then I will be more confident for later work. The video told me good idea comes from knowledge, motivation, and creativity. And for creativity and imagination, I learned how to use Connect & Combine. In the first week of the semester, we did a “Chindogu” activity, everyone comes up with one Chindogu product. In Chinese idioms, all beginnings are hard. I have no new idea. I try to think about the goods that I want but don’t exist, and then, I produced a new idea “zipper- sneaker” because in summer, it is very hot outside but the air condition in school very cold at Australia. The zipper- sneaker can change from sneaker to slipper very quick.

I think the most important internal influence is knowledge. When we think about a problem, we will relate the problem to the knowledge we have already got. If we have a large amount of knowledge, it is easy to find the answer to the question. Therefore, it is important to improve your knowledge reserve in daily life. I think the best way for me to get knowledge is to pay attention to the details in every day and reading.


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