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Entrepreneurship Boot Camp Mindset. Question for today. Do entrepreneurs think differently? What is this “outside the box” all about? Is outside the box for real?.

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Entrepreneurship Boot Camp Mindset

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Entrepreneurship boot camp mindset

Entrepreneurship

Boot Camp Mindset


Entrepreneurship boot camp mindset

Question for today

Do entrepreneurs think differently?

What is this “outside the box” all about?

Is outside the box for real?


Entrepreneurship boot camp mindset

Start at any of the nine dots and draw four straight lines that go through all nine dots without lifting your pencil and no tracing over an existing line.


Entrepreneurship boot camp mindset

Four straightwithout connecting all nine dots w\o lifting your pencil,no tracing over an existing line.

You have to go outside the box twice


Reading what makes entrepreneurs entrepreneurial saras sarasvathy

ReadingWhat makes entrepreneurs entrepreneurial? Saras Sarasvathy

  • We seeks to answer the question – is there such a think as entrepreneurial thinking?

  • If there is, is it applicable only to entrepreneurs?

  • How is it different from the thinking process of managers?

  • The conclusion is Effectual vs. Causal reasoning, but can it be learned?


Setting the framework how entrepreneurs think c ausal vs effectual thinking

Setting the frameworkHow Entrepreneurs ThinkCausal vs. Effectual Thinking

Causal Thinking = Managerial Thinking

Choosing best means to achieve a predetermined goal

Saras Sarasvathy, Harvard Business Review


Managerial thinking causal reasoning

Managerial Thinking – Causal Reasoning

Distinguishing Characteristic:

Selecting between given means to achieve a pre-determined goal

M1

M2

Given

Goal

M3

M4

M5

Given Means


Setting the framework how entrepreneurs think strategic vs effectual thinking

Setting the frameworkHow Entrepreneurs ThinkStrategic vs. Effectual Thinking

Causal Thinking = Managerial Thinking

Choosing best means to achieve a predetermined goal

Strategic Thinking = Creative Thinking

Generating new means to reach predetermined goal


Strategic thinking creative causal reasoning

Strategic Thinking – Creative Causal Reasoning

Distinguishing Characteristic:

Generating new means to achieve pre-determined goals

M1

M2

Given

Goals

M3

M4

New meansare generated

M5


Setting the framework how entrepreneurs think effectual thinking

Setting the frameworkHow Entrepreneurs ThinkEffectual Thinking

Causal Thinking = Managerial Thinking

Choosing best means to achieve a predetermined goal

Strategic Thinking = Creative Causal Thinking

Generating new means to reach predetermined goal

Effectual Thinking = Entrepreneurial Thinking

Imagining possible new ends using a given set of means

Saras Sarasvathy, Harvard Business Review


Entrepreneurial thinking effectual reasoning

Entrepreneurial Thinking – Effectual Reasoning

Distinguishing Characteristic:

Imagining possible new ends using a given set of means

M1

E1

M2

Imagine New Ends

E2

M3

E3

M5

E4

M4

E5

Given Means

Saras Sarasvathy, Harvard Business Review


Market definition classic causation model from marketing textbooks

Market DefinitionClassic Causation Model from Marketing Textbooks

Segmentation(using relevant variables such as age, income, etc.)

Targeting(based on evaluation criteriasuch as expected return)

Positioning(through marketstrategies)

THE CUSTOMER

CustomerIdentification(through Who am I?What do I know? Whom do I know?)

Customer Definition(through strategic partnerships & “selling”)

Adding Segments/Strategic Partners

Definition of one of several possible markets

Process of Effectuation Used by Expert Entrepreneurs


Entrepreneurship boot camp mindset

Classic Causation Model from Marketing Textbooks

Preliminary Prototype $ 250M

Initial Focus Group Study $ 250M

Market Segment Study$ 100 M

Gets you to the start line

Advertising & PR $ 11MM

Customer

Gets you to the market

Sale often ”pull through” to get to customer

Initial cost $ 11.6MM


Entrepreneurship boot camp mindset

Strategic, Creative ThinkingGenerating new means to reach customer

Preliminary Prototype $ 250K

Initial Focus Group Study $ 250K

Market Segment Study$ 100K

Gets you to the start line

Advertising & PR $ 11M

Gets you to the market

Customer

  • Introduction of new means to reach goal

  • Partnerships

  • New outlets

  • MLM Channel

  • eCommerce

Initial cost $ 11.6MM + or -


Entrepreneurship boot camp mindset

Efficacious Thinking Entrepreneurial ThinkingImagining new ends, new means

Industry Knowledge

Patterns of Change

Skill Sets

Social Networks

Pain Identification

Phantom Sale against defined pain \ cure

Customer

Customer benefit need

Customer in Hand Initial customer acquisition on special terms (early adopter, point of sale, etc.)

Initial cost $ 19.61


Pure entrepreneurial thinking efficacy

Pure Entrepreneurial Thinking – Efficacy

Distinguishing Characteristic:

Imagining possible new ends using new means

M1

M2

Imagine New Ends

M3

M5

M4

Create New Means

Apologies to Saras Sarasvathy

Harvard Business Review


Entrepreneurship boot camp mindset

Thinking like an entrepreneur

Causal Thinking

Strategic Thinking

Effectual Thinking

USC Entrepreneurial Thinking

Efficacy


Entrepreneurship boot camp mindset

The USC thinking

Efficacy

Imagine the end,

Create the means


Entrepreneurship boot camp mindset

Types of Thinking

EndsMeans

Causal (Linear)GivenGiven

Strategic (Creative)GivenCreate some new

Effectual Create Given

new

EfficacyImagine Create New New Ends Means


Entrepreneurship boot camp mindset

Entrepreneurial Thinking

Imagine the end,

Create the means


Entrepreneurship boot camp mindset

Tom O’MaliaOrfalea Chair for Entrepreneurial [email protected]

Lloyd Greif CenterMarshall School of BusinessUniversity of Southern CaliforniaBridge Hall OneLos Angeles, CA 90089-0801


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