Week 0 Booklet Lecture

OVERVIEW OF THE PROGRAM AND YOUR LEARNING JOURNEY OVER THE 14
WEEKS:
TOPICS:
•Overview of the Program
•Skills Needed by Entrepreneurs
•Common Misconceptions about Entrepreneurship
•Dealing with Ambiguity
LEARNING OBJECTIVES:
• Able to appreciate the course flow and your journey.
• Sensitized to entrepreneurial mindsets.
• Sensitized to working with ambiguity.
ACTIVITY:
• Ready to get activated
•Team formation
•Taing stock of your resources
WHAT IS ENTREPRENEURSHIP?
•The activity of •It is a process of change.
setting up a •See a problem you want to solve.
business or •Feel a load of doubt, resolve to go forward
businesses, anyway.
taking on •Find an approach to make the problem better.
financial risks in •Discover you were wrong, or that the world has
changed on you, or both.
the hope of
profit.
•Decide to keep going anyway because what
you’re doing is important.
•Figure out a different way to make the problem
-Forbes better.
WHO IS AN ENTREPRENEUR?
•An entrepreneur is someone who starts or owns a business.
Whether it’s in farming, retail, manufacturing or in the service
sector, entrepreneurs are businesspeople who find their
success by taking risks.
10 CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS
An entrepreneur's ability to remain curious allows them to

continuously seek new opportunities. Rather than settling for what
they think they know, entrepreneurs ask challenging questions
and explore different avenues.
Along with curiosity, entrepreneurs require an understanding of

structured experimentation, such as design thinking. With each
new opportunity, an entrepreneur must run tests to determine if
it’s worthwhile to pursue.
Entrepreneurship is an iterative process, and new challenges

and opportunities present themselves at every turn. It’s nearly
impossible to be prepared for every scenario, but successful
business leaders must be adaptable.
To be successful, an entrepreneur has to make difficult

decisions and stand by them. As a leader, they’re responsible for
guiding the trajectory of their business, including every aspect
from funding and strategy to resource allocation.
A great entrepreneur is aware of their strengths and

weaknesses. Rather than letting shortcomings hold them back,
they build well-rounded teams that complement their abilities.
Entrepreneurship is often associated with risk. While many

things can go wrong when launching a new venture, many things
can go right. Entrepreneurs who actively manage the relationship
between risk and reward position their companies to “benefit from
the upside.”
Entrepreneurship requires a certain level of comfort with

failure. entrepreneurs must prepare themselves for, and be
comfortable with, failure. Rather than let fear hold them back, they
maintain a positive attitude to allow the possibility of success to
propel them forward.
While many successful entrepreneurs are comfortable with the

possibility of failing, it doesn’t mean they give up easily. Rather,
they see failure as an opportunity to learn and grow.
Innovation often goes hand-in-hand with entrepreneurship.

While innovation in business can be defined as an idea that’s both
novel and useful, it doesn’t always involve creating an entirely
new product or service. Some of the most successful startups
have taken existing products or services and drastically improved
them to meet the changing needs of the market.
Entrepreneurship is a long-term endeavor, and entrepreneurs

must focus on the process from beginning to end to ensure long-
term success.
COMMON MISCONCEPTIONS ABOUT ENTREPRENEURSHIP
MYTH 1. Entrepreneurs are born, not made – This myth suggests
that a successful entrepreneur has a natural inclination towards
business, and that their success is predetermined by their genetics.
MYTH 2. Individuals start companies – While most believe that

the entrepreneur is a lone hero, after taking a closer look at success
stories, you will find a diversified team of founders who achieve this
dream together. You may not have employees or a c-suite team, but
it is important to have colleagues such as a board of advisors or
mentors who are all part of your “team.”
MYTH 3. Entrepreneurs are the smartest people in the room – Good
academic grades aren’t a representative of smartness. What sets apart
entrepreneurs from other people is that they tend to focus on something that
deeply fascinates them.
MYTH 4. All leaders are charismatic and their charisma is a key factor in
success – Just because some famous name have charisma, does not mean
that all entrepreneurs have it or That it is an important characteristic. This is the
fourth myth. The fact that all entrepreneurs are charismatic and that is why
they are successful. We agree that famous entrepreneurs, they all have
charisma. But apart from the charisma, successful entrepreneurs showcase
vision, analytic skills and blend of humility and ambition.
MYTH 5. Entrepreneurs love risks – While the common image of
entrepreneurs taking risks fearlessly comes to your mind, it isn’t really
that simple. Most entrepreneurs assess their risks, find their
advantage and try to influence their outcome.
MYTH 6. Entrepreneurs are undisciplined – The wild streak in most

entrepreneurs puts them in the spotlight. It’s not like they are always
busy doing “crazy” stuff. Most successful entrepreneurs exercise
extreme self-discipline in order to make the most of their limited
resources and a finite amount of time in which they have to succeed.
SKILLS THAT AN ENTREPRENEUR NEEDS TO BUILD VENTURES
Entrepreneurial Method (Principles of Effectuation)
An approach to making decisions and performing actions in

entrepreneurship processes, where you identify the next, best step by
assessing the resources available in order to achieve your goals,
while continuously balancing these goals with your resources and
actions.
The Four Principles of Effectuation
1. Bird-in-hand: Create opportunities and perform actions based on

the resources available here and now by asking:
• Who are you?
•What do you know?
•Who do you know?
2. Affordable Loss: Invest only on what you are willing to lose.
You can minimize the risk of a project by only investing what you
are willing to lose – rather than focusing on what can be achieved if
the project succeeds. You should therefore practice how to make
decisions and perform actions where you can manage the potential
loss if your actions do not get the expected outcome.
3. Crazy Quilt: Entering into new partnerships can bring the project
new funds and new directions.
This emphasizes the value of collaborating with various types of

partners who are willing to commit, rather than searching for potential
partners who might not be available or motivated.
4. Lemonade Principle: Mistakes and surprises are inevitable and

can be used to look for new opportunities.
Detours and mistakes are inevitable elements of

entrepreneurship processes, and the we must learn to work with them
and identify the opportunities for development and learning that can
arise in these situations.
General Enterprising Tendency (GET) Test, Durham University
The test has been designed to bring together and measure a number
of personal ‘tendencies’ commonly associated with the enterprising
person. These include:
• need for achievement;
• need for autonomy;
• creative tendency;
• risk taking; and
• drive and determination.
Note: Accomplish the GET Activity, individual

ENTREPRENEURSHIP AND AMBIGUITY
• It is important to understand that ambiguity is the essence of entrepreneurship
and any venture building journey. As entrepreneurs, you are builders, creators,
visionaries and this requires a lot of strength, confidence and belief.
• If you are trying to build something that doesn’t exist, how can you be
sure it is going to work?
• How is it going to look?
• Is it going to fail?
• Are you going to succeed?
• What happens if your expectations were wrong?
• But if you are right and you hit a jackpot, your business becomes a multi-million
dollars company serving hundreds of thousands of users in your country, region
or maybe even the whole world!
LINKS:
•How to Become an Entrepreneur - Where to Start and ,ore | Entrepreneur
https://www.entrepreneur.com/starting-a-business/how-to-become-an-
entrepreneur-where-to-start-and-more/207488
•What is Entrepreneurship (youtube.com)

https://www.youtube.com/watch?v=x8ps9xzacac
•The single biggest reason why start-ups succeed | Bill Gross | TED
(youtube.com)
•https://www.youtube.com/watch?v=bnpx7gpsqby
TASK 1: TEAM FORMATION
TASK 2: TAKE STOCK OF YOUR RESOURCES
Well! You have now formed your teams! What should you do next? A
good place to get started is to take stock of your means. Here, you will
apply the first effectuation principle, Bird-in-Hand. This exercise will
teach you to become aware of your strengths individually as well as in
your teams. Fill up the table below to take stock of what you have on
hand right now. When you cumulate each box for the team you get a
snapshot of your team strengths as they are today!
TASK 2: TAKE STOCK OF YOUR RESOURCES

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OVERVIEW OF THE PROGRAM AND YOUR LEARNING JOURNEY OVER THE 14

An entrepreneur's ability to remain curious allows them to

Along with curiosity, entrepreneurs require an understanding of

Entrepreneurship is an iterative process, and new challenges

To be successful, an entrepreneur has to make difficult

A great entrepreneur is aware of their strengths and

Entrepreneurship is often associated with risk. While many

Entrepreneurship requires a certain level of comfort with

While many successful entrepreneurs are comfortable with the

Innovation often goes hand-in-hand with entrepreneurship.

Entrepreneurship is a long-term endeavor, and entrepreneurs

MYTH 2. Individuals start companies – While most believe that

MYTH 6. Entrepreneurs are undisciplined – The wild streak in most

An approach to making decisions and performing actions in

The Four Principles of Effectuation

1. Bird-in-hand: Create opportunities and perform actions based on

The Four Principles of Effectuation

2. Affordable Loss: Invest only on what you are willing to lose.

The Four Principles of Effectuation

This emphasizes the value of collaborating with various types of

The Four Principles of Effectuation

4. Lemonade Principle: Mistakes and surprises are inevitable and

Detours and mistakes are inevitable elements of

Note: Accomplish the GET Activity, individual

•What is Entrepreneurship (youtube.com)

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