Please make sure you watch out for spelling and grammar errors. Please read the study guide, Please use the APA 7th edition two length page.
Book reference:Neck, H. M., Neck, C. P., & Murray, E. L. (2021). Entrepreneurship: The practice and mindset (2nd ed). SAGE. https://online.vitalsource.com/#/books/9781544354644
pages 123 and 124 Once you have read and reviewed the case scenario, respond to the following questions with thorough explanations and a well-supported rationale. Please apply feedback from previous units to this assignment.
- In this case, the founders used a subscription business model for their company. Apply design thinking to identify a different business model for NatureBox other than subscription-based. Identify at least two benefits your chosen business model has over their subscription-based business model.
- Apply your creativity skills to identify an innovative approach for the business model you chose. Use this same methodology to identify an innovative revenue model for NatureBox, based on your chosen business model. Apply design thinking to your revenue model.
- Discuss the value in developing networks and how a network could aid NatureBox.
BUS 8303, Entrepreneurship and Innovative Business Development 1
Course Learning Outcomes for Unit V
Upon completion of this unit, students should be able to:
3. Appraise the use of design thinking toward innovative ideation.
3.1 Apply design thinking to select a business model.
4. Examine business models.
4.1 Apply design thinking to revenue models.
4.2 Integrate business models and revenue models.
5. Differentiate innovative business strategies.
5.1 Discuss the value in developing networks.
Student Resource: What Is a Business Model?
Unit V Case Study
Student Resource: Types of Revenue Models
Unit V Case Study
Unit V Case Study
Student Resource: The Power of Networks
Student Resource: Developing a Network
Unit V Case Study
Required Unit Resources
Chapter 5: Building Business Models
Chapter 8: Developing Networks and Building Teams
Chapter 9: Creating Revenue Models
In order to access the following resources, click the links below.
Navigate to the Video and Multimedia area in Student Resources for Chapter 5 of the eTextbook to view the
• What Is a Business Model?
UNIT V STUDY GUIDE
Business Models and Innovation
BUS 8303, Entrepreneurship and Innovative Business Development 2
UNIT x STUDY GUIDE
Navigate to the Video and Multimedia area in Student Resources for Chapter 8 of the eTextbook to view the
• The Power of Networks
• Developing a Network
Navigate to the Video and Multimedia area in Student Resources for Chapter 9 of the eTextbook to view the
• Types of Revenue Models
Business Models and Innovation
People frequently misunderstand what a business model is. It is an important step in creating the
entrepreneurial venture. A business model describes how a business creates and delivers value for long-term
success. The business model is described as having four main interlocking parts that create the business
(Neck et al., 2021). These four interlocking parts include the offering (the value proposition from the
customer’s perspective), the customers or target market, the infrastructure (the resources within the business
that support creation and delivery of the product or service), and the financial viability (the revenue and
related costs). They are all combined to support the creation of the entrepreneurial venture. Within each of
these four areas, the entrepreneurial mindset is employed to seek out innovative approaches to support the
new venture’s success.
Some examples of how innovation is used in these four areas include redefining the delivery of the product or
service, bundling products, or targeting a narrow or niche market. By considering these four parts as unique
individual opportunities for innovation and using your entrepreneurial mindset, innovative ideas occur. One
such innovative idea is the growth in subscription services.
In the past, subscriptions were limited to magazines and newspapers; however, applying that same concept
to other products and services created an innovative business model for companies like StitchFix, BarkBox,
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and many other startup companies that offer regular product delivery based on a set payment plan. The
benefit or value proposition for the customer is the freedom from having to remember to make the purchase
as well as the personalized approach to aligning with your size and style for StitchFix, or your dog’s size and
interests for BarkBox. The benefit from the entrepreneur’s perspective is a dependable target market. This
established customer base allows for more predictable planning as inventory is more predictable, as is
employee scheduling and other parts of the infrastructure planning and control processes.
Another innovative business model is a circular business model, or the idea of working within a network
system of partners to apply innovation in order to create, capture, and deliver value to improve resource
efficiency ending in environmental, social, and economic benefits (Frishammar & Praida, 2019). The circular
business model considers all aspects of the venture’s activities from creation through the discarding of
merchandise, with attention to sustainability and preserving the environment. A circular business model
requires adjustments to the revenue model to consider what sources of revenue could be realized through a
circular business model and what new customers or partners would benefit from these new revenue streams.
These considerations require research and innovative thinking to discover the potential for new revenue
streams from a circular business model.
Exploring each of the four parts of the business model, in conjunction with tools from our previous units such
as design thinking and mind maps, opens possibilities for unique approaches to creating and delivering the
value proposition to the customer. In considering the value proposition, think about how your venture provides
enhanced value than offered elsewhere or a unique value that is not currently offered elsewhere. Keep in
mind that this value must be recognized by the customer through a willingness to pay for this value, and this
value must be sustainable. If a competitor can easily copy your value proposition, or if the infrastructure is not
perfected to support the business model, including the value proposition, then the business is not sustainable.
Networking and Innovative Business Models
In an article by Richter et al. (2017), the value in applying a sharing economy concept in creating innovative
business models was researched. The qualitative research included 14 companies from three different
countries. Through their research, the authors found that entrepreneurs identify new business models through
sharing resources. These resources include sharing physical goods, sharing digital content, sharing customer
needs and insights, increasing the entrepreneur’s openness to new ideas and discovering new potentials for
adding value to the business model. In this research, sharing economy is applied from the perspective of
networking with people who have similar interests within a virtual setting. These networking discussions
provide openings for entrepreneurs to support each other in a non-competitive environment, sharing ideas as
well as other resources. This sharing economy approach can lead to innovative business models that an
individual entrepreneur might not consider without utilizing a sharing economy approach to gaining new
Customer Value Proposition
Conducting research can focus on problems your customers experience. You can even begin by thinking
about what problems you face in your daily life. For example, most people believe they do not have enough
time in their days. Four generic problems that most people face include lack of time, complicated lives,
insufficient funds, and lack of access to products or services.
After adding up work hours, commute time, sleeping, and other needs, people are not left with much available
open time, and that time is highly valued by people. If every minute counts in a person’s life, how can you use
this information in enhancing your value proposition? Amazon successfully uses this knowledge to gain
customer loyalty as Amazon makes finding and ordering the product as easy as possible by using
recommendations, subscriptions for repeat purchases, one-click check out, quick delivery, and even easy-to-
open packaging. Amazon has analyzed the entire value chain of activities to identify how to make the process
as quick and easy as possible. Within 5 minutes, a customer can search, find, and purchase the desired item.
Compare this sequence of actions to getting into a vehicle or mass transit system, searching through aisles in
a store, standing in line to pay for the item, and carrying the item home. It is certainly a vastly different
BUS 8303, Entrepreneurship and Innovative Business Development 4
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experience. Admittedly, there might be times when a person prefers to go to a physical location, but if the
emphasis is on a lack of time, then Amazon is the logical choice.
Another aspect of time poverty relates to ease of use and switching costs. The idea of making the product
easy to assemble, easy to learn, and easy to use all fits with creating the value proposition, again, from the
user or customer’s perspective. Building switching costs into products is often an intentional action to keep
the customer from discontinuing your product and switching to a competitor’s product. Once the customer
learns your system or has established a history of information or knowledge with your business, there can be
an awareness of what is lost by switching to a different company. Again, we see Amazon excelling in this area
as it retains a history of the customer purchases, addresses, and even timing of purchases. All these actions
focus on adding value from the customer’s perspective.
A third generic problem for many customers is lack of money. Amazon solves this problem by offering a credit
card. Other companies solve this problem by offering smaller assortments of products at a lower price point.
For example, food trucks and tapa restaurants have become popular across the United States. There are now
startups that focus on helping customers save money by creating a service that offers coupons and discounts
such as Groupon and CouponCabin. Recently, Amazon has offered an easy payment plan for customers to
split their payments over several months.
The fourth generic problem is lack of access to the offered product or service. The internet is the most
significant solution to this problem by removing challenges related to geographical locations. Again, Amazon
has excelled in this area. Using an entrepreneurial mindset, we would approach the lack of access from a
more creative viewpoint. To provide a different example from Amazon, consider the problem of living in a rural
area without medical services. Zipline, a drone medical delivery company located in California, operates
across the globe by delivering medical products to hard-to-reach locations, stating that they fly around the
planet Earth every 5 days (FlyZipline, n.d.).
You might wonder how a revenue model fits into this information about the business model. A revenue model
is a subsection of the business model and specifically addresses how the business will earn income to
generate profits. The business model defines the value proposition. The revenue model describes how the
organization will create revenue. The image below includes a variety of topics that should be considered in
creating the revenue model. Answering these questions defines the revenue model for each unique venture.
As the business model and revenue model are developed, these decisions impact the financial viability of the
business resulting in the identification of how the revenue will be derived and how the costs of the business
will impact pricing decisions. Some companies purchase inventory for resale in a unit sales revenue model,
while more recently there is an increase in innovative approaches such as an advertising revenue model as
used in a cost-per-click where revenue is realized every time a consumer clicks on the ad. Important
questions in these models is who is the customer, how much money is the customer willing to pay for the
value provided by your business, and is this amount of revenue enough to sustain your business?
Remember that design thinking is a human-centered process that focuses on customers and their needs.
Using a design-thinking perspective can be used in both defining the business model as well as defining the
revenue model. Previous units addressed design thinking from a business model perspective, but design
thinking is a tool that can be applied to a variety of topics and actions. For example, applying design thinking
to the revenue model can result in new payment method. Amazon added another customer-focused tool by
developing Amazon Pay. Since Amazon already has a payment process established on their webpage, how
much easier is it for a customer shopping on a different webpage to click Amazon Pay? Is it possible that this
other company gains more sales due to the customer focus on making the purchase easier through Amazon
Pay? Now consider using design thinking in addressing each of the variables included in the above image.
What innovative ideas result from applying design thinking in creating the revenue model? We would expect
that in using design thinking, customer satisfaction and loyalty would increase, as would sales.
BUS 8303, Entrepreneurship and Innovative Business Development 5
UNIT x STUDY GUIDE
(Adapted from Meyer, 2019)
Business Model Canvas
Completing a plan using the business model canvas is an excellent starting point in developing your business
model and planning your new venture. In building your new venture, creating your team is an essential piece
of success as is building your network. Within the entrepreneurial world, the phrase invest in the team over
the idea is popular. The idea is that well-selected team members can pull a mediocre idea into success, and a
low-performing team will compromise the success of even a good idea. Building both your team and your
network contributes to a wealth of resources from legal advice through knowledge of key success factors
such as selecting the best business and revenue models.
In order to check your understanding of
concepts from this unit, complete the Unit V
Knowledge Check activity.
Unit V Knowledge Check
PDF version of the Unit V Knowledge Check
Note: Be sure to maximize your internet
browser so that you can view each individual
lesson on a full screen, ensuring that all
content is made visible.
Remember, this is a nongraded activity.
The next unit addresses the topic of innovative business strategies, which includes planning, failure, and
marketing. We will view failure from the viewpoint that failure can open new doors when we have an
BUS 8303, Entrepreneurship and Innovative Business Development 6
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entrepreneurial mindset that constantly seeks out new possibilities. A failure of one idea might provide
insights into another idea that becomes a spin-off from the original idea. Applying the course material
presents key tools that will support your business, as well as a vigilant willingness to stay alert to necessary
changes as new information and insights arise.
FlyZipline (n.d.). Zipline about. https://flyzipline.com/about/
Frishammar, J., & Parida, V. (2019). Circular business model transformation: A roadmap for incumbent firms.
California Management Review, 61(2), 5–29. https://doi-
Meyer, R. (2019, October 2). Revenue model typology: Revenue model framework. TIAS.
Neck, H. M., Neck, C. P., & Murray, E. L. (2021). Entrepreneurship: The practice and mindset. SAGE.
Richter, C., Kraus, S., Brem, A., Durst, S., & Giselbrecht, C. (2017). Digital entrepreneurship: Innovative
business models for the sharing economy. Creativity and Innovation Management, 26(3), 300–310.
Suggested Unit Resources
In order to access the following resources, click the links below.
The article below was mentioned in the lesson and is highly recommended to read.
Richter, C., Kraus, S., Brem, A., Durst, S., & Giselbrecht, C. (2017). Digital entrepreneurship: Innovative
business models for the sharing economy. Creativity & Innovation Management, 26(3), 300–310.
This article below expands upon biases in business models.
Roessler, M., Velamuri, V. K., & Schneckenberg, D. (2019). Corporate entrepreneurship initiatives:
Antagonizing cognitive biases in business model design. R&D Management, 49(4), 509–533. https://doi-
BUS 8303, Entrepreneurship and Innovative Business Development 7
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This article showcases an innovative business model and how innovative models present a challenge in
communicating in uncharted waters.
Schneckenberg, D., Velamuri, V. K., Comberg, C., & Spieth, P. (2017). Business model innovation and
decision making: uncovering mechanisms for coping with uncertainty. R&D Management, 47(3), 404–
Learning Activities (Nongraded)
Nongraded Learning Activities are provided to aid students in their course of study. You do not have to submit
them. If you have questions, contact your instructor for further guidance and information.
In order to access the following resources, click the links below.
Utilize the following Chapter 5 Flashcards, Chapter 8 Flashcards, and Chapter 9 Flashcards to review
terminology from the eTextbook
- Course Learning Outcomes for Unit V
- Required Unit Resources
- Unit Lesson
- Business Models and Innovation
- Circular Business Model
- Value Proposition
- Networking and Innovative Business Models
- Customer Value Proposition
- Revenue Models
- Business Model Canvas
- Interactive Activity
- Next Up
- Suggested Unit Resources
- Learning Activities (Nongraded)
Case Study Gautam Gupta, cofounder, NatureBox
Gautam Gupta and his cofounder Ken Chen met during their time at Babson College and quickly became great friends. They bonded over everything related to entrepreneurship and decided to start a business together. In addition to their entrepreneurship obsession, they both had a passion for food. For Gautam, food was very personal. He struggled with obesity until he was 18 years old, when he started learning everything he could about diet and exercise. He eliminated all chips, candy, soda, and other junk food from his diet and started exercising regularly. His hard work resulted in a loss of 70 pounds before he started his first year at Babson College in August 2003.
Gautam’s weight loss journey introduced him to nutrition science. He quickly discovered that snacking was one of the leading causes of obesity and the single greatest source of empty calories. He also noticed that all snacks deemed “healthy” didn’t really taste very good. The market gap was clear—tasty healthy snacks. According to Gautam, “Snacking preferences differ from person to person, so we wanted to use technology to bring personalization to healthy snacking. We wanted to create a Netflix for food.”
Gautam and Ken graduated from Babson and both had jobs, but they reserved time over weekends to develop NatureBox, a subscription-based healthy snack box delivery service. The part-time work on the business idea was taking too long and they were waffling on the decision to actually start a business. Gautam recalls,
One weekend in 2011, we borrowed an office space from a friend from Babson and decided that we wouldn’t leave until they made a decision about whether or not to start NatureBox. We put a box of healthy snacks together. We shot a photo of it and then we put that photo on our website and we drove some traffic through Facebook to that website.
By the end of that fateful weekend, they had 100 customers that were more than just friends and family who had actually paid for a product that didn’t exist! They spent the rest of the weekend packing the 100 boxes of snacks for their first customers. When customers subscribed for more than 1 month, they knew that they were on to something.
NatureBox officially launched on January 1, 2012, providing monthly subscription boxes that included five snacks, such as nuts, trail mixes, and granola bars, under the NatureBox brand. During the early days of NatureBox, customers could not customize their snack boxes. Within the first year of operations, Gautam and Ken quickly learned that their “one size fits all” snack box did not provide a fully satisfying customer experience. When customers didn’t like a snack in the box they were unlikely to keep their subscription because customers didn’t want to pay for snacks that they wouldn’t eat. NatureBox quickly transitioned to a more personal snacking model allowing customers to choose and customize their boxes. Over time they also learned that snacking is an impulse purchase. In 2016, customers were encouraged to purchase single, à la carte snacks in addition to the subscription option.
Gautam and Ken believe that NatureBox’s most significant advantage has been their ability to understand and successfully adapt quickly to changing market conditions and customer needs. They make conscious effort to listen to the consumer and constantly gather feedback through customer reviews and online ratings. Rather than sourcing their products from other brands, their snack offerings are proprietary and developed in house. They have a membership model that allows members to subscribe to regular deliveries of snacks or make one-time purchases to try different products. They also offer a wide variety of quantities ranging from 1 ounce to 7 ounces for single serving items and bulk purchasing options of 70–80 ounces for the same snacks. Their offerings include a lot of interesting snacks such as popcorn and pretzels, cookies and bars, dried fruit, jerky, chips and crackers, trail mixes, breakfast snacks such as oatmeal and cereal, coffee, and a lot more. They also have a monthly “Discovery Box” that has a good mix of the snacks they have to offer. The January, 2019 Discovery Box, for instance, includes Crunchy BBQ Twists, Tropical Fruit Medley, Kettle Corn, Limited Edition Trail Mix Cookies, and Dark Chocolate Berry Trail Mix. Gautam and Ken want to build a brand around the healthy snacks they offer in addition to the actual box in which the snacks are contained. NatureBox links product development processes to customer feedback and their extensive network of natural product suppliers. This has helped them create more than 400 products that customers love!
A relentless customer focus has helped them understand their core customer and attract new segments. For example, the initial customer focus of NatureBox at launch was mothers looking for healthy snacking options for their children. However, they soon realized that millennial women were apt to subscribe to NatureBox for both home and work consumption. Individual, direct sales was the primary focus at NatureBox from 2011 to 2015, yet in 2016 they began selling snacking services to corporate offices. Businesses pay $20 per month per employee for an unlimited supply of snacks. This has expanded their distribution and provided a welcome new revenue stream.
In the packaged food industry, consumer feedback takes time and this lack of readily available real-time information usually extends the product innovation cycle in the perishable food industry to a few years, making both product innovation and the struggle to profitability very hard. It’s not uncommon for food startups to burn through a lot of cash while channel distribution and retail partners take a huge part of the pie, making margins for food startups very thin. By successfully integrating real-time feedback into their supply chain, NatureBox has shortened the traditional multiyear product innovation roadmaps (from idea to product delivery) to 10 to 12 weeks and has constantly been adding new snacks to their product line based on consumer feedback (e.g., Sriracha Roasted Cashews, White Cheddar Caramel Popcorn, and Honey Dijon Pretzels). Developing these products in house not only enhances profitability, it also allows them to diversify the product line and therefore reach out to a broader consumer base.
Scaling NatureBox has required significant investment and most resources have come from within Gautam’s network. Neither Gautam nor Ken were familiar with food manufacturing. While talking to a few of his friends in investment banking, Gautam learned of a food conference happening in Chicago. This conference introduced them to suppliers and manufacturers in the industry. Gautam’s ex-employer and early-stage venture fund, General Catalyst Partners, was an early investor in NatureBox. That initial funding has led to other investors. NatureBox raised $58.5 million between 2012 and 2015. In addition to the funding, Gautam’s network has been very helpful in getting NatureBox with the right people at the right time. He has leveraged his deep network of mentors and advisors to learn from their experience and expertise in order to get the business moving faster. This network has helped him hire the right people, scale up, and guide the business in the right direction.
The journey of NatureBox has been both exciting and challenging. “Making the decision to move away from only a subscription model in 2013 into one that offers both à la carte and subscription options was one of the most challenging pivots for the business,” he recalls. “You can never be 100% sure as the data is never clear. It was a leap of faith!” That decision has helped the business greatly since then and has helped make the business a lot healthier. Additionally, the marketing mix has evolved over the years from only marketing on Facebook to being early adopters in channels such as podcasts. Today NatureBox is looking at narrowing down its marketing efforts back on Facebook where it has gathered over a million likes (
). Gautam and his team believe that the dynamic and ever-changing nature of marketing platforms makes it difficult to keep up with the trends, and a more focused approach will help make marketing activities more effective.
Gautam feels that 6 years after launching NatureBox, they are now truly delivering on its promise of a completely customizable healthy snack experience for its customers. Growth has not come easily, but Gautam says it’s essential to stay calm and manage your mental state so as to not get caught up in the roller coaster ride called entrepreneurship! His advice to students and aspiring entrepreneurs is two-fold:
First is to focus on the quality of the team, from the first person you start working with and every hire that comes on board. It is very easy to regress the quality of the team and you can only keep the bar high on talent by being personally involved. Secondly, as much fun as it is to execute the business, spend a lot of time, especially in the early stage of the business, thinking about the type of business you want to build and what it implies about the process that you need, the values of the organization. You should do as much planning on those things as much as executing, Often, entrepreneurs are quick to jump to action. The process of building a company is lot more than just offering a great product.
Critical Thinking Questions
1. Describe the NatureBox business model. Could it be improved in some way?
2. There is a lot of competition for NatureBox today. How will the company compete in the future? Are there other directions in which the team could go?
3. Do you believe that Gautam and NatureBox are delivering on their customer value proposition of a customizable healthy snack experience? Why or why not?
Interview with Babson MBA graduate assistant Gaurav Khemka, September 28, 2018.
Anastasia. (2015). NatureBox: Interview with its CEO & founder, Gautam Gupta. Cleverism. Retrieved from
Crunchbase. (2019). NatureBox. Retrieved from
Vernon, L. (2017). Why food startups need to keep profitability in mind right now. Ridgeline Ventures. Retrieved from
CASE STUDY ANALYSIS
CASE STUDY ANALYSIS 4
Unit 1 Assignment
January 28, 2022
Entrepreneurship: The practice and mindset
Comparison of entrepreneurship types
Starting your entrepreneurship journey is never an easy thing, with most start-up ventures often experiencing failure due to shifting market requirements and competition. With the current modernization of business activities and increasing globalization effects, it is evident that companies and entrepreneurs need to always ensure they assimilate proper R&D tech. to improve on their product quality and market outreach. Just like any entrepreneurship start-up, the initial market entry will present various challenges and risk exposure (Fuller and Haefliger, 2013).
Addressing the root cause of the challenging business threats is critical for any company to attain market success aspects. In the case of the Gyan, the organizational risk exposure in a technological era that is characteristic of frequent changes in tech. innovation is quite enormous. By this, the start-up company sought to provide consultation and IT management services for small businesses and non-profits. However, the high risk exposure associated with online and tech. implementations like cyber-security issues and information loss influenced the company’s market risk exposure (Neck and Murray, 2021). It is also worth mentioning that the limited access of experienced IT staff affects the tech. company’s ability to establish the satisfactory technology innovations.
Gyan business model and how it fits
With the rising cases of malware, cyber-crime cases, and loss of confidential business data, the involvement by companies in cyber-security businesses gained a lot of attention. The approach to the business environment used by Gyan centered upon the basic demand and supply motivation. By this, most businesses have been in pursuit of website management, increased online presence, and global networking. Specifically, the company business approach to the digital market is characteristic of a bricks and clicks model considering they operated both under remote service provisions as well as the use of offices to meet up and address client issues. Their business approach is necessarily quite beneficial to the company considering the modernization of most business activities because of increasing consumer online presence and the rising use of technological innovations (Neck and Murray, 2021). The services offered by the organization to most of the small businesses present explicit risk assessment of market elements, reporting the findings concerning their risk exposure, and facilitate expert consultations. To expand their market niche, it would be helpful for the Gyan tech. company to implement a B2B business model especially with their rising market dominance and the increasing demand for their digital cyber-security services.
Type of entrepreneurship by Gyan
The Gyan organization portrays elements of a company with founders who are continuously seeking to provide their customers quality service offerings. The entry by the company into the digital and cyber security market as a start-up in 2011 did present the entrepreneurs with enormous challenges especially considering their lack of infrastructure, outside investments, and the increasing external technological competition. For instance, the lack of proper IT infrastructure forced the adoption of SaaS (Software-as-a-service) tech. which was quite substandard compared to the technology innovations used by other business entities in the market environment. By establishing strategic business approach using inbound marketing, Gyan entrepreneurs were able to realize the substantial increase in their consumer outreach using online targeting of potential businesses and websites in need of their services.
Baden-Fuller, C., & Haefliger, S. (2013). Business models and technological innovation. Long
range planning, 46(6), 419-426.
Neck, H. M., Neck, C. P., & Murray, E. L. (2021). Entrepreneurship: The practice and
mindset (2nd ed). SAGE.
Running head: ENTREPRENEURIAL MINDSET 1
ENTREPRENEURIAL MINDSET 3
Columbia Southern University
February 5, 2022
It is common for many entrepreneurs to appear to be very smart, but it is usually one of the ways they use their intelligence that often counts. Entrepreneurial Mindset is defined as the ability of an individual to quickly sense or detect, take up an action and organize him/herself under unfamiliar or uncertain circumstances. For instance, cognitive strategies are among the various techniques which people use in solving problems like reasoning, experimenting, analyzing and many others. Thus, entrepreneurial mindset often employs various cognitive strategies in the identification of opportunities, consideration of alternatives and acting. An entrepreneurial mindset is perceived as the lens via which an individual views the world around him, and where everything is seen in the light of entrepreneurial business (Moore et al., 2021). It entails taking an action towards creation of something different, unique or new and often starts with a focus on solving a particular problem.
An entrepreneurial mindset usually describes the way we perceive our world, what we pay attention to, our interpretation and reaction to our surroundings. Creativity is referred to the mother of invention, and this is evident in the world of entrepreneurship. Creativity therefore is a requirement for entrepreneurial success. This is because the minds and thoughts of every entrepreneur is usually in search of innovations and novel ideas. Therefore, one of the benefits of being an entrepreneur is the ability to always express creativity through trying out various creative ideas and tactics for success of your business. Having a positive mental attitude is also essential for successful entrepreneurs. The mindset of managers usually set the tone for other employees of the organization and significantly influences corporate culture. Thus, cultivating a positive attitude entail learning how to mentally reframe responses. According to research there is a correlation between positive working environments and higher productivity (Asenge et al., 2018). This is because a positive attitude often significantly influences other workers in a positive way. Research shows that happy and satisfied employees are better overall.
Regarding building your creative skills as an entrepreneur, you must be willing to take up major risks in order to advance your individual abilities as well those of others. This entails specializing as well as being an expert in your line of business by having rich knowledge and understanding of what entrepreneurship is (Moore et al., 2021). It is also important to develop time for developing your creative talents and innovation because entrepreneurs are inherently creative thinkers and to create a successful business you must be more creative.
Entrepreneurial mindsets and spirits typically create different types of entrepreneurs. For instance, some are often focused on long term while others are usually technical and focused on the present. However, the impact on success is usually very significant. Hence, there are different types of entrepreneurs; the technician entrepreneur whose focus is on the detail-oriented part of the business, things and particularly products which need to be tidy and neat. This type of entrepreneur is typically interested in changing lifestyles, one that sees potential in an idea and does everything possible to make it happen alone. Another type is manager entrepreneur who doesn’t take up the technical work but is more of process minded and always interested in managing the technician. This one often does not have a big vision of the business to decide on the actual directions a business should take. Lead entrepreneur on the other hand is often behind or on top of a business which runs on its own and usually looks for ways to get to another level of entrepreneurship. This type of entrepreneur usually does this by either becoming investors or promotors for their own vision (Asenge et al., 2018). However, the ways usually differ, but the idea is the same, thus the third type of entrepreneur is the one that focuses on the future.
Asenge, E. L., Diaka, H. S., & Soom, A. T. (2018). Entrepreneurial mindset and performance of small and medium scale enterprises in Makurdi Metropolis, Benue State-Nigeria. International Journal of Innovation, 6(2), 124-146.
Moore, C. B., McIntyre, N. H., & Lanivich, S. E. (2021). ADHD-related neurodiversity and the entrepreneurial mindset. Entrepreneurship: Theory & Practice, 45(1), 64–91. https://doiorg.libraryresources.columbiasouthern.edu/10.1177/1042258719890986
Unit IV: Entrepreneurship
February 22, 2022
In entrepreneurship, opportunity recognition refers to the process which is found in ways that individuals as well as businesses with an entrepreneurial mindset often approach new ideas or business ventures. In most cases, it is usually a constant brainstorming where individuals look for improved or new ways to address given problems. For instance, it could be a new business idea or new products and services which fulfill the needs and expectations of the target customers. For example, in supply chain management has experienced a lot of challenges when it comes to efficiency in their operations. Therefore, due to modernization in this area of management, there is need to introduce IoT technologies which will ensure efficient and effective planning for managers through use of low-power sensors, GPS as well as other tracking technologies which pinpoint assets as they move along the supply chain (Neck et al., 2021). This will go a long way in confidently reassuring customers and other stakeholders about the location of items being shipped or received.
Design thinking as tool for generating ideas in entrepreneurial opportunity is an important aspect when it comes to dealing with issues to do with supply chain management. It is usually a human-centered approach which draws from the toolkit of the designer to integrate various needs of people, possibilities of technology as well as other requirements for the success of the business. The main feature of design thinking process is keeping the user at the center. Thus, innovation solutions such as use of IoT are formed to overlap the three elements (Neck et al., 2021). Therefore, it is advisable for the supply chain professionals to embrace the design thinking process in developing new innovative solutions and move their organizations to the next level of greater success and growth.
To experiment IoT in supply chain management, the best testing method will be use of simulation which provides the capabilities of evaluating performance of a system that is operating under either proposed or current policies, procedures or configurations. This process is applicable to the evaluation of both strategic as well as operational level plans for the supply chains. This process is important especially in exploring the viability of the supply chain before the start of production. For instance, simulation in this design will be used to determine the readiness of the supply chain designed for the company. The supply chain must be stress tested at surge as well as mobilization levels in order to meet the requirements. Simulation will provide the ideal methodologies for identifying and demonstrating the behavior of the supply chain under stress and evaluate various strategies required in meeting the defined volumes (Prabaharan, 2020). Additionally, it will prove the readiness of the supply chain by minimizing perceived risks in using the technologies.
Entrepreneurial mindset derives some direct application of various concepts from the design thinking domain. These entails incorporation of formalized design thinking process, allowing use of convergent and divergent thinking, establishing multidisciplinary teams, building on iterations, encouraging and enhancing creative confidence, encouraging reliance on informed intuition as well as foster a conducive learning environment. All these are important in fostering one’s entrepreneurial mindset in the workplace. For instance, in this case, design thinking process is essential in enhancing creative mindset for developing of more creative ideas in relation to various aspects of management in business such as supply chain, marketing, production and so on. It also helps in creation of long-term strategy planning, as well as generation of a business model, tracking progress, measuring of outcomes and evaluation of feedback. Design thinking is also vital in creating psychological and physical spaces which encourage making, building as well as team-based interactions which are important in bringing these mindsets to real life (Chandwani et al., 2019). All these concepts are important in developing a positive entrepreneurial mindset for success of the organization.
Chandwani, J., Salvi, S., & Chandwani, B. (2019). A STUDY ON BUDDING ENTREPRENEURIAL MIND-SET. Advance and Innovative Research, 210.
Neck, H. M., Neck, C. P., & Murray, E. L. (2021). Entrepreneurship: The practice and mindset (2nd ed). SAGE. https://online.vitalsource.com/#/books/9781544354644
Prabaharan, M. (2020). How technology makes a difference: Digital, agile and design thinking. Handbook of Smart Cities, 1-28.