BUS 8303, Entrepreneurship and Innovative Business Development

BUS 8303, Entrepreneurship and Innovative Business Development 1

Course Learning Outcomes for Unit II Upon completion of this unit, students should be able to:

2. Analyze the role of an entrepreneurial mindset in opportunity recognition. 2.1 Appraise the effectiveness of an entrepreneurial mindset. 2.2 Summarize how to develop the habit of creativity. 2.3 Compare/contrast the types of entrepreneurship with an entrepreneurial mindset.

Course/Unit Learning Outcomes

Learning Activity

2.1

Unit Lesson Chapter 2 Article: “Entrepreneurial Mindset: An Empirical Starting Point” Unit II Essay

2.2

Unit Lesson Chapter 2 Student Resource: Challenge and Creativity Unit II Essay

2.3 Unit Lesson Chapter 2 Unit II Essay

Required Unit Resources Chapter 2: Activating an Entrepreneurial Mindset In order to access the following resources, click the links below.

Lynch, M., Tuema, L., Andersson, G., & Steinert, M. (2017). Entrepreneurial mindset: An empirical starting

point. Proceedings of ISPIM Conferences, 1–12. https://libraryresources.columbiasouthern.edu/login?url=https://search.ebscohost.com/login.aspx?direct= true&db=bsu&AN=127132275&site=ehost-live&scope=site

Navigate to the Video and Multimedia area in Student Resources for Chapter 2 of the eTextbook to view the item listed below.

• Challenge and Creativity

Unit Lesson

Entrepreneurial Mindset In Unit I, seven types of entrepreneurs or approaches for becoming an entrepreneur were discussed, including corporate entrepreneurship (most often referred to as intrapreneurship), entrepreneurship inside (working within an organization adding creative and innovative ideas), franchising, buying a small business, social entrepreneurship, family entrepreneurship, and serial entrepreneurship. We discussed how different business models fit these different types of entrepreneurs. Remember, the term business model describes how the enterprise provides a value proposition to the end user, which results in revenue for the enterprise and entrepreneurial team members. Even selecting the type of approach for becoming an entrepreneur and selecting a business model can represent creativity and innovation in entrepreneurship, two topics introduced

UNIT II STUDY GUIDE

Entrepreneurial Mindset https://libraryresources.columbiasouthern.edu/login?url=https://search.ebscohost.com/login.aspx?direct=true&db=bsu&AN=127132275&site=ehost-live&scope=sitehttps://libraryresources.columbiasouthern.edu/login?url=https://search.ebscohost.com/login.aspx?direct=true&db=bsu&AN=127132275&site=ehost-live&scope=sitehttps://edge.sagepub.com/neckentrepreneurship2e/student-resources/2-activating-an-entrepreneurial-mindset/video-and

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in this unit. As you read the material for Unit II, continue practicing the techniques covered in Unit I. Resist thinking in a closed-minded manner; instead, be open to new approaches, new ideas, and new habits of thinking and exploring. Entrepreneurship is about taking an action toward creating something new, different, or unique. Entrepreneurial ventures frequently start with a focus on solving a problem that was either never identified as a problem or identifying a problem and providing a solution. An entrepreneurial action can include new processes or procedures or combining old methods into a new configuration for a unique approach that has not been developed. The example of Franklin Yancey in Chapter 2 of the eTextbook fits with this definition of entrepreneurial action. In the scenario, people either did not recognize it as a problem or just accepted that stadium seats were uncomfortable or unpleasant. An entrepreneurial mindset describes how we see our world, what we pay attention to, how we interpret our surroundings, and how we react to our surroundings. An entrepreneurial mindset is a focus on continuously seeking out ideas and problems that need a solution and being aware of the possibility for change and improvements. An entrepreneurial mindset is about paying attention to your external environment to notice the potential in new ideas and the potential for solving a problem that other people either do not notice or have no interest in solving.

Consider how difficult a suitcase would be to maneuver if it did not have wheels attached to the suitcase. Going back to the 1970s, the goal of luggage companies was to make the suitcase indestructible to protect the items within the suitcase, but Bernard Sadow recognized the difficulty people had in lugging around their suitcase by lifting the weight of the suitcase by the handle (Sharkey, 2010). In his eureka, or aha moment, he made the connection between two disparate ideas, the wheel, and the suitcase, to invent the rolling suitcase, making our lives much easier (Sharkey, 2010). To protect his idea, Sadow patented the idea:

Whereas formerly, luggage would be handled by porters and be loaded or unloaded at points convenient to the street, the large terminals of today, particularly air terminals, have increased the difficulty of baggage-handling… Baggage-handling has become perhaps the biggest single difficulty encountered by an air passenger. (Sharkey, 2010, p. 1)

Taking the legal action of filing for a patent protected his idea, knowing that there would be a delay between identifying this problem and the actual acceptance and commercialization of the product he was developing. Consider the millions of people who carried their luggage but never once thought about how to make carrying it easier. Bernard Sadow’s entrepreneurial mindset was alert to identifying a problem, the awkwardness and difficulty of carrying luggage by the handle, and then identifying a solution. Luggage just needed wheels.

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Entrepreneurial Mindset Characteristics

(University Industry Innovation Network, n.d.)

Above is an image describing six characteristics of the entrepreneurial mindset, although there are other characteristics beyond this list such as an interest in problem solving, being open minded in terms of seeking out new information and experiences, and a general curiosity about the world. A few entrepreneurial characteristics related to the example is the need for Sadow to be persistent as he met resistance from the established norm that men (the primary travelers through airports at that time) were too macho to use a rolling suitcase (Sharkey, 2010). A favorable evolution in travelers helped to support the timing of his new product, in that women were starting to travel more (Sharkey, 2010). As the idea of rolling suitcases become more prevalent as used by flight attendants and women travelers, men soon adopted the ease and convenience of rolling their suitcases through airports (Sharkey, 2010). Now, we seldom see a suitcase that is not on wheels. Sadow was future-oriented in recognizing that the travel industry was changing away from porters and small airports mostly populated by men to large airports that required walking long distances, a great inconvenience for carrying one or more suitcases.

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Along with persistence, another behavior associated with entrepreneurs is passion. Passion inspires the entrepreneur to continue, even when faced with adversity. Adversity can take the form of rejection or even a closed or fixed mindset that places blocks of negativity in the entrepreneur’s mind and consequently decreases or eliminates the passion. Passion does not mean ignoring advice or stubbornly pushing forward but, rather, seeking out information, addressing challenges, and adjusting as needed, a growth mindset of taking ownership to solve problems and remove hurdles blocking the forward process. The act of applying creative ideas into a marketable product is innovation. We use our creative abilities and an entrepreneurial mindset to create innovation, which is the act of manifesting a new product or process and moving from the conceptual application of creativity into the materialization of these efforts into a commercial success.

Opportunity Recognition

Creativity is an inherent part of an entrepreneurs’ mindset. One technique that increases creativity is using disparate thinking. The idea is that creative thinking kicks in when we stop thinking of one problem and move into thinking about another topic, or practice disparate thinking. Instead of learning about only one subject area, dive into other topics to gain exposure to a variety of areas. From an entrepreneurial perspective, the crossover from divergent topics can lead back to merging information from one field of study into a different field of study. Practicing disparate thinking might seem complicated to understand; let’s look at an example to explain this concept. What is the connection between dog burrs, engineering, and Velcro? Certainly, these are disparate areas that seem completely unrelated to each other. However, George de Mestral found the burrs that stuck to his dog’s fur interesting, especially when examined under a microscope. After noticing how effectively the structure of the hooks of the burr adhered to the loops of fur, he created the Velcro company in 1959 (Chandiramani, 2016). This action of noticing the structure of the burrs is called opportunity recognition, recognizing that an opportunity exists to move from the idea into a marketable product, a product or service that provides a solution to a problem, even if no one previously realized there was a problem. Opportunity recognition can include creating a solution that adds value through saving time such as using Velcro instead of tying one’s shoes. Consider how you can add the skills covered in this course into your daily life. Look for opportunities to grow your mindset to be more observant and see the positive potentials swirling around you in your daily activities.

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Interactive Activity

In order to check your understanding of concepts from this unit, complete the Unit II Knowledge Check activity. Unit II Knowledge Check PDF version of the Unit II 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.

References Chandiramani, S. (2016, October 28). Biomimicry – The burr and the invention of Velcro. Micro Photonics Inc.

https://www.microphotonics.com/biomimicry-burr-invention- velcro/#:~:text=Velcro%20was%20invented%20by%20George,burr%20to%20adhere%20exceedingly %20well

Sharkey, J. (2010, October 5). Reinventing the suitcase by adding the wheel. The New York Times.

https://www.nytimes.com/2010/10/05/business/05road.html University Industry Innovation Network. (n.d.). The six characteristics of the entrepreneurial mindset [Graphic].

https://uiin.org/2015/12/07/the-six-characteristics-of-the-entrepreneurial-mindset/ https://online.columbiasouthern.edu/bbcswebdav/xid-136932071_1https://online.columbiasouthern.edu/bbcswebdav/xid-138335259_1https://online.columbiasouthern.edu/bbcswebdav/xid-136932071_1

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Suggested Unit Resources In order to access the following resource, click the link below. The article below provides relevant information to support your growth in learning about entrepreneurship and how to support innovative behavior within an organization. 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://doi- org.libraryresources.columbiasouthern.edu/10.1177/1042258719890986

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 resource, click the link below.

• Create a file with new insights you gain throughout this course in reading the eTextbook and articles and completing the course work. Please use the CSU online library to explore a variety of topics on entrepreneurship to build your own library of knowledge.

• While reading the first two chapters of the eTextbook, take a few minutes to complete the activities included in the eTextbook. Completing the activities may be a sign that you have a growth mindset rather than a fixed mindset.

• Utilize the following Chapter 2 Flashcards to review terminology from the eTextbook. https://libraryresources.columbiasouthern.edu/login?url=https://search.ebscohost.com/login.aspx?direct=true&db=bsu&AN=147477972&site=ehost-live&scope=sitehttps://libraryresources.columbiasouthern.edu/login?url=https://search.ebscohost.com/login.aspx?direct=true&db=bsu&AN=147477972&site=ehost-live&scope=sitehttps://edge.sagepub.com/neckentrepreneurship2e/student-resources/chapter-2/flashcards

• Course Learning Outcomes for Unit II
• Required Unit Resources
• Unit Lesson
  • Entrepreneurial Mindset
  • Entrepreneurial Mindset Characteristics
  • Opportunity Recognition
  • Interactive Activity
  • References
• Suggested Unit Resources
• Learning Activities (Nongraded)