In my opinion, this is the single most important step of any business creation. Identifying abusiness need and a social need should be the first step of identifying any business and theentrepreneur must innovate his business in such a way that both the ends meet.
One of the most important learning to me is that there is never a shortage of ideas. It is allabout executing them. The idea must not only attempt at solving the identified problem, but alsotry and enforce innovation to achieve the best possible solution to address the issue.
-phone is the best example that I could think off.
ideasis another thing, in my opinion, that has utilized in innovation at its best.
Creating and Capturing Value:
Entrepreneurs must not aim at making money, but they mustfocus on making a meaning. They should aspire to not only creating a value but also to capturethe best of it. Several cases that we discussed in the course explicated the importance of capturing value.
The biggest challenge, with respect to our team’s innovation challenge concept
was to capture the value at its initial stages. People hesitated to buy 50-50 until they wereconfident that there was a possibility for them to win a fair prize. We, as a team decided to usethe MOvember prostate cancer fund contribution as a selling element to attract people owing tothe fact that part of their contribution goes to a social cause. This helped us capture the value. Inthe real world, I would expect entrepreneurs, at least at the initial stages, to suffer to capturingthe values. In my opinion, they must focus on selling to the consumers, how their product willcreate value to them. The entrepreneurs might even end up not capturing value for a fair bit of time, but on the long run, they will be successful.
I’m glad to report that overall, our pedagogical approach to teaching entrepreneurship at Sprott School of Business (Carleton University) is working well and bearing fruit. Students are excited and engaged. They are creative, resilient, collaborative and motivated to work hard and succeed. Lots of enthusiasm and energy too!
I have to admit that I was a bit weary of introducing a lot of new business approaches to teaching entrepreneurship but it turned out to be a very good move. We want our students to ‘live’ an entrepreneurship experience, not only ‘learn’ about it. We obviously do not expect all students to start their own company while still in school (but some do and are quite successful at it!). Essentially, the expected end game of our entrepreneurship offering is for students to either own a high-growth startup within three years after completing their bachelor degree, or to work for a startup or an organization that fosters entrepreneurship.
I’ve been teaching three entrepreneurship courses this academic year, all essentially revamped from previous years or new. Within our entrepreneurship programs, we have ensured a logical path and have aligned content across our entrepreneurship offering so that students can progress from ideation to business creation and implementation. We have capitalized on new business thinking and methods – ideation, business model generation, value proposition, early validation – using material from Steve Blank, Bob Dorf, Eric Ries, Osterwalder & Pigneur and many others. We are using a blended learning environment, making learning an individual as well as a collaborative learning experience. Our assignments are part and parcel of the development and implementation of their business opportunities. We have also offered high quality workshops from people in the trenches, and have mobilized our entrepreneurship ecosystem, within and outside of Carleton University, to support our student entrepreneurs. Our brand new Carleton Accelerator is now up and running and we are celebrating successes!
Peer-to-peer learning is an important aspect of our entrepreneurship pedagogy. That last aspect in fact never ceases to amaze me…. students are really willing to help each other out and share their best practices, insights and lessons learned. So on this last note, I’ve asked my students to share their reflection on successes and setbacks in developing their business opportunity. This is not a superficial reflection but rather an in-depth coverage of the challenges and successes in applying what they have learned in this course (and previous entrepreneurship courses) to their business opportunity. Essentially a ‘memoir’ of sort for the next generation of student entrepreneurs.
I am looking forward to reading their reports!