Misconceptions surrounding entrepreneurship Mapping an Entreprenurial ecosystem and avenues for engagement

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SIEN6006
Entrepreneurship
Week 6

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Today’s agenda
• Misconceptions surrounding entrepreneurship
• Recap
• Entrepreneurship and wider contexts
• Exercise #1 and #2: Ecosystem mapping

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Misconceptions Surrounding entrepreneurship
Without a certain degree of structure breakthroughs aren’t made
Experience and knowledge does not matter in entrepreneurship
Good business ideas are spontaneous inspiration
Many creative works go unrecognized and are only discovered decades later
It’s true that everyone has potential to create original work, the hard work and training needed to shape an
idea into acceptance isn’t always done
Breakthroughs are not the work of superhuman geniuses, but rather hardworking, real people with a desire
and persistence to find solutions and answers

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Intrinsic Motivation
A tiny idea resonates deeply within a person
A 5-year old albert Einstein became interested in physics when
his father gave him a small, magnetic compass. Einstein spent hours
studying how the needle always pointed to true north.
A spark like the one experienced by Einstein “essentially moves you
to take steps to learn more about the thing that interests you, and to
discover its complexities, its difficulties, its strengths and obscurities.

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Environmental factors
Steve Jobs- top 100 people on a retreat each year
– On the last day, Jobs would stand in
front of a whiteboard and ask, “What
are the 10 things we should be doing
next?” “We can only do three.”
– Jobs advised page to figure out what
Google wants to be when it grows up
– It’s now all over the map
– What are the five products you want
to focus on?
– Get rid of the rest, because they’re
dragging you down.

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Review
• Choose one venture or success story relating to your
chosen entrepreneur for Assignment #1.
• Using Bessant and Tidd’s (2018) model, 'factors which
influence the creation of a new venture’, identify the factors
that relate to your chosen entrepreneur's new venture
creation
• Do the factors that have influenced your chosen
entrepreneur fall into ‘antecedent influences’, ‘individual
incubator experiences’ or ‘environmental factors’?
• Identify two challenges the entrepreneur’s start-up has
faced or will soon face
• Develop possible strategies for addressing these
challenges
Antecedent influences Individual incubator
experiences
Environmental factors

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Ecosystems: knowledge and communication
How can networks help entrepreneurs?
The ways knowledge actually flows around an innovation project are complex and interactive
Networks to share knowledge and ideas
Networks to share knowledge and ideas.
Networks to share resources
Networks to help learning
Networks for support
Networking with users

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Mapping an ecosystem and avenues for
engagement

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Exercise #1
Using the ecosystem map format, identify relevant ecosystem
elements that have influenced your chosen entrepreneur for
Assignment #1.
Follow up question:
- How has your entrepreneur influenced the ecosystem elements you
have identified?

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Exercise #2
Classify the relevant ecosystem elements you have identified
according to these three levels of importance:
1. Essential
2. Important
3. Interesting

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Week 7 – Sustainable Entrepreneurship
We will:
• Understand sustainable entrepreneurship as a form of shared value
• See how the concept of 'opportunity formation' manifests in sustainability-focussed
entrepreneurial efforts
• Evaluate the potential of entrepreneurship as a way of resolving environmental
challenges with innovative solutions
• Overview Assignment #2.
• Review: Canvas content; required readings
• Lecture: Online Canvas content replaces live lecture
• Reflection and preparation for our next Workshop: Detailed on Canvas

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