Entrepreneurship for You
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Entrepreneurship for You
Information relevant to become a successful entrepreneur.
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Why a Gen-X CEO Hired a Millennial to Help Him Keep a Learning Mindset

Why a Gen-X CEO Hired a Millennial to Help Him Keep a Learning Mindset | Entrepreneurship for You | Scoop.it
At age 41, I am where I want to be in my career: running my own sales-training business, with enough clients lined up that I can probably live comfortably for the next several years. But I’m in trouble. Every Gen Xer is.

Younger generations are quickly taking over the workforce. They’re also becoming the decision makers and the most hotly pursued consumers. And they grew up with their own set of expectations, their own view of the world.

If I don’t find ways to stay relevant to today’s 20-somethings, I will become a dinosaur in five years, probably less. For all the talk about how younger people desire and need learning experiences, the opposite is also true: The rest of us need to learn from them — and from how they learn.
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Does Engaging with Customers on Facebook Lead to Better Product Ideas?

Does Engaging with Customers on Facebook Lead to Better Product Ideas? | Entrepreneurship for You | Scoop.it
Feedback on social media can serve as a valuable source of information for companies, helping them to improve and develop products and services. Examples include Gillette, which launched the very first product for assisted shaving based on feedback inferred from social media, and Tesla, which improved the company’s app based in part on CEO Elon Musk’s reading a customer’s complaints on Twitter. At end of 2016, Airbnb CEO Brian Chesky asked on Twitter what the company could launch in 2017.

Anecdotes aside, does this user feedback actually help create better produ
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The Different Approaches Firms Use to Set Strategy

The Different Approaches Firms Use to Set Strategy | Entrepreneurship for You | Scoop.it
Four Approaches to Strategic Decision Making
Companies’ processes differed from each other in two ways. The first was whether a firm uses a high or low level of process to make strategic decisions. That is, does it have recurring routines for discussing strategy, triggering strategic changes, and reviewing those changes? The second was the amount of input from other employees that the leader considers while making a strategic decision. This factor focuses on employee involvement in decision making, not simply attendance at meetings or post-decision communication. These two factors can exist in any pairing, and based on our interviews, firms populate all boxes, which gives us four distinct archetypes of strategic decision making.
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Chinese and American Consumers Have Different Ideas About What Makes a Product Creative

Chinese and American Consumers Have Different Ideas About What Makes a Product Creative | Entrepreneurship for You | Scoop.it
All products have a constellation of features; we identified 26 cues that at least one of the two cultures nominated as relevant to creativity. To understand the psychology of how each culture views creativity, it’s helpful to know what both cultures agree indicates creativity, and then move to the features where there is disagreement.

The list below identifies the cues both cultures agree indicate an idea is creative:

Paradigm shift. A significant change in thinking that a product or process represents
Breakthrough. Doing something others failed to accomplish or did not think could be done
Potential. Future possibilities opened up as a result of the product or process
Rarity. The unusualness of a product or process
Repurposing. Taking something from one context and adapting it to a second
Surprise. The affective reaction something inspires, such as amazement or astonishment
Art. The aesthetics of the product or process
Combination. Integrating functions, features, or other aspects that are typically distinct
High tech. Concerned with the role of technology
Joy. Happiness or fun involved in engaging with something
While Americans look only at the cues on this list, Chinese consumers consider a much broader range of cues to determine whether something is creative. For a Chinese person, it isn’t enough that an idea is a breakthrough; they also look at whether the idea itself has proven broad appeal.
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The Promise of a Truly Entrepreneurial Society

The Promise of a Truly Entrepreneurial Society | Entrepreneurship for You | Scoop.it
The entrepreneurial society
Between discredited financial capitalism on one side and ever more burdensome state bureaucracies on the other, can we revive a lost but deeply rooted human capability – the capability to take passionate ownership of the problems we face, and to accept responsibility for creating our own solutions – that is, create the basis for a properly entrepreneurial society?

Peter Drucker called this a turning point in human history. What we need, he said, is not just an entrepreneurial economy but an “entrepreneurial society in which innovation and entrepreneurship are normal, steady, and continuous.” He saw innovation and entrepreneurship as life-sustaining activities that should pervade organizations, the economy, and society.

In terms of management, the advent of the entrepreneurial society means above all replacing the rigidities of industrial-age mind-sets, with their command-and-control, top-down orientation. There are indications that this is happening.
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Why I Challenged My Kids to Start Companies Before College

Why I Challenged My Kids to Start Companies Before College | Entrepreneurship for You | Scoop.it
There’s no better way to find out where to focus your talents.
D.B.'s insight:

Running a business might seem daunting for an 18-year-old, but my wife and I felt equipped to mentor them through the process. We’d been homeschooling them for 15 years and weren’t intimidated by ushering them through another learning experience. 

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Let Your Frontline Workers Be Creative

Let Your Frontline Workers Be Creative | Entrepreneurship for You | Scoop.it
One new research paper looked at how creativity, or the lack thereof, affected customers’ perception of customer service. The researchers found that the creativity of front-line service employees (which they called “service creativity”) directly affected customer services ratings. “Service creativity allows employees to delight customers in unusual ways or solve problems that existing protocol falls short of addressing,” said Jing Zhou, a co-author on the study and professor of management at Rice University. “The findings suggest that service creativity is a powerful avenue through which customer satisfaction can be achieved.”
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What Angel Investors Value Most When Choosing What to Fund

What Angel Investors Value Most When Choosing What to Fund | Entrepreneurship for You | Scoop.it
Last year total U.S. angel investments ran to $24.1 billion, according to the Center for Venture Research at the University of New Hampshire. More than 73,000 ventures received angel funding, and there were 316,000 active investors. Yet for how substantial the market is, there’s relatively little data on the decision making process of those who invest in early stage startups.

As a result, we’re stuck with the question of how investors choose which startups to fund. It’s hard to predict whether a novel idea will succeed, and these fledgling firms typically have no financial track record or tangible assets. So Shai Bernstein, an assistant professor of finance at Stanford’s GSB, and Arthur Korteweg of USC’s Marshall School of Business devised an experiment to identify what characteristics do distinguish startups.
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A Map for Total Performance | Blogrige The Official Baldrige Blog

A Map for Total Performance | Blogrige The Official Baldrige Blog | Entrepreneurship for You | Scoop.it
The official blog for the Baldrige program. The Baldrige Program's mission is to improve the competitiveness and performance of U.S. organizations.
D.B.'s insight:

“The Baldrige framework is like the blueprint of a building, with ISO used for specific systems within the building such as electrical and air conditioning systems.” (Ron Schulingkamp)

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What Happened When Linkin Park Asked Harvard for Help with Its Business Model

What Happened When Linkin Park Asked Harvard for Help with Its Business Model | Entrepreneurship for You | Scoop.it
We restructured Machine Shop to focus on innovation through non-traditional business partnerships and creative design thinking. Over the course of a year, we built strong case studies in fashion, design, and technology. Once this groundwork was laid, we realized that the traditional music management model would have to evolve to support these innovation activities. Most management companies consist of music industry professionals and digital departments that support music marketing activities — but what we were trying to do just didn’t exist within that framework.
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Beyond the Virtual Workspace - Deloitte CIO - WSJ

Beyond the Virtual Workspace - Deloitte CIO - WSJ | Entrepreneurship for You | Scoop.it
Layered in this controversy is a key question: Is the move to virtual work inevitable? Also, what is the future of the traditional office, and where does the concept of the corporate campus fit in the future of work? In many sectors, the nature of work is changing, and there is evidence that both virtual work and a campus-based approach have benefited employers who implemented them.
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Amplified Intelligence Delivers More Power to the People - Deloitte CIO - WSJ

Amplified Intelligence Delivers More Power to the People - Deloitte CIO - WSJ | Entrepreneurship for You | Scoop.it
But for all of its promise, big data can be a source of frustration, confusion, and exhaustion. Machines have the potential to deliver measurable insights, but true impact comes from putting those insights to work and changing behavior at the point where decisions are made and processes are performed.

That’s where amplified intelligence—the use of technology to augment human intelligence—comes in. Just as autopilot technologies haven’t replaced the need for pilots to fly planes, amplified intelligence allows workers to do what they do best: interpret and react to the wider context rather than focus on applying standard rules that can be codified and automated by a machine.
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The 6 Ways Business Leaders Talk About Sustainability

The 6 Ways Business Leaders Talk About Sustainability | Entrepreneurship for You | Scoop.it
he concludes that our unconscious mental frames “shape the goals we seek, the plans we make, the way we act, and what counts as a good or bad outcome of our actions.”

The message for business leaders, as for social change agents: To change our frames is to change the way we perceive, prioritize and invest time, effort and money. “Reframing,” Lakoff tells us, “is social change.”
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Why Startups Like Uber Stumble Over Problems They Could Have Avoided

Why Startups Like Uber Stumble Over Problems They Could Have Avoided | Entrepreneurship for You | Scoop.it
As a business term, “unicorn” was coined to describe a rarity: In 2011 there were just 28 early-stage companies, still privately owned, with investment valuations of $1 billion or more. Today there are more than 200 unicorns, with a total value estimated by CB Insights at almost $700 billion. Uber is one of them: Its valuation rose to a record-setting $68 billion just seven years after its founding, despite reporting losses of more than $700 million in the first quarter of this year.

But when we tracked those 28 unicorns (along with 11 similar companies with valuations of $600 million or more) over the period from 2011 to the present, we found that 33% failed to grow at all and another 28% grew less than expected. Nearly two in three died or stumbled. Unicorns and near-unicorns actually are much more prone to self-induced internal breakdowns than they are vulnerable to adverse events in the marketplace.

And they’re not alone. One of the hardest acts in business is scaling a business rapidly and profitably. Bain’s research concludes that of all new businesses registered in the U.S., only about one in 500 will reach a size of $100 million — and a mere one in 17,000 will attain $500 million in size and also sustain a decade of profitable growth.
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The Most Important Factor in Employer-Employee Relationships

The Most Important Factor in Employer-Employee Relationships | Entrepreneurship for You | Scoop.it
New research confirms what you probably already knew to be true: trust between managers and employees is the number one factor in building strong relationships.

In a recent study, Ultimate Software found that 93% of employees surveyed believe trust in their direct supervisor was the most important factor in workplace satisfaction.
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Fundraising as a female founder of a startup

Fundraising as a female founder of a startup | Entrepreneurship for You | Scoop.it
UrbanSitter founder and Chief Executive Lynn Perkins is no stranger to fundraising. In the past six years, she has raised $23 million for her site, which helps parents find babysitters and nannies, and she’s currently gearing up to raise more money. Ms. Perkins has raised capital at three different startups. She raised funding for a startup for the first time in 1998 at age 24, when she was the first outside hire at the company. Then after she left, she co-founded the shopping site Xuny.com.

Now that she has been through several funding cycles, Ms. Perkins works with younger female founders to help them develop strategies to raise funds for their companies.
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Why Some Crowdsourcing Efforts Work and Others Don’t

Why Some Crowdsourcing Efforts Work and Others Don’t | Entrepreneurship for You | Scoop.it
Much more recent, the internet has led to crowdsourcing’s widespread adoption and renaissance. Some organizations have successfully mined its potential. Netflix, for example, has used crowdsourcing to improve its recommendation engine by 10%, attracting over 44,000 submissions. Starbucks launched MyStarbucksIdea.com, in 2008, to get ideas from consumers, and has so far received more than 100,000 submissions from consumers around the world.

These examples are not rocket science, so let’s turn to one that is: NASA successfully used crowdsourcing to reduce exposure to cosmic rays on the International Space Station. More than 1,000 people offered potential solutions, and four received a monetary award for their creative ideas. These examples illustrate that many organizations have translated crowdsourcing into a rich flow of ideas, helping them improve their products and services.
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Tackling Big Global Challenges with Low-Cost Innovation

Tackling Big Global Challenges with Low-Cost Innovation | Entrepreneurship for You | Scoop.it
Digital platforms like Uber and Airbnb harness the power of the internet to offer a frictionless marketplace that powerfully matches supply and demand so as to make whole new sets of assets available to customers. Airbnb lets spare room owners make money out of their idle asset and makes the asset easily accessible for more travelers.

The idea of offering your spare room on the web is not new, but with Airbnb you don’t have to create your own website and hope that Google-searching travelers find you. Thanks to Airbnb, more people will travel, bringing more tourism dollars to more people in the countries they travel to, creating more profits and distributing them more fairly.

This kind of innovation is almost a textbook example of frugal innovation. It removes a major source of cost/effort to both supplier and customer and relies on simply being smart with what you already have. There is no major capital investment involved and yet it revolutionizes the industry and unlocks the value-creating potential of hitherto idle assets.
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Gilbert Mayor John Lewis to become East Valley Partnership CEO - Phoenix Business Journal

Gilbert Mayor John Lewis to become East Valley Partnership CEO - Phoenix Business Journal | Entrepreneurship for You | Scoop.it
John Lewis will take over the East Valley Partnership when his term ends next summer. He takes the reins from 13-year veteran, Roc Arnett.
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Admitting You Don’t Know, When You’re the CEO

Admitting You Don’t Know, When You’re the CEO | Entrepreneurship for You | Scoop.it
How can I demonstrate that I’m capable of leading the company into the future when there’s so much I don’t know? And how can I find out what I need to know without looking incapable?

The good news is it’s possible. We’ve seen in our work with leaders that some of the most highly respected CEOs and senior executives are also the best at revealing their “noviceness” and opening themselves up to acquiring the emerging skills and knowledge most necessary to their success. In fact, research increasingly supports the idea that CEO openness to and about new experiences is highly correlated with organizational effectiveness. Here, then, are the keys to being successful as a novice when you’re sitting in the big chair:

Be great at the core of your job:
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Successful Startups Don’t Make Money Their Primary Mission

Successful Startups Don’t Make Money Their Primary Mission | Entrepreneurship for You | Scoop.it
As Jim Barksdale put it when he was CEO of Netscape, “saying that the purpose of a company is to make money is like saying that your purpose in life is to breathe.” Of course, if you’re not breathing, it doesn’t much matter what your purpose in life is. If you believe in your mission, then it’s part of your moral imperative to attach a business model to it. There’s no faster way to achieve your lofty goals. But that’s the order for it: The business model exists to serve the mission, not the other way around. That’s how Google managed to organize so much of the world’s information in a few decades, and Facebook managed to connect the wired world in just one.
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The 6 Most Common Innovation Mistakes Companies Make

The 6 Most Common Innovation Mistakes Companies Make | Entrepreneurship for You | Scoop.it
Because innovation is a system-level problem, a point solution – trying to drive widespread change by doing a single thing – is wholly ineffective. It is equivalent to attempting to turnaround a failing school plagued by disinterested students, overwhelmed teachers, and crumbling infrastructure by painting the walls blue. Soothing, perhaps, but unlikely to have any real impact.
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Young People Need to Know Entrepreneurship Is Hard

Young People Need to Know Entrepreneurship Is Hard | Entrepreneurship for You | Scoop.it
Research, including this NYU report, reinforces that learning about entrepreneurship ignites an entrepreneurial mind-set in young people — they begin to think and act like entrepreneurs in all aspects of their lives. They communicate better. They persist through failure. They become flexible and adaptable when facing obstacles. They take smart risks. They turn into problem solvers and opportunity finders.

That’s important to the job-skills conversation, for example, because skills such as communication, flexibility, and persistence are in high demand by employers.
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Two Forces Shaping the Future of Business - Deloitte CIO - WSJ

Two Forces Shaping the Future of Business - Deloitte CIO - WSJ | Entrepreneurship for You | Scoop.it
Concentration describes markets increasingly dominated by fewer, but larger, entities. Players in concentrating markets typically focus on a single business activity or function, and they generate value by leveraging their scale and scope to provide information, resources, or platforms to fragmented players. Hagel and Brown say large companies in concentrating markets will likely play one of three roles: as infrastructure providers (such as IT, logistics, manufacturing, or facilities), aggregation platforms (which facilitate connections among fragmented businesses or link fragmented players to data or expertise), or agent businesses that help consumers find products and services that meet their needs.
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