Session 3 SUMMARY
January 30, 2009Session 3 Assignments and Summary takeaways
TO DO: WEL Students paste the bullets from your In-Class Quiz Presentation on this post. List your topic, team members (first names only), and your summary bullets.
********************************************
Here are all Session 2 assignment links:
-DUE: 1 PAGE BY WEDS 9AM-in BOX @ 315 FUNGER
http://welgwu.wordpress.com/2009/01/30/session-3-assmt-venture-concept-plan-draft/
See reading in this section on form of business
2. 
Skill Building – Doing Research
-READ: About research (docs online)
-BLOG: About research skills/experience before next class
http://welgwu.wordpress.com/2009/01/30/session-3-assmt-research/
3. Reading
Essential of Entrepreneurship, 9th edition – Chapters 8 & 9 (1-4 should have already been read)
4. Mentor Selection
Provide feedback on your classmates’ cases
http://welgwu.wordpress.com/2009/01/30/session-3-assmt-peer-forum/
Missed a class? Be resourceful – review blog thoroughly and look on Facebook for your classmates to get notes.
********************************************
The above is DIFFERENT and MORE CURRENT than the course grid. Please follow the ABOVE assignments.
GW WEL STUDENTS: When posting your comment, please type the following in the NAME section: “WEL” {space] Your First Name”.
Mentors & Networks
Lola and Lindsey
Mentors and networks are important aspects of entrepreneurship.
The goal of networking is to connect with people and resources in ways that will be beneficial for both parties.
Networking is a strategy necessary to achieve professional opportunities.
There are ten important steps to the process, including preparing to step out of one’s comfort zone and knowing what one needs and asking for it.
Ways to think entrepreneurially
Bethany and Heather
• Be Creative
Take in everything
Anything is a possibility
Mind map
Free association writing
Look at ways to improve daily activities
Observe, take ideas from others (especially children)
If you don’t know something…look it up
• Exercise the right brain
- Ask question: is there a better way
- Be reflective
- Play mental games
- See mistakes as pits stops…not failures
Example of thinking entrepreneurially for a means of survival: Paula Deen – Food network star
Costs and Benefits of Entrepreneurship
Allison, Melissa, and Catina
Benefits:
- create your own destiny
- make a difference
- reach your potential
- make a profit (The Walton’s of Wal-Mart- now the richest family in the US)
- contribute to society and gain recognition (Ted Leonsis and filmanthropy)
- Do what you enjoy (Laura Lee and handbags)
Despite the benefits, you must determine how much discomfort you can handle by considering the costs.
Drawbacks:
- uncertainty
- discouragement at first
- risk of losing investment
- stress
- long hours and hard work
Cost and Benefits of being an Entrepreneur
Benefits:
Opportunity to create your own destiny
Opportunity for do what is important to you
Opportunity to reach your full potential
Drawbacks:
Long hours
Uncertainty with pay
too much stress
Risk of losing it all
Catina, Allison, Melissa
Characteristics of an Entrepreneur
Jameise, Betsy, Grace
It’s not always as obvious as you may think! (eg. prefer moderate risk to wild and crazy risk.)
1. Preference for moderate risk
2. Desire for responsibility
3. Confidence in their ability to succeed.
4. Desire for immediate feedback
5. High level of energy
6. Future orientation
7. Skill at organizing
8. Value of achievement over money
Others: high degree of commitment, tolerance for ambiguity, flexibility, tenacity.
Kaitlyn, Alicia, and Maria
Creativity & Sources of Ideas
1. Creativity: the ability to develop new ideas and to discover new ways of looking at problems and opportunities.
2.Being careful of Mental Locks
3. New ways of thinking using both sides of your brain
-Mind-mapping/ Brainstorming
4. Ideas can come from anywhere,
Laura Lee: inspired by the marketplace in Thailand.
Ted Leonsis: inspired by an obituary.
5. Having a heightened awareness in everyday life is helpful for idea building.
Discussing the Definition of Entrepreneurs and Providing Examples
– Krissy, Court, Erica
1. Creates new business in the face of risk and uncertainty
2. Does so with the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them
3. Don’t fit one specific mold: diversity is often cited as the hallmark of entrepreneurship
3. Entrepreneurs set themselves apart from other businessmen and businesswomen because they are not only able to formulate new and innovative ideas, they also act on these ideas.
Evaluating an Idea: Christina and Laura
1)Is there a need? An example from the text where an inventor did not research to see if there is a need is the gentleman who invented a typing system that produces the letters on the screen faster than they currently appear. There is no need for this as letters already appear faster than the brain can follow.
2)Is there an audience? Who are they?
3)Is the idea new and innovative?
4)Is it feasible? Can you cover your costs and make a profit?
5)Do you have a competitive advantage?
6)How do you implement the idea?
7)Are you knowledgeable in the field of your idea?
8)What is the risk?
An example of an idea where all of these questions were asked and answered well is the two sisters surf company.
Ways to Think Entrepreneurially
Heather & Bethany
- inspire innovation and creativity on a daily basis
o openness to ideas
o keep a journal and write EVERYTHING!
o Keep in mind that anything IS possible (with the right planning!)
- Think of everyday situations and improvements for it
o How to better improvements that people have already made
o Do your research to see what’s out there
- Observe others
- Have fun
- Break the rules a little more
- GO FOR IT! Don’t be afraid to fail “just a stepping stone to your success!”
- Change your actions now:
o Seek more responsibility
o Take more risks
o Have the confidence to succeed / don’t let failure stop you
o Go out and GET feedback
- EXAMPLE from text Markus Freitag
o Made waterproof bags for his artwork, and then realized that other people wanted something similar as well!
- Work your R-brain more!
Creativity and Sources of Ideas
Kaitlyn, Alicia, and Maria
Creativity is the ability to develop new ideas and come up with solutions for problems in different ways.
In order to not block creativity we should be aware of mental locks: I am no creative, not logical, one right answer, follow rules, be practical, not my area, don’t be foolish, etc.
Brainstorming is the informal collection of ideas that people put together.
Sources of ideas can also be any life experience or inspiration.
Mental mapping is the use of both sides of the brain to come up with ideas.
Catina, Allison, and Melissa
Benefits and Drawbacks of Being an Entrepreneur:
Benefits include:
-Enjoying your own career
-Responding to yourself and not a higher boss
-Making your own profit
-Doing something you enjoy
-Having a fulfilling career
-Creating your own schedule
-Reaching your own potential
Drawbacks include:
-Uncertain income
-Risk of losing your investment
-Very high levels of stress
-Long work-days and many hours
-Slim chance of vacation at first
How leadership plays into the business.
By Lisa and Jane
Management
-delegation, ex: Mary Kay Cosmetics
Mission Statement
-company vision
-employee motivation, ex: Chick-fil-a
Strategic Planning
-forward thinking by CEO
Definition of an Entrepreneur and Examples
By: Court, Erica and Krissy
-The “secret” of entrepreneurs is that they look at voids in the market and make opportunities out of them.
-Creativity is being able to develop new ideas and to discover new ways of looking at problems and opportunities. Innovation is being able to put those creative thoughts into action- the ability to apply creative solutions to those problems and opportunities. Entrepreneurs have the innate ability to be both creative AND innovative
Mentors & Networks
Lindsey and Lola
- Mentors can provide guidance or advice and help you to identify and overcome weaknesses.
- Mentors can comment entrepreneurs for their abilities.
- Mentors may have had prior established experience in your field or as an entrepreneur.
- Mentors can be both personal or professional, you can have one as a woman, a professional, or an entrepreneur.
- Examples of mentors include: parents, siblings, friends, classmates, coworkers, supervisors, or teachers.