The main objective of this paper is to summarize the key insights I obtained during my study trip in San Francisco in 2019. Most of the insights I present here are applicable to everyday business circumstances, regardless of whether one is an entrepreneur, intrapreneur, manager, leader or rank-and-file employee.
Entrepreneurs establish new businesses in the face of risk and uncertainty by identifying significant opportunities and assembling the resources needed to capitalize on them, with the ultimate aim of achieving profits and growth. Accordingly, the identification and evaluation of opportunities is one of the entrepreneur’s most important tasks. Emerging needs can often be identified through an examination of social, technological, and economic trends. To be sure, good opportunities are associated with market needs. Once a clear understanding of the problem not currently addressed by the market has been obtained, ideas must be formed to solve the problem. Investors are particularly drawn to ideas that solve big problems, as they often represent large opportunities. Iterative prototyping and testing in collaboration with users can furnish a better understanding of user needs. A minimum viable product can then be developed and offered to users. This ‘Design Thinking’ approach helps to clarify the problems faced by key prospective users.
In the introduction, the terms entrepreneur, entrepreneurship and design thinking are described. In the following section, the top five key learnings of the study tour are discussed in detail (Section 2). ‘From Idea to Enterprise’ (Section 2.1) describes the core issues around deciding to pursue an entrepreneurial vision and the characteristics vital to success. ‘Launching the Company and Team Building’ (Section 2.2) talks about putting together a solid financial plan for the enterprise, including funding strategies. The team building process is described using the case ProjectSHED. ‘Diversity in Entrepreneurship’ (Section 2.3) discusses challenges faced by female entrepreneurs and the opportunities for mixed-gender founder teams. ‘Driving Innovation’ (Section 2.4) describes the concept of innovation potential within a company. The last day of the study trip focused on the skill set needed by an entrepreneur (Section 2.5). The essential findings are summarized in the concluding section (Section 3).
Inhaltsverzeichnis (Table of Contents)
- Preface
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- Introduction
- Top 5 Key Learnings
- From Idea to Enterprise
- Launching the Company and Team Building
- Diversity in Entrepreneurship
- Driving Innovation
- On Becoming an Entrepreneur
- Conclusion
- Works Cited
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
The primary objective of this paper is to summarize the key insights gained during a study trip to San Francisco in 2019. These insights are relevant to everyday business circumstances, regardless of one's role in an organization.
- Entrepreneurship and Design Thinking
- Transforming Ideas into Enterprises
- Team Building and Funding Strategies
- Diversity and Inclusion in Entrepreneurship
- Driving Innovation and Developing Entrepreneurial Skills
Zusammenfassung der Kapitel (Chapter Summaries)
The introduction defines the terms entrepreneur, entrepreneurship, and design thinking. The main section focuses on the top five key learnings from the study trip, delving into the process of converting an idea into a successful enterprise, launching a company, building a strong team, addressing the challenges faced by female entrepreneurs, driving innovation within a company, and exploring the necessary skills for entrepreneurs.
Schlüsselwörter (Keywords)
The text centers around key concepts like entrepreneurship, design thinking, idea generation, business launch, team building, funding strategies, diversity, innovation, and entrepreneurial skill development.
- Quote paper
- Sebastian Peneder (Author), 2020, The Bigger the Problem, the Bigger the Opportunity. Lessons Learned From a Trip to Silicon Valley, Munich, GRIN Verlag, https://www.grin.com/document/946775
