Innovation Principles and Environments

Part 1: Entrepreneurship: A Global

Social Movement
Part 2: Practicing Entrepreneurship:
Video Lecture Transcription
[Mark Peterson]

Slide #1
Slide Title:
Week 1
Part 1: Entrepreneurship - A Global Social Movement
Part 2: Practicing Entrepreneurship
ENTR 420R
Mark Peterson
Lecturer in McGuire Center for Entrepreneurship
[Image of University of Arizona campus] [Image of the University of Arizona Undergraduate Programs logo]
Audio:
All right, hello and welcome to our course ENTR 420R, this is week 1 and we are going to tackle two chapters
this week, first chapter 1, which is entrepreneurship: a global social movement, and then chapter 2 which is
practicing entrepreneurship.
Slide #2
Slide Title:
Course Expectations
Do the reading and any other required preparation in a timely manner.
I am here to support you but it is up to you to stay current with course materials and meet our
deadlines.
If in doubt, email me!
[Image of Eller Bachelor's in Business logo]
Audio:
These are the course expectations, so it is important that you do the reading and any other required
preparation in a timely manner. I am here to support you but in the end it is up to you and your group to stay
current with course materials and to meet our deadlines, and there are many deadlines every week. If in any
doubt, please email me.
Slide #3
Slide Title:
Week 1, Part 1/Chapter 1
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Audio:
This is week 1 part 1 and we are now going to cover chapter 1.
Slide #4
Slide Title:
Textbook
Entrepreneurship: The Practice and Mindset. H. Neck, C.P. Neck and E.L. Murray. 2017. Sage
Publications [Image of book cover of Entrepreneurship by Neck, Neck & Murray]
[Image of Eller Bachelor's in Business logo]
Audio:
This is our textbook for the course. It is Entrepreneurship: The Practice and Mindset by Heidi Neck,
Christopher Neck and Emma Murray, and in case you are wondering, Heidi Neck is Christopher Neck’s
daughter, so it is a family affair. Now, this textbook, hopefully you will find it is an engaging read. The authors
place a great deal of emphasis on how crucial it is for all of us to think and act entrepreneurially. So
entrepreneurship is much more than just about starting a business.
Slide #5
Slide Title:
The Entrepreneurial Mindset
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Audio:
In fact, the authors of our textbook say that to find creative solutions to today’s challenges it is crucial to have
an entrepreneurial mindset. If you think and act more entrepreneurially you will discover more opportunities.
Slide #6
Slide Title:
Entrepreneurs are Not Identical
[Image of Bill Gates] Bill Gates Founder of Microsoft
[Image of Niari Keverian] Niari Keverian Founder of Zoos Greek Tea
[Image of a poster with Muhammad Yunus] Muhammad Yunus Founder of Grameen America
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Audio:
Chapter 1 focuses on the different characteristics of entrepreneurs and types of entrepreneurship. The
authors mention famous entrepreneurs, such as Bill Gates, but also profile social entrepreneur Muhammad
Yunus and Niari Keverian, a young entrepreneur behind an Iced Tea startup.
Slide #7
Slide Title:
The Seven “Truths”
1. It’s not just start-up’s
2. There are no special personality traits
3. It can be taught (Great, I can keep my job☺)
4. It’s not taking extreme risks, it’s taking calculated risks.
5. Collaboration can be more effective than competition.
6. Action is more important than planning
7. It’s a life skill you can use beyond starting a venture.
[Image of Eller Bachelor's in Business logo]
Audio:
The authors go through seven of what they refer to as truths to emphasize that we should not make
assumptions or pigeon hole entrepreneurs into narrow categories. So, there are seven truths. Number 1 – it is
not just about startups. 2 – there are no special personality traits that all entrepreneurs have. Number 3 –
entrepreneurship can be taught, and that is great because that means I can keep my job. Number 4 – it is not
about taking extreme risk, rather it is about taking calculated risks.

Number 5 – collaboration is more effective than competition, usually. Actual is more important than planning.
You actually make something happen. And finally, it is a life skill that you can use beyond starting a venture,
and of course I know that many of you or most of you for that matter are not going to start a business and
that is fine, but the hope is that taking an entrepreneurship course will give you skills you can use in other
environments.
Slide #8
Slide Title:
More than Start-Ups
Corporate
Being entrepreneurial inside a company.
Franchising
licence someone else’s idea. KFC anyone?
Acquisition
Might be more cost-effective than starting from scratch.
Social entrepreneurship
A business that has a focus on helping society. Grameen Bank is a bank for the poor.
Family
Businesses run by family with the intention to pass on the business to the next generation.
Serial entrepreneurship
starting not one but several businesses over time.
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Audio:
Following a history of entrepreneurship, Chapter 1 covers also the different types of entrepreneurship, and
these are corporate, so being entrepreneurial inside a company; franchising, so you license someone else’s
idea and brand. KFC, anyone? Acquisition – so you might actually buy a small business and this could be even
more cost effective than starting from scratch. Social entrepreneurship, so this is a business, something that
makes money, it is a venture that makes money, but the focus is on helping society in some way, and a good
example of that is Muhammad Yunus’s Grameen Bank which is a bank for the poor.

Family, family businesses, so these are run by family with the intention to pass on the business to the next
generation. Walmart for example is a family business. Serial entrepreneurship, so you are not just staring as
one, but you end up starting several different kinds of businesses. Richard Branson would be a great example.
He has airline business, but he also has a Virgin Bank, he had Virgin credit cards, Virgin money, he had Virgin
cola, Virgin vodka. So, this is an individual that tries out different ideas.
Slide #9
Slide Title:
It’s a Global Phenomenon
[Image of a world map with GEM Global Entrepreneurship Monitor logo on it]
Global Entrepreneurship Monitor
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Audio:
The last part of chapter 1 talks about the importance of entrepreneurship to world economies and provides
data from the global entrepreneurship monitor or GEM on entrepreneurial activity by geographic region.
Some companies are more entrepreneurial than others due to factors such as government support and access
to loans. The U.S. is thought to be a very entrepreneurial for example because it is very easy to start a
business. It doesn’t take a lot of paperwork.
Slide #10
Slide Title:
Part 2/Chapter 2- Practicing Entrepreneurship
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Audio:
And we now move on to Part 2 Chapter 2: Practicing entrepreneurship.
Slide #11
Slide Title:
Creation vs Prediction
Entrepreneurship is messy and unpredictable.
So the creation approach works better……
[Image of a storyboard]
[Image of Eller Bachelor's in Business logo]
Audio:
This different approach is the creation approach which the authors contrast to the more usual prediction
approach, and their belief is that the creation approach works far better.
Slide #12
Slide Title:
What have I got?
[Image of a warehouse]
[Image of Eller Bachelor's in Business logo]
Audio:
With the creation approach you look at what resources you have and then get on with trying to make an idea
come to life. As entrepreneurship is so unpredictable, this approach will probably work better in an uncertain
environment.
Slide #13
Slide Title:
Five skills for the Creation Approach
1. Play- for example educational games.
2. Experimentation- try, try again and learn.
3. Empathy- understanding the needs of others.
4. Creativity- open to new ideas to make things happen.
5. Reflection- Making sense of learning from the above 4 skills.
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Audio:
Five skills are required for the creation approach. These are play, for example using educational games;
experimentation – try, try again and learn from the experiences; empathy – so you understand needs of
others and you can see maybe they are suffering from some inconvenience or pain, and you think, well, wait a
second, I might be able to solve that. Creativity is so important, that is being open to new ideas to make
things happen, and then reflection and that makes sense of the learning from the above 4, so you look at all
the above 4 and then think about them, reflect, and come to some worthwhile conclusions.
Slide #14
Slide Title:
Method or Process?
Remember, entrepreneurship is unpredictable.
So thinking of it as a method is more effective.
[Image of sticky notes]
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Audio:
The next key concepts to be familiar with are entrepreneurship as a method or a process. The authors argue
that entrepreneurship is so unpredictable, thinking of it as a method as opposed to a process will work more
effectively.
Slide #15
Slide Title:
A Method Requires Practice
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Audio:
And now this is crucial, this method requires practice to gain and develop skills.
Slide #16
Slide Title:
The Seven Components of Practice
See slides 27 and 28 in the textbook slides.
To sum these up- it is crucial to identify who you are, what your skills are and the resources at hand to
make your dream a reality.
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Audio:
There are seven components of practice and if you look at slides 27 and 28 in the textbook slides which are no
D2L, you can see what these are, but to sum these up it is crucial to identify who you are, what your skills are,
and the resources at hand to make your dream a reality.
Slide #17
Slide Title:
And This Practice Has to be Deliberate
See textbook slides 27 and 28:
Components of Deliberate Practice
• High levels of focus, attention, and concentration
• Strengthens performance by identifying weakness
• Must be consistent and be maintained
Components of Deliberate Practice
• Must be repeated to produce lasting results
• Requires continuous feedback
• Involves setting goals
• Involves self-observation and self-reaction
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Audio:
This practice has to be deliberate. I am going to refer you to textbook slides 27 and 28 where we have a list of
the components of deliberate practice.
Slide #18
Slide Title:
Effectuation
Mentioned a few times in our textbook so lets make sure we know what this:
Entrepreneurial Theory
Theory of Effectuation- the idea that the future is unpredictable yet controllable and entrepreneurs can
“effect” the future.
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Audio:
And this is the last slide for Chapter 2, and this is effectuation, and because it is mentioned in our textbook a
few times, I wanted to make sure that you know what this is. So, even though entrepreneurship is
unpredictable, the future is unpredictable, entrepreneurs can affect the future.
Slide #19
Slide Title:
Week 1 to do list (it’s long one)
• Submit the Introduce Yourself Discussion.
• Submit the team contract.
• Take quiz 1 (Ch 1 and Ch 2).
• Submit the Preliminary Venture Concept.
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Audio:
We have a to do list for week 1 and it is quite a long one. First, submit the Introduce Yourself discussion.
Submit the team contract, take quiz 1 and that covers chapters 1 and 2, and then submit the Preliminary
Venture Concept.
Slide #20
Slide Title:
[Image of Looney Toons exit screen captioned “That’s all Wildcats!”]
[Image of Eller Bachelor's in Business logo]
Audio:
And that is all we have for week 1. If you have any questions at all, don’t hesitate to get in touch with me,
markpeterson@email.arizona.edu.