Public Member
EIX Editor
Interest: Innovation Teaching Methods Strategy Entrepreneurship
Industry: Management of Companies & Enterprises Information, Software, Data Educational Services
Interviewee:
This classroom activity uses an open trading market to challenge students’ assumptions, expose restrictive mental models and help them practice the flexible thinking entrepreneurs need.
Research based on hundreds of founder histories shows that thriving entrepreneurs prepare deeply, build strong teams, stay resourceful and serve customers exceptionally well.
Crowdsourcing and other forms of customer feedback can help entrepreneurs gauge demand, uniqueness and appeal before committing fully to a new venture.
This classroom exercise encourages students to practice connecting concepts, products or services that they would not normally consider combining. It is a straightforward and stimulating exercise
In this video, Scott Huskinson shares his entreprenurial journey through a variety of small ventures, ultimately leading to the creation of multimillion dollar startups Reminderband and iFrogz. Huskinson's story is an excellent example of effectual logic in entrepreneurship.
Teachers can use this video to initiate a lively discussion about principles of effectuation, such as:
Starting with the means that you have; who you are, what you know, and who you know.
Affordable loss - evaluating opportunities based on whether the potential downside is acceptable.
Leveraging partnerships with people and businesses to create new value.
Pivoting in new directions as opportunities arise.
Entrepreneurship is about action, always willing to take a step forward.
