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Entrepreneurship and Innovation, Study notes of Introduction to Business Management

University of Warwick (Warw)Introduction to Business Management

These lecture notes delve into Entrepreneurship and Innovation, covering key theories and practical frameworks for business growth. Topics include: - Entrepreneurial models (Timmons, Johnson, Christensen) and corporate entrepreneurship. - Disruptive technologies and channel innovations reshaping industries. - Effectuation theory, contrasting causal and effectual reasoning for unpredictable environments. - Innovation strategies, from incremental to transformational, and the technology adoption lifecycle. Ideal for students and professionals in business management, engineering, or startup development, the notes combine theoretical insights with real-world applications.

Typology: Study notes

2023/2024

Available from 04/11/2025

vick16
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Sam$Adams$ES187&'&Introduction&to&Engineering&Business&Management$
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04#$#Entrepreneurship#
1. Intrapreneurship#
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ENTREPRENEURSHIP*MODEL*(TIMMONS’)*
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SOURCE*OF*IDEAS*(JOHNSON’S)*
• Eureka!moments!and!epiphanies!vs.!open!innovation!systems!!
• Idea!as!a!singular!indivisible!event!vs.!idea!as!an!output!of!a!long!term!
experiential!process!
INNOVATORS*DILEMA*(CHRISTENSEN’S)*
• Errors!in!forecasting!completion!time!and!full!cost!
• Not!enough!robustness!
• Complicated!business!model!
• The!risk!of!being!first?to?market:!ahead!of!time!
• Slow!diffusion!amongst!user!base!
• Intellectual!property!protection!issues!
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04 -­‐ Entrepreneurship

1. Intrapreneurship

ENTREPRENEURSHIP MODEL (TIMMONS’)

SOURCE OF IDEAS (JOHNSON’S)

  • Eureka moments and epiphanies vs. open innovation systems
  • Idea as a singular indivisible event vs. idea as an output of a long term experiential process INNOVATORS DILEMA (CHRISTENSEN’S)
  • Errors in forecasting completion time and full cost
  • Not enough robustness
  • Complicated business model
  • The risk of being first-­‐to-­‐market: ahead of time
  • Slow diffusion amongst user base
  • Intellectual property protection issues

2. Entrepreneurship

Corporate Entrepreneurship :

  • Entrepreneurial action within an established organization
  • Capitalizes on individuals who can do things differently and better Causes of Interest:
  • Desire for responsibility
  • Strong need for individual expression and freedom
  • Discontent within the structured organization
  • Need to innovate to stay head of competition ENTREPRENEURSHIP VS TRADITIONAL MANAGEMENT TYPES OF INNOVATION

ENTREPRENEURIAL LEADERSHIP CHARACTERISTICS

3. Effectuation

CAUSAL LOGIC

  • To the extent we can predict the future, we can control it Useful when:
  • The future is uncertain, but knowable
  • Goals are clear, but ways to achieve them are not so
  • The environment is reasonably well-­‐structured, but largely outside our control EFFECTUAL LOGIC
  • To the extent we can work with things within our control, we don’t need to predict the future Useful when:
  • The future is not only uncertain, but also unknowable ( Knightian Uncertainty )
  • Goals are ambiguous, but means are clear and limited ( Goal ambiguity )
  • The environment is unstructured, but subject to shaping by human action ( Isotropy )

Managerial and

Entrepreneurial

Thinking

Effectual Low Causal Low High High (^) Expert Entrepreneurs Experienced VCs Angels Organic Growth Leaders Entrepreneurial Large Firms Corporate Managers Novice VCs Entrepreneurs Novice

CAUSAL vs EFFECTUAL REASONING TYPES OF LOGIC EFFECTUAL ENGINEERING: THE PROCESS All entrepreneurs begin with three categories of means:

  1. Who they are – their traits, tastes and abilities
  2. What they know – their education, training, expertise, and experience
  3. Whom they know – their social and professional networks. PRINCIPLES OF EFFECTUATION
  • Expert entrepreneurs have learned the hard way that the most interesting ventures are built in a space in which the future is not only unknown, but unknowable
  • Still yet, entrepreneurs do shape this unpredictable future. They use techniques which minimize the use of prediction and allows them to shape the future Effectual Logic Co-create Causal Logic Plan Visionary Logic Persist Adaptive Logic Adapt Low High Low High PREDICTION CONTROL = Non-predictive control

4. Innovation

INNOVATION (SCHLUMPETER’S)

  1. The introduction of a good (product), which is new to consumers, or one of higher quality than was available in the past
  2. Methods of production, which are new to a particular branch of industry.
  3. The opening of new markets;
  4. The use of new sources of supply;
  5. New forms of competition, that leads to the restructuring of an industry. DRIVERS OF INNOVATION

TECHNOLOGY ADOPTION LIFE CYCLE

DEGREES & DIMENSIONS

SOCIAL AND TECHNOLOGICAL TRENDS

Time Revenue growth Innovators, Lead Users Early Adopters, Visionaires Early Majority, Pragmatists Late Majority, Conservatives Laggards, Sceptics LU EA EM LM La The Chasm! 2.5% 13.5% 34% 34% 16% Source: Moore (1997) Processes Transformational Radical Incremental Innovation (The business, but not as usual) Deliverables Business Model (Products, services, market positioning) Degree of Innovation Dimension of Innovation Quality (the business as usual) Quality (The business as usual) Revolution