The Science of StartBird-in-the-hand

paulshawsmithscientific business strategy

William Kamkwamba (Video)

Interview with 27 expert entrepreneurs

Source: Sarasvathy (2007)

3 40 start upsto

$200 million to $6 billion

1IPO

27entrepreneurs

Bird-in-the-hand

paulshawsmithscientific business strategy

Causal thinking

People

Knowledge

Resources

Market GapPlan

Market Research

(Selecting between given means to achieve a pre-determined goal)

Effectual thinking

Source: Sarasvathy (2007)

Opportunities

Knowledge

People

Resources

Outcome

Outcome

Outcome

Outcome

Outcome

Outcome

(Imaging a possible new end using a given set of means)

William Kamkwamba

Gum trees

Piping

Library books

Bicycle pump

Motivation to help

William Kamkwamba

Means driven vs. Goal driven

*

**

In groups of 3 – 4:

List all the advantages of being means driven

rather than goals driven.Work with what you have rather than

focus on doingit perfectly.Time: 10 minutes

AMAR BHIDE

paulshawsmithscientific business strategy

• You are not chasing investors.

• You are not waiting for the perfect opportunity or perfect set of resources.

• You are working with your strengths without having to overcome your weaknesses first.

• Good stakeholders want to shape goals, not just provide means.

• You are increasing the possible stakeholder who can self-select in your venture.

• You are increasing the probability of innovative surprises.

• You are increasing the likelihood of finding or creating opportunities that are a better fit for you.

• You are increasing the likelihood of even failures being learning experiences that you can recover form faster and build on when you are ready to try again.

• You are forcing yourself to get creative with meager resources including slack resources and even waste.

paulshawsmithscientific business strategy

When are goals useful and when are goals harmful?

paulshawsmithscientific business strategy

Who you know

Who you know

What you know

What you know

Who you Are

Who you Are

Your rolodex Your prior knowledge

Tastes, values and

preferences

Classmates Knowledge from your

job

Passions

Serendipitous encounters

Knowledge from life

Hobbies

The strangers in your life

Informal learning, hobbies

Interests

Inventory your means

AMAR BHIDE

paulshawsmithscientific business strategy

What means did you acquire or build:

• As a teenager.

• At school.

• At university.

• In your first, second, etc…. Job

• In your private life.

• With your hobbies, activities, etc.

• From your parents.

Inventory your means

Inventory your resources

*

**

*

In groups of 3 – 4:

For each person:

Create a list of all your things, knowledge, people,

money & contactsWhom do I know? What things do I have?

What do I know? What money do I have?

* Time: 20 mins