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Lecture Slides 14
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The Entrepreneurial Method Co-Create the Future!
Prof. Dr. Dietmar Grichnik
Prof. Dr. Dietmar Grichnik, ITEM-HSG
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Long Ago, People Danced @ Concerts, Now They Video / Click / Share / Tweet
1990s
9
2010s
Source: Left image 123RF.com. Right image amadarose.co.uk.
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Prof. Dr. Dietmar Grichnik, ITEM-HSG
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Prof. Dr. Dietmar Grichnik, ITEM-HSG
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Cited%in%Kleiner%Perkins%Caueld%Buyers%(KPCB)%Internet%Trends%2013.%
Some People Laughed at PC & Internet
55
There is no reason anyone would want a
computer in their home.
- Ken Olsen (Founder)
Digital Equipment 1977
May 1999
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Prof. Dr. Dietmar Grichnik, ITEM-HSG
If you control the future you do not need to predict it!
Prof. Dr. Dietmar Grichnik, ITEM-HSG
Herbert Simon Saras Sarasvathy Richard Branson
Effectuation an entrepreneurial method used by Expert Entrepreneurs Super Entrepreneurs to successfully found a company discovered by scientific research
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Prof. Dr. Dietmar Grichnik, ITEM-HSG 7
! If you look back in the past - in all that which has made you the person you are now ... are you the result of goals which you used to set? totally, partially, not at all?
A Personal and an Impersonal Question
! How do innovative groundbreaking products and companies arise? through goal setting or planning?
Prof. Dr. Dietmar Grichnik, ITEM-HSG
Entrepreneur of the Year 2005
How do successful entrepreneurs think, decide and act in situations of high uncertainty?
Josef Zotter
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Prof. Dr. Dietmar Grichnik, ITEM-HSG
Who I am? What do I know? Whom do I know?
(Blekman, 2011)
Start with the questions ...
Prof. Dr. Dietmar Grichnik, ITEM-HSG
Means-Orientation as an Entrepreneurial Mindset:
Start with the means you have, not with mystical goals
Management Expertise
Goal-driven action Means-driven action
Entrepreneurial Expertise
(Faschingbauer, 2009)
(Faschingbauer, 2009)
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Prof. Dr. Dietmar Grichnik, ITEM-HSG
Worth to do? Doable? Can I do it?
Do I want it?
(Blekman, 2011)
Continue with the question What can I do?
Prof. Dr. Dietmar Grichnik, ITEM-HSG
Management Expertise
Expected return
Affordable Loss to Define the Downside:
Only invest what you are willing to lose
Affordable loss
Entrepreneurial Expertise
(Faschingbauer, 2009)
(Faschingbauer, 2009)
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Prof. Dr. Dietmar Grichnik, ITEM-HSG
Management Expertise
Avoid surprises
Contingencies as New Opportunities:
Consider unpredictable events as chances
Use surprises as chances
Entrepreneurial Expertise
(Faschingbauer, 2009)
(Faschingbauer, 2009)
Prof. Dr. Dietmar Grichnik, ITEM-HSG
Management Expertise
Find the right partner
The Pre-Commitment Principle:
Co-create with partners and develop common goals
Negotiate with all who are willing to make pre-commitments
Entrepreneurial Expertise
(Faschingbauer, 2009)
(Faschingbauer, 2009)
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Prof. Dr. Dietmar Grichnik, ITEM-HSG
(Faschingbauer, 2009)
Environment stable
Fixed goals
Future projectable
Instead of managing situation of risk in a causal way
Prof. Dr. Dietmar Grichnik, ITEM-HSG
(Faschingbauer, 2009)
enter the effectual process to create new ventures
Environment can be created
Goals can be negotiated
Future is uncertain
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Prof. Dr. Dietmar Grichnik, ITEM-HSG
Means: ! Engineering
experience ! Summer travel
business ! Love for the
nature
Expanding cycles of resources
Converging cycles of transformation
What can I do? Interact with people
Effectual Stakeholder Commitment
New Means
New Goals
New Markets
Icehotel the entrepreneurial method in action
(Read et al., 2011)
Prof. Dr. Dietmar Grichnik, ITEM-HSG
Four Strategies to Make the World:
How do you decide? Which type do you belong to?
Adapter You have to learn quickly
Visionary I build up the world
following my own ideas
Planer Well done preparation
is half way
Effectuator Lets negotiate the future
together
Controllability of the Future
Futu
re P
redi
ctab
ility
low high
low
high
(Read et al., 2011)
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Prof. Dr. Dietmar Grichnik, ITEM-HSG
The Miracle on the Hudson River
(Blekman, 2011)
Entrepreneurial Action:
Pilot without a map in uncertain decision making situations
Prof. Dr. Dietmar Grichnik, ITEM-HSG
Ready for your own entrepreneurial journey? Co-create the future!
Prof. Dr. Dietmar Grichnik
Professor of Entrepreneurship Institute of Technology Management, University of St.Gallen Contact: [email protected] or [email protected] Connect: LinkedIn
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Prof. Dr. Dietmar Grichnik, ITEM-HSG
! Technology meets Business meets IT ! A combination of lectures and workshops leads students through the process of developing start-up ideas ! Most sessions are led by external experts and real-world accomplished entrepreneurs ! 3 ECTS, 31.03.-03.04.2014, 09:00-16:00, 2x at HSG, 2x ETH main building HG F 26.1
High Tech Start-up Management (Spring Semester) Prof. Dr. Dietmar Grichnik
Develop a profound understanding of entrepreneurship, business models and early-stage financing
Transform your business idea into a comprehensive and seminal business concept
Get coached and learn from entrepreneurs, investors and professors Present your idea to a panel of investors and start-up experts and train
to convince them of your prospective start-up
Meet experts and likeminded master students from various academic fields
Your Opportunity
Sign up for 363-1030-00L High Tech Start-up Management at mystudies from 1.1.14 on. For more information please contact Stephan Gemke ([email protected])
D-MTEC SusTec 22
Spring semester 2014: Sustainability Start-Up Seminar (Prof. Dr. Volker Hoffmann)
Sign up for 363-1038-00 G Sustainability Start-Up Seminar at mystudies from 1.1.14 on. For more information contact Falko Paetzold ([email protected])
1. Develop a profound understanding of sustainability and entrepreneurship related topics
2. Identify and develop sustainability-related start-up ideas 3. Develop your own initial business model 4. Train to convince investors of your prospective start-up 5. Present your idea to a panel of real-world investors and start-up experts 6. Take the chance to prepare for actually founding your own start-up 7. Meet experts and likeminded ETH Master and PhD students
Your opportunity
! A combination of lectures and workshops leads students through the process of developing start-up ideas ! Most sessions are led by external experts and real-world accomplished entrepreneurs (including Director of
Climate-KIC Switzerland, Director of Technopark Academy, Founder & Director of Climeworks, HSG Professors and others)
! Teams supported by Sustainability & Technology (SusTec) PhD-students with consulting backgrounds (McKinsey, etc.)
! 3 ECTS, every Thursday 20.02.-22.05.2014, 15:00-17:00, ETH main building HG E 22
Course description
Theory without practice is empty, practice without theory is blind. Sigmund Freud