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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Some%People%Laughed%at%PC%&%Internet%%%%

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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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If you control the future you do not need to predict it!


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?


Entrepreneur of the Year 2005

How do successful entrepreneurs think, decide and act in situations of high uncertainty?

Josef Zotter

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Who I am? What do I know? Whom do I know?

(Blekman, 2011)

Start with the questions ...


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)


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Worth to do? Doable? Can I do it?

Do I want it?

(Blekman, 2011)

Continue with the question What can I do?



Expected return

Affordable Loss to Define the Downside:

Only invest what you are willing to lose

Affordable loss




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Avoid surprises

Contingencies as New Opportunities:

Consider unpredictable events as chances

Use surprises as chances






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




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Environment stable

Fixed goals

Future projectable

Instead of managing situation of risk in a causal way



enter the effectual process to create new ventures

Environment can be created

Goals can be negotiated

Future is uncertain

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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)


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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The Miracle on the Hudson River

(Blekman, 2011)

Entrepreneurial Action:

Pilot without a map in uncertain decision making situations


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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! 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

Documents

Lecture Slides 14