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Lessons Learned: Key Takeaways from My Entrepreneurial Journey

Last Updated:  

May 10, 2023

Embarking on the path of entrepreneurship can be an exhilarating, albeit challenging, adventure. Over the years, I've encountered numerous trials and triumphs, each contributing valuable lessons to my overall growth and development as a business owner. 

In this edition of The Fearless Business Blog , I'll be sharing some of the invaluable lessons I've learned throughout my entrepreneurial journey, delving into how they have shaped my mindset and contributed to my overall success. By understanding and applying these key takeaways, you too can navigate your own entrepreneurial endeavours with greater confidence and clarity.

Key Takeaways on My Entrepreneurial Journey

• Embrace failure as a learning opportunity : Understand that failures are an essential part of growth and can provide valuable lessons for future success.
• Build a strong support network : Surround yourself with like-minded individuals who can offer guidance, encouragement, and collaboration as you navigate your entrepreneurial journey.
• Prioritise personal well-being : To maintain peak performance and avoid burnout, it's crucial to find a healthy work-life balance and prioritise self-care.
• Deliver value to your customers : Focus on providing exceptional products and services that solve real problems for your clients and exceed their expectations.
• Stay adaptable and resilient: The entrepreneurial landscape is ever-changing, so it's essential to remain flexible and resilient in the face of challenges and evolving circumstances.
• Continuously learn and grow : Invest in your personal and professional development to stay at the forefront of your industry and maintain a competitive edge.

1. Embrace Failure as a Learning Opportunity

One of the most critical lessons I've learned is that failure is an essential part of the journey. When we experience setbacks or disappointments, it's vital to recognise them as opportunities to learn and grow. By embracing failure as a stepping stone towards improvement, you'll be better equipped to adapt, pivot, and ultimately achieve your desired outcomes. Furthermore, acknowledging that failure is inevitable allows you to approach it with curiosity and resilience, using each setback as a chance to refine your strategies and strengthen your resolve.

2. Build a Strong Support Network

No entrepreneur can succeed in isolation. Building a robust support network of mentors, peers, and like-minded individuals can be a game-changer in your entrepreneurial journey. These connections not only provide guidance and encouragement but also help you stay accountable and motivated. Make it a priority to join networking groups, attend industry events, and engage with fellow entrepreneurs through social media platforms. In addition, consider forming or joining a mastermind group, where you can regularly share ideas, resources, and support with like-minded individuals who are also on their entrepreneurial journey.

3. Prioritise Your Personal Wellbeing

It's easy to get caught up in the hustle and bustle of entrepreneurship, often neglecting our own mental and physical wellbeing . However, maintaining a healthy work-life balance is crucial for long-term success. Schedule time for self-care, exercise, and relaxation, ensuring that you are at your best when making important decisions and driving your business forward. Moreover, be mindful of burnout and the negative effects of chronic stress on your overall health. By prioritising your wellbeing, you'll not only foster greater personal satisfaction but also boost your productivity and effectiveness in your professional life.

4. Master Your Mindset

Developing a positive and resilient mindset is fundamental to overcoming obstacles and achieving success as an entrepreneur. Recognise your limiting beliefs and replace them with empowering thoughts that propel you towards your goals. By cultivating a mindset of abundance, confidence, and determination, you'll be better equipped to handle challenges and seize opportunities that come your way. Additionally, practice gratitude and focus on the positive aspects of your journey, as this will help you maintain an optimistic outlook and foster a greater sense of fulfilment.

5. Invest in Continuous Learning

In the fast-paced world of entrepreneurship, it's essential to stay ahead of the curve by continually updating your knowledge and skills. Dedicate time to learning about industry trends, mastering new tools, and refining your craft. By committing to lifelong learning, you'll ensure that you remain agile, innovative, and competitive in your chosen field. Furthermore, consider investing in professional development opportunities, such as workshops, courses, and certifications, to expand your expertise and enhance your credibility in the eyes of your clients and peers.

6. Focus on Providing Value

One of the most effective ways to stand out in a crowded market is by consistently delivering value to your customers. Focus on understanding your target audience's needs and pain points, and tailor your products or services to address these challenges. By establishing yourself as a trusted and reliable solution provider, you'll foster loyalty, drive repeat business, and ultimately grow your enterprise. Additionally, prioritise exceptional customer service and consistently exceed your clients' expectations. By nurturing strong relationships with your customers, you'll not only enhance your reputation but also generate valuable word-of-mouth referrals.

7. Cultivate Resilience and Adaptability

The entrepreneurial landscape is ever-evolving, requiring business owners to be adaptable and resilient in the face of change. Embrace change as an opportunity to grow and evolve, rather than a threat to your existing strategies. Stay informed about industry developments and market shifts, and be prepared to pivot when necessary. By demonstrating flexibility and resilience, you'll be better positioned to capitalise on new opportunities and weather any storm that comes your way.

8. Establish Clear Goals and Measure Progress

Setting clear, specific, and measurable goals is vital to tracking your progress and maintaining focus on your entrepreneurial journey. Break down your long-term objectives into smaller, actionable steps, and continually assess your progress to ensure you stay on track. Regularly reviewing and adjusting your goals will help you stay aligned with your vision and make informed decisions about the direction of your business. Moreover, celebrate your milestones and accomplishments along the way, as this will boost your motivation and remind you of the progress you've made.

9. Delegate and Outsource

As your business grows, it becomes increasingly challenging to manage all aspects of your operations single-handedly. Learn to delegate and outsource tasks, allowing you to focus on your core competencies and higher-value activities. By entrusting specific tasks to skilled team members or external professionals, you'll not only enhance efficiency but also free up time to strategise and drive your business forward.

10. Embrace the Power of Collaboration

Collaboration can be a powerful catalyst for growth and innovation in your entrepreneurial journey. Seek out partnerships and joint ventures that align with your values and objectives, enabling you to expand your reach, leverage complementary skills, and unlock new opportunities. By embracing collaboration and pooling resources with like-minded entrepreneurs, you'll be better positioned to scale your business and achieve long-term success.

FAQs on Lessons for Entrepreneurs

As you embark on your entrepreneurial journey, you'll likely encounter numerous challenges and opportunities for growth. To help you navigate this exciting and sometimes daunting path, we've compiled a list of frequently asked questions and their answers. In this FAQ section, we'll explore valuable insights and advice gleaned from years of experience, addressing topics such as learning from failure, building a support network, prioritising well-being, delivering customer value, and more. By understanding these key takeaways, you'll be better equipped to overcome obstacles and achieve success in your entrepreneurial endeavours.

How do I learn from failure and turn it into a valuable experience?

Embrace failure as an opportunity to gain valuable insights and grow both personally and professionally. Analyse what went wrong, identify areas for improvement, and apply these lessons to future endeavours. Developing a growth mindset will help you view failures as stepping stones towards success, rather than setbacks.

How can I build a strong support network?

Begin by connecting with like-minded entrepreneurs, mentors, and industry professionals through networking events, online forums, and social media platforms. Seek out individuals who share your values and can provide guidance, encouragement, and constructive feedback. Additionally, consider joining mastermind groups or enrolling in relevant courses to further expand your network and gain valuable insights.

How can I prioritise my well-being while running a business?

Develop a daily routine that incorporates self-care practices such as regular exercise, healthy eating, and sufficient sleep. Schedule downtime and set boundaries between your personal and professional life to prevent burnout. Remember that taking care of your physical and mental well-being is crucial for maintaining productivity and achieving long-term success.

Why is it essential to focus on delivering value to my customers?

By consistently providing value to your customers, you'll enhance customer satisfaction, loyalty, and trust in your brand. This focus on value can lead to repeat business, positive word-of-mouth referrals, and long-term success. Ensure that your products or services cater to your target audience's needs and continuously improve your offerings based on customer feedback.

How can I cultivate resilience and adaptability in my entrepreneurial journey?

Stay informed about industry developments, market shifts, and emerging trends to anticipate change and capitalise on new opportunities. Embrace change as a chance for growth, and be prepared to pivot your strategies or business model when necessary. By demonstrating flexibility and resilience, you'll be better positioned to navigate challenges and achieve long-term success.

What's the best way to delegate and outsource tasks in my business?

Begin by identifying tasks that can be delegated or outsourced, such as administrative duties, social media management, or content creation. Then, entrust these tasks to skilled team members or external professionals who specialise in the required areas. This approach allows you to focus on your core competencies and higher-value activities while ensuring your business runs efficiently.

How can I leverage the power of collaboration to grow my business?

Identify potential partners or collaborators who share your values and objectives, and explore opportunities for joint ventures, partnerships, or co-marketing initiatives. By pooling resources, skills, and knowledge with like-minded entrepreneurs, you can unlock new opportunities, expand your reach, and drive innovation in your business.

In conclusion, entrepreneurship is a journey filled with challenges, growth, and transformation. By learning from and applying these key takeaways, you can navigate your own path with greater confidence and resilience. Embrace failure as a learning opportunity, build a strong support network, prioritise your wellbeing, and continually invest in your personal and professional development. Stay focused on delivering value, embrace change, and leverage the power of collaboration to propel your business to new heights. Remember, your entrepreneurial journey is unique, and the lessons you learn along the way will ultimately shape your success and fulfilment.

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Boost Your Business Strategy: Top Tips from Robin Waite, Business Growth Expert

Robin Waite - Business Coach, Author and Speaker

© 2016 - 2024 Robin Waite. All rights reserved.

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5.4: Conclusion

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To be successful in sustainable business practices often requires entrepreneurship and innovation. This chapter provides an overview of entrepreneurship and innovation as it relates to sustainable business. The discussion is most relevant to sustainable businesses focused on offering new products and services in response to societal concerns. The importance of entrepreneurship and innovation also applies to companies that change how they produce products and services. The latter companies can use innovative practices and entrepreneurship to establish their brand name and to be market leaders in doing things that create shared value for society and their companies and also, over time, contribute to changes in practices in their industry.

KEY TAKEAWAYS

• To be successful in sustainable business practices often requires entrepreneurship and innovation.
• Entrepreneurship and innovation are relevant in for-profit and nonprofit ventures.
• Entrepreneurship can be viewed as recognizing change, pursuing opportunity, taking on risk and responsibility, innovating, making better use of resources, creating new value that is meaningful to customers, and doing it all over again and again.
• Being an entrepreneur requires taking on significant responsibility and comes with significant challenges and potential rewards.
• Entrepreneurship is a mind-set, an attitude; it is taking a particular approach to doing things.
• The motivations for becoming an entrepreneur are diverse and can include the potential for financial reward, the pursuit of personal values and interests, and the interest in social change.
• For innovation to be relevant for sustainable businesses, it has to be meaningful and affect a large number of stakeholders.
• Successful entrepreneurship often requires creativity and innovation in addressing a new opportunity or concern in a new way.

Exercise \(\PageIndex{1}\)

Interview an entrepreneur in your city or town. Identify why the individual started their business and what has been most important to their success. Then investigate why Mark Zuckerberg became an entrepreneur and founded Facebook. What motivated him to start a new venture? What keeps him motivated to grow Facebook? What do you attribute his success to? Has he been an agent for social change?

Exercise \(\PageIndex{2}\)

Assess your likelihood of becoming an entrepreneur. Were your parents entrepreneurs? Are they presently entrepreneurs? Do you have the mind-set, attitude, and way of thinking of an entrepreneur? If not, could you change to pursue a business interest? What passions or interests do you have that could translate to an entrepreneurial pursuit? Do you readily take on new challenges? Are you a risk taker? Are you interested in making a lot of money? Are you interested in social change?

Exercise \(\PageIndex{3}\)

Identify the role model entrepreneur for you. Is there any entrepreneur that you are familiar with who you think of as a role model or as a model that other entrepreneurs should emulate? Describe the entrepreneur and why you think of them as a role model.

Exercise \(\PageIndex{4}\)

Using the business media, identify a for-profit enterprise that has a strong social mission. Then using a nonprofit media source, identify a nonprofit organization that has strong similarities to a for-profit entrepreneurial venture.

Exercise \(\PageIndex{5}\)

Think of three new types of innovations that are needed to help address ecological and social concerns. Have any ventures been started to commercialize these types of innovations?

Exercise \(\PageIndex{6}\)

Investigate public polices in your state or city (using government websites) that work to promote sustainable business entrepreneurship. And identify new policies that could be established to help support sustainable businesses.

11.4 The Business Plan

Learning objectives.

By the end of this section, you will be able to:

• Describe the different purposes of a business plan
• Describe and develop the components of a brief business plan
• Describe and develop the components of a full business plan

Unlike the brief or lean formats introduced so far, the business plan is a formal document used for the long-range planning of a company’s operation. It typically includes background information, financial information, and a summary of the business. Investors nearly always request a formal business plan because it is an integral part of their evaluation of whether to invest in a company. Although nothing in business is permanent, a business plan typically has components that are more “set in stone” than a business model canvas , which is more commonly used as a first step in the planning process and throughout the early stages of a nascent business. A business plan is likely to describe the business and industry, market strategies, sales potential, and competitive analysis, as well as the company’s long-term goals and objectives. An in-depth formal business plan would follow at later stages after various iterations to business model canvases. The business plan usually projects financial data over a three-year period and is typically required by banks or other investors to secure funding. The business plan is a roadmap for the company to follow over multiple years.

Some entrepreneurs prefer to use the canvas process instead of the business plan, whereas others use a shorter version of the business plan, submitting it to investors after several iterations. There are also entrepreneurs who use the business plan earlier in the entrepreneurial process, either preceding or concurrently with a canvas. For instance, Chris Guillebeau has a one-page business plan template in his book The $100 Startup . 48 His version is basically an extension of a napkin sketch without the detail of a full business plan. As you progress, you can also consider a brief business plan (about two pages)—if you want to support a rapid business launch—and/or a standard business plan.

As with many aspects of entrepreneurship, there are no clear hard and fast rules to achieving entrepreneurial success. You may encounter different people who want different things (canvas, summary, full business plan), and you also have flexibility in following whatever tool works best for you. Like the canvas, the various versions of the business plan are tools that will aid you in your entrepreneurial endeavor.

Business Plan Overview

Most business plans have several distinct sections ( Figure 11.16 ). The business plan can range from a few pages to twenty-five pages or more, depending on the purpose and the intended audience. For our discussion, we’ll describe a brief business plan and a standard business plan. If you are able to successfully design a business model canvas, then you will have the structure for developing a clear business plan that you can submit for financial consideration.

Both types of business plans aim at providing a picture and roadmap to follow from conception to creation. If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept.

The full business plan is aimed at executing the vision concept, dealing with the proverbial devil in the details. Developing a full business plan will assist those of you who need a more detailed and structured roadmap, or those of you with little to no background in business. The business planning process includes the business model, a feasibility analysis, and a full business plan, which we will discuss later in this section. Next, we explore how a business plan can meet several different needs.

Purposes of a Business Plan

A business plan can serve many different purposes—some internal, others external. As we discussed previously, you can use a business plan as an internal early planning device, an extension of a napkin sketch, and as a follow-up to one of the canvas tools. A business plan can be an organizational roadmap , that is, an internal planning tool and working plan that you can apply to your business in order to reach your desired goals over the course of several years. The business plan should be written by the owners of the venture, since it forces a firsthand examination of the business operations and allows them to focus on areas that need improvement.

Refer to the business venture throughout the document. Generally speaking, a business plan should not be written in the first person.

A major external purpose for the business plan is as an investment tool that outlines financial projections, becoming a document designed to attract investors. In many instances, a business plan can complement a formal investor’s pitch. In this context, the business plan is a presentation plan, intended for an outside audience that may or may not be familiar with your industry, your business, and your competitors.

You can also use your business plan as a contingency plan by outlining some “what-if” scenarios and exploring how you might respond if these scenarios unfold. Pretty Young Professional launched in November 2010 as an online resource to guide an emerging generation of female leaders. The site focused on recent female college graduates and current students searching for professional roles and those in their first professional roles. It was founded by four friends who were coworkers at the global consultancy firm McKinsey. But after positions and equity were decided among them, fundamental differences of opinion about the direction of the business emerged between two factions, according to the cofounder and former CEO Kathryn Minshew . “I think, naively, we assumed that if we kicked the can down the road on some of those things, we’d be able to sort them out,” Minshew said. Minshew went on to found a different professional site, The Muse , and took much of the editorial team of Pretty Young Professional with her. 49 Whereas greater planning potentially could have prevented the early demise of Pretty Young Professional, a change in planning led to overnight success for Joshua Esnard and The Cut Buddy team. Esnard invented and patented the plastic hair template that he was selling online out of his Fort Lauderdale garage while working a full-time job at Broward College and running a side business. Esnard had hundreds of boxes of Cut Buddies sitting in his home when he changed his marketing plan to enlist companies specializing in making videos go viral. It worked so well that a promotional video for the product garnered 8 million views in hours. The Cut Buddy sold over 4,000 products in a few hours when Esnard only had hundreds remaining. Demand greatly exceeded his supply, so Esnard had to scramble to increase manufacturing and offered customers two-for-one deals to make up for delays. This led to selling 55,000 units, generating $700,000 in sales in 2017. 50 After appearing on Shark Tank and landing a deal with Daymond John that gave the “shark” a 20-percent equity stake in return for $300,000, The Cut Buddy has added new distribution channels to include retail sales along with online commerce. Changing one aspect of a business plan—the marketing plan—yielded success for The Cut Buddy.

Link to Learning

Watch this video of Cut Buddy’s founder, Joshua Esnard, telling his company’s story to learn more.

If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept. This version is used to interest potential investors, employees, and other stakeholders, and will include a financial summary “box,” but it must have a disclaimer, and the founder/entrepreneur may need to have the people who receive it sign a nondisclosure agreement (NDA) . The full business plan is aimed at executing the vision concept, providing supporting details, and would be required by financial institutions and others as they formally become stakeholders in the venture. Both are aimed at providing a picture and roadmap to go from conception to creation.

Types of Business Plans

The brief business plan is similar to an extended executive summary from the full business plan. This concise document provides a broad overview of your entrepreneurial concept, your team members, how and why you will execute on your plans, and why you are the ones to do so. You can think of a brief business plan as a scene setter or—since we began this chapter with a film reference—as a trailer to the full movie. The brief business plan is the commercial equivalent to a trailer for Field of Dreams , whereas the full plan is the full-length movie equivalent.

Brief Business Plan or Executive Summary

As the name implies, the brief business plan or executive summary summarizes key elements of the entire business plan, such as the business concept, financial features, and current business position. The executive summary version of the business plan is your opportunity to broadly articulate the overall concept and vision of the company for yourself, for prospective investors, and for current and future employees.

A typical executive summary is generally no longer than a page, but because the brief business plan is essentially an extended executive summary, the executive summary section is vital. This is the “ask” to an investor. You should begin by clearly stating what you are asking for in the summary.

In the business concept phase, you’ll describe the business, its product, and its markets. Describe the customer segment it serves and why your company will hold a competitive advantage. This section may align roughly with the customer segments and value-proposition segments of a canvas.

Next, highlight the important financial features, including sales, profits, cash flows, and return on investment. Like the financial portion of a feasibility analysis, the financial analysis component of a business plan may typically include items like a twelve-month profit and loss projection, a three- or four-year profit and loss projection, a cash-flow projection, a projected balance sheet, and a breakeven calculation. You can explore a feasibility study and financial projections in more depth in the formal business plan. Here, you want to focus on the big picture of your numbers and what they mean.

The current business position section can furnish relevant information about you and your team members and the company at large. This is your opportunity to tell the story of how you formed the company, to describe its legal status (form of operation), and to list the principal players. In one part of the extended executive summary, you can cover your reasons for starting the business: Here is an opportunity to clearly define the needs you think you can meet and perhaps get into the pains and gains of customers. You also can provide a summary of the overall strategic direction in which you intend to take the company. Describe the company’s mission, vision, goals and objectives, overall business model, and value proposition.

Rice University’s Student Business Plan Competition, one of the largest and overall best-regarded graduate school business-plan competitions (see Telling Your Entrepreneurial Story and Pitching the Idea ), requires an executive summary of up to five pages to apply. 51 , 52 Its suggested sections are shown in Table 11.2 .

Are You Ready?

Create a brief business plan.

Fill out a canvas of your choosing for a well-known startup: Uber, Netflix, Dropbox, Etsy, Airbnb, Bird/Lime, Warby Parker, or any of the companies featured throughout this chapter or one of your choice. Then create a brief business plan for that business. See if you can find a version of the company’s actual executive summary, business plan, or canvas. Compare and contrast your vision with what the company has articulated.

• These companies are well established but is there a component of what you charted that you would advise the company to change to ensure future viability?
• Map out a contingency plan for a “what-if” scenario if one key aspect of the company or the environment it operates in were drastically is altered?

Full Business Plan

Even full business plans can vary in length, scale, and scope. Rice University sets a ten-page cap on business plans submitted for the full competition. The IndUS Entrepreneurs , one of the largest global networks of entrepreneurs, also holds business plan competitions for students through its Tie Young Entrepreneurs program. In contrast, business plans submitted for that competition can usually be up to twenty-five pages. These are just two examples. Some components may differ slightly; common elements are typically found in a formal business plan outline. The next section will provide sample components of a full business plan for a fictional business.

Executive Summary

The executive summary should provide an overview of your business with key points and issues. Because the summary is intended to summarize the entire document, it is most helpful to write this section last, even though it comes first in sequence. The writing in this section should be especially concise. Readers should be able to understand your needs and capabilities at first glance. The section should tell the reader what you want and your “ask” should be explicitly stated in the summary.

Describe your business, its product or service, and the intended customers. Explain what will be sold, who it will be sold to, and what competitive advantages the business has. Table 11.3 shows a sample executive summary for the fictional company La Vida Lola.

Business Description

This section describes the industry, your product, and the business and success factors. It should provide a current outlook as well as future trends and developments. You also should address your company’s mission, vision, goals, and objectives. Summarize your overall strategic direction, your reasons for starting the business, a description of your products and services, your business model, and your company’s value proposition. Consider including the Standard Industrial Classification/North American Industry Classification System (SIC/NAICS) code to specify the industry and insure correct identification. The industry extends beyond where the business is located and operates, and should include national and global dynamics. Table 11.4 shows a sample business description for La Vida Lola.

Industry Analysis and Market Strategies

Here you should define your market in terms of size, structure, growth prospects, trends, and sales potential. You’ll want to include your TAM and forecast the SAM . (Both these terms are discussed in Conducting a Feasibility Analysis .) This is a place to address market segmentation strategies by geography, customer attributes, or product orientation. Describe your positioning relative to your competitors’ in terms of pricing, distribution, promotion plan, and sales potential. Table 11.5 shows an example industry analysis and market strategy for La Vida Lola.

Competitive Analysis

The competitive analysis is a statement of the business strategy as it relates to the competition. You want to be able to identify who are your major competitors and assess what are their market shares, markets served, strategies employed, and expected response to entry? You likely want to conduct a classic SWOT analysis (Strengths Weaknesses Opportunities Threats) and complete a competitive-strength grid or competitive matrix. Outline your company’s competitive strengths relative to those of the competition in regard to product, distribution, pricing, promotion, and advertising. What are your company’s competitive advantages and their likely impacts on its success? The key is to construct it properly for the relevant features/benefits (by weight, according to customers) and how the startup compares to incumbents. The competitive matrix should show clearly how and why the startup has a clear (if not currently measurable) competitive advantage. Some common features in the example include price, benefits, quality, type of features, locations, and distribution/sales. Sample templates are shown in Figure 11.17 and Figure 11.18 . A competitive analysis helps you create a marketing strategy that will identify assets or skills that your competitors are lacking so you can plan to fill those gaps, giving you a distinct competitive advantage. When creating a competitor analysis, it is important to focus on the key features and elements that matter to customers, rather than focusing too heavily on the entrepreneur’s idea and desires.

Operations and Management Plan

In this section, outline how you will manage your company. Describe its organizational structure. Here you can address the form of ownership and, if warranted, include an organizational chart/structure. Highlight the backgrounds, experiences, qualifications, areas of expertise, and roles of members of the management team. This is also the place to mention any other stakeholders, such as a board of directors or advisory board(s), and their relevant relationship to the founder, experience and value to help make the venture successful, and professional service firms providing management support, such as accounting services and legal counsel.

Table 11.6 shows a sample operations and management plan for La Vida Lola.

Marketing Plan

Here you should outline and describe an effective overall marketing strategy for your venture, providing details regarding pricing, promotion, advertising, distribution, media usage, public relations, and a digital presence. Fully describe your sales management plan and the composition of your sales force, along with a comprehensive and detailed budget for the marketing plan. Table 11.7 shows a sample marketing plan for La Vida Lola.

Financial Plan

A financial plan seeks to forecast revenue and expenses; project a financial narrative; and estimate project costs, valuations, and cash flow projections. This section should present an accurate, realistic, and achievable financial plan for your venture (see Entrepreneurial Finance and Accounting for detailed discussions about conducting these projections). Include sales forecasts and income projections, pro forma financial statements ( Building the Entrepreneurial Dream Team , a breakeven analysis, and a capital budget. Identify your possible sources of financing (discussed in Conducting a Feasibility Analysis ). Figure 11.19 shows a template of cash-flow needs for La Vida Lola.

Entrepreneur In Action

Laughing man coffee.

Hugh Jackman ( Figure 11.20 ) may best be known for portraying a comic-book superhero who used his mutant abilities to protect the world from villains. But the Wolverine actor is also working to make the planet a better place for real, not through adamantium claws but through social entrepreneurship.

A love of java jolted Jackman into action in 2009, when he traveled to Ethiopia with a Christian humanitarian group to shoot a documentary about the impact of fair-trade certification on coffee growers there. He decided to launch a business and follow in the footsteps of the late Paul Newman, another famous actor turned philanthropist via food ventures.

Jackman launched Laughing Man Coffee two years later; he sold the line to Keurig in 2015. One Laughing Man Coffee café in New York continues to operate independently, investing its proceeds into charitable programs that support better housing, health, and educational initiatives within fair-trade farming communities. 55 Although the New York location is the only café, the coffee brand is still distributed, with Keurig donating an undisclosed portion of Laughing Man proceeds to those causes (whereas Jackman donates all his profits). The company initially donated its profits to World Vision, the Christian humanitarian group Jackman accompanied in 2009. In 2017, it created the Laughing Man Foundation to be more active with its money management and distribution.

• You be the entrepreneur. If you were Jackman, would you have sold the company to Keurig? Why or why not?
• Would you have started the Laughing Man Foundation?
• What else can Jackman do to aid fair-trade practices for coffee growers?

What Can You Do?

Textbooks for change.

Founded in 2014, Textbooks for Change uses a cross-compensation model, in which one customer segment pays for a product or service, and the profit from that revenue is used to provide the same product or service to another, underserved segment. Textbooks for Change partners with student organizations to collect used college textbooks, some of which are re-sold while others are donated to students in need at underserved universities across the globe. The organization has reused or recycled 250,000 textbooks, providing 220,000 students with access through seven campus partners in East Africa. This B-corp social enterprise tackles a problem and offers a solution that is directly relevant to college students like yourself. Have you observed a problem on your college campus or other campuses that is not being served properly? Could it result in a social enterprise?

Work It Out

Franchisee set out.

A franchisee of East Coast Wings, a chain with dozens of restaurants in the United States, has decided to part ways with the chain. The new store will feature the same basic sports-bar-and-restaurant concept and serve the same basic foods: chicken wings, burgers, sandwiches, and the like. The new restaurant can’t rely on the same distributors and suppliers. A new business plan is needed.

• What steps should the new restaurant take to create a new business plan?
• Should it attempt to serve the same customers? Why or why not?

This New York Times video, “An Unlikely Business Plan,” describes entrepreneurial resurgence in Detroit, Michigan.

• 48 Chris Guillebeau. The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future . New York: Crown Business/Random House, 2012.
• 49 Jonathan Chan. “What These 4 Startup Case Studies Can Teach You about Failure.” Foundr.com . July 12, 2015. https://foundr.com/4-startup-case-studies-failure/
• 50 Amy Feldman. “Inventor of the Cut Buddy Paid YouTubers to Spark Sales. He Wasn’t Ready for a Video to Go Viral.” Forbes. February 15, 2017. https://www.forbes.com/sites/forbestreptalks/2017/02/15/inventor-of-the-cut-buddy-paid-youtubers-to-spark-sales-he-wasnt-ready-for-a-video-to-go-viral/#3eb540ce798a
• 51 Jennifer Post. “National Business Plan Competitions for Entrepreneurs.” Business News Daily . August 30, 2018. https://www.businessnewsdaily.com/6902-business-plan-competitions-entrepreneurs.html
• 52 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition . March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf
• 53 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition. March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf; Based on 2019 RBPC Competition Rules and Format April 4–6, 2019. https://rbpc.rice.edu/sites/g/files/bxs806/f/2019-RBPC-Competition-Rules%20-Format.pdf
• 54 Foodstart. http://foodstart.com
• 55 “Hugh Jackman Journey to Starting a Social Enterprise Coffee Company.” Giving Compass. April 8, 2018. https://givingcompass.org/article/hugh-jackman-journey-to-starting-a-social-enterprise-coffee-company/

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5.4 Conclusion

To be successful in sustainable business practices often requires entrepreneurship and innovation. This chapter provides an overview of entrepreneurship and innovation as it relates to sustainable business. The discussion is most relevant to sustainable businesses focused on offering new products and services in response to societal concerns. The importance of entrepreneurship and innovation also applies to companies that change how they produce products and services. The latter companies can use innovative practices and entrepreneurship to establish their brand name and to be market leaders in doing things that create shared value for society and their companies and also, over time, contribute to changes in practices in their industry.

Key Takeaways

• To be successful in sustainable business practices often requires entrepreneurship and innovation.
• Entrepreneurship and innovation are relevant in for-profit and nonprofit ventures.
• Entrepreneurship can be viewed as recognizing change, pursuing opportunity, taking on risk and responsibility, innovating, making better use of resources, creating new value that is meaningful to customers, and doing it all over again and again.
• Being an entrepreneur requires taking on significant responsibility and comes with significant challenges and potential rewards.
• Entrepreneurship is a mind-set, an attitude; it is taking a particular approach to doing things.
• The motivations for becoming an entrepreneur are diverse and can include the potential for financial reward, the pursuit of personal values and interests, and the interest in social change.
• For innovation to be relevant for sustainable businesses, it has to be meaningful and affect a large number of stakeholders.
• Successful entrepreneurship often requires creativity and innovation in addressing a new opportunity or concern in a new way.
• Interview an entrepreneur in your city or town. Identify why the individual started their business and what has been most important to their success. Then investigate why Mark Zuckerberg became an entrepreneur and founded Facebook. What motivated him to start a new venture? What keeps him motivated to grow Facebook? What do you attribute his success to? Has he been an agent for social change?
• Assess your likelihood of becoming an entrepreneur. Were your parents entrepreneurs? Are they presently entrepreneurs? Do you have the mind-set, attitude, and way of thinking of an entrepreneur? If not, could you change to pursue a business interest? What passions or interests do you have that could translate to an entrepreneurial pursuit? Do you readily take on new challenges? Are you a risk taker? Are you interested in making a lot of money? Are you interested in social change?
• Identify the role model entrepreneur for you. Is there any entrepreneur that you are familiar with who you think of as a role model or as a model that other entrepreneurs should emulate? Describe the entrepreneur and why you think of them as a role model.
• Using the business media, identify a for-profit enterprise that has a strong social mission. Then using a nonprofit media source, identify a nonprofit organization that has strong similarities to a for-profit entrepreneurial venture.
• Think of three new types of innovations that are needed to help address ecological and social concerns. Have any ventures been started to commercialize these types of innovations?
• Investigate public polices in your state or city (using government websites) that work to promote sustainable business entrepreneurship. And identify new policies that could be established to help support sustainable businesses.

Entrepreneurship Essay: Topics & Samples about Entrepreneurship

In the course of your studies for management, marketing, or finance degree, you can be asked to write an entrepreneurship essay. Those who tried it know how challenging it is to compose a convincing and fact-based paper about business.

An entrepreneurship essay requires you to carry out thorough research. You have to arrange the findings to substantiate your opinion wisely. It shall be engaging for the reader. Usually, your purpose is not to inform but to explain your view on an economic phenomenon.

Entrepreneurship is about calculating one’s chances for success. It aims to establish a business opportunity and avail of it. In most cases, it involves product or process innovation. Thus, the goal of an entrepreneurship essay is to train your business thinking. It develops a habit of using subject-specific terminology and theories.

This article is your way to a perfect essay about entrepreneurship. Our team has prepared a guide and a list of topics where you can find an excellent sample essay about entrepreneurship. Yet, we know that the most challenging thing for many students is to come up with specific questions.

You can rely on the following steps while working on your paper:

• Pick or create a topic. The best essays focus on a narrow problem. Pick an idea that offers solutions or specifies how the reader can relate. Convey it all in your topic.
• Research thoroughly. Good preliminary research will prevent you from discussing stale news. Look for currently topical issues that many people face.
• Write an introduction. It is the most “selling” part of your entrepreneurship essay. Provide background information about the problem you are going to explore. Why did it arise, and who was affected?
• Work out a thesis statement. This sentence contains the central message of your writing. Specify your position on the narrow topic. For example, “Employee turnover is not always a negative thing.”
• Develop an argumentation. Make a list of all arguments that support your position and a few counterarguments. You will refine it when writing the main body. Include only the vital ideas and examples in your essay on entrepreneurship.
• Think of a conclusion. Mind that your readers will remember this paragraph most of all. What were the central ideas of your work? Summarize your arguments and restate your thesis with a development.
• Come up with an engaging title. It should make the readers want to keep on reading your text. An entrepreneurship essay title should reveal the problem you are going to discuss.

15 Entrepreneurship Essay Topics

To write a successful essay, you’ll need engaging topics on entrepreneurship. A good idea inspires you and gives a substantial reason for discussion.

Here we have collected the best entrepreneurship topics for your essay:

• Is becoming a successful entrepreneur an inborn quality or a developed skill?
• Is it efficient to unite researchers and entrepreneurs into one organization?
• Is contemporary entrepreneurship possible without online marketing?
• How can creativity make your business more identifiable?
• Does a model of economic development help entrepreneurs to achieve their goals, or does it limit their imagination?
• What are the psychological causes that urge entrepreneurs to seek profit?
• What are the reasons that spur the growing expertise of individuals in business issues?
• Which factors can bring entrepreneurship to bankruptcy?
• How could governments incentivize individuals to become sole entrepreneurs?
• What are the leadership characteristics of successful entrepreneurial management?
• Does gender influence a person’s skills in entrepreneurship as a career?
• Is it better to have a small enterprise or work for a large corporation, provided that the salary is the same?
• Compare the approaches entrepreneurs who start only one business and those who invest in multiple enterprises.
• How can MBA help you to become an entrepreneur?
• Analyze the path of a successful entrepreneur and suggest what could be improved.

5 Entrepreneurship Essay Questions

Your college or school professors can give you detailed essay questions. They direct your thought to make sure you do not diverge from the central idea.

Here you can check a list of entrepreneurship essay questions:

• In your opinion, is there a moment when an entrepreneur should stop expanding their business? Small business is easier to manage, but it provides less revenue. Big enterprises earn more but bring their investors to more serious risks and more significant expenses. Substantiate your point of view.
• What makes a successful business plan? Is it more important to calculate the economic feasibility of the future enterprise or predict the reaction of the target audience? Give examples of both approaches.
• Explain the concept of entrepreneurship. The essay should synthesize different formulations of prominent economists and sociologists. Make up your explanation of the term based on your synthesis.
• What can be done to avoid cutting the expenses of an enterprise? Staff reduction, renting smaller premises, and cutting salaries usually have negative aftermath. Are there any universal ways to make your business survive a recession?
• Imagine you are looking for a business partner. Which questions would you ask the candidates during the interview? Are there any traits you would look for? What kind of behavior would immediately tell you it is the wrong person?

Thanks for reading the article! Below you can find sample essays about entrepreneurship illustrating the structure that we have described above.

424 Best Sample Essays about Entrepreneurship

A clothing boutique as a business idea.

• Words: 1227

Starting a Business: Advantages and Disadvantages

• Words: 1730

Concept of an Entrepreneur in Business

• Words: 2037

The Definition of Entrepreneurship

• Words: 1654

Entrepreneurship: Interview with Small Business Owner

• Words: 1643

Small Business: Features and Development

Business failures: reasons and recommendations, case study analysis: opening a coffee shop.

• Words: 1783

Entrepreneurship: Making a Business Plan

Entrepreneurs’ strengths and weaknesses, working for someone vs. owning a business, steve jobs as a successful entrepreneur, women entrepreneurs, chinese and japanese business systems comparison.

• Words: 3387

3M Corporation’s Innovation Engine Case

The definition of entrepreneurship and entrepreneurial behavior.

• Words: 2683

Natural Hair Care Products as a Business Idea

Starting a business vs. working for an employer, the concept of enterprise “push” and “pull” in a business.

• Words: 2024

Strategic Entrepreneurship: Creating Values

• Words: 2626

Kirzner’s Theory of Opportunity

• Words: 2450

Independent Entrepreneurship, Intrapreneurship, and Social Entrepreneurship

• Words: 1531

“Drinkworks: Home Bar” by Keurig

Entrepreneurship: history, reasons and roles, entrepreneurship, intrapreneurship, and formulated marketing, entrepreneurship: business planning and characteristics.

• Words: 3246

Owning & Operating a Family Business

Phenomenon of entrepreneurship.

• Words: 1495

Entrepreneurship vs. Working as an Employee

“steve jobs” by walter isaacson, entrepreneurial leadership characteristics and types, what is business intelligence, the microeconomics and macroeconomics factors in a startup café, entrepreneurship journey case study.

• Words: 2941

Apple Inc.’s Entrepreneurship: iPod and iPad

Entrepreneurs and opportunity recognition.

• Words: 2804

Concepts of Customer Data Dynamics and Sub-Concepts

Finding financing for business startup, trait (or personality characterisitcs) approach to explaining enterpreneurship.

• Words: 1972

Governmental Role for Business

Entrepreneur interview: local business store.

• Words: 1111

Eco-Friendly Packaging for Food and Beverage Industry

• Words: 2749

Traditional and Modern Forms of Transacting Business

Amazon and tesco: corporate entrepreneurship, starting a small business and planning, entrepreneurial intention in developing countries.

• Words: 4227

Enterprise Computing Challenges and Enterprise Resource Planning

• Words: 1449

Starting a Company in Singapore

• Words: 1983

Entrepreneurship: Reducing Unemployment

• Words: 1410

International Franchising and Its Benefits

Innovation management vs. entrepreneurship.

• Words: 2502

Warner Media and Its Subsidiary

• Words: 2093

Franchising and Its Advantages

Defining corporate entrepreneurship.

• Words: 3501

Andy Keller’s Company “ChicoBag”

• Words: 2534

Monzo Company as a Small Entreprise

• Words: 3031

Foreign and Native Beginner Entrepreneurs

• Words: 5611

Business Planning Process and Entrepreneurial Characteristics

• Words: 2825

Entrepreneurship Themes: Potential and Skills

• Words: 1826

Entrepreneurial Action Module for Modular Business Model

• Words: 11408

How a Business Idea Becomes an Innovative Product

Khemka family and their beer business in russia, succession plan for a family business.

• Words: 1099

Elon Musk on Start-Ups and Entrepreneurial Duties

Critical success factors for entrepreneurs.

• Words: 3872

Social Entrepreneurship and Social Change

The entrepreneurial journey of foods future global.

• Words: 1385

The Benefits of Considering Small Businesses in Government Contract Solicitations

Entrepreneurship: amara online shoe shop.

• Words: 7379

Franchise Agreement: Term Definition

Establishing a food truck business in dubai, maha al-ghunaim, a kuwaiti businesswoman, free enterprise systems.

• Words: 1434

Women in Entrepreneurship

• Words: 3172

Experiences Critical to Entrepreneurial Development

Business models in contemporary art, a new business idea for the rolls royce company, revolutionizing independent cinema streaming.

• Words: 1840

Application of Schumpeter’s Innovative Entrepreneurship Theory to Ooredoo

• Words: 8185

Innovation and Entrepreneurship at Uber Technologies, Inc.

Discussion: being an entrepreneur, elizabeth hobbs keckley as a woman in american business, digital transformation for small businesses in indonesia.

• Words: 3052

Entrepreneurship and Business Ethics

• Words: 1683

Entrepreneurship and Leadership in Freelance and Real Estate

• Words: 2321

Employee vs. Entrepreneur: Benefits and Drawbacks

New enterprise start-up plan: on-demand courier service to deliver medicine.

• Words: 15616

Frank Zamboni, an Entrepreneur and Inventor

Sole proprietorship and internal control.

• Words: 1285

The African American Entrepreneurship Development Program Evaluation

• Words: 1467

The African American Entrepreneurship Development Program

The dopeplus social entrepreneurship.

• Words: 1166

Luxury Linens: Review of an Interview With an Entrepreneur

• Words: 1104

Entrepreneurship by Young People

Sole proprietorship: advantages and disadvantages, capability: business model innovation in mergers, characteristics of writing a business plan, entrepreneurial activity: the key aspects, entrepreneurial personality and decision to start a business, the determinants of self-employment for artists, a study of ooredoo’s practices in the context of schumpeter’s theory, discussion: female entrepreneurship in asian countries, types of business forms and their organisation, entrepreneurship and christian world view.

• Words: 1001

Entrepreneurship as a Powerful Practice

• Words: 2501

Kier Group Plc: The Impacts of COVID-19

• Words: 4343

The Minority Business Development Agency Program

• Words: 1455

Supporting the Innovative Entrepreneurs in Turkish Universities

Starting a business: a restaurant of national cuisine, entrepreneurial education for university students.

• Words: 2656

The Book “Shoe Dog: A Memoir by the Creator of Nike” by Phil Knight

Family business succession in asian countries.

• Words: 8061

Commercialization and Innovation Best Practices

• Words: 2754

Establishing a Small Business Tourist Agency in the UAE

• Words: 1669

Investing in an Offshore Wind Power Plant in Greece

• Words: 1214

Crowdfunding Project on Kickstarter

• Words: 1010

“The Art of the Start” by Guy Kawasaki

The innovation process: successes and failures, elements and infrastructures for technology startups.

• Words: 2585

The Milaha Express Firm’s Possibilities in Qatar

The Entrepreneur by Sophie Boutillier, Dimitri Uzunidis

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Since the beginning of the 1980s, business creation has been an extremely important economic and social issue (job creation, constant innovation, organization of territory, social change). However, business creation is not always the compensation for a revolutionary technological project. It is also very often an individual’s final hope of finding employment.

The term entrepreneur not only refers to the creator, owner and manager of a business, but also to the project leader of a business. To define the entrepreneur, two problems relating to the behavior of economic agents must be combined: methodological individualism, according to which economic agents are calculators, and the theory of resource potential, according to which the rationality of economic agents is embedded in a network of social relationships. In other words, the entrepreneur is an economic agent whose ultimate goal is to create a business from a well-defined project. To realize his project, he mobilizes a number of resources (knowledge-based, financial and relationship-based), from which he produces other resources (employment, innovation, etc.), interacting with his environment. In this sense, the entrepreneur is rational, because he maximizes his resources in order to achieve a goal, which is to create his own job. In this sense, his behavior is opportunistic, because he seeks to take advantage of all the opportunities presented to him (a social relationship, a grant, a requirement, etc.). In these ...

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Unit 1: Interviews with entrepreneurs

About this unit.

Personal lessons and insights from accomplished entrepreneurs are the basis of this interview series produced by the Ewing Marion Kauffman Foundation and Khan Academy.

Sal chats with entrepreneurs

• Elon Musk - CEO of Tesla Motors and SpaceX (Opens a modal)
• Reid Hoffman - Founder of LinkedIn (Opens a modal)
• Scott Cook - Founder and Chairman of the Executive Committee, Intuit (Opens a modal)
• Angela Ahrendts - Former CEO of Burberry (Opens a modal)
• Sean O'Sullivan - Founder of SOSventures (Opens a modal)
• Drew Houston - CEO and Founder of Dropbox (Opens a modal)
• A conversation with Eric Schmidt and Jonathan Rosenberg (Opens a modal)

Richard Branson - Chairman of the Virgin Group

• Richard Branson - Chairman of the Virgin Group (Opens a modal)

Marc Ecko - Founder of Ecko Unlimited

• Marc Ecko - Founder of Ecko Unlimited (Opens a modal)
• Marc Ecko - Failures are lessons for future success (Opens a modal)

Philip Rosedale - Founder and Chairman of Second Life

• Philip Rosedale - Founder of Coffee and Power (Opens a modal)
• Philip Rosedale - Founder and Chairman of Second Life (Opens a modal)
• Philip Rosedale - Evolving ideas vs. new ideas (Opens a modal)

Zach Kaplan - CEO of Inventables

• Zach Kaplan - CEO of Inventables (Opens a modal)
• Zach Kaplan - Digital manufacturing revolution (Opens a modal)

T.A. McCann - Founder and CEO of Gist

• T.A. McCann - Founder and CEO of Gist (Opens a modal)
• T.A. McCann - Translating from ideas to execution (Opens a modal)

Ben Milne - CEO of Dwolla

• Ben Milne - CEO of Dwolla (Opens a modal)
• Ben Milne - Importance of Curiosity (Opens a modal)

Giles Shih - President and CEO of BioResource International

• Giles Shih - President and CEO of BioResource International (Opens a modal)
• Giles Shih - The importance of education (Opens a modal)
• Giles Shih - Making an idea into a business (Opens a modal)

Danny O'Neill - President of The Roasterie

• Danny O'Neill - President of The Roasterie (Opens a modal)
• Danny O'Neill - Getting started (Opens a modal)
• Danny O'Neill - Finding the perfect customer (Opens a modal)
• Danny O'Neill - Differentiation in your market (Opens a modal)

Lara Morgan - Founder of Pacific Direct

• Lara Morgan - Founder of Pacific Direct (Opens a modal)

Dave Smith - CEO & Founder of TekScape IT

• Developing Value for the Product (Opens a modal)
• Engineering a Solution to Every Problem (Opens a modal)
• Shifting from Loyalty to Accountability (Opens a modal)
• Top of the World, Ma (Opens a modal)

Jason Christiansen - President & CEO of Rigid Industries

• Turning a Hobby into a Bright Business (Opens a modal)
• The World of Copy Cat Companies (Opens a modal)
• Baseball is Just a Game (Opens a modal)

Linda Jeschofnig - Co-founder of Hands-On Labs

• Creating a Poof and Not a Giant Kaboom (Opens a modal)
• A Passion for Science Education (Opens a modal)

LaKeshia Grant - CEO & Founder of Virtual Enterprise Architects

• Being Heard and Giving Others a Voice (Opens a modal)
• Business and Family (Opens a modal)

Dave Gilboa & Neil Blumenthal - Co-founders & Co-CEOs of Warby Parker

• A fix for a broken industry (Opens a modal)
• It was just mayhem (Opens a modal)
• Starting and staying in business with friends (Opens a modal)

Calvin Carter - Founder of Bottle Rocket Apps

• A 2 a.m. wake up call (Opens a modal)
• Living the company’s values (Opens a modal)
• The excitement of making something (Opens a modal)
• Making money making apps (Opens a modal)

Beth Schmidt - Founder of Wishbone.org

• Student wishes come true (Opens a modal)
• There better be an authentic need (Opens a modal)
• An invitation for innovation (Opens a modal)

Toby Rush - CEO & Founder of EyeVerify

• University scientist meets entrepreneur (Opens a modal)
• Staying grounded (Opens a modal)

While the world-changing potential in startups is sometimes overhyped, successful startups do have the potential to create a significant positive impact on the world. And even when startups fail, they still have an impact, especially through the learnings for the founders, employees, investors and other stakeholders.

Tesla, for example, has led the way in redefining the entire car industry. Ten years ago electric cars seemed at best an oddity, but now they look a great deal like the future of cars. Without the pioneering spirit of Tesla, the car industry itself would have been very unlikely to take this new direction. The positive impact of Tesla on the climate is likely quite significant directly due to their being adopted and indirectly through the entire car industry’s shifting to more sustainable solutions.

Startups have also shaken the very foundations of our economic systems, in particular through the now commonplace “sharing economy.” Pioneers like housing-sharing Airbnb and ridesharing Uber, Lyft or Didi Kuaidi have led the way to a significant amount of new sharing startups enabling us to share bikes, electric scooters and even parking spots. This has a big impact on consumption and therefore not only the economy, but also the ecology of the planet.

Of course, there are more and more startups whose endgame itself is to have an impact. Finnish Meru Health won the mental health category at UCSF Digital Health Awards. Other startups are looking into climate change, education, health and food – to name a few key areas – with the aim of combining impact and successful business.

Startups are one of the most promising ways to solve the critical problems humanity is facing because they can react much faster to problems that arise and can innovate solutions more freely than traditional corporations. The startup ecosystem, in turn, enables the prototyping and market testing of a massive number of new potential innovations, accelerating the progress through which pressing global issues can be solved.

Finally, startups have an impact also on the lives of the startup entrepreneurs themselves. By embarking on a startup journey, the entrepreneur will learn a great deal about discovering actual problems, innovating solutions, analyzing markets and building the organization and processes to support these activities. This helps the entrepreneur develop an entrepreneurial mindset, through which they can also contribute to other life activities, even if they later end up working in a more traditional organization.

This is just the beginning

Entrepreneurship is about solving problems and building new things. Entrepreneurship is important especially nowadays when we have to learn how to operate in an increasingly changing world. It includes both a mindset point of view, where problems are seen as opportunities and failures as learning experiences, and skills that help you learn to solve problems and build something new.

Practicing entrepreneurial attitudes and abilities are useful even if you are not yet looking to start your own business. They help you to see the challenges of work and life in a more diverse way, and also to solve problems that would be difficult or even impossible to solve using traditional means.

If you find a problem, a solution, a market, and a team that truly inspire you, you can also consider starting your own business. Entrepreneurship is a great adventure and one of the most rewarding experiences in your life. At its best, it can bring significant opportunities for success. At the very least, it provides experiences for learning and development that would otherwise be unlikely to occur.

In this course, we have covered the basics of entrepreneurship and discussed the key points and practices of starting a business. With these tools, you already have the opportunity to push your business dream forward.

We hope that you have learned new techniques and insights into entrepreneurship during this course. If you do decide to go with your business, good luck! You are one of the pioneers for creating an ever-brighter future!

Correct answers

Exercises completed

Entrepreneurship.

“If you’re not a risk taker, you should get the hell out of business.” - Ray Kroc, founder of McDonald’s

Wednesday 2 December 2015

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Entrepreneur Assignment

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Conclusion: Entrepreneurship Education for an Undergraduate Audience—A Review and Future Directions

• First Online: 31 January 2022

Cite this chapter

• Guillermo J. Larios-Hernandez   ORCID: orcid.org/0000-0002-8288-7981 4 ,
• Andreas Walmsley   ORCID: orcid.org/0000-0002-2791-3315 5 &
• Itzel Lopez-Castro 4  

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Theorising Undergraduate Entrepreneurship Education incorporates philosophical and pedagogical aspects of entrepreneurship education (EE) research, evoking some of the potential outcomes that can be expected from teaching techniques, curricular and extracurricular programmes. From a philosophical viewpoint, while authors in this title introduce a mixture of theoretical perspectives to undergraduate entrepreneurship education (UEE), such as behaviourism, cognitivism, constructivism, and new perspectives such as humanism, these positions turn out to be largely complementary, strengthening the theoretical foundation of EE in higher education (HE).

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Larios-Hernandez, G.J., Walmsley, A., Lopez-Castro, I. (2022). Conclusion: Entrepreneurship Education for an Undergraduate Audience—A Review and Future Directions. In: Larios-Hernandez, G.J., Walmsley, A., Lopez-Castro, I. (eds) Theorising Undergraduate Entrepreneurship Education. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-87865-8_19

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Noubar Afeyan PhD ’87 gives new MIT graduates a special assignment

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Biotechnology leader Noubar Afeyan PhD ’87 urged the MIT Class of 2024 to “accept impossible missions” for the betterment of the world, in a rousing keynote speech at the OneMIT Commencement ceremony this afternoon.

Afeyan is chair and co-founder of the biotechnology firm Moderna, whose groundbreaking Covid-19 vaccine has been distributed to billions of people in over 70 countries. In his remarks, Afeyan briefly discussed Moderna’s rapid development of the vaccine but focused the majority of his thoughts on this year’s graduating class — while using the “Mission: Impossible” television show and movies, a childhood favorite of his, as a motif.

“What I do want to talk about is what it takes to accept your own impossible missions and why you, as graduates of MIT, are uniquely prepared to do so,” Afeyan said. “Uniquely prepared — and also obligated. At a time when the world is beset by crises, your mission is nothing less than to salvage what seems lost, reverse what seems inevitable, and save the planet. And just like the agents in the movies, you need to accept the mission — even if it seems impossible.”

Afeyan spoke before an audience of thousands on MIT’s Killian Court, where graduates gathered in attendance along with family, friends, and MIT community members, during an afternoon of brightening weather that followed morning rain.

“Welcome long odds,” Afeyan told the graduates. “Embrace uncertainty, and lead with imagination.”

Afeyan’s speech was followed by an address from MIT President Sally Kornbluth, who described the Institute’s graduating class as a “natural wonder,” in a portion of her remarks directed to family and friends.

“You know how delightful and inspiring and thoughtful they are,” Kornbluth said of this year’s graduates. “It has been our privilege to teach them, and to learn together with them. And we share with you the highest hopes for what they will do next.”

The OneMIT Commencement ceremony is an Institute-wide event serving as a focal point for three days of graduation activities, from May 29 through May 31.

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MIT’s Class of 2024 encompasses 3,666 students, earning a total of 1,386 undergraduate and 2,715 graduate degrees. (Some students are receiving more than one degree at a time.) Undergraduate and graduate students also have separate ceremonies, organized by academic units, in which their names are read as they walk across a stage.

Afeyan is a founder and the CEO of Flagship Pioneering, a venture firm started in 2000 that has developed more than 100 companies in the biotechnology industry, which combined have more than 60 drugs in clinical development.

A member of the MIT Corporation who earned his PhD from the Institute in biochemical engineering, Afeyan also served as a senior lecturer at the MIT Sloan School of Management for 16 years. He is currently on the advisory board of the MIT Abdul Latif Jameel Clinic for Machine Learning and has been a featured speaker at events such as MIT Solve. Afeyan is the co-founder of the Aurora Prize for Awakening Humanity, among other philanthropic efforts.

“You already have a head start, quite a significant one,” Afeyan told MIT’s graduates. “You graduate today from MIT, and that says volumes about your knowledge, talent, vision, passion, and perseverance — all essential attributes of the elite 21st-century agent.” He then drew laughs by quipping, “Oh, and I forgot to mention our relaxed, uncompetitive nature, outstanding social skills, and the overall coolness that characterizes us MIT grads.”

Afeyan also heralded the Institute itself, citing it as a place crucial to the development of the “telephone, digital circuits, radar, email, internet, the Human Genome Project, controlled drug delivery, magnetic confinement fusion energy, artificial intelligence and all it is enabling — these and many more breakthroughs emerged from the work of extraordinary change agents tied to MIT.”

Long before Afeyan himself came to MIT, he grew up in an immigrant Armenian family in Beirut. After civil war came to Lebanon in 1975, he spent long hours in the family apartment watching “Mission: Impossible” re-runs on television.

As Afeyan noted, the special agents in the show always received a message beginning, “Your mission, should you choose to accept it … ” He added: “No matter how long the odds, or how great the risk, the agents always took the assignment. In the 50 years since, I have been consistently drawn to impossible missions, and today I hope to convince each and every one of you that you should be too.”

To accomplish difficult tasks, Afeyan said, people often do three things: imagine, innovate, and immigrate, with the latter defined broadly, not just as a physical relocation but an intellectual exploration.

“Imagination, to my mind, is the foundational building block of breakthrough science,” Afeyan said. “At its best, scientific research is a profoundly creative endeavor.”

Breakthroughs also deploy innovation, which Afeyan defined as “imagination in action.” To make innovative leaps, he added, requires a kind of “paranoid optimism. This means toggling back and forth between extreme optimism and deep-seated doubt,” in a way that “often starts with an act of faith.”

Beyond that, Afeyan said, “you will also need the courage of your convictions. Make no mistake, you leave MIT as special agents in demand. As you consider your many options, I urge you to think hard about what legacy you want to leave, and to do this periodically throughout your life. … You are far more than a technologist. You are a moral actor. The choice to maximize solely for profits and power will in the end leave you hollow. To forget this is to fail the world — and ultimately to fail yourself.”

Finally, Afeyan noted, to make great innovative leaps, it is often necessary to “immigrate,” something that can take many forms. Afeyan himself, as an Armenian from Lebanon who came to the U.S., has experienced it as geographic and social relocation, and also as the act of changing things while remaining in place.

“Here’s the really interesting thing I’ve learned over the years,” Afeyan said. “You don’t need to be from elsewhere to immigrate. If the immigrant experience can be described as leaving familiar circumstances and being dropped into unknown territory, I would argue that every one of you also arrived at MIT as an immigrant, no matter where you grew up. And as MIT immigrants, you are all at an advantage when it comes to impossible missions. You’ve left your comfort zone, you’ve entered unchartered territory, you’ve foregone the safety of the familiar.”

Synthesizing these points, Afeyan suggested, “If you imagine, innovate, and immigrate, you are destined to a life of uncertainty. Being surrounded by uncertainty can be unnerving, but it’s where you need to be. This is where the treasure lies. It’s ground zero for breakthroughs. Don’t conflate uncertainty and risk — or think of it as extreme risk. Uncertainty isn’t high risk; it’s unknown risk. It is, in essence, opportunity.”

Afeyan also noted that many people are “deeply troubled by the conflicts and tragedies we are witnessing” in the world today.

“I wish I had answers for all of us, but of course, I don’t,” Afeyan said. “But I do know this: Having conviction should not be confused with having all the answers. Over my many years engaged in entrepreneurship and humanitarian philanthropy, I have learned that there is enormous benefit in questioning what you think you know, listening to people who think differently, and seeking common ground,” a remark that drew an ovation from the audience.

In conclusion, Afeyan urged the Class of 2024 to face up to the world’s many challenges while getting used to a life defined by tackling tough tasks.

“Graduates, set forth on your impossible missions,” Afeyan said. “Accept them. Embrace them. The world needs you, and it’s your turn to star in the action-adventure called your life.”

Next, Kornbluth, issuing the president’s traditional “charge to the graduates,” lauded the Class of 2024 for being “a community that runs on an irrepressible combination of curiosity and creativity and drive. A community in which everyone you meet has something important to teach you. A community in which people expect excellence of themselves — and take great care of one another.”

As Kornbluth noted, most of the seniors in the undergraduate Class of 2024 had to study through, and work around, the Covid-19 pandemic. MIT, Kornbluth said, is a place where people “fought the virus with the tools of measurement and questioning and analysis and self-discipline — and was therefore able to pursue its mission almost undeterred.”

The campus community, she added, “understands, in a deep way, that the vaccines, as Noubar just said, were not some ‘overnight miracle’ — but rather the final flowering of decades of work by thousands of people, pushing the boundaries of fundamental science.”

And while the Class of 2024 has acquired a great deal of knowledge in the classroom and lab, Kornbluth thanked its members for what they have given to MIT, as well.

“The Institute you are graduating from is — thanks in part to you — always reflecting and always changing,” Kornbluth said. “And I take that as your charge to us.”

The OneMIT Commencement event started with a parade for alumni from the class of 1974, back on campus for their 50th anniversary reunion. The MIT Police Honor Guard entered next as part of the ceremonial procession, followed by administration and faculty. The MIT Wind Ensemble, conducted by Fred Harris, Jr., provided the accompanying music.

Mark Gorenberg ’76, chair of the MIT Corporation, formally opened the ceremony, and Thea Keith-Lucas, chaplain to the Institute, gave an invocation. The Chorallaries of MIT sang the national anthem.

Afeyan’s remarks followed, but were delayed for several minutes by protesters holding signs. After his speech, Lieutenant Mikala Nicole Molina, president of the Graduate Student Council, delivered remarks as well.

“Let us step forward from today with a commitment not only to further our own goals, but also to use our skills and knowledge to contribute positively to our communities and the world,” Molina said. “Our actions reflect the excellence and integrity that MIT has instilled in us.”

Penny Brant, president of the undergraduate Class of 2024, then offered a salute to her classmates, saying “I know I would not be graduating here today if not for all of you who have helped me along the way. You all have had such a profound and positive impact on me, our community, and the world.”

Kornbluth’s speech, which followed, was momentarily interrupted by shouting from an audience member, before students and other audience members gave Kornbluth a sustained ovation and ceremonies resumed as planned.

R. Robert Wickham ’93, SM ’95, president of the MIT Alumni Association and chief marshal of the Commencement ceremony, also offered a traditional greeting for graduates saying he was “welcoming you into our alumni family, your infinite connection to MIT.” There are now almost 147,000 MIT alumni worldwide.

The Chorallaries sang the school song, “In praise of MIT,” as well as another Institute anthem, “Take Me Back to Tech,” moments after Gorenberg formally closed the ceremony.

Preceding Afeyan, recent MIT Commencement speakers have been engineer and YouTuber Mark Rober, in 2023; Director-General of the World Trade Organization Ngozi Okonjo-Iweala, in 2022; lawyer and activist Bryan Stevenson, in 2021; and retired U.S. Navy four-star admiral William McRaven, in 2020.

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Bracing for Start of Trial in Gun Case, Hunter Biden Is Squeezed for Money

The cash crunch could limit his ability to hire expert witnesses or other specialists for his legal defense, people close to the situation said.

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By Glenn Thrush and Mattathias Schwartz

Over the past turbulent decade, through myriad self-inflicted troubles, Hunter Biden has relied on the kindness of friends and family — wives and girlfriends, business partners, his father and, most recently, a Los Angeles lawyer who provided the president’s son a $7 million lifeline .

But now that lawyer, Kevin Morris, who has played many parts in Mr. Biden’s life — legal adviser, confidant, strategist, art patron and friend — has told associates he is running out of liquid assets to make any more loans, deepening a chronic cash crunch that has already left Mr. Biden’s lawyers working for little or no compensation.

With Mr. Biden’s trial on gun charges set to begin on Monday in Delaware, Mr. Morris has said he might need to sell some real estate holdings or other assets if others do not step up to fill the gap, according to people familiar with the situation. He hopes to pressure the president’s advisers into helping find new donors, people close to the situation said.

Financial troubles are nothing new for President Biden’s son, and his current woes are unlikely to prevent him from mounting a sturdy defense. But it adds a layer of stress and uncertainty, and could limit his ability to hire expert witnesses or other specialists in the gun case or in his trial on tax charges in California in September, they said.

Last year, Mr. Biden was charged with lying about his drug use when he bought a .38 handgun in Delaware in 2018 and with illegally possessing the weapon. He was later charged separately with a series of tax offenses related to his failure to file returns for a number of years.

Mr. Morris has lent Mr. Biden money to cover an array of expenses he incurred in recent years, including his multimillion-dollar back taxes bill and legal expenses stemming from the government’s long-running investigation. Mr. Morris has also helped Mr. Biden on other expenses, including rent on expensive houses in Malibu and payments for a luxury car.

Some of Hunter Biden’s debts to Mr. Morris were documented by four promissory notes, totaling $5.3 million, that were reviewed by The New York Times. A fifth promissory note, detailed in a letter from Mr. Morris’s lawyers, brings the total to $6.5 million.

Mr. Biden agreed to pay 5 percent interest, with no payments due before October 2025.

But Mr. Morris has expressed growing concerns about how much longer he can soldier on, in hopes of enlisting the assistance of President Biden’s personal lawyer Bob Bauer in raising money to help pay off Hunter Biden’s debts. Mr. Bauer, the former White House counsel, handles many of the president’s most sensitive legal and political affairs.

“It is clear that there are people in the White House who would prefer Hunter would just go away, and any day he’s not in the news is a good day for the White House,” said David Jolly, a former Republican congressman who has worked with Mr. Morris to raise outside funding, with little success or cooperation from the president’s team.

“As a friend of Hunter’s, it’s hard to understand because you’d think the father’s team would do anything to protect the son,” said Mr. Jolly, who left his party in opposition to former President Donald J. Trump. “But I also understand that somebody has to make the call about how to protect the president.”

A spokeswoman for Mr. Bauer declined to comment. Mr. Morris’s money concerns were reported earlier by Politico .

Although Mr. Morris says he has never had more than a few fleeting interactions with President Biden, his involvement has stoked investigations by House Republicans. They have asked whether Mr. Morris is using the relationship with Hunter Biden to further his own interests or to provide backdoor financial help to the president’s re-election campaign.

“I’m not very popular at the White House,” Mr. Morris said in congressional testimony in January.

He said he was “confident that Hunter will repay” his loans and had no expectations of “receiving anything” from the White House.

So far, Mr. Biden’s lawyers have been willing to take on the high-profile case even though there is no guarantee how much they will be paid, if anything.

Mr. Biden’s first lawyer, Christopher J. Clark, who withdrew from both cases last summer after representing the president’s son for much of the federal investigation, took the assignment with little expectation of being fully compensated, after Mr. Bauer reached out to him.

But he has been paid virtually nothing on a legal bill estimated to be at least several million dollars, according to three people with knowledge of the situation, speaking on the condition of anonymity to discuss details intended to be private.

Mr. Biden’s current attorney in both cases, the veteran Washington lawyer Abbe Lowell, has worked while being paid only a small percentage of what he is owed on millions in legal services, which also included shepherding Mr. Biden through Republican congressional investigations, they said.

Hunter Biden’s total legal bills are expected to eventually exceed $10 million.

While Mr. Biden was once able to earn seven figures as a lawyer, investor and lobbyist, his much-publicized pivot to the fine art world has not been as lucrative. In 2020, Mr. Biden reported earning $47,734 from sales of his paintings, according to his tax returns.

In 2021, he earned $83,250 from art sales, of which $12,649 paid for supplies and labor. But over the next two years, sales appeared to accelerate. Georges Bergès, Hunter Biden’s gallerist, testified to a congressional committee that by January 2024, he had sold more than $1.5 million of Mr. Biden’s paintings, $875,000 of which were bought by a company controlled by Mr. Morris.

About a year ago, Mr. Morris recruited Mr. Jolly to help him create a legal-defense fund to cover some of the expenses, from a range of small and large donors. That plan was outlined to President Biden last year, one of the people with knowledge of the situation said, confirming a report by MSNBC. It is not clear how the president reacted.

But that effort has yielded commitments of only a few hundred thousand dollars, Mr. Jolly said.

Mr. Biden has gotten some help from others. In recent years, he has twice flown on a private plane as a guest of Joe Kiani, a tech entrepreneur and major Democratic Party donor, according to records detailing Mr. Biden’s travels that were reviewed by The Times.

Mr. Biden faces three charges related to whether he lied on a federal government form that he was required to complete for his 2018 handgun purchase in Delaware.

In response to a question on the form about whether he was using drugs, Mr. Biden said he was not — an assertion that prosecutors concluded was false. Mr. Biden has publicly acknowledged his struggles with addiction to crack cocaine and alcohol and had been in and out of rehab around the time of the gun purchase.

The first charge, of lying to a federally licensed gun dealer, carries a maximum penalty of 10 years in jail. The second, of making a false claim on the federal firearms application used to screen applicants, has a sentence of up to five years. The third, possession of an illegally obtained gun from Oct. 12 to Oct. 23, 2018, carries a maximum of 10 years.

Mr. Biden’s legal troubles appeared to be nearing an end last summer, when David C. Weiss, the Trump-appointed U.S. attorney in Delaware, announced a plea deal that would have offered immunity from future prosecution without prison time.

But the deal unraveled when Judge Maryellen Noreika of the Federal District Court in Wilmington sharply questioned elements of the deal’s structure, telling the two sides repeatedly that she had no intention of being “a rubber stamp.”

After that, Mr. Weiss decided to forgo plea negotiations with Mr. Biden. Mr. Clark, who had represented the president’s son during the negotiations, stepped aside, and his former firm, Latham & Watkins, withdrew its technical support.

He was replaced by Mr. Lowell, an aggressive and media-savvy fixture whose high-profile clientele has included Jared Kushner, Senator Robert Menendez of New Jersey and the former Democratic presidential candidate John Edwards.

Mr. Lowell has filed a flurry of mostly unsuccessful motions that have, nonetheless, aired Mr. Biden’s accusations that his prosecution was a politically motivated hit job promoted by allies of Mr. Trump.

In December, a federal grand jury in California charged Mr. Biden with evasion of a tax assessment, failure to file and pay taxes, and filing a false or fraudulent tax return. The charges, detailed in a scathing 56-page indictment , chronicled his years of drug abuse, wild spending and flouting of federal tax laws. A month later, Mr. Biden pleaded not guilty .

Mr. Morris, whatever his financial worries, remains very close to Mr. Biden. The two men speak every day, and Mr. Morris has shown no indications so far he is stepping away. He has assembled his own kitchen cabinet of advisers to help him strategize on Mr. Biden’s behalf, and plans to accompany the president’s son at both trials to offer support and advice.

“When I first met Hunter, he was emerging from the lowest point in his life — he’s had a lot of low points,” Mr. Morris told the committee when asked why he has been so generous to a man he only met in 2019.

“My only goal was and is to help my friend and client,” he added.

Alain Delaquérière contributed research.

Glenn Thrush covers the Department of Justice and has also written about gun violence, civil rights and conditions in the country’s jails and prisons. More about Glenn Thrush