In this post we are going to explore the contagion effect of resonant and dissonant leaders. How do they inspire people? How do they engage the hope, mindfulnes and compassion? We started to talk about the neuroscience of it. In this post , I would like to specifically focus on how does emotional contagion transfer between two people and among a group of people?
Benchmarking as an innovative strategy
Benchmarking is something that is being done commonly in organizations, and when you think about benchmarking you’re thinking about what’s going on in the other organization that might be innovative that you might be able to use. So we’re going to look at benchmarking and how it works. And how it might be part of a, an innovative strategy. So, the strategic potential of benchmarking is really captured in books like this. Benchmarking For Best Practices. It’s it’s basically a manufacturing, A commercial book that really looks at the benchmarking process from an engineering perspective and how the engineering process and benchmarking things in the engineering process from other firms can fit into a business strategy.
I want you to try something,Pretend you’re talking to someone who really cares about you . Picture his face, Her clothes, whatever you can to make this seem as real as possible. Now look that person in the imaginary eye and say out loud, I failed. How did that feel? Did you feel embarrassed, disappointed, angry, or upset? Most people do. Failure simply doesn’t feel good. All our lives, we’ve been told that it is negative. But I think it’s time to see failure a bit differently.
To learn more about the whole notion of right brain thinking and why this is such a critical skill in today’s environment. Check out this video of Dan Pink, talking about his book, A Whole New Mind, when he was here at Darden, opening our innovation lab.Then, I’d like to get you to think about the kinds of questions in your life that Design Thinking might work best for. And join me and some of my design oriented colleagues to discuss your questions and reactions in our forum. And I’ll look forward to seeing you again after this topic .
As a result of your design thinking Topic, you’ve learned lots of ways to come up with new business ideas. and I’ve got 15 minutes to basically explain to you a concept of, what do you do with those ideas. we will be looking at Learning Launch Tool, what comes next? And all those light bulbs. These light bulbs, this is not a discussion of electrical engineering. Each one of those light bulbs is an idea. So what do you do?
Well if you’re in the business world, your immediate reaction is I got an idea. I got an idea, I must need a business plan.
Your reputation effects might be a bit of a new concept for you, but it’s interconnected with marketing and branding, and highly important for new ventures. So when we look at reputation effects, we’re really talking about brand awareness and brand perception. Customers tend to buy from companies who which they’ve had a relationship with.
As aspiring entrepreneurs all of us may have ideas. We may have concepts, we may have thought of it on the drive to work we may have thought of it in the shower. But I think one of the key elements that’s going to translate the potential of your idea to be a real company is, does it fill a real need? Is there a real customer? And so that’s going to be the focus of what we’ll talk about today.
It’s something you’ve heard of before, but we’re going to decompose it and talk it about it a little bit in the context of entrepreneurship and new venturing.
So fundamentally learning curves address the speed at which you learn something new. It’s graphically depicted, and in that graphic it gives of some sense of how long does it take to develop a mastery level of skill set or at least a proficient level of skills.
By advantage, we’re going to turn our attention to competitive advantage, and that’s the third element that we’re going to be examining within our opportunity identification discussion. So building competitive advantage really begins with thinking about customer validation and having a customer validated perspective on the problem and your planned solution.
The life cycle of your candidate industry is important to understand as well. And when we look at life cycle, we’re going to look at it in the context of industry status. And its impact on your success as an entrepreneur. When we explore the industry, we’ve talked about industry conditions and specifically the knowledge and demand factors. Now we’re going to transition to industry status and think about the influence of life cycle and structure.
Are the demand conditions in your industry favorable?
We’re going to take a look at what they mean in the context of industry conditions. And we’re going to examine the influence of demand conditions on your success as an entrepreneur. Specifically, when we explore industry conditions the first element that we discussed is knowledge conditions , the second is demandAnd it’s within that, by understanding both of these conditions, that you can improve your success within industries that you are entering.
We’re going to first look at Knowledge Conditions, And we’re going to start by talking about industries. The definition of an Industry broadly is a type of economic activity. So there Agriculture and Education, there’s construction and Retail, there’s Accommodation and Food Services. There’s Health Care and
a variety of other industries.
In our assessment of risk, we also want to to talk about uncertainty and stakeholder involvement. An in this context we want to think about risk perception, and the role that uncertainty plays in that as it’s related to also involving stakeholders. So we’re going to talk about stakeholders and talk about how to hear the voice of those stakeholders as you’re making decisions, and as you’re planning our new venture.
With entrepreneurial motivations, you want to focus on three distinct elements. We’ll talk about self-efficacy, cognitive motivation, and tolerance for ambiguity. And this is the second element of the opportunity analysis canvas. With self-efficacy, it is similar to confidence but it’s focused on your ability to achieve a specific task. So this intersects the element of entrepreneurial mind-set and entrepreneurial motivation.
It’s something that a lot of time has been spend in trying to understand, what is it that goes on in the mind of the entrepreneur that’s different than, what goes on in the mind of individuals that are pursuing other pursuits, that are working with established companies or organisations. The reason this is so important is again as we’ve talked about before, it’s the entrepreneur that causes entrepreneurship.