Friday, May 30, 2014

Simon Sinek

8 Unforgettable Simon Sinek Quotes

“When we tell people to do their jobs, we get workers. When we trust people to get the job done, we get leaders.” – Simon Sinek
“A team is not a group of people that work together. A team is a group of people that trust each other.” - Simon Sinek
“Dr. King gave the “I have a dream” speech not the “I have a plan” speech. It’s our dreams that change the course of history.” - Simon Sinek
“Customers will never love a company until the employees love it first.” - Simon Sinek
“Leadership is not a rank or a position, it is a choice – a choice to look after the person to the left of us & the person to the right of us.” - Simon Sinek
“Vision” is the ability to talk about the future with such clarity it is as if we are talking about the past.” - Simon Sinek
“The leaders who get the most out of their people are the leaders who care most about their people.” - Simon Sinek

Thursday, May 29, 2014

Business books

Business books I want to own

If you want to bone up on your business theory, here are the central lessons — and a great way to begin a reading list.

Quiz Week 4

Question 6
Discuss common pitfalls that entrepreneurs experience in selecting which ideas to develop into new ventures. Please respond in one paragraph.

Answer for Question 6

Successful entrepreneurs introduce a product or service that satisfies customer needs in a better way than competitors, and at a price that is greater than the cost of creating and delivering that product or service. To understand how to fulfill customer needs at an attractive price, four areas are critical to assess: macroeconomic changes, industry conditions, industry status, and competition. As a first step to exploring new venture ideas, search for sources of pain or aggravation for customers, as these are prime opportunities for new products. The best clue that a new product or service is needed, are customer complaints about existing products and services.

Question 7
Discuss four types of macro changes that increase new venture opportunities. Please respond in one to two paragraphs.

Answer for Question 7

Types of changes that increase new venture opportunities includes changes in technology, changes in social and demographic factors, changes in political and regulatory rules. Technical change is one of the most important triggers of change, because new technology allows for the expansion of new innovations. The magnitude of technical change is important. Significant change can create entirely new markets. The larger the technical change, the greater the opportunity for new businesses to be created. Societal change opens up opportunities for new businesses by altering people’s preferences and creating demand for things where demand had not existed before.
Demographic changes can create a host of entrepreneurial opportunities. Each trend offers new opportunities for products and services to serve these customers. Political changes can introduce opportunities or challenges for entrepreneurial ventures. It is valuable to consider how local, state, or national government decisions may change policies. These can challenge existing companies, and open new opportunities for new companies. This type of change creates opportunities because it is productivity enhancing. In other cases, changes generated are not productive, but merely shifts value from one set of economic factors to another.

Question 8
What questions should you consider in determining how to produce the product for your venture? Please write three questions.

Answer for Question 8

What is the best way to assess customer needs?
Why does my product fit customer needs better than those of current and future competitors?
What price should I charge?

Question 9
What demographic and psychographic changes are creating new market needs in business areas that interest you? Please respond in one paragraph.

Answer for Question 9

Demographic changes can create a host of entrepreneurial opportunities. Each trend offers new opportunities for products and services to serve these customers. Some that interest me are assisted living centers for the elderly, foreign language radio, and organic food stores. While psychographic change examines shifts in attitudes, values, opinions, interests, and related personal factors of markets. These are contrasted with demographic variables in that psychographics involve how people think and feel.

Question 10
What technical advancements, political changes, and/or regulatory changes are creating new market opportunities in business areas that interest you? Please respond in one paragraph.

Technical changes are one of the most important triggers of change, because new technology allows for the expansion of new innovations. For example, invention of portable cassette players leads to portable compact discs players which leads to the development of portable MP3 players and then leads to the capability to play songs on mobile phones. Political changes can introduce opportunities or challenges for entrepreneurial ventures. It is valuable to consider how local, state, or national government decisions may change policies. These can challenge existing companies, and open new opportunities for new companies. I am being aware of the political shifts that will influence business policy, taxation, corporate social responsibility, environmental issues, or consumer protection with my venture.  Governmental regulations affect entrepreneurial ventures in a variety of ways. Managerial regulations govern what the owners and operators of companies can and cannot do. Technology regulations influence standards, interoperability, safety, and a host of related areas. Price regulations often dictate pricing strategies that support fair competition, which along with competitive regulations, are designed to protect consumer interests.

Tuesday, May 27, 2014

Quora Finance 2

More finance question

I am 35 and I haven't achieved much in life. Is it too late?

Quora Finance

I like to read other people's experiences

What does it feel like to be financially rich? 

Many people experience trouble in their life due to monetary concerns (jobs, careers, loans, investments, kids, credit cards, food, medicine, shelter, etc.). What does it feel like to know you are at least set for a "good life" (money wise) even if you never worked again and not have to worry pretty much.

I was born into wealth and never knew our family was different until acclimating to the public school system and developing cognizant thought. 

My father was recruited by MIT and came to the United States speaking only two languages: Japanese and binary. Upon graduation, he was quickly snatched up by Japanese financial institutions that sent him abroad to set up their computing systems. This was back in the day before IT was segmented, and he was a one man operation (architect, network administrator, systems engineer, programmer, IT support and R&D LOL.)

Before moving abroad for good, he married my mother in Tokyo and together they immigrated to Canada. I was born in West Vancouver, British Columbia and attended Vancouver Waldorf School then Collingwood School, respectively. My classmates were of the same socio-economic status as my family, so our lifestyles were similar. Our days were jam packed with lessons, classes, tutors and weekend trips to Banff or Lake Louise were the norm. 

When I was in the 1st grade, my family migrated south to the U.S. - the San Francisco Bay Area to be exact. Against my mother's wishes, my father made the executive decision to put me in public school. I was still in 1st grade but clearly remember the moments I started realizing the kids at my new school were unlike my old peers. I was the only dressed in pinafores. The only one taking a load of after school classes and lessons. Other people didn't go away on weekends. My home was different. Everything about my family was strange, and I remember thinking I was not just the new kid, but the weird new kid.

In order to fit in, I started lying. I would tell people I lived in San Mateo as opposed to Hillsborough. I stopped inviting people over, never told friends about our weekend trips. Or that I attended summer school at Crystal Springs Uplands, then summer sports camp at Stanford University. And I never ever invited anyone to The PGCC or Blackhawk.

Being constantly exposed to two different socio-economic worlds, I didn't fit in anywhere and was an outcast.

Separately, gross behavior from people who think they have more than the next person is more commonly observed in new money. My family is proof.

My father's family has a prominent lineage that can be traced for centuries; I guess it's called old money. My father was the only one who lived outside of Japan and my brother and I would spend our summer/winter vacations with our grandparents. My day school friends and their families were exactly like my father's side: kind, well mannered, polite, gracious and classy from the inside out. You see, when born into wealth, there is nothing to prove. We are raised to assimilate and not stand out as much as possible. Yes, we do own nice things, but there is no need to flaunt. 

Growing up in the U.S. and Canada in a household that only spoke Japanese was embarrassing. Public outings with my father could be turned into a sitcom. He spoke broken English even after living in English speaking countries for 20+ years. I used to be mortified in public with him. His voice was loud. His English poor. Yet no matter how atrocious his grammar, pronunciation and vocabulary, he still talked to everyone in a pleasant manner. E v e r y o n e. 

At restaurants he frequented, from the valets, wait staff to busboys and the kitchen, the entire staff knew my father. The chefs would take my brother and me to the kitchen for special menus. (These were 5 star dining rooms.) When we drove through Half Moon Bay, my father would stop by his favorite farms and greet farmers working the fields. They only spoke Spanish and he spoke zero Spanish but somehow they were able to communicate. At his work, from security and maintenance staff to his assistants, colleagues and C-level execs,  people would smile and wave hello as he walked by. He took after my grandmother, who treated every single person the same: like they mattered.

Conversely, my mother grew up dirt poor. Frankly, she was a gold digger and married my father for stature, status, lifestyle and most importantly his wealth. She epitomized gross new money characteristics where she felt entitled because our family was more privileged than most. She was snooty, elitist and condescending to those she thought were beneath her; absolutely charming to those who were of equal or higher social statuses. Even as a child, I remember apologizing for her vile behavior and was embarrassed to be in public with her. 

Long story short, even if we had access to things a lot of people didn't, it still wasn't enough for my mother. On the outside, she was polished, elegant, sharp, witty and sustained her youthful looks. But she was a horrible wife, mother and housewife. She was miserable most of her adult life; making everyone around her even more miserable. I'm making her sound like a crappy person, but as an individual she was phenomenal. I - along with many - admired her. She was a born entrepreneur, extremely brilliant, creative but analytical, methodical, strategic and organized. 

When my parents finally divorced, she left my brother and me with our dad and succeeded career wise. So much so, she retired in her early 40s. After she attained what she thought was success, she was diagnosed with Stage IV cancer. She spent the days up until her death regretting almost all the choices she made and beat herself up day after day. One of her last journal entries included reflections on how unappreciative she was with the things in front of her, and finally realizing happiness does not lie within superficial matters a little too late.

Looking back, I am extremely grateful for my parents and my life. Don't get me wrong, my life was far from cakewalk but I obtained invaluable life lessons. My father, taught me my favorite quote: "A true measure of a man is how he treats someone who can do him no good." by actions, not words. My mother, taught me money cannot buy happiness. I am so fortunate to comprehend those simple yet complicated life lessons I still abide by. And just by remembering those two points, saved me from making vast mistakes in relationship, career and life choices. 

So what does it feel like to be rich? It's like everyone's life, no matter what your financial situation is, there are ups and downs. Different ups and downs, but ups and downs nonetheless. 

Hope this sheds some perspective. 

Oh. As for my father, the divorce (and my mother) basically destroyed him, and a series of events lead to my father being disowned. I have not spoken to him since I was 16... along with other misc. family drama. But that is a story for another day.

Monday, May 26, 2014

Business Strategy

Would like to know more of this

Foundations of Business Strategy
Learn how to analyze an organization's strategy and make recommendations to improve its value creation by building your strategist's toolkit.
In this course, we will explore the underlying theory and frameworks that provide the foundations of a successful business strategy.  We will develop your ability to think strategically by providing you the tools for conducting a strategic analysis. Strategic analysis is critical for analyzing the competitive context in which an organization operates and for making reasoned and reasonable recommendations for how that organization should position itself and what actions it should take to maximize value creation.  Aspiring managers, entrepreneurs, social entrepreneurs, analysts, and consultants all may find value in mastering these fundamentals.

Subtitles for all video lectures available: Portuguese (provided by the Lemann Foundation), English

Course Syllabus

Week One: We will introduce the concept of strategic analysis plus explore the impact that competitive markets have on business success.  Will include a case discussion of Google.

Week Two: We will explore how industry structure impacts competitive outcomes and learn how to analyze industry forces.  Will include a case discussion of the microbrew industry.
Week Three: We will learn how to analyze firm capabilities and how they may provide competitive advantage. Will include a case discussion of Apple. 

Week Four:  We will learn how to analyze competitive dynamics; the interplay between businesses as industries evolve. Will include a case discussion of the game player industry.
Week Five: We will combine our learnings to date to determine how an organization best positions itself competitively to create value.  Will include a case discussion of Piaggio.
Week Six: We will extend our analysis to consider how businesses compete in multiple markets and will learn how to analyze firm scope.  Will include a case discussion of Disney.

Recommended Background

No background is required; all are welcome!

Suggested Readings

We will be referencing readings in the book The Strategist's Toolkit, which was created specifically for this course by the instructor.   Course participants will be given complimentary access to select chapters from the book. You may purchase the book in its entirety from either or or Darden Business Publishing. The book is available in both print and electronic forms. 

Course Format

The class is divided into weekly modules.  Each weekly module consists of an introductory video, a reading from the strategist's toolkit, a series of video lectures, a quiz, and a case where will apply our toolkit to a business to illustrate points in the lectures.  The course will culminate in your submission of a strategic analysis of an organization of your choosing.  This will serve as your final exam.


  • Will I get a certificate after completing this class?
    Coursera will issue a Statement of Accomplishment if you meet the grading policy course requirements.
  • What resources will I need for this class?
    For this course, all you need is an Internet connection, copies of the cases (which will be provided for free), and the time to read, discuss, and analyze business strategy.
  • What is the coolest thing I'll learn if I take this class?
    The ability to think strategically about leading businesses as well as organizations that you may be involved. 
  • Corporate Finance

    This really piqued my interest, but it is 15 weeks long. Can I make it?

    Introduction to Finance
    This course will introduce you to frameworks and tools to measure value; both for corporate and personal assets. It will also help you in decision-making, again at both the corporate and personal levels.

    This course is primarily devoted to the fundamental principles of valuation. We will learn and apply the concepts of time value of money and risk to understand the major determinants of value creation. We will use both theory and real world examples to demonstrate how to value any asset.

    Subtitles for all video lectures available in: Chinese (provided by Yeeyan), English, Portuguese (Lemann Foundation), and Ukrainian (Pinchuk Foundation)

    Course Syllabus

    See the detailed Syllabus. Please note that based on feedback we have received following our first offering of the course, we have decided to extend the duration to fifteen weeks for this, and all subsequent offerings.

    Recommended Background

    This is a tough issue.  I do not believe in prerequisites, except for a sense of curiosity and an attitude. Having said that, exposure to economics (the mother discipline of finance), accounting (the language of business), and/or algebra and statistics (we all need it) will clearly help.  I will however try and cover everything starting with fundamentals and will highlight when there is a need for you to do some further work in specific subjects.  In fact, I hope the class will motivate you to learn more.  I believe that learning usually happens when you are motivated by a curiosity to understand something.

    Suggested Readings

    For information on the suggested readings, please see the detailed syllabus.

    Course Format

    The class will consist of videos, broken up into bite-size pieces with their lengths varying based on the topic. Almost every video segment will have opportunities for you to assess your knowledge. You are strongly encouraged to take every opportunity to work on the problems/examples before you view my analysis. There will also be standalone assignments every week that are not part of videos, and a (not optional) final exam. Doing the assignments is the way you will learn the material.


    • Will I get a certificate after completing this class?
      Yes. Students who successfully complete the class will receive a certificate signed by the instructor.
    • What resources will I need for this class?
      Please see detailed Syllabus and watch the recent video about the class.
    • What is the coolest thing I'll learn if I take this class?
      How finance is all about life.

    Saturday, May 24, 2014

    Grow to Greatness

    I want to take this course, but it is not available for the time being.

    Grow to Greatness: Smart Growth for Private Businesses, Part I

    This course focuses on the common growth challenges faced by existing private businesses when they attempt to grow substantially.
    Most entrepreneurship courses focus on how to start a business. Few focus on the next big entrepreneurial inflection point: how do you successfully grow an existing private business? This is the focus of this Course. It is based on the instructor's research and thirty years of real-world experience advising private growth companies. 

    This Course will challenge how you think about growth; give you tools to help you plan for growth, assess the preconditions to grow, and manage the risks of growth. You will study stories of how five different private businesses faced their growth challenges. 

    Growth, if not properly managed, can overwhelm a business, destroying value and in many cases even causing the business to fail. However, the research shows that every growth business faces common challenges. You can learn from others' experience—you do not have to "reinvent the wheel".

    The Course format is case based. Each case tells a compelling story. You will learn from Julie Allinson, Susan Fellers, Dave Lindsey, Parik Laxinarayan and Eric Barger. In addition, each week, we will discuss a different content theme. In Weeks and 2 and 5, you will engage in Workshops where you will be asked to use and apply the Course tools and concepts to create growth strategies for two different real-life businesses. You will have the opportunity to create a Course Community of fellow-students to learn from each other as the Course progresses. 

    You will learn about the: "3 Myths of Growth"; the "Truth About Growth";  why growth is like "Mother Nature"; the "Gas Pedal" approach to growth; the all important "4 Ps" of how to grow; and how to scale a business strategically.

    Week 1: The "Truth About Growth":The common beliefs that all growth is good; bigger is always better; and businesses must "grow or die" are not true. Growth can be good and growth can be bad. There is no scientific basis for the axiom "grow or die". It is a fiction. You will lean from Julie Allinson, the founder of Eyebobs, who has built a successful business selling stylish “reading glasses for the irreverent and slightly jaded.” Julie approached growth realistically and understood its value creation and destructive powers. You will learn how she faced manufacturing, sales, and people challenges while building a high growth business—a cool story.

    Week 2: Workshop—“Are You Ready for Growth?”:  Using the Growth Risks Assessment Tool from Week 1, you will meet and advise Susan Fellers, the founder of 3 Fellers Bakery. Susan started a business baking gluten-free products when she was diagnosed with celiac disease. Her start-up was successful, and she needs your help because she has had so many growth alternatives and she does not know which to pursue. You will be asked to create a growth plan for her. 

    Week 3: The 4 Ps of Growth—Planning, Prioritization, Processes and Pace:Using the Defender Direct story, we will learn to better manage the chaos of growth; find a business's strategic focus; how to choose which daily "fires" to put out first; how to create replicable processes—“leave a fire extinguisher behind"; and how to pace growth letting "up on the growth gas pedal". Dave Lindsey is our business builder this week, and you will trace his story from starting his business in his home to today being a national, privately owned home installation company generating well in excess of $300M (USD) in revenue with healthy profit numbers. 

    Week 4: The Four Ways To Grow a Business: This week you will learn about the different ways to grow—improvements, innovation, scaling, and strategic acquisitions—with a focus on growth boosters: how to get more customers and sell more products and/or services to existing customers more efficiently. Enchanting Travels, a travel company based in India, is our story this week. You will learn how they built the foundation of their business to scale their focused customer value proposition so they could grow geographically to Africa, South America, and Asia. The story presents a big decision for you: should they franchise their business?

    Week 5: Workshop—“Creating a Growth Plan": This week you will read about Eric Barger's challenge: how to take a business that has had little growth selling a commodity product and turn it into a high growth business. You will be asked to create a growth plan for Eric. And after doing that you will learn what Eric did to quadruple his business in three years. 

    The 1 percent

    Here are four things the 1% do, that you are not willing to and the reason why you will always stay part of the 99%.
    They take chances on themselves, they always have.
    While most people think of starting a business or bringing an idea to life as a risk, the 1% thinks not doing anything about it is the actual risk, not the failure associated with trying. You have to understand that there is no such thing as a golden idea, and that finding a special idea is not more likely to succeed than the next. You, and you alone, are the reason your idea will come to life and flourish or be killed by your audience. The chance you are taking is not on the idea but rather that you believe in yourself enough to see it through to the end. When I, myself, started Secret Entourage, the idea behind the movement was not a genius one, nor was it one that I was best fitted for since I knew nothing about the internet, but it was founded solely on the belief that regardless of how many times we failed, we would continue forward until we do. If you have followed us since day 1, then you are very familiar with how many times we changed and revamped Secret Entourage for it to become what it is currently. It wasn’t born out of genius, it was born out of belief and perspiration.
    They don’t have ideas, they work on their plans.
    While most of the 99% has or had a great idea at some point in their life, the 1% isn’t worried about sharing with the world their geniusness for coming up with an idea. As a matter of fact, you may not even know they are working on something or that they are the owners behind a brand or website until it starts to become very popular. Creating powerful plans and executing is why they are more likely to succeed from the 1% who shares their vision of what they could have or could have had since their great idea. The real difference is that their ideas are great stories to tell others, rather than a plan that is being worked on.
    They are not worried about what others have done, are doing or what others think.
    The 99% always needs re-enforcement and motivation to keep going, and even need to be reminded as to why they are the ones that will succeed. The 1% doesn’t worry about self-recognition or peer pressure, regardless that it is positive or negative.  Think about competition, and its impact on the 99%. While many would think the Five Guys franchise is a competitor to McDonalds, the founder of Five Guys never believed it to be and went ahead and started anyways. The difference lies in the belief, rather than the excuse. If you believe your brand enough, then you understand there is no competition to it on any level and you alone are your greatest competitor. The 99% gauge the possibilities based on what others have done, the 1% create possibilities based on their own belief.
    They understand the difference between having resources and being resourceful.
    While the 99% complain about not having enough capital to start or gain traction, the 1% finds a way with or without resources. You may be surprised to know that when you actually make a considerable amount of money, you are more cautious of spending it and many of today’s new businesses are founded on resources outside of money, before being injected with money. The excuse is not valid, it is a simply a deterrent the 99% use to never get started.
    Being part of the 1% requires you to do more than just understand the basics that makes us successful. It requires you to become a doer, a believer and very aware person, all of which are in your hands and not tied to having enough money or obligations. At the end of the day, you are the reason why you will never join the 1%

    Quiz Week 3

    Week Three quiz answers. I got 18 / 18. Lol.

    Question 2
    What knowledge do you possess that can contribute to serving a market need within your industry of interest? 

    The knowledge that I possess to contribute to serving a market needs are to explore ideas that align with my educational and/or work experiences.  To seek ideas that intersects my know-how, my interests, and my social capital. By considering new venture ideas that build on my existing knowledge, I can create favorable knowledge conditions for myself. I need to seek opportunities to build my knowledge of industries, markets, technologies etc. By partnering with co-founder/team members will bring complimentary knowledge and adds social capital for the venture.

    Question 3
    What are the demand conditions in the market need discussed in prior question? 

    Three aspects of customer demand conditions need to be examined. They are magnitude of customer demand, rate of growth of that demand, and heterogeneity of that demand across customer segments

    Question 4
    What is the lifecycle stage of industry and market that you are interested in entering? 

    Industry lifecycle examines the stages of development of an industry. They are young and emerging stage of industry, middle-aged, level, and predictable stage of industry, or old and declining stage of industry.

    Question 5
    What complimentary assets are most critical in the above industry and market of interest? 

    Complimentary assets involve tangible and intangible resources.  Tangible assets include money, equipment, real estate, etc.  Intangible assets include knowledge, relationships, etc.  Patents or brands may sit between the tangible and intangible categories.

    Question 7
    Discuss the five competitive forces that determine industry profitability. 

    There are five competitive forces that determine industry profitability. They are rivalry determinants, determinants of buyer power, determinants of supplier power, entry barriers, and determinants of substitution threat. Rivalry determinants include industry growth, fixed costs, products differences, brand identity, switching costs, concentration and balance, diversity of competitors, and exit barriers. Determinants of buyer power in bargaining leverage aspect includes buyer concentration, buyer volume, buyer switching costs relative to firm switching costs, buyer information, ability to backward integrate, and substitute products. Determinants of buyer power in price sensitivity aspect include price/total purchases, product differences, brand identity, impact on quality and performance, buyer profits and decision makers’ incentives. Determinants of supplier power includes differentiation of inputs, switching costs of suppliers and firms in the industry, presence of substitute inputs, supplier concentration, importance of volume to supplier, cost relative to total purchases in the industry and impact of inputs on cost or differentiation. Entry barriers include economies of scale, proprietary product differences, brand identity, switching costs, capital requirements, access to distribution, absolute cost advantages, learning curve, and access to necessary inputs, proprietary processes, government policies, and expected retaliation. Determinants of substitution threat include relative price performance of substitutes, switching costs, and buyer propensity to substitute.

    Wednesday, May 21, 2014


    Kuala Lumpur have a new airport
    The Kuala Lumpur International Airport 2, caters low-fare flights.



    Most probably I'm going solo again.
    My wife is asking for a divorce. Don't know where we went wrong. Didn't know where I went wrong.

    This is some serious obstacle.

    How I Found Success by Age 30

    I just recently turned the “Dirty 30,” which led me to contemplate a common question I get asked from college students after my speaking engagements: “How do I become a successful entrepreneur by the age of 30?” The answer I discovered is simple: Stop talking about it and do it. No excuses. No waiting. In fact, the sooner you start the better.

    I encourage all young entrepreneurs to follow their dreams, as there is no better time. Just think, when you come straight out of college, you have the motivation, fresh knowledge set and resources to make your ideas a reality. Take all the contacts and skills you gathered from school and channel them into a plan for your future.
    As we get older, we forget the valuable things we learned in school and often get sucked into a career that we originally had no interest in. Many push the dream of owning their own business in the back of their head and find it very difficult to leave the comfort of their secure job in pursuit of something they are passionate about. By the time they decide to make their dreams a reality, there is far more pressure and a much higher likelihood of long-term consequences.
    That said, young entrepreneurs can (and do) face consequences when deciding to go down the startup road. Debt may incur, added stress and the pressure to success are just a few things that could happen.

    Monday, May 19, 2014

    Week Three

    Already on Week Three now

    Welcome to week three of Developing Innovative Ideas for New Companies.

    In week two, we explored entrepreneurial mindset, entrepreneurial motivations, entrepreneurial behaviors, and risk taking in entrepreneurial decision-making. Along with the prior week's discussion of entrepreneurship, creativity, and innovation, these provide the building blocks for this week's focus on industry understanding. While week three officially begins today, you still have time to complete the prior videos and assignments.

    This week's lectures include:

    • Knowledge conditions 
    • Demand conditions 
    • Industry lifecycle 
    • Industry structure 
    • Competitive advantage 
    • Learning curve 
    • Complementary assets 
    • Reputation effects 

    Sunday, May 18, 2014

    Quiz Week 2

    I have to submit these today. I'm taking Developing Innovative Ideas for New Companies: The First Step in Entrepreneurship by Dr. James V. Green

    Question 5

    How would you define the "entrepreneurial mindset"? Be sure to discuss each of the five factors. Please respond in one to two paragraphs.

    Entrepreneurial mindset has five factors. They are; high need for achievement, individualism, locus of control focus, and optimism. Need for achievement is defined as having a preference for challenge, an acceptance of personal responsibility for outcomes, and a personal drive for accomplishment. Individualism means that entrepreneurs need less support or approval from others. High individualism is associated with an emphasis on individual initiative and achievement. Often results in entrepreneurs needing less support or approval from others.

    Control has two segments, which is autonomy and locus of control. Autonomy is an individual’s belief about their level of freedom from the influence of others. Locus of control is an individual’s belief that they can influence the environment in which they are found. People with higher levels of autonomy and an internal locus on control are more likely to discover an entrepreneurial opportunity. Internally-oriented locus of control people believed that they are able to influence their environment.

    Successful entrepreneurs are able to focus attention on a single task and see it through to completion. This leads selected individuals to react and to become successful entrepreneurs. While optimism enables entrepreneurs to try new things and attempt difficult tasks, optimism may also present negative impacts. Optimism leads entrepreneurs to frequently make judgements on subjective positive factors.

    Question 6

    We are interested in your personal perspectives on "entrepreneurial motivation". Discuss each of the three factors through which goal-directed behavior is initiated, energized and maintained as related to entrepreneurial strategic decision-making. Please respond in one to two paragraphs.

    Entrepreneurial motivation is having high self-efficacy in all task, having high cognitive motivation, Self-efficacy is defined as one’s belief in one’s ability to accomplish a specific task. Self-efficacy differs as it is task dependent. For example my self-efficacy is low in selling in an audience because I fear public speaking. In improving one’s self-efficacy, there different approaches, namely; increasing mastery, having a role model/observing, verbal encouragement from trusted sources like a coach or mentor, and exhibiting a positive mood and high energy.

    Cognition is the process of thought. Individuals exhibiting a high need for cognition tend to seek, acquire, think, and reflect on relevant information. In other words their brain is active in thinking for solutions all the time. Tolerance for ambiguity is defined as the tendency to perceive ambiguous situations as desirable rather than threatening. Entrepreneurs make complex decisions in ambiguous situations and desire them. It is a necessary factor for entrepreneurs based on dynamic nature of markets and competition.

    Question 7

    In considering the role of "risk" in entrepreneurial decision-making, why do entrepreneurs accept risks that traditional managers may avoid? Please respond in one paragraph.

    Entrepreneurs engage in risk that traditional managers may avoid because they have intuition, have individualistic view, have high tolerance for ambiguity and high confidence in skills, knowledge, and expertise. Entrepreneurs mitigate risk based on intuition which is improved through past experiences. They have individualistic view complemented by relationships and team orientation. They have high tolerance for ambiguity based on comfort with making difficult choices with in complement information in the past. And lastly they have high confidence in skills, knowledge, and expertise enhanced based on past success.

    Entrepreneurs engage in risk that traditional managers may avoid because they lack in necessary information in a situation needing prompt decision. They develop an inside view of the decisions they face. They also ignore elements of past situations. And they favor positive possible outcomes over negative outcomes. Entrepreneurs assess real risk and improve decision-making by using the following keys. They apply multiple perspectives to a decision situation, they integrate these perspectives into the decision, they use a complex cognitive framework regarding a decision situation, and they have broader and deeper view of the decision at hand which may result in a more accurate assessment of risk.

    Question 8

    How can you improve your confidence level and risk tolerance? Please respond in one paragraph.

    Entrepreneurs need to improve their confidence level and risk tolerance. It is important for entrepreneurs to believe in themselves and their abilities, balanced by the reality of the tasks at hand. It may require them to go against the norm, and against popular opinion and advice of friends and family. They need to address their self-doubts. Entrepreneurs also need to addresses their willingness to accept risk, perceive risk differently, consider the risk-reward balance, and their potential to return to the status quo.

    Question 9

    How can you increase your comfort level with making strategic decisions quickly, with limited information and high consequences? Please respond in one paragraph.

    Entrepreneurs assess real risk and improve decision-making by using the following keys. They apply multiple perspectives to a decision situation, they integrate these perspectives into the decision, they use a complex cognitive framework regarding a decision situation, and they have broader and deeper view of the decision at hand which may result in a more accurate assessment of risk.

    Update: I got a score of 10.38 out of 12.00