Discussion 1: Introduction to Entrepreneurship

This weeks discussion will address your understanding of entrepreneurship and how we define success. Students can explore what abilities they have that may make them good candidates to be an entrepreneur in the future.

According to Firestone Tire & Rubber Co. founder Harvey Firestone, “What is important is ideas. If you have ideas, you have the main asset you need, and there isn’t any limit to what you can do with your business and your life.” 

Discussion topic questions to consider (you do not have to answer each question…these are only examples of what you could discuss):

• How do you define success?
• Do you think you can be an entrepreneur?
• What abilities and skills do you have that would make you a successful entrepreneur?
• Do you consider yourself innovative?

How do you define success?

I would define success as accomplishing a goal or task that you set out to reach. I think there are different levels of success as well as different types. For instance, success can be looked at over a long period of time or over a short period of time. You could be successful in a certain trade, task, or expertise but not in another area. I see success as being able to accomplish goals I have set out for myself as well as maintaining them over time. 
Do you think you can be an entrepreneur?

I don’t think I could be an entrepreneur. To be an entrepreneur you have to be able to manage risk and be okay with risking things. I am not a risky person and would rather not risk putting effort towards something that may not turn out how I want it to. I’m also not the most creative person which limits my ability to solve problems that an entrepreneur may come across. 
What abilities and skills do you have that would make you a successful entrepreneur?

Some abilities that I have that could make me a successful entrepreneur are curiosity, adaptability, and long-term focus. I am a curious person and like to understand things that I don’t initially understand. Always trying to further my understanding or knowledge on certain topics that I find interesting. This could benefit me if I find an area I would want to pursue. I would say that I am an adaptable person and able to fit myself in where I best fit. Being able to find a place that is best suited for my abilities. When it comes to goals I often look at the big picture and the overarching goal making sure that I can accomplish it. 
Do you consider yourself innovative?

I don’t find myself to be the most innovative person. I typically try to follow the path that has already been set. When it comes to a work environment I typically stick to how things have always been done unless I can find a better way. I find using already set-out methods to be safer and more predictable. 

Discussion 2: The Entrepreneurial Mindset and Dealing with Failure

This weeks discussion should focus on how entrepreneurs think and adapt while overcoming failure. 

“I have not failed. I’ve just found 10,000 ways that won’t work.”–Thomas Edison

Discussion topic questions to consider (you do not have to answer each question…these are only examples of what you could discuss):

• What role does risk-taking play in the entrepreneurial mindset?
• In your opinion, is the entrepreneurial mindset something innate or can it be developed over time? Why?
• Do you believe that failure is an essential part of the entrepreneurial journey? Why or why not?
• How do you del with failure?

Do you believe that failure is an essential part of the entrepreneurial journey? Why or why not?

In my opinion, failure is a part of an entrepreneurial journey. When someone decides to pursue an entrepreneurial idea it often comes with many levels of failure. It is unlikely and hard to accomplish an idea without some form of failure along the way. Trying to create something or start from scratch is a complex situation. Usually, people are inexperienced in many categories or nuances that are needed to be an entrepreneur. These skills are what someone ends up gaining over time once they have begun their journey. Over time these failures allow an entrepreneur to flesh out their idea further. If someone never fails or runs into issues then it could come back to bite them later down the road. I think it is better to fail along the way since it allows you to solve the issues. Overall, failing gives someone the opportunity to grow and learn. If someone doesn’t fail then they won’t be able to better their idea. 

In your opinion, is the entrepreneurial mindset something innate, or can it be developed over time? Why?

I think that everyone can develop an entrepreneurial mindset. With that, I do believe that some people will have innate skills or have a mindset that better lends to an entrepreneurial mindset than others. Just like everyone has hobbies and skills they are good at seemingly without trying others may have that when it comes to being an entrepreneur. This may make it easier for some people to adapt to an entrepreneur mindset while others have to take more time to develop the mindset needed to be an entrepreneur. 

Discussion 3: Design Thinking and Innovation

These questions can serve as a starting point for a comprehensive discussion on design thinking and innovation, covering various aspects of the process and its impact on organizations and society.

Discussion topic questions to consider (you do not have to answer each question…these are only examples of what you could discuss):

• What is design thinking, and how does it differ from traditional problem-solving approaches?
• Can you share a personal experience where a product or service was significantly improved through a user-centric design approach?
• Why is empathy considered a crucial element in design thinking?
• How might advancements in technology influence the way we approach design and innovation in the future?

Why is empathy considered a crucial element in design thinking?

Empathy is a crucial step in a design process because it ensures that the product will be user-centric. Having a user-centric design process makes sure that the product will aid people. This can be by either solving an issue they have or by making people’s lives easier. Empathy will also allow an entrepreneur to understand the market or people they are trying to create for. Allowing entrepreneurs to create products or services that will have a bigger impact. 

How might advancements in technology influence the way we approach design and innovation in the future?

Advancements in technology have influenced the design process in many ways. Technology changes every year offering new and innovative ways to address problems. New technology can make it easier to plan out ideas or even generate ideas. One major technological advancement that has been used in the last year is AI and machine learning. AI has made the design process easier because it can generate images and collect useful information. AI can gather useful information that can make the decision process more efficient. Virtual reality or augmented reality is another useful technological advancement that can be used to improve the design process. It can allow someone to visualize a product or design in a virtual setting. This can make it easier to change ideas or designs since you don’t have to create them with real materials. 

Discussion 4: The Entrepreneurial Process and Identifying Opportunity

The Entrepreneurial Process and Identifying Opportunities can be difficult. This weeks discussion will provide you with an chance to evaluate the best methods of achieving both. 

Discussion topic questions to consider (you do not have to answer each question…these are only examples of what you could discuss):

• How do entrepreneurs identify and evaluate potential opportunities in the market?
• What is the entrepreneurial process, and why is it important for aspiring entrepreneurs to understand it?
• Discuss the role of creativity and innovation in identifying entrepreneurial opportunities?
• What challenges do entrepreneurs face in the initial stages of opportunity identification, and how can they overcome these challenges?
• Feel free to discuss the reading Zero to One.

How do entrepreneurs identify and evaluate potential opportunities in the market?

While it can be hard to evaluate the market and find opportunities there are ways to help someone identify available opportunities. Doing market research is a major step in attempting to identify markets in which you could build a business. See if the market is overcrowded with a certain type of business or service to determine if there is a lot of competition. This could also inform someone if there is a niche that hasn’t been covered yet. Additionally, look at market trends and see if there could be a trend that you could get into before it gets overcrowded with competitors. Trying to address problems that haven’t been solved ahead of time. For instance, during COVID-19 could have made a business that made custom masks or hand sanitizer holders. 

What challenges do entrepreneurs face in the initial stages of opportunity identification, and how can they overcome these challenges?

One challenge that entrepreneurs face is the fear of starting or picking an industry to be in. They may be unsure of how things will go or if they know enough to be successful. Being new to the entrepreneur world would also make it hard to know where to start or how to start. The best way to overcome these concerns is to do research in the area of business you are going into. Talking to other successful entrepreneurs about their journey or speaking to companies within the field could help. Providing useful information about if this area of business is worth going into. 

Discussion 5: Developing Business Ideas

Developing business ideas is essential to becoming a successful Entrepreneur. In this weeks discussion students will share the importance of the creative process and how customer needs impact an idea. 

Discussion topic questions to consider (you do not have to answer each question…these are only examples of what you could discuss):

• What factors do you think are crucial when brainstorming and generating business ideas?
• What is the importance of understanding customer needs in the process of developing a business idea?
• How do technological advancements impact the creation of new business ideas? 
• Can collaboration and networking contribute to the development of innovative business concepts?

How do technological advancements impact the creation of new business ideas? 

Technological advancements impact the creation of new business ideas because they may open up new business areas. When a new groundbreaking technological advancement occurs no one has capitalized on it therefore you could be one of the first to the market. Additionally, it offers the ability to test, generate, or alter business ideas in a more efficient manner. New technology could have a negative effect in that it makes their product not necessary to have. An example of this is the number of companies that have failed due to not keeping up with the times and innovating over the years. 

What is the importance of understanding customer needs in the process of developing a business idea?

It is important to understand customer needs in the process of developing business ideas because it makes a product that customers will value. If customers value the product or feel that they are being treated fairly they are likely to support the business in the future. This prevents customers from switching to other businesses or companies that make similar products. People are the ones that are going to be buying the product an entrepreneur creates therefore they should be the most important factor to consider. If no one supports the business then it can’t succeed. People are more likely to spend their money on products they feel make life easier or add value to their lives. 

Discussion 6: Social Innovation and Entrepreneurship

This weeks discussion will address the need for Social Innovation and Entrepreneurship to create solutions for society’s most pressing social and environmental issue. 

“If you have always done it that way, it is probably wrong.”–Charles Kettering

Discussion topic questions to consider (you do not have to answer each question…these are only examples of what you could discuss):

• How would you define social innovation? Is it necessary? 
• What do you think are some common challenges faced by social entrepreneurs?
• How can social entrepreneurs ensure that their initiatives create positive and sustainable change?
• Are there ethical considerations that social entrepreneurs should take into account in their work?

1. How can social entrepreneurs ensure that their initiatives create positive and sustainable change? The best way to ensure that an entrepreneur’s efforts create positive and sustainable change is to focus on the impact it will have. If the problem that is trying to be solved by the entrepreneur is large enough then people already want solutions for it. Creating a solution to the problem could solve many issues for people depending on the situation. For the change to be sustainable it has to be able to be replicated efficiently and effectively. If the solution is not thought out or has a strenuous process to implement it may not be as effective in solving a problem. Reducing its impact at a large scale change. 
2. Are there ethical considerations that social entrepreneurs should take into account in their work? It is important to consider the ethical implications that arise when implementing new processes or products. By considering the potential side effects or ramifications of a new product or process it could prevent situations that would negatively impact society. Additionally, companies have to consider how people will interact with their product aside from its intended uses. One major thing that should be considered is its long-term effect on society. 

Discussion 7: Essential Entrepreneurial Skills

This weeks discussion can serve as a starting point for exploring the skills crucial for entrepreneurs and how they contribute to the success of their ventures.

“The way to get started is to quit talking and begin doing.” – Walt Disney

Discussion topic questions to consider (you do not have to answer each question…these are only examples of what you could discuss):

• Why is problem-solving an essential skill for entrepreneurs?
• Why is adaptability considered a crucial skill for entrepreneurs?
• Why is resilience considered a key attribute for entrepreneurs?
• How important is building a strong professional network for entrepreneurs?
• Why is financial literacy crucial for entrepreneurs?

Why is resilience considered a key attribute for entrepreneurs?

Resilience is a key attribute that entrepreneurs must have otherwise they will likely give up on their plans. Being an entrepreneur is not an easy task and often it comes with its upsets or failures. In order to combat this you have to be a resilient person who can push through the failures. Someone who gives up after they fail once or has things go wrong won’t be able to succeed at being an entrepreneur. Finding the motivation despite the shortcomings can help someone better their product or service. Additionally, being an entrepreneur is stressful due to all the things that have to be managed and accounted for. This requires someone to find the wherewithal to manage all aspects of their product without giving up due to shortcomings.

Why is adaptability considered a crucial skill for entrepreneurs?

Being an adaptable person will result in a better product or service. If you can’t adapt to the surrounding market or adapt to how things are being done in the field you enter it can lead to your company falling behind. It is uncommon for things to remain constant within society and failing to address it can hinder a business. Paying attention to how society’s needs change can allow a company to get ahead of other companies by being the first to address the new changes. 

Discussion 8: Marketing Strategies for Start-Ups/Funding and Financing

This weeks discussion will be an opportunity to share your ideas from the Individual Idea assignment. The purpose of this discussion is to share information and provide praise or constructive criticism when appropriate. An important skill for entrepreneurs to have is being able to effectively communicate their ideas to others. This is a great opportunity to practice that skill. For the discussion include the following:

• Your business idea.
• The problem your solving.
• Your thought process as you came up with the idea (any influences or inspirations).
• Why you think it can be successful.
• You can also discuss any of the readings or videos from the week as well. 

Out of the three business ideas I thought up the best one I came up with was a trashcan cleaning service. This business would essentially go around and clean trashcans that have become dirty over time. This would allow people to hire a professional to clean their trashcans preventing them from having to do it themselves. Cleaning the inside of a trashcan seems like an odd concept but may have to be done for various reasons. I came across this idea after seeing a video about someone who had started a trashcan cleaning service. They had a truck similar to a dump truck but the arm would pick the trashcan up to be pressure washed. While this is efficient and can allow for someone to clean more bins this isn’t necessary in the beginning. Starting out one person could go around with a pressure washer doing it by hand. Over time it can be scaled up to the point that a truck would be needed. I think this business would be successful because there aren’t many businesses like it in the area where I live. This prevents the issue of entering a competitive environment. The business would be a subscription-type service with varying options allowing customers to pick how often they want the bins washed. Having a subscription-based format would incentivize customers to subscribe for cheaper prices. 

Discussion 9: Legal and Ethical Considerations in Entrepreneurship

This weeks discussion explores the important topics of Legal and Ethical Considerations in Entrepreneurship. It is critical to understand these concepts in order to avoid future issues that would hinder the development and advancement of a business.

“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” – Warren Buffett

Discussion topic questions to consider (you do not have to answer each question…these are only examples of what you could discuss):

• What are the consequences of neglecting your legal obligations as an entrepreneur?
• In what ways can ethical considerations positively impact business success?
• What ethical practices can enhance customer trust and loyalty?
• In what situations might entrepreneurs face ethical challenges related to competition?
• How do cultural differences impact ethical considerations for entrepreneurs operating globally?

1. In what situations might entrepreneurs face ethical challenges related to competition? When operating a business it may be tempting to cut corners or do unethical things to get ahead of competitors. It can be hard to stay at the top or break into a market when there are competitors in the same space. This can create a situation where it could seem beneficial to act unethically to be more successful. This could lead to a company acting unethically to keep up or get an advantage over competitors. While this may have an upside in the current moment it often will have negative consequences once the public finds out. 
2. In what ways can ethical considerations positively impact business success? Companies that operate in good standing when it comes to their ethical standards are likely to notice positive impacts over time. Customers are more likely to be repeat customers if a company adheres to proper ethical standards. It creates a relationship where the customers feel respected and therefore aren’t worried that the company is taking advantage of them. When companies act in an unethical way it tends to come to light over time resulting in the company losing its reputation. Customers are likely to want to spend their money with companies they feel are acting how they would act. Essentially companies should follow the golden tule of treating people how you want to be treated. 

Discussion 10: Artificial Intelligence and Post-Covid Entrepreneurship

This weeks discussion addresses the role of Artificial Intelligence and Entrepreneurship in a Post-Covid World. 

“I’m increasingly inclined to think that there should be some regulatory oversight, maybe at the national and international level, just to make sure that we don’t do something very foolish. I mean with artificial intelligence we’re summoning the demon.”–Elon Musk

Discussion topic questions to consider (you do not have to answer each question…these are only examples of what you could discuss):

• Are there potential risks associated with AI adoption, and how can entrepreneurs mitigate them?
• How has the role of artificial intelligence evolved in the Post-Covid era for entrepreneurs?
• How can entrepreneurs foster a collaborative environment between their teams and AI technologies?
• How can AI technologies enhance the customer experience?
• In light of increased AI adoption, what skills do entrepreneurs need to develop or acquire to succeed in the post-COVID business landscape?

How can AI technologies enhance the customer experience?

AI technologies can allow customer support to be available 24/7. This would enhance the customers experience since they have the option to get help at all times. No longer having to wait until a person is available or for work hours. Additionally, AI technologies can support customers in finding, operating, or solving issues that doesn’t require a person. Entrepreneurs can also utilize AI to their own benefits to understand the market or customers better. Improving their product or service as a result of utilizing AI. 

In light of increased AI adoption, what skills do entrepreneurs need to develop or acquire to succeed in the post-COVID business landscape?

In a post-COVID business landscape skills that entrepreneurs need to develop or acquire are the ability to adapt and integrate new technologies. COVID brought forth a change in how society functioned and operating. This required business to figure out how to operate in a remote manner. Business had to figure out how to be successful utilizing the internet and remote services. Additionally, this drove companies to allowing employee to work from home. Entrepreneurs will have to be able to integrate new technologies to keep up with the times. At the same time integrating AI or other new technologies will improve user satisfaction.