What is design thinking?

Design thinking is a non-linear, iterative process that teams use to understand users, challenge assumptions, redefine problems and create innovative solutions to prototype and test. Involving five phases—Empathize, Define, Ideate, Prototype and Test—it is most useful to tackle problems that are ill-defined or unknown.

How has design thinking influenced a product I use?

Airbnb was founded in 2008, homestays weren’t as common as they are today. In the company’s early days, people weren’t booking rooms, and revenue wasn’t increasing beyond $200 per week. Airbnb is now a multibillion dollar online platform for lodging and accomodations, but it was a moment of learning about their users that the founders saw as a turning point in getting the company to where it is today.

The early Airbnb team believed that people were hesitant to book through the platform because photos of listings were low resolution and didn’t effectively show users where they would be staying. As a result, they traveled to New York to spend time with hosts and help them take high quality photos, and revenue doubled. According to Joe Gebbia, the designer of the group, that instance of meeting their users changed the trajectory of the business. Today, Airbnb continues to encourage its employees to test ideas and understand the people who use their platform.

What are the connections between opportunities and planning?

Failing with planning can lead to a decline in opportunities or none at all. Not only does planning lead to better opportunities but the planning process alone has other benefits as well to entrepreneurship. Planning can lead to better legitimacy and access to more resources in the long run. Planning can also “transform their internal views.” Planning can help the entrepreneur can a better perspective on what is to come. Overall, when it comes to planning and opportunities there is a balance. Without one there is not the other. Planning is a great skill to have in life.

What opportunities have I missed?

Its not the opportunities that I’ve missed. I don’t see it like that. My out view on missed opportunities are very different than others. I feel that every opportunity taken puts you step closer to your goal. Whether good or bad. So, in my opinion I haven’t missed out on any opportunity!

Can a successful venture be unethical?

Whenever you think about the behavior you expect of yourself, in both your professional and personal life, you are engaging in a philosophical dialogue with yourself to establish the standards of behavior you choose to uphold—that is, your ethics. You may decide you should always tell the truth to family, friends, customers, clients, and stakeholders, and if that is not possible, you should have very good reasons why you cannot. You may also choose never to defraud or mislead your business partners. You may decide, as well, that while you are pursuing profit in your business, you will not require that all the money earned comes your way. Instead, there might be sufficient profits to distribute a portion of them to other stakeholders in addition to yourself—for example, those who are important because they have helped you or are affected one way or another by your business. This group of stakeholders might include employees (profit sharing), shareholders (dividends), the local community (time), and social causes or charities (donations).

Being successful as an entrepreneur may therefore consist of much more than simply making money and growing a venture. Success may also mean treating employees, customers, and the community at large with honesty and respect. Success may come from the sense of pride felt when engaging in honest transactions—not just because the law demands it, but because we demand it of ourselves. Success may lie in knowing the profit we make does not come from shortchanging others. Thus, business ethics guides the conduct by which entrepreneurs and their companies abide by the law and respect the rights of their stakeholders, particularly their customers, clients, employees, and the surrounding community and environment.