The document discusses entrepreneurial thinking and behavior. It contrasts entrepreneurial thinking, which is focused on action, experimentation, and embracing failure, with managerial thinking which emphasizes extensive planning, known outcomes, and avoiding failure. Entrepreneurial thinking follows an iterative process of starting small with available resources and using what is learned to build upon opportunities in an uncertain environment. The conclusion advocates treating uncertainties like mysteries to be solved through action rather than puzzles with known solutions.
12. Now more than ever, the world needs
entrepreneurs of all kinds
who think and act entrepreneurially—
who can transform
opportunity into reality, and
create social and economic
value for themselves and for others.
13. Behavior
Results
& Actions
Behavior of entrepreneurs often
looks idiosyncratic and contradictory
Behavior
Thinking Results
& Actions
There is strong consistency
in how serial entrepreneurs think.
And it largely explains
their unconventional behavior.
15. Story vs. Maze
Working through a maze Creating a story
Managerial Thinking Entrepreneurial Thinking
16. ► The end goal is quickly
established & definable.
► Resource needs known
► Typically spend some time
planning
► Analyzing different paths
► Execute the plan
► Goal achieved
► Move on to next maze
18. ► Story emerged
► Didn’t really know how to
start
► Only choice was to act
► Every person added
something new and
unplanned
► Built the story together
► Structure emerged over
time
► Surprises? Direction
changes?
► Action oriented
19. Story vs. Maze
Working through a maze Creating a story
Managerial Thinking Entrepreneurial Thinking
20. PREDICTION/ CREATION/
MANAGERIAL ENTREPRENEURIAL
Big planning Small actions
Wait until you get what you need Starting with what you have
Expected Return Affordable loss
Linear Iterative
Optimization Experimentation
Avoid failure at all costs Embrace & leverage failure
Competitive Collaborative
Knowable Unknowable
To the extent we can predict the future, To the extent we can create the future,
we can control it. we don’t need to predict it
22. Puzzles may be more satisfying, but the
world increasingly offers us mysteries.
Treating them as puzzles is like trying to
solve the unsolvable – an impossible
challenge.
But approaching them as mysteries may
make us more comfortable with the
uncertainties of our age.
Greg Treverton
Director of the RAND Center for Global Risk and Security
23. The Method of Entrepreneurial Thought & Action ®
Intriguing area,
attractive partners
Sufficient to
get started
Clear, sharply
Start with defined, robust plan
means at hand
“Pay” only what Build on
you can afford
to lose (Acceptable Loss)
ACT What you
learn
Enroll others to
join your journey
ACT. LEARN. BUILD.
Source: Schlesinger et al., (2012) Just Start. HBS Press.
24. When do you stop?
Continue until:
• You don’t want it, and/or
• You exceed your Acceptable
Loss, and/or
• You prove to yourself it cannot
be done.
Source: Saras Sarasvathy
Editor's Notes
What’s the purpose? What is the output of entrepreneurship education? It’s my opinion that we’ve been teaching entrepreneurship based on a perpetuated myth of what entrepreneurship is. Because we tend to be the quiet ones
