Though most everyone agrees on what the basic components of an entrepreneurial ecosystem are, it is a myth that simply having those components will result in game-changing innovation.
For example, think about Silicon Valley, the use case for all innovation ecosystems; why and how does it sustain innovation? Sure, culture is one component. But, what distinct behaviors drive that? I believe the most important one is a “paying it forward” attitude. …
Why do startups like AirBnB, Uber, Space X succeed while other fail? Is it the team? Funding? Timing? Idea? Business model?
You, and most people, will think it’s all about the idea, the team and execution. It’s neither. According to serial entrepreneur Bill Gross, it’s all about timing.…
40% of today’s Fortune 500 companies will be gone in ten years:…
in Innovation
With the inevitable rise of entrepreneurship and startups driving customer innovation, incumbent companies have begun adopting some of their techniques to either catch up or really stimulate transformation within the enterprise.
A recent report by BPI Network called “Start-Up Innovation: Inspiring Business Transformation,” examines the impact of digital disruption on global enterprises and markets.
The research report is based on an online survey of more than 250 enterprise business leaders and innovators across North America, Europe and Asia.
As we continue discussing The Future for Youth, we’ve come up with some interesting ideas about what that looks like. One of the key ideas that has come up again and again is that parents should raise entrepreneurial children with the aim that everyone is and should be an entrepreneur.
Should we teach young people to be entrepreneurs? …
Want to know what customers want? Ask them, but don’t believe them; rather observe them in their environment.
It’s the best way because potential customers can answer this question better than any self-proclaimed marketing experts can with their fancy reports, focus groups and all.
It’s the worst because customers don’t really know what they want. They know what their problems are, what they like, and what they don’t need. But they don’t know what you can develop for them that they really want. Don’t believe them if they tell you; they have less imagination than you do.…
During our discussion about The Future for Youth, one of the main points we touched on was “risk aversion”. And though we see a trend towards more entrepreneurs, the truth is many of them are not entrepreneurs.
Why?
Because most entrepreneurs fail and leave it at that. But real entrepreneurs view failure as a prerequisite for learning; that’s the difference.…