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ENT 526 (84)
Sean Wise (51)

Week 1-2

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Entrepreneurship and Strategy
ENT 526
Sean Wise

Week 1-2 - Scalability: Function that describes its capability to cope and perform under an increased or expanding workload. - Adversity Quotient: The measurement of how much resilience you have. i.e. when your business fails it takes a good adversity quotient to pick yourself back up. - Survivorship Bias: When someone is exposed to too many successful business that they will be bias with the success of their own business. - 10x Rule: a suboptimal solution so great that it shifts 10x the equilibrium. (10x better product) I.E. garage sale  ebay. - Suboptimal Solution: A product in the market that is lower than the optimal equilibrium i.e. garage sale. - Creative Destruction: - Social Entrepreneurship: A entrepreneur who innovates solution to social problems. - Definitions of an Entrepreneur o Is one who shifts economics resources out of an area of lower and into an area of higher productivity. o An agent of change who exploits opportunity o A special innate ability to sense and act on opportunity. o Out of the box thinking with the determination to bring something new into the world that has an exponential increase away from the suboptimal solution. - Martin’s 3 Elements for Entrepreneurship: 1. Suboptimal Solution 2. Person brings a. Inspiration, creativity, direct action, courage and fortitude 3. Results in a 10x shift in the equilibrium shifting the entire market - Profiling the Entrepreneur: A desire to achieve... o Hard work o Acceptance of responsibility o Optimism – looking at the bright side of things o
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