How to Become a Successful Entrepreneur

Topics: Innovation, Creativity, Entrepreneurship Pages: 15 (5830 words) Published: December 18, 2013


Table of Contents

Introduction
Generally people think that an entrepreneur is a visionary, somebody with great ideas who is eager to take huge risks. However having a radical innovation from the nothing is overwhelming but very rare. To be successful, it is essential to think differently from the casual thinkers. The aim of this paper is to show how we, a study group of five students could come up with an idea in an entrepreneurial way and go through an elaboration process toward the realization using the theoretical frameworks. In the first part I will describe how my group went through the idea generating process and found the idea of the CPH Bike SOS with the help of the Design Thinking Method. Our multilateral service invention has three pillars, each of them with the aim to answer the question: Where can we get help if we have any problem with our bike when the shops are closed? Living in Copenhagen, we have realized that there is a market gap on the service market of the bike shops. On the other hand, looking at the market segment, we are sure, that there is an unsatisfied need. The second part of the paper will focus on the theoretical framework of the idea. I will define the type of our innovation, after which I will decide about the type of the firm we should start to realize the idea, and then the focus will move to the needed resources and collaborations we need to get the idea off to the market. At the end of my work, I will take a glance on what kind of the type of possibilities we have to be successful in the future and how to develop the idea further. Generating ideas

In this chapter I would like to describe our process of generating the idea. It is a really important part of the task we were working on, since it explains how our group went through a progress from the casual reasoning to the effectual reasoning and so thinking on a more entrepreneurial way. In my team we are five girls, each of us are foreigners here in Denmark, and we have quite different backgrounds. We had some difficulties to find a creative idea to work on. On one hand the problem was the fact that we did not know each other before, so there was an initial phase of trust-building. We had to familiarize with the situation to debate on each other’s ideas. On the other hand, we realised that when we had an idea which was a direct solution to some problems and so just the final step of an entire process. So we started the process again and again to get back to thinking “out of the box”. As point of departure we used the method implemented by IDEO. (Figure 1) :

Figure : Design Thinking Model of IDEO (Source of Image)

Inspiration - What is the problem?
In the inspiration phase, we wanted to find as many ideas as we could, to have a wider range. As mentioned, we did not know each other, and we did not know what could be the common interests, experience or problems. We used the “Bird In The Hand” Principle to look into the facts what we have right there. As Sarasvathy sums it up, instead of having one solution and finding the way to reach it, we should take a step back and define the means which can lead us to a good opportunity. So the first step was defining the framework in which we are searching for possibilities with the following three questions: “Who are we?”

We started to look through the features which describe us and so along which we can find some problems we all have in common. As long as we are all foreigners, our biggest issues are around living without the familiar things that we were surrounded by every day and getting used to a new way of living. We live here without our families, we had to arrange housing for ourselves, we are getting accustomed to biking every day. On the other hand we are students, spending time on studying, we all have a limited budget, then we are all girls who love fashion, we cook for ourselves, do groceries, we listen to music and go out, etc. Without knowing each other...

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