Response paper - Fundamentals of Innovation & Entrepreneurship
jadesmith
Asssessment3GED140.pptxGed 140 Assessment 3
Deadline: 12th December 2019 at 6pm
Individual Report
Must contain the 2 x GET2TEST results and the Information sheet completed and submitted to the tutor and on Moodle. – USE THE COVER PAGE ON MOODLE
Individual Elevator Pitch (Video recorded)
Report
How entrepreneurship and innovation could play a role in you personal and career paths.
The innovative and entrepreneurial process (design thinking)
Applicable to your life
Applicable to create a company.
The goal of the assignment:
Help you identify where you would like to be
and how you plan to get there.
Step1: Vision & Opportunity
What are your goals (career and/or educational) after you leave your university?
What is your vision, your values and your mission?
Vision: the long-term destiny of the [Individual].
Mission: a formal summary of the aims and values of an [Individual].
a description of the course of action to implement the vision.
Values: WHAT ARE YOUR UNIQUE BENEFITS?
List the 3 questions that guide your choices.
Essential questions to direct your life and work.
Example: How can I have impact? What do I love? What do I fear? What engages my passions? How do I want to be remembered?
The answers to these questions may well change over time, but when the questions are fundamental they tend to last a lifetime
Step 2: Marketing and Implementation Strategy
Create your market positioning statement (about YOURSELF). This may be directed at a hypothetical employer, industry, organization, or the world at large.
What compelling value will you offer to your employers and society?
How will you differentiate from other UAE students? How about from the broader population?
Make a Positioning statement
Positioning statement
For (target customer)
Who (statement of need or opportunity)
(product name) is a (product category)
That (statement of benefit)
Differentiation
Unlike (primary competitive alternative)
Our product (statement of primary differentiation)
Make a position map (to modify to apply to yourself and your future)
A product positioning map shows the product characteristics in relation to its competitors.
Draw an axis with 2 characteristics (then low and high)
Step 3: Risk and Mitigation
What are the key milestones and checkpoints in your plan?
Your plan: What are your goals (career and/or educational) after you leave your university?
Milestone: a significant stage or event in the development of something.
How will you measure/determine if you have successfully attained these milestones? How do you define success?
What external factors might affect (positively or negatively) your attaining success?
Management process for developing a strategy (to modify to apply to yourself and your future)
Describe the [Individual]’s core competencies.
Describe the industry and context for the [Individual] and its competitors.
Determine the [Individual]’s strengths and weaknesses in the context of the industry and environment.
Describe the opportunities and threats for the [Individual]
Identify the key factors for success.
Formulate strategic options and select the appropriate strategy.
Share one failure experience from your past.
Tell me what you have learned from it.
How will it help you in the future?
Step 4: Entrepreneurial Ethics, Personal “Board of Directors” and 6-Words Summary
How do you plan to practice ethical principles in your daily actions?
If you could assemble any 3 people to advise and mentor you, who would they be?
They may be alive or dead, family or world leaders, friends or strangers.
Why would you choose each?
Is it their wisdom, their accomplishments, their words, their creativity, their character, their heroic deeds…?
Summarize your project in 6 words (e.g., humanist, engineer, global citizen, caring teacher”).
Elevator Pitch: Video
A short (2 minute) version of the new venture story.
Be as creative as you want/can for your storytelling!
Goal: Get approval to proceed to the next step, where the entrepreneur can tell the longer version of the story and secure new colleagues, allies, and investors.
Introduction
Vision & mission (about YOU)
What would be my benefits if I invest in you?
Introduction
Description of Opportunity
Potential benefits of the venture
