ENTREPRENEURIAL MANAGEMENT

MGT 246 Introduction to

Entrepreneurship

Professor Haibo LIU

“The Termites”

 In 1921, there was a psychologist at Stanford University named Lewis Terman

 Terman began by finding the smartest students in California between the third grade and eighth grade as measured by Intelligence Quotient (IQ)

 Final sample of 856 boys and 672 girls  "The Termites”

 The study, which is now famously known as Genetic Studies of Genius, collected data from the students throughout their entire lives.

 What did they find?

2

Students with high IQ are also:

A. physically weak B. social misfits C. generally taller than their peers D. more creative

3

Poll from Socrative

 Go to https://www.socrative.com/

 Click “Login” and “Student Login”

 Room number: UCRINNOV8

 Name as in roster: First name, Last name. IMPORTANT for participation points!

 Click “finish quiz” after you finish

Threshold Theory

 A crucial conclusion from Terman’s study is that having a high IQ is not equivalent to being highly creative

 Threshold theory, which holds that above a certain level, intelligence doesn’t have much effect on creativity

5

6

10,000 Thousand Hours Rule

 There is a minimum threshold of intelligence that you need to have, and after that it comes down to a lot of deliberate practice, putting in your reps, and developing your skill set (taking a course in entrepreneurship and innovation )

 10,000 thousand hours rule: The principle holds that 10,000 hours of "deliberate practice" are needed to become world-class in any field (Anders Ericsson)

7

 Hudson (1967) studied English schoolboys, and found that conventional measures of IQ did not always do justice to their abilities.

 IQ gives credit for problem-solving which produced the "right" answer, but under-estimated creativity and unconventional approaches to problems.

 Creativity: the use of imagination or original ideas to create something that is new and useful

8

IQ and Creativity

What are advantages working in groups?

9

What are the potential problems working in groups?

10

 Group level creativity recognizes the potential of diversity and interaction and tools to support this include those which enable ‘creative collisions’.

 Brainstorming is the best known but there are many others;

 Building an environment to support creativity includes paying attention to factors like physical space, time and ‘permission’, reward and recognition, establishing a process and training and skills development.

11

Group Creativity

Collaboration in Innovation/Entreprenurship

©2015 John Wiley and

Sons

Advantages and disadvantages

13

It is All about Process

14

IDEO

 What does IDEO do as a company?

IDEO

 What does the team at IDEO look like? What are the backgrounds of the team members?

 https://www.youtube.com/watch?v=YPuES6ayCw0

IDEO

 What did they do, and who did they talk to at the supermarket?

IDEO

 All the IDEO members have been to supermarkets before, why did they have to go to the supermarket again for this project?

IDEO

 What did the different teams do when they got back to IDEO?

IDEO

 How decisions are made in a team?

 How does the organizational structure and culture at IDEO amplify advantages of collaboration, and at the same time minimize its disadvantages?

 Why is failing so important to the innovation process?

IDEO

 Most companies brainstorm. What is unique about IDEO’s “deep dive”? What are the dos and don’ts?

“Deep Dive” Process at IDEO

 Encourage wild ideas (divergent or convergent thinking?)

 Defer judgment (if anybody starts to nail an idea, they get the bell)

 Build on the ideas of others (creative collision)

 Stay focused (focused chaos)

 Vote for ideas that are cool and buildable (divergent or convergent thinking?)

 “The adults took over” (divergent or convergent thinking?)

Design Thinking

23

It is All about Process

24

10 Minutes Break!