where the lean method and the associated set of tools - lean canvas, rapid experimentation with minimally viable products (MVP) and timely pivoting – come in handy.
...students to be systematic yet flexible, allowing them to learn from small experiments and make suitable adjustments to their course of action.
MORE IDEAS FROM Entrepreneurial Mindset: An Essential Life Skill
The idea is quite simple – do not try to predict what cannot be predicted; instead, focus on what is within your control, take actions to make progress and course correct as the future unfolds.
The effectual approach can be summarized thus - control and shape the future, rather than predict and plan for it.
Students come up with a venture idea and move it towards a potential business opportunity using the concepts and tools learned in the classroom.
It is through this lived experience that they come to recognize the utility of an entrepreneurial mindset.
It gives them the confidence to embark on an entrepreneurial journey and equips them with the tools to increase their odds of success.
There is a high degree of skepticism around the idea that entrepreneurship can be taught in a classroom.
Numerous successful entrepreneurs never went to business school or graduated from college. The abstract analytical models of a typical business school curriculum is generally in conflict with imagination, disruption, and counterintuitive action needed for entrepreneurship. Still, many schools feel there is a place for formal education when looking at entrepreneurship.
Uncertainty is always there. The degree of uncertainty can rise and fall.
Leaders, being human, also have difficulty coping with uncertainty. When they receive confusing information, they tend to react in predictable ways that are not always constructive. They also use judgment shortcuts to make decisions.
Lean thinking is a kind of methodology or management system which eliminates all kinds of waste in order to maximize value.
Lean thinking was first incorporated by Toyota automobiles in Japan and called the Toyota Production System.
The lean approach rebuilt the production process from scratch and helped Toyota become one of the most successful automobile companies in the world.
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