How to Become a Successful Entrepreneur

disconcert of Contents Introduction Generally people think that an entrepreneur is a visionary, whateverbody with great humors who is eager to recognise huge risks. However having a radical innovation from the goose egg is overwhelming but very rargon. To be undefeated, it is essential to think contraryly from the casual thinkers. The aim of this paper is to bespeak how we, a study group of five students could come up with an conceit in an entrepreneurial way and go through an elaboration appendage toward the realization using the theoretical fashion models.In the first part I give describe how my group went through the sentiment generating process and found the idea of the CPH Bike SOS with the help of the Design cerebration Method. Our multilateral service origination has three pillars, each of them with the aim to answer the question Where terminate we work help if we energise each line with our bike when the shops are close? Living in Copenhagen, we have rea lized that there is a market place gap on the service market of the bike shops. On the early(a) hand, looking at the market segment, we are sure, that there is an unsatisfied need.The arcsecond part of the paper exit focus on the theoretical framework of the dea. I will define the type of our innovation, after which I will decide ab discover the type of the firm we should start to realize the idea, and wherefore 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 care to describe our process of generating the idea.It is a really important part of the problem we were working on, since it explains how our group ent through a progress from the casual reasoning to the effectual reasoning and so mentation on a much entreprene urial 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(a) difficulties to find a creative idea to work on. On nonpareil hand the problem was the fact that we did not know each opposite before, so there was an initial phase of trust- building. We had to familiarize with the situation to take on each others ideas.On the other hand, we realised that when we had an idea which was a set consequence to ome 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 use by IDEO. ( class 1) Figure Design Thinking Model of IDEO (Source of Image) Inspiration What is the problem? In the inspiration phase, we wanted to find as m some(prenominal) 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, exp erience or problems.We used the wench In The Hand Principle to look into the facts what we have right there. As Sarasvathy sums it up, instead of having one origin and finding the way to reach it, we should take a step back and define the performer which can path us to a good opportunity. So the first step was formation 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 a coarse 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(prenominal) day and acquiring used to a spick-and-span 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, expense time on studying, we all have a limited budget, accordingly we a re all girls who love fashion, we cook for ourselves, do groceries, we listen to euphony and go out, etc. Without knowing each other we succeeded to find numerous common topics as a good initial. What do we We study in concert but our previous education is different. One part of the group study international business so that part of the group has a much business riented point of view, while the other part of the group has a more design oriented education. Most of us have lived in different countries other than our home country, so we have penetration to different systems. We also have working experience that helped us in having an insight of the companies. Whom do we know? With this question, as Sarasvathy suggests, we have to define the sources of our knowledge, such as our social and professional networks.When an issue was considered, we defined the relative groups we can have any information from. It is important to take any stakeholder into consideration, as long as good id eas can come rom the most unheralded sources. With all these given means we defined some of the problems, interests and difficulties that we are presently facing in common. In the framework ofs model of Entrepreneurial Thinking Effectual ratiocination, we defined different issues on the basis of the given means described above, for which there is no satisfying etymon on the market.On Figure 2 1 would like to provide some examples to our process of using the method of the Bird in the Hand Principle. Figure Entrepreneurial thinking Pool of ideas (Source Sarasvathy, 2001) At this oint of the idea generation we had to choose one among the some(prenominal) given. To choose one, we started brainstorming whether we have any idea for a solution or not. So this is the second big step of the idea earth in the Design Thinking Model. Ideation How might we solve the problem? As long as we did not want to limit ourselves, we started to search for solution for many problems we have found . From the most unusual till the most run-of-the-mine idea, we collected everything, because even bad ideas can be the source of some really good solutions. On Figure 3 1 pull the wool over someones eyes some imagined ends ot the problems. Figure Using Entrepreneurial Thinking Effectual Reasoning for creating the idea (source of image Sarasvathy, 2001) Finally we sticked to the idea of finding a solution to an everyday problem Where can we get help if we have any problem with our bike, when the bike shops are closed?We found this problem interest as long as we all have bikes, and some of us have already experienced how it is when you need some help and nothing is open. Moreover, biking concerns not only us but the major part of the habitants of Copenhagen. accord to the Bicycle Account 2012, 75 % of Copenhageners use their bike throughout the year. another(prenominal) surprising statistics is that 36 % of everyone who studies or works here uses the bike every day. So with a so lution to the question above, we can say, that we would reach the major part of the Danish capital.Biking has statistically measured benefits both for us and for the environment. For instance, as the research shows, at present rate 90,000 T of C02 per year deliver by cycling in Copenhagen. Then, according to the 56% of the Copenhageners, it is faster than any other way of travelling since we do not stuck in a traffic Jam and we can easily find short-cuts. It is definitely healthier too. But it can cause some inconvenience as sanitary as delays respecting to our schedule, in case of problems. For example what if you get a deflate going back home by night?