I just started my free online course on Coursera. So I have planned to spend two-to-three hours each Wednesday listening to the lectures, completing the assignments and writing a blog post on what I learned. Here goes…
Dr. James V. Green said that people want to be an entrepreneurs for the money, the independence, the ability to create (products/businesses), and even for the greater good (solving a problem). I gotta tell you, he nailed it! I agree with all those reasons — the ability to create resounds the most with me personally, with independence as a close second.
A definition I learned today: OPPORTUNITY ANALYSIS CANVAS. Basically, I took this to mean “A process by which to develop the mindset of an entrepreneur”.
Right away, Dr. Green made a clear-cut distinction b/t an entrepreneur and a regular manager. Both make crucial decisions for business, but there is subtle difference. As an entrepreneur:
1. I will evaluate risks as best as I can, but never sacrifice TIME
2. I will work with limited information, but still be confident in my decisions
3. My decisions will be action-oriented
4. I will accept the risks and consequences of my decisions
Being an entrepreneur is awesome! I will be doing something that no one has ever done (or at least no one has done my way). So, obviously, I will not have all the data in the world and I am bound to make mistakes. Whatever. Move on…
Next, we talked about an idea. What makes a successful idea? In my simple way, I defined it as “A plan that takes all the details into consideration. Along with all else, it’s something that is accomplishable and creates a quantifiable and timely criteria for evaluating progress.”
Of course, Dr. Green was more fluent than that. He used the SMART mnemonic. What is that? — Take the class to find out!! (lol sorry, but I don’t want to take unfair credit. Plus, his class is free and online; so no excuse.)
Lastly, he described what an Entrepreneurial Mindset is. In essence, it’s how an entrepreneur thinks, what he thinks about and what actions he takes. He used five words to describe it; I will use my own definitions for them:
1. Achievement – I must have a strong passion
2. Individualism – I must be confident in my decisions, even if they are against the norm
3. Control – I am responsible for what happens in my life
4. Focus – I must not only be attentive, but also committed to my idea
5. Optimism – I must be optimistic, but not blindly faithful
Overall, I think I’m off to a good start . Got a 16/16 on the assignment! YAAY!
All credit goes to Dr. James V. Green. You can access his class for free here.
THANK YOU, DR. GREEN!