Tag: entrepreneurial process

innovation, Management, transformation, Uncategorized

Rethinking Risk-Taking: Unblocking Innovation by Challenging Mental Models

In the quest for innovation, the encouragement of risk-taking by employees is often ineffective because of entrenched, counterproductive mental models. One example is a successful manufacturing company whose commitment to quality has morphed into a stifling perfectionism that impedes progress. While the organization advocates risk-taking for transformation, it struggles to create change. This article explores the core of this challenge-the ingrained mental models that foster resistance-and advocates a balanced approach that reconciles innovation and stability.

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entrepreneurship

Effectuation: How Entrepreneurs (Really) create new products, new organizations and new markets.

Starting a business may seem straightforward – create a compelling vision based on a groundbreaking concept, write a thorough business plan, secure funding from investors, build the company, assemble a great team, and execute a strategy to achieve global conquest. The prevailing perception of triumphant entrepreneurs often evokes notions of creativity, visionary foresight, resolute ambition, unwavering persistence, dynamism, courage, exemplary leadership, charisma, empathy, and openness to collaboration. This portrayal is akin to portraying them as modern-day superheroes-an appealing but misleading notion. In reality, the process is far less linear and heroic. It’s time to dispel these myths.

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