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TEACHING-MATERIALS/entrepreneurship.md

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Some Thoughts Principles of Lean Startups Innovation Accounting Lean Startup Methodology Dynamic System Development Method Soft vs Hard Thinking
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Some Thoughts

Principles of Lean Startups

  1. Innovation Accounting
  2. Entrepreneurs are Everywhere
  3. Entrepreneurship is Management
  4. Validated Learning
  5. Build Learn Measure

Innovation Accounting

Innovation accounting refers to the rigorous process of defining, empirically measuring and communicating the true progress of innovation

Lean Startup Methodology

  1. Lean Startup helps manage uncertainty using the Lean startup methodology. The methodology will help determine whether her product is viable hence helping her work smarter.
  2. Pivot means to change directions to test a new fundamental hypothesis about product but stay grounded in what we have learned.
  3. Should start pivoting once they believes that their current approaching is not working. This can be validated by measuring their progress and whether it is moving the drivers of her business model. If it is not, it is time to pivot.

Dynamic System Development Method

  1. Active user involvement is imperative.
  2. Teams must be empowered to make decisions. The four key variables of empowerment are: authority, resources, information and accountability.
  3. Frequent delivery of products is essential.
  4. Fitness for business purpose is the essential criterion for acceptance of deliverables.
  5. Iterative and incremental development is necessary to converge on an accurate business solution.
  6. All changes during development are reversible, i.e. you do not proceed further down a particular path if problems are encountered, you backtrack to the last safe or agreed point, and then start down a new path.
  7. Requirements are baselined at a high level, i.e. the high-level business requirements, once agreed, are frozen. This is essentially the scope of the project.
  8. Testing is integrated throughout the life cycle, i.e. ‘test as you go’ rather than testing just at the end where it frequently gets squeezed.

Soft vs Hard Thinking

Soft Systems Thinking Hard Systems Thinking
organisational problems are ‘messy’ (Ackoff, 1974), poorly defined objective reality of systems in the world
stakeholders interpret problems differently (no objective reality) well-defined problem to be solved
human factors important technical factors foremost
creative, intuitive approach to problem-solving scientific approach to problem-solving
outcomes are learning, better understanding, rather than a ‘solution’ one correct solution