Principles of Entrepreneurship in Business and Social Innovation

• Entrepreneurial Skills
• Tertiary Education

Principles of Entrepreneurship in Business and Social Innovation

Learning Objectives

At the end of the lesson, you will be able to understand the concept of perceived value and its impact on consumer behavior. At the end of the lesson, you will be able to identify opportunities for disruptive innovations in social or business contexts. At the end of the lesson, you will be able to generate innovative ideas through continuous learning, questioning, and creative thinking. At the end of the lesson, you will be able to develop new goods or processes in response to market demands that are not currently being met. At the end of the lesson, you will be able to foresee potential risks associated with your innovation and develop strategies to mitigate them. At the end of the lesson, you will be able to effectively communicate and evangelize your innovative idea to stakeholders. At the end of the lesson, you will be able to market your innovation effectively to the target audience. At the end of the lesson, you will be able to plan and execute the development and implementation of your innovative idea. At the end of the lesson, you will be able to explore various strategies to monetize your innovative idea.

What do you already know about entrepreneurship and innovation?

Understanding Perceived Value

Perceived Value: The worth or desirability of a product or service to the consumer, which may not always be related to its actual cost or utility.

Identifying Opportunities for Disruptive Innovations

Disruptive Innovation: An innovation that significantly alters the way a market or industry functions, often displacing established competitors.

Ideas Generation and Innovation

Continuous Learning: The ongoing process of acquiring new knowledge and skills, particularly as they pertain to fostering creativity and innovation.

Developing Market-Demanded Goods or Processes

Evangelising an Idea: Actively advocating for and promoting an idea to increase its acceptance and adoption among a wider audience.

Foreseeing, Assessing and Mitigating Risks

Risk Mitigation: The identification and implementation of strategies to reduce the potential impact of risks on a project or business.

Evangelising and Communicating the Idea

Effective Communication: The ability to convey information clearly and effectively to others, fostering understanding and buy-in for your innovation.

Marketing the Innovation

Marketing Strategies: The planning and implementation of techniques to promote and sell your innovative idea to the target audience.

Planning and Execution

Execution and Monetization: The process of implementing your innovative idea and generating revenue from it.

Monetising the Idea

Monetisation: The process of generating revenue from an idea, product, or service.

Key Definitions

Perceived Value: The worth or desirability of a product or service to the consumer, which may not always be related to its actual cost or utility. Disruptive Innovation: An innovation that significantly alters the way a market or industry functions, often displacing established competitors. Continuous Learning: The ongoing process of acquiring new knowledge and skills, particularly as they pertain to fostering creativity and innovation. Risk Mitigation: The identification and implementation of strategies to reduce the potential impact of risks on a project or business. Evangelising an Idea: Actively advocating for and promoting an idea to increase its acceptance and adoption among a wider audience. Monetisation: The process of generating revenue from an idea, product, or service.

Write down 3 things you learned in this lesson.

Have students enter three things they learned in this lesson. With this they can indicate their own learning efficiency of this lesson.

Write down 2 things you want to know more about.

Here, students enter two things they would like to know more about. This not only increases involvement, but also gives them more ownership.

Ask 1 question about something you haven't quite understood yet.

The students indicate here (in question form) with which part of the material they still have difficulty. For the teacher, this not only provides insight into the extent to which the students understand/master the material, but also a good starting point for the next lesson.