Principles of Entrepreneurship and Innovation

Principles of Entrepreneurship and Innovation

Learning Objectives

At the end of the lesson you will be able to understand the concept of perceived value and its importance in entrepreneurship.

What do you already know about entrepreneurship and innovation?

Understanding Perceived Value

Perceived Value: The worth that a product or service has in the mind of the consumer.

Identifying Opportunities for Disruptive Innovations

Disruptive Innovations: Innovations that significantly alter or replace existing markets and value networks.

Ideas Generation and Innovation

Continuous Learning: Ongoing expansion of skills and knowledge to foster innovation.

Developing Market-Demanded Goods or Processes

Market-Demanded Goods or Processes: Products or services that consumers need or want but are not currently available.

Foreseeing, Assessing and Mitigating Risks

Risk Management: The process of identifying, assessing, and controlling threats to an organization's capital and earnings.

Evangelising and Communicating the Idea

Evangelising: Actively advocating for a cause or an idea to influence the opinions or actions of others.

Marketing the Innovation

Marketing: The actions or business of promoting and selling products or services, including market research and advertising.

Planning and Execution

Planning and Execution: The process of outlining the steps necessary to achieve a goal and then implementing those steps.

Monetising the Idea

Monetizing: The process of converting something into or establishing something as a source of revenue.

Key Definitions

Perceived Value, Disruptive Innovations, Continuous Learning, Market-Demanded Goods or Processes, Risk Management, Evangelising, Marketing, Planning and Execution, Monetizing

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.