How do these experiences link to my previous reading or knowledge

The thing that stood out to me the most in the event was that each speaker had their own type of creativity. It doesn’t just mean artistic creativity, but according to Biraglia et al (2017), it refers to “the development of ideas that are both novel and useful, either in the short or the long term”. Each speaker had used their creativity to contribute to their chosen fields which led to the intent to become involved in entrepreneurial activity. Along with creativity, I could sense the passion of the speakers when they talked about their projects or start-ups. The article by Biraglia et al found that “being passionate about entrepreneurial founding activities is likely going to lead individuals to get involved with the intention of a business start-up”. I believe that is indeed quite true as the speakers were passionate about something and this led them to become innovative and create a novel product or service.

Similarly, if individuals are very passionate about something, they are likely to show more self-efficacy. They are very determined and have confidence in themselves and as Dr. Melissa Cardon says, “they invest more time, more energy, more resources and they don’t quit, they persist longer in whatever it is they are working on.” For example, Akhil and Ruari showed their enthusiasm for their project and didn’t give up easily. Many people rejected their requests for funding, but they persevered and continued. They didn’t let anything bring them down. Their sheer hard work and resolve allowed them to finish their innovation for a new type of transport.

However, sometimes passion can have a negative effect if it is not carefully controlled. If you are passionate about something, you may forget the realities and try to push the idea for a product or service out, even if there’s no demand at the time. As Bill Gross said in a Ted Talk, “If you have something you love, you want to push it forward, but you have to be very honest about that factor on timing” and “not be in denial about any results you see”. Therefore, it is important to keep a check on reality and take rational and realistic risks.

The other thing I noticed during the event that was pointed out in the article by Plotnikova et al was that of motivation, whether it is intrinsic or extrinsic. Success in process innovation depends on what keeps the entrepreneur going. For some of the entrepreneurs, it was to help others such as Elaine who created a system that detects blood infection in 15 minutes. She shared a personal story of her grandmother passing away due to sepsis. She started Septec so that other people would not suffer from the late diagnosis of blood infections. For others, they may have shown entrepreneurial activity due to personal frustration, also known as “necessity”. For example, Liam Redmond created a business that creates safe spaces for LGBT individuals so that they feel secure and accepted. Liam’s creative idea arose from personal frustration when a doctor refused to check him as he was gay. Another type of motivation is that of “opportunity” in which individuals use entrepreneurship to fill a gap in the market to make money.

The article mentions process innovation and it relates to what Daniel Kyne said about ideas. He specified that ideas don’t have to be big, they could be on a small scale but they could have a huge impact. For example, an airport employee may come up with an efficient method to deal with queues leading to less traffic. This small idea can lead to more satisfied customers who will keep coming back due to fast boarding times leading to increased revenues. The article states that “Process innovation can be instrumental to reduce costs, increase productivity, improve learning and knowledge transmission, develop better work routines, increase consumers’ satisfaction and foster a ﬁrm’s competitive advantage.” All the speakers emphasized the fact that you should not be afraid to express your ideas, no matter how big or small they are because they can make a difference.

The last idea that was presented in this article was that external factors can influence the entrepreneurial level of an individual. Plotnikova et al state that secondary and higher professional qualifications can favour process innovation. Similarly, business education and university education can also improve entrepreneurial thinking. I think that this is true because universities provide different ways to encourage students to become more involved with entrepreneurship. For example, many societies create projects and allow students to develop their entrepreneurship skills such as Enactus. Daniel, a MINT student, revealed that he was very involved in entrepreneurship in secondary school. He used to create ideas and convince fellow students to participate and engage with him. He has been very immersed in the concept of innovation and entrepreneurship which has led him to organise big brainstorming and problem-solving events like TechStars and create his own projects.

LIFE Assignments

LIFE Assignments

SB101 - Own Enterprise

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