2 decades ago, entrepreneurs may comment that there are not many support programmes that is established by governments, NGOs or the private sectors to train up successful entrepreneurs and enterprises. Now in 2012, we are seeing more and more practical and market-driven programmes being launched by our community partners which continue to push their efforts to promote Malaysian start-ups and its entrepreneurs.
For our 1st edition of Teaching Entrepreneurship, we take a glimpse at MAD incubator’s Ideas Acceleration Program and to look at its structures of what it entails to develop budding entrepreneurs of today, into successful entrepreneurs of tomorrow.
Ideas Acceleration Program is designed to help you accelerate from ideation to a business venture through the “Effectual Thinking” method. In this program, we will discuss and learn about the science of “creating from nothing to something”. Throughout the program, you will be challenged to think about how you can transform from what you have into new ideas into new possibilities and subsequently into new ventures.
“Effectual thinking” is about creating with what we have into new possibilities, which means learning to use commonly available resources (intelligence, insight, energy, initiative, passion, educational background, experiences, personal relationships and network relationships) to create, finance and build new opportunities of every kind. Entrepreneurship is about creative allocation of resources to create business opportunities and at the same time taking a certain amount of risk to realize a profit.
The Ideas Acceleration Program will push you to develop a particular attitude and state of mind that is well suited to dealing with a future that is not only unknown, but is actually unknowable; using an artful, insightful and innovative mentality rather than just business “administration”; and a creative and proactive stance toward the creating your business venture, not merely waiting for capital to be sourced and being critical of the lack of assistance and capital.
ENTREPRENEURSHIP PROGRAMME & EXPECTATIONS
- The program is designed to help develop attitudes, and skills that are crucial for becoming a creative businessperson in a variety of settings.
- Preparation – All success is built on a foundation of hard work; you will cold call on businesses or anyone relevant to your idea and if you are unprepared, this will impact your participation in this program. Late work will not be accepted.
- Planning – Research has demonstrated that the act of planning is key for entrepreneurial success, and it is for your success in this program. Since it is a 3-months cramped-up program, you are advised to plan your time properly and undertake all the assignments, readings and field work that you are required to do within a tight time frame.
- Collaboration – Entrepreneurship requires the ability to work with other stakeholders, including the community, investors, partners, suppliers and employees. You must be willing to actively collaborate with others to excel in this program.
- Creativity – Entrepreneurship requires the ability to see what others do not. If opportunities were clear to everyone, they would not be opportunities. To succeed, you must engage your creative side, and remain open to challenging your currents assumptions and beliefs.
- Expectations for the program are simple. You are expected to attend all workshops, participate in every discussion, work with your mentor and be respectful of your fellow entrepreneurs and their ideas. In addition, you will be exposed to a variety of new business ideas and concepts. You are expected to keep those new ideas confidential, and not share them outside the program without permission. Throughout this Program, we will help you to address questions which are important to your new venture. Questions such as:
- What is entrepreneurial thinking and how is it different?
- What is a good business opportunity; where does it come from?
- How do you value ideas that have no market as yet?
- How can you make good decisions in the face of an unknowable future?
- What decisions/actions are required to transform an idea into an opportunity and an opportunity into a growing venture?
- What are the critical challenges in creating a new venture from scratch?
- What does it take to transform something existing into something new?
- What are the alternative sources of seed resources and capital?
- What are the central risks & uncertainties in entrepreneurship & what are some ways of managing them: economically, psychologically?
- What is failure and how do you separate the failure of the venture from the failure of the individual? How do you fail intelligently in a venture, but succeed in your career and life?
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