Case Study Introduction To Entrepreneurship By Kuratko

Organizations and Entrepreneurship

Teacher: Dr. Ronit Yitshaki

Office hours by appointment

Mail: yitshr@gmail.com

 

Teacher assistant:

Final paper instead of Exam.

Location:TBD

Course objectives

Entrepreneurship is a crucial engine for economic development, however, it is known for its complexity. The course focuses on entrepreneurship theory from economic, sociological and psychological points of view. During the course we will seek to get some answers to the following questions:

  • What explains entrepreneurs’ intentions and actions?
  • What distinguishes ideas from real opportunities? What are the differences between opportunity identification/recognition, examination and exploitation?
  • What is the role of entrepreneurial passion and identities in establishing and managing new ventures?
  • How entrepreneurs affect and psychological characteristics influence their intentions and actions?
  • How do entrepreneurs make decisions to start ventures? What are the determinants of entrepreneurial persistence?
  • What are the criteria for external investors? How do venture capital investments make a difference?
  • How can we explain entrepreneurial failures?
  • What are the key differences between business and social entrepreneurship?

Teaching method

The course will be based on multiple teaching methods. Beside theoretical presentations the course will use discussions of readings from academic and management journals, simulations, movies and guests lecturers. As part of the session in creativity and innovation, each student will be able to examine his/her entrepreneurial orientation, regulatory focus and entrepreneurial intentions.

Course requirements:

  • Participation and contribution to class discussions. Students are required to appear to at least 80% of the sessions.
  • Fulfilling of a self-assessment questionnaire.
  • Presentation of HBR papers in class.
  • Analysis of two case studies analysis (approximately 2 pages each).
  • Writing a final paper based on case study analysis of an entrepreneurial firm (instruction will be delivered by the middle of the semester).

Course assignments:

AssignmentDescriptionGrade
Oral presentation in classA presentation of HBR a recent paper about dilemmas in entrepreneurship (from a provided papers list)10%
Case study analysis (HBR)To be determined20%
Case study analysis (HBR)To be determined20%
Final paperThe final paper will be based on a case analysis of a high-tech venture and interviews with the lead entrepreneur and an external financier.50%

 

Text books

Baron, R.A. (2012). Entrepreneurship: An evidence-based guide. UK: Edward Elgar Publishing.

Bygrave, W., & Zacharakis, A. (2011), Entrepreneurship, Second Edition, Hoboken, NJ: John Wiley and Sons.

Senor, D., & Singer S. (2009). Start-up nation: The story of Israel’s economic miracle. NY: Twelve.

Course outline

Sessions 1-2Entrepreneurship as an economic and social phenomenon
Alvarez, S.A., Barney, J.B., McBride, R., & Wuebker, R. (2014). Realism in the study of entrepreneurship. Academy of Management Review, 39(2), 227-231.Bhide, A. (1996).  The questions every entrepreneur must answer. Harvard Business Review, November-December, 120-130. Gartner, W.B. (1985). A conceptual framework for describing the phenomenon of new venture creation. Academy of Management Review, 10, 696-706.Lumpkin, G.T., & Dess, G.G. (1996). Clarifying the entrepreneurial orientation construct and linking it to performance. Academy of Management Review, 21, 135-172.Sarasvathy, S. (2001). Causation and effectuation: Toward a theoretical shift from economic inevitability to entrepreneurial contingency. Academy of Management Review, 26(2), 243-263.

 

Stuart, T. E., & Sorenson, O. (2007). Strategic networks and entrepreneurial ventures. Strategic Entrepreneurship Journal, 1(3‐4), 211-227.

 

Session 3New opportunities identification – From intentions to actions
Ardichvili, A., Cardozo, R., & Ray, S. (2003). A theory of entrepreneurial opportunity identification and development. Journal of Business venturing, 18(1), 105-123.‏Carsrud, A., & Brannback, M. (2011). Entrepreneurial motivations: What do we still need to know?.  Journal of Small Business Management, 39(1), 9-26.Shane, S., Locke E.A., & Collins, C. J. (2003). Entrepreneurial motivation. Human Resource Management Review 13, 257–279.
Session 4Entrepreneurs’ passion and identities
Cardon, M.S., Zietsma, C., Saparito, P.,  Matherne, B.P., & Davis C. (2005). A tale of passion:  New insights into entrepreneurship from a parenthood metaphor. Journal of Business Venturing, 20, 23-45.Hoang, H., & Gimeno, J. (2010). Becoming a founder: How founder role identity affects entrepreneurial transitions and persistence in founding. Journal of Business Venturing, 25(1), 41-53.Murnieks, C.Y., Mosakowski, E., & Cardon, M.S. (2012). Pathways of passion: Identity centrality, passion, and behavior among entrepreneurs. Journal of Management, 0149206311433855.Shepherd, D., & Haynie, M.J. (2009). ‘Birds of a feather don’t always flock together: Identity management in entrepreneurship’, Journal of Business Venturing 24(2): 316-337.
Sessions 5-6Psychology of entrepreneurship
Entrepreneurial affectBaron, R.A. (2008). The role of affect in the entrepreneurial process. Academy of Management Review, 33(2), 328-340.Baron, R. A., Hmieleski, K. M., & Henry, R.A. (2012). Entrepreneurs’ dispositional positive affect: The potential benefits–and potential costs–of being “up”. Journal of Business Venturing, 27(3), 310-324.Regulatory focus and entrepreneurshipBrockner, J., Higgins, E.T., & Low, M.B. (2004). Regulatory focus theory and the entrepreneurial process. Journal of Business Venturing, 19, 203–220.Hmieleski, K.M., & Baron R.A. (2008). Regulatory focus and new venture performance: A study of entrepreneurial opportunity exploitation under conditions of risk versus uncertainty. Strategic Entrepreneurship Journal, 2, 285–299.

 

Self-efficacy and entrepreneurship

Hmieleski, K.M., & Corbett, A.C. (2008). The contrasting interaction effects of improvisational behavior with entrepreneurial self-efficacy on new venture performance and entrepreneur work satisfaction. Journal of Business Venturing, 23(4), 482–496.

 

Zhao, H., Seibert, S. E., & Hills, G. E. (2005). The mediating role of self-efficacy in the development of entrepreneurial intentions. Journal of Applied Psychology, 90(6), 1265-1272.

 

Psychological ownership and entrepreneurship

Van Dyne, L., & Pierce, J.L. (2004). Psychological ownership and feelings of possession: Three field studies predicting employee attitudes and organizational citizenship behavior. Journal of Organizational Behavior, 25(4), 439-459.

 

Yitshaki, R. (2014). This venture is part of ‘ME’: Psychological ownership and high-tech firms’ growth. A working paper.

 

Session 7Creativity and innovation
Kahneman, D. (2011). Thinking, fast and slow. Macmillan.Pink, D.H. (2006). A whole new mind. NY: Riverhead books.
Session 8Entrepreneurs’ decision making and persistence
Hayward, L.M.A., Shepherd, D.A., & Griffin, D. (2006). A hubris theory of entrepreneurship, Management Science, 52(2), 160-172.Khan, S.A., Tang, J., & Joshi, K. (2014). Disengagement of nascent entrepreneurs from the start‐up process. Journal of Small Business Management, 52(1), 39-58.McMullen, J.S., & Shepherd, D.A. (2006). Entrepreneurial action and the role of uncertainty in the theory of the entrepreneur. Academy of Management Review, 31(1), 132-152.
Session 9The lean start up approach
Ries, E. (2011). The lean startup: How today’s entrepreneurs use continuous innovation to create radically successful businesses. NY: Random House LLC.‏
Sessions 10-11Venture capital investments
Arthurs, J.D., Hoskisson, R.E., Busenitz, L.W., & Johnson, R.A. (2008).  Managerial agents watching over other agents: Multiple agency conflicts regarding underpricing in IPO firms.  Academy of Management Journal, 51(2), 277-294.Cable, D.M., &Shane, S. (1997). A prisoner’s dilemma approach to entrepreneur-venture capitalist relationships. Academy of Management Review, 22, 142–176.De Clercq, D., & Sapienza, H.J. (2006). Effects of relational capital and commitment on venture capitalists’ perception of portfolio company performance. Journal of Business Venturing, 21(3), 326-347.Petkova, A.P., Wadhwa, A., Yao, X., & Jain, S. (2014). Reputation and decision making under ambiguity: A study of US venture capital firms’ investments in the emerging clean energy sector. Academy of Management Journal, 57(2), 422-448.
Session 12The founders’ dilemma
Wasserman, N. (2012). The founder’s dilemmas: Anticipating and avoiding the pitfalls that can sink a startup. Princeton, NJ: Princeton University Press.Wasserman, N. (2008). The founder’s dilemma.  Harvard Business Review, 86(2), 102-109.Wasserman, N. (2006). Stewards, agents, and the founder discount: Executive compensation in new ventures. Academy of Management Journal, 49(5), 960-976.
Session 13Entrepreneurial exit
Shepherd, D. A., & Cardon, M. S. 2009. Negative emotional reaction to project failure and self-compassion to learn from the experience. Journal of Management Studies, 46(6): 923-949.Shepherd, D. A., Covin, J. G., & Kuratko, D. F. 2009. Project failure from corporate entrepreneurship: Managing the grief process. Journal of Business Venturing, 24(6): 588-600.Shepherd, D. A., Wiklund, J., & Haynie, J. M. (2009). Moving forward: Balancing the financial and emotional costs of business failure. Journal of Business Venturing, 24(2): 134-148.
Session 14Social entrepreneurship
Di Domenico, M., Haugh, H., & Tracey, P. (2010). Social bricolage: Theorizing social value creation in social enterprises, Entrepreneurship Theory and Practice, 34(4), 681–703.Zahra, S.A., Gedajlovic, E., Neubaum, D.E., & Shulman, J.E. (2009). A typology of social entrepreneurs: Motives, search processes and ethical challenges. Journal of Business Venturing, 24, 519–532.Yitshaki, R., & Kropp, F. (2014). Motivations and opportunity recognition of social entrepreneurs. Journal of Small Business Management, Forthcoming.

 

Unformatted text preview: Introduction to Entrepreneurship, 8e Donald F. Kuratko Chapter 5 Creativity and Innovation Chapter Objectives 1. To explore the opportunity identification process 2. To define and illustrate the sources of innovative ideas for entrepreneurs 3. To examine the role of creativity and to review the major components of the creative process: knowledge accumulation, incubation process, idea experience, evaluation, and implementation 4. To present ways of developing personal creativity: recognize relationships, develop a functional perspective, use your “brains,” and eliminate muddling mind-sets ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–2 Chapter Objectives (cont’d) 5. To introduce the four major types of innovation: invention, extension, duplication, and synthesis 6. To review some of the major myths associated with innovation and to define the ten principles of innovation ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–3 Opportunity Identification: The Search for New Ideas • Opportunity identification is central to entrepreneurship and involves: The creative pursuit of ideas The innovation process • The first step for any entrepreneur is the identification of a “good idea.” The search for good ideas is never easy. Opportunity recognition can lead to both personal and societal wealth. ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–4 Table 5.1 Sources of Innovation Ideas Source Examples Unexpected occurrences Unexpected success: Apple Computer (microcomputers) Unexpected tragedy: 9-11 terrorist attack Incongruities Overnight package delivery Process needs Pain – painkiller Sugar-free products Caffeine-free coffee Microwave ovens Industry and market changes Health care industry: changing to home health care Demographic changes Rest homes or retirement centers for older people Perceptual changes Exercise (aerobics) and the growing concern for fitness Knowledge-based concepts Mobile (Cell phone) technology; pharmaceutical industry; robotics ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–5 Entrepreneurial Imagination and Creativity • How entrepreneurs do what they do? Entrepreneurs are blend imaginative and; Creative thinking + systematic analysis = success Seek out unique opportunities to fill needs or wants Turn problems into opportunities Recognize that problems are to solutions what demand is to supply ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–6 The Role of Creative Thinking • Creativity The generation of ideas that result in the improved efficiency or effectiveness of a system. • Two important aspects of creativity exist: Process • The process is goal oriented; it is designed to attain a solution to a problem. People • The resources that determine the solution. the process will remain the same, but the that people use will vary. • For Example, sometimes they will adapt a solution, and other times will formulate a highly innovative solution. ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–7 Table 5.2 Two Approaches to Creative Problem Solving Two approaches for distinguishing innovative entrepreneurs from adaptive Understanding the problem-solving orientation of individual helps to develop their creative abilities. Adaptor Innovator Employs a disciplined, precise, methodical approach Approaches tasks from unusual angles Is concerned with solving, rather than finding, problems Discovers problems and avenues of solutions Attempts to refine current practices Questions basic assumptions related to current practices Tends to be means oriented Has little regard for means; is more interested in ends Is capable of extended detail work Has little tolerance for routine work Is sensitive to group cohesion and cooperation Has little or no need for consensus; often is insensitive to others Source: Michael Kirton, “Adaptors and Innovators: A Description and Measure,” Journal of Applied Psychology (October 1976): 623. Copyright © 1976 by The American Psychological Association. ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–8 The Nature of the Creative Process • Creativity is a process that can be developed and improved. • Some individuals have a greater aptitude for creativity than others. • Many people incorrectly believe that only genius can be creative. • Typical Creative Process Involves seeing relationships among things that others have not seen. It has four commonly agreed-on phases. • Phase 1: Background or knowledge accumulation – Many ways to gain knowledge • Phase 2: The incubation process -allow their subconscious to mull over information • Phase 3: The idea experience- do daydreams and fantasia about your project , or practice your hobbies , take break while working .. • Phase 4: Evaluation and implementation – difficult step require courage , self-discipline and perseverance ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–9 Table 5.3 The Most Common Idea “Killers” 1. “Naah.” 2. “Can’t” (said with a shake of the head and an air of finality). 3. “That’s the dumbest thing I’ve ever heard.” 4. “Yeah, but if you did that . . .” (poses an extreme or unlikely disaster case). 5. “We already tried that—years ago.” 6. “I don’t see anything wrong with the way we’re doing it now.” 7. “We’ve never done anything like that before.” 8. “We’ve got deadlines to meet—we don’t have time to consider that.” 9. “It’s not in the budget.” 10. “Where do you get these weird ideas?” Source: Adapted from The Creative Process, ed. Angelo M. Biondi (Hadley, MA: The Creative Education Foundation, 1986). ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–10 Figure 5.1 The Critical Thinking Process Phase 2 Phase 1 Phase 3 Phase 4 ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–11 Developing Your Creativity • Recognizing Relationships Looking for different or unorthodox relationships among the elements and people around you. • Developing a Functional Perspective Viewing things and people in terms of how they can satisfy his or her needs and help complete a project. • Using Your Brains The right brain helps us understand analogies, imagine things, and synthesize information. The left brain helps us analyze, verbalize, and use rational approaches to problem solving. ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–12 Next class will continue with A Creative Exercise ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–13 A Creative Exercise • Think of and write down all of the functions you can imagine for the following items (spend five minutes on each item): • An egotistical staff member • A new secretary • An empty roll of • A large pebble masking tape • A fallen tree branch • A yardstick • A chair • An old coat hanger • A computer “whiz kid” • The office • An obsessively organized “tightwad” employee • This exercise • The office “gossip” • An old hubcap ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–14 Table Processes Associated with the Two Brain Hemispheres 5.4 Spilt-brain studies were conducted in 1950-1960 on creativity, innovation, and self-development. Emphasis the importance of developing skills associated with both hemispheres Different brain activities and skills Left Hemisphere Right Hemisphere Verbal Nonverbal Analytical Synthesizing Abstract Seeing analogies Rational Nonrational Logical Spatial Linear Intuitive Imaginative Source: Betty Edwards, Drawing on the Right Side of the Brain (Los Angeles: Tarcher, 1979). ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–15 Table 5.5 Ways to Develop Left- and Right-Hemisphere Skills Left-Hemisphere Skills Right-Hemisphere Skills 1. Step-by-step planning of your work and life activities 1. Using metaphors and analogies to describe things and people in your conversations and writing 2. Reading ancient, medieval, and scholastic philosophy, legal cases, and books on logic 3. Establishing timetables for all of your activities 4. Using and working with a computer program 5. Detailed fantasizing and visualizing things and situations in the future 2. Taking off your watch when you are not working 3. Suspending your initial judgment of ideas, new acquaintances, movies, TV programs, and so on 4. Recording your hunches, feelings, and intuitions and calculating their accuracy 6. Drawing faces, caricatures, and landscapes ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–16 Impediments to Creativity A number of mental habits block or impede creative thinking. • Eliminating Muddling Mind-Sets Either/or thinking (concern for certainty) • Speed of change in the world cause ambiguity, uncertainty Security hunting (concern for risk) • Many people try to make right decision& correct action • In doing so, people rely on average, stereotypes, probability Stereotyping (abstracting reality) • Predicating actions from stereotyping, limit person’s perception Probability thinking (seeking predictable results) • tend to rely on the theory of probability can prohibit taking calculated risk 5–17 ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait Arenas in Which People are Creative People can channel their creativity into seven arenas Quick and simple way to settle a dispute Idea Idea Creativity Creativity Spontaneous Spontaneous Creativity Creativity Inner InnerCreativity Creativity Ideas for new products Material Material Creativity Creativity Types Typesof of Creativity Creativity Organization Organization Creativity Creativity New organization Form or structure Award ceremony event Event Event Creativity Creativity ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait Relationship Relationship Creativity Creativity Collaboration , cooperation and win-win relationship 5–18 The Creative Climate Creativity is most likely to occur when the business climate is the right • Characteristics of a creative climate: A trustful management that does not over control the personnel Open channels of communication among all business members Considerable contact and communication with outsiders A large variety of personality types A willingness to accept change An enjoyment in experimenting with new ideas Little fear of negative consequences for making a mistake The selection and promotion of employees on the basis of merit The use of techniques that encourage ideas, including suggestion systems and brainstorming Sufficient financial, managerial, human, and time resources for accomplishing goals ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–19 Innovation • What causes innovation? Revolutionary events create opportunities for innovation, they occur without human intervention The real innovation occurs when the ‘entrepreneur’ of the event puts the pieces together and understands how that the ‘new ’ situation can radically change the way things work. A combination of – accident, recognition and follow up links serendipity and innovation ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–20 Innovation and the Entrepreneur • Innovation: Is the process by which entrepreneurs convert opportunities into marketable ideas. Is a combination of the vision to create a good idea and the perseverance and dedication to remain with the concept through implementation. Is a key function in the entrepreneurial process. Is the specific function of entrepreneurship. ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–21 The Innovation Process • Sources of Innovation • Types of Innovation Unexpected occurrences Incongruities Invention Process needs Extension Industry and market changes Duplication Demographic changes Synthesis Perceptual changes Knowledge-based concepts ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–22 Table 5.6 Innovation in Action Type Description Examples Invention Totally new product, service, Wright brothers—airplane or process Thomas Edison—light bulb Alexander Graham Bell—telephone Extension New use or different application of an already existing product, service, or process Ray Kroc—McDonald’s Mark Zuckerberg—Facebook Barry Sternlicht—Starwood Hotels & Resorts Duplication Creative replication of an existing concept Wal-Mart—department stores Gateway—personal computers Pizza Hut—pizza parlor Synthesis Fred Smith—Fed Ex Howard Schultz—Starbucks Combination of existing concepts and factors into a new formulation or use ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–23 Major Innovation Myths • Myth 1: Innovation is planned and predictable – Old concept that innovation should be left to R&D • Myth 2: Technical specifications should be thoroughly prepared – Preparation is good, but sometimes take too long • Myth 3: Creativity relies on dreams and blue-sky ideas – Who accomplished innovation are practical people & created from opportunity grounded in reality- not daydreams • Myth 4: Big projects will develop better innovations than smaller ones – The statement has been Proven false • Myth 5: Technology is the driving force of innovation success – Market is the driving force behind any innovation ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–24 Principles of Innovation Potential entrepreneur should realize that innovation principle exist When principle combined with opportunity – enable entrepreneur to innovate Principles can be learned – Example Be action oriented. Make the product, process, or service simple and understandable. Make the product, process, or service customer-based. Start small. Aim high. Try/test/revise. Learn from failures Follow a milestone schedule. Reward heroic activity. Work, work, work. ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–25 Diffusion of new ideas Diffusion of Innovations Diffusion is the process by which an innovation is communicated through certain channels over time among the members of a social system. Diffusion is a special type of communication concerned with the spread of messages that are perceived as new ideas. The four main elements in the diffusion of new ideas are: (1) The innovation (2) Communication channels (3) Time (4) The social system (context) ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–26 Diffusion of new ideas The four main elements in the diffusion of new ideas are: (1) The innovation (2) Communication channels (3) Time (4) The social system (context) ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–27 Diffusion of new ideas The four main elements in the diffusion of new ideas – cont (1) The innovation Why do certain innovations spread more quickly than others? The innovation, to be adopted should show accepted characteristics which determine an innovation's rate of adoption are: (1) Relative advantage (2) Compatibility (3) Complexity (4) Trialability (5) Observability to those people within the social system. ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–28 Diffusion of new ideas (2) Communication channels Communication is the process by which participants create and share information with one another in order to reach a mutual understanding. A communication channel is the means by which messages get from one individual to another. 1- Mass media channels: It is more effective in creating knowledge of innovations, whereas 2- Word-of-Mouth (interpersonal channels) It is more effective in forming and changing attitudes . Most individuals evaluate an innovation, not on the basis of scientific research by experts, but through the subjective evaluations of near-peers who have adopted the innovation. ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–29 Diffusion of new ideas (3) Time involved three ways: 3.1 innovation-decision process. (1) Knowledge – person becomes aware of an innovation and has some idea of how it functions (2) Persuasion – person forms a favorable or unfavorable attitude toward the innovation (3) Decision – person engages in activities that lead to a choice to adopt or reject the innovation (4) Implementation – person puts an innovation into use (5) Confirmation – person evaluates the results of an innovationdecision already made ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–30 Diffusion of new ideas (3) Time involved three ways- Cont 3.2 Innovation-Decision Process. Innovativeness is the degree to which an individual or other unit of adoption is relatively earlier in adopting new ideas than other members of a social system: (1) Innovators – 2.5% (2) Early adopters – 13.5% (3) Early majority – 34% (4) Late majority – 34% (5) Laggards – 16% 3.3 - rate of adoption. The rate of adoption is the relative speed with which an innovation is adopted by members of a social system. ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–31 Diffusion of new ideas (4) The social system (context) A social system is defined as a set of interrelated units that are engaged in joint problem-solving to accomplish a common goal. Individuals, Informal Groups, Organizations, And/Or Subsystems. ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–32 Communication of Innovation ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–33 Stages of Innovation Process (Source: Ali Zolait , 2008) ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–34 How to Effectively Innovate ITBIS494 |: Entrepreneurship & Innovation _ Dr. Ali Hussein Zolait 5–35 ...
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