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Entrepreneurship - International Student Edition
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Entrepreneurship - International Student Edition
The Practice and Mindset

Third Edition


February 2024 | 600 pages | SAGE Publications, Inc

Entrepreneurship: The Practice and Mindset catapults students beyond the classroom by helping them develop an entrepreneurial mindset so they can create opportunities and take action in uncertain environments. Based on the world-renowned Babson Entrepreneurship program, this text emphasizes practice and learning through action. Students learn entrepreneurship by taking small actions to get feedback, experiment, and move ideas forward. They will walk away from this text with the entrepreneurial mindset, skillset, and toolset that can be applied to startups as well as organizations of all kinds. Whether your students have backgrounds in business, liberal arts, engineering, or the sciences, this text will take them on a transformative journey and teaches them crucial life skills

 
Chapter 1: Practicing Entrepreneurship
 
Chapter 2: Activating an Entrepreneurial Mindset
 
Chapter 3: Creating and Recognizing New Opportunities
 
Chapter 4: Using Design Thinking
 
Chapter 5: Building Business Models
 
Chapter 6: Developing Your Customers
 
Chapter 7: Testing and Experimenting With New Ideas
 
Chapter 8: Developing Networks and Building Teams
 
Chapter 9: Creating Revenue Models
 
Chapter 10: Planning for Entrepreneurs
 
Chapter 11: Anticipating Failure
 
Chapter 12: Bootstrapping and Crowdfunding for Resources
 
Chapter 13: Financing for Startups
 
Chapter 14: Navigating Legal and IP Issues
 
Chapter 15: Engaging Customers Through Marketing
 
Chapter 16: Supporting Social Entrepreneurship
Key features
NEW TO THIS EDITION:
  • 14 new case studies and 15 new Entrepreneurship in Action profiles highlight a diverse range of entrepreneurs and starts ups. 
  • 7 new Mindshift Activities provide students with even more opportunities to practice developing their entrepreneurial mindset and skillset.  
  • Revised Chapter 3 Facilitating Social Entrepreneurship moved earlier in the book to emphasize using entrepreneurship for solving pressing social and environmental problems.
  • New Chapter 16 Pitching to Launch delivering a template to help students create a unique and memorable way to present their business idea to investors. 
  • New expanded coverage of contemporary topics such as brand strategy, artificial intelligence, service design thinking, resilience and reflection, and diversity issues in entrepreneurship.
  • Updated research, statistics, and examples throughout.  

KEY FEATURES:

  • 2 Mindshift Activities per chapter challenge students to take action outside the classroom and do entrepreneurship.  
  • Instructors are provided with detailed, imaginative experiential learning activities.  
  • A chapter on Learning From Failure helps students anticipate setbacks, develop resilience, and understand the value of experimentation and iteration. 
  • VentureBlocks Simulation can be packaged with the book to help students practice entrepreneurial processes. Created by Heidi Neck and Anton Yakushin, the simulation has students complete missions to practice interviewing customers, identifying new opportunities, and reflecting on what they learn. 

Chapter 1:

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Summary of Changes:

·        Expanded discussion on the features of modern entrepreneurship

·        Debunks the myth on entrepreneurs thinking differently, using examples from early and modern research.

·        New section debunking the myth of the ways in which entrepreneurs think, using examples from early and modern research.

·        New discussion of evidence-based entrepreneurship

·        New explanation of why entrepreneurs aren’t purely driven by profit, using recent statistics and real-world examples.

·        New case: Siete Family Foods, the Garza Family

 

 

 

 

 

 

 

 

 

Chapter 2: “

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Summary of Changes:

 

·        New Entrepreneurship In Action featuring Boyd Cohen, Iomob

·        New Mindshift: Write Your Why Statement

·        Entrepreneurship Meets Ethics: Confirmation Bias in Entrepreneurship

·        New discussion on the characteristics of a why statement featuring leadership expert and author Simon Sinek

·        New section on value creation in entrepreneurship

·        Explores the theme of resilience within the entrepreneurial mindset

·        Discusses the efficacy of the Entrepreneurship Method of taking “small steps” to successfully manage uncertainty supported by a study from the École Polytechnique Fédérale de Lausanne

·        Explores habits of managing fear, and practicing reflection to activate an entrepreneurial mindset.

·        New example (Roots Studio) to explore the concept of creativity

·        New research on the impact of fear of failure on global entrepreneurial activity

·        New Case: Sara Blakely, Spanx

 

 

 

Chapter 3:

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Summary of Changes:

o   Chapter 16 Supporting Social Entrepreneurship from the second edition was retitled and renumbered as Chapter 3

 

o   New Entrepreneurship In Action featuring 1854 Cycling Company, Brandale Randolph

o   Entrepreneurship Meets Ethics: Is Greenwashing Ethical?

o   Research At Work: The Microfinance Social Innovation: Pathway Out of Poverty or Into Deeper Poverty?

o   Mindshift: Practice Being “Other-Centered”

o   New case: Mud Jeans

o   New section discussing the measurement of social change by mapping out a theory of change and calculating SROI

o   New section highlighting the four models of nonprofit revenue generation, with examples for each.

o   Expanded discussion of venture philanthropy

o   New example Greyston Bakery to highlight the benefits of an open hiring model

 

 

 

 

 

 

 

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Chapter 4:

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Summary of Changes

 

·        Entrepreneurship in Action: Mixtroz, Ashlee Ammons and Kerry Schrader

·        New case: Madison Reed, Amy Errett

·        Expanded discussion of six key strategies to generate new ideas: scanning, connecting, lateral thinking, imagining, observing, and collaborating.

·        New section exploring the challenges different people face (race, socioeconomic status, national identity, disabilities, sexual orientation, age, religion, or political affiliation) moving from idea to opportunity

·        Discussion of the concept of bisociation in making conscious connections to create new something new.

·        New riddle to illustrate the mental process of lateral thinking

·        New example (FABSCRAP) to explain nominal group technique (NGT)

·        Introduction of the gut check formula as part of the evaluation process

 

 

Chapter 5:

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Summary of Changes:

 

·        Entrepreneurship in Action: Incredible Eats, Dinesh Tadepalli

·        Deeper exploration of observation and interviewing supported by examples and different frameworks.

·        New section discussing service design thinking, including a focus on critical customer touchpoints (user-centric, cocreated, well sequenced, visual, and holistic) supported by real world examples.

·        Additional research on empathy referencing researcher, professor and author, Brené Brown.

 

 

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Chapter 6:

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Summary of Changes:

 

·        Research at Work: Business Model Innovation in the Circular Economy

·        Entrepreneurship in Action: Storage Scholars, Sam Chason

·        New Case Study: Airbnb

·        Discussion of business differentiation, innovation, and disruption in supporting business models.

·        Additional mention of Storage Scholars as an example to illustrate the four primary components of a business model

·        Further explanation of overt benefit, real reason to believe, and dramatic difference highlighted by real world example (Shopify)

·        New examples (Chewy, Genius Scan, Babbel, Teladoc) to explain the four problems experienced by customers.

 

Chapter 7:

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Summary of Changes:

·        Entrepreneurship in Action: Ashley and Jerry Taylor, Taylor Custom Rings

·        Case Study: Jimmy Donaldson, MrBeast

·        New example, Mud Jeans, to highlight the demands of environmentally conscious customers who want to consume responsibly.

·        New section on customer psychology

·        New examples to illustrate the six actors in the buying process

·        Expanded discussion of a launch market using AutoCamp as an example

 

 

 

Chapter 8:

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Summary of Changes:

 

    

·        New Mindshift: Conduct a Low-Cost, Quick Experiment

·        New Research at Work: Confirmation Bias and the Reality Entrepreneurs Create

·        New Entrepreneurship in Action: Bertrand Gacon, Impaakt

·        Discussion of market validation to generate key insights  during testing and experimentation

·        New section exploring prototypes in greater depth, including prototype fidelity levels (low-fidelity prototype, medium-fidelity prototype, and high-fidelity prototype)

·        Expanded discussion of MVP (minimum viable product) using GroupOn as an example.

·        New example (mobile pet grooming business) to highlight the interviewing process

·        New section discussing the value of collecting data, including information on unconscious bias, and confirmation bias.

 

 

 

Chapter 9:

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Summary of Changes:

·        Mindshift: Implicit Bias Awareness

·        Research at Work: Nothing Gets Done Without Asking

·        Entrepreneurship in Action: Alice Zhang and Nisha Desai, Anise Health

·        New Case: Shonda Rhimes, Shondaland

·        New example (Babiators) added to illustrate how to find self-selected stakeholders

·        Expanded example of MeetUp groups to demonstrate the creative ways they gathered people together during the Covid-19 pandemic

·        New research on the four principles of “the ask” introduced by Saras Saravathy

·        New statistics and examples (Chinaccelerator, StartupGuru) to highlight the growth of incubators and accelerators

·        New reasons added to explain the benefits of having a cofounder

·        New example (Easho) to emphasize the importance of positive social relations between cofounders

 

 

 

Chapter 10:

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Summary of Changes:

 

·        Entrepreneurship in Action: Vama and Pratiksha Sangoi, Soap Chemistry

·        Adapted Entrepreneurship Meets Ethics: Is Deceptive Advertising Illegal or Unethical?

·        New Case Study: Claire Coder, Aunt Flow

·        New examples of how AI helps to monetize data

·        New examples of data marketplaces (Snowflake) and of data breaches (T-Mobile)

·        New examples of brokers (eBay, Airbnb, Soothe, Rover, Doordash)

·        Expanded discussion of licensing revenue models, including the National Collegiate Athletics Association (NCAA) approved name, image, and likeness (NIL) policy

·        New examples of subscription revenue models (Sips by Tea Club, Barkbox) and Utility and Usage Revenue Modelz (Avis, Hertz, Zipcar)

·        New example of customer-led pricing (Garmentory)

 

Chapter 11:

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Summary of Changes:

 

    

·        New Research at Work: Using Digital Identities to Better Understand the Consequence of Failure

·        New Entrepreneurship in Action: Lights, Camera, Learn, Amal Bahloul 

·        New Entrepreneurship Meets Ethics: Trying to Redeem an Empty Gift Card

·        New Case Study: ToyGaroo, Nikki Pope

·        Expanded discussion on the reasons for startup failure including examples related to the LGBTQ community

·        New real-world examples of business failures throughout

·        New section explaining the role of resilience in overcoming failure, including the concept of psychological resilience and mental health, and the different factors that contribute to building entrepreneurial resilience in adverse situations.

 

 

Chapter 12:

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Summary of Changes:

·        Entrepreneurship in Action: Vico Style, Cecilia Hermawan

·        Case Study: Allbirds, Tim Brown

·        Discussion of venture capital and statistics on the likelihood of minorities receiving formal investment

·        Introduction of Sophia Amoruso, founder of American retailer Nasty Gal to explain how to start a business with little or no money.

·        New examples: Mahisha Dellinger, founder of natural hair care brand Curls, and Mailchimp to demonstrate entrepreneurs who have bootstrapped startups.

·        New research from the University of Southern California showing the rate of startup survival if founders do not leave their jobs right away
New example, Life is Good, to illustrate a startup where the founders have used personal savings to fund the business.

·        New sections describing the use of crowdsourcing for customer engagement and satisfaction, to reduce labor costs, to innovate, and how crowdsourcing is used as a product.

·        New crowdfunding statistics detailing the number of crowdfunding campaigns across the globe, the amount of money raised, the average length of campaigns, and more.

·        Reworked section examining best practices entrepreneurs use to conduct successful crowdfunding campaigns, including new examples (Zano, Bird & Blend Tea Co,. Artiphon, Biigloo)

·        New section discussing the importance of the video pitch, including video tips for crowdfunding campaigns

 

Chapter 13:

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Summary of Changes:

·        New: Research at Work: Diversity Matters But It’s Challenging

·        Entrepreneurship in Action: Nirman Dave, Obviously AI

·        Case Study: Y Combinator

·        New statistics on access to capital for entrepreneurs

·        Discusses Apple as an example of the long-term impact of angel investment

·        Statistics summarizing the number of angels in addition to the lack of angels that are members of minority groups.

·        Statistics showing the fluctuating nature of venture capital investments

·        Updated section discussing the history and future of venture capital, including the impact of the Covid-19 pandemic on the amount of investment in new business

 

 

 

    

 

Chapter 14:

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Summary of Changes:  .

 

·        Mindshift: The Theranos Case

·        Entrepreneurship in Action: David Zamarin, DetraPel

·        Case Study: Vincent and Andrew Kitirattragarn, Dang Foods

·        Updated legal services and online legal resources

·        New examples of copyright infringement cases, including Ed Sheeran, Dua Lipa, and Katy Perry.

·        Discussion of the debate about copyright and the rights of artists versus AI in music, using the manufactured song “Heart on my Sleeve” as an example.

·        Exploration of trademark infringement, referencing the Happy Belly Bakes versus Amazon lawsuit.

·        Expansion of trade secrets discussion illustrated by Balmuccino LLC

·        The global impact of IP theft highlighted by H&M and Shein

 

 

 

 

Chapter 15:

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Summary of Changes:

 

·        Mindshift SMILE and SCRATCH Your Business Name (updated)

·        Research at Work: Founders Have to Be Salespeople

·        Entrepreneurship in Action: Ishan Pansuria, Toska Chocolates 

·        Entrepreneurship Meets Ethics: The potential dark side of social media marketing

·        Case Study: Uncle Nearest, Fawn Weaver

·        Enhanced discussion of the principles of marketing and how it applies to new ventures

·        New section describing the five key characteristics of entrepreneurial marketing, illustrated by Grain Surfboards

·        Expanded discussion of guerrilla marketing, including 8 guerrilla marketing strategies with real-world examples.

·        Additional information on brand strategy using the world’s most powerful brands as examples

·        Further exploration of current and future marketing trends such as VR, AI, social responsibility, user generated content and influencer marketing.

·        New section on digital marketing including social media marketing, content marketing, and email marketing.

·      New section devoted to influencer marketing, including the types of influencers, influencer marketing strategy, and building a fan base.

 

Chapter 16:

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Summary of Changes:

·        Mindshift: What’s Your Hook?

·        MINDSHIFT: Your Pocket Pitches

·        Research at Work How a Pitch Can Build Trust With Investors

·        Entrepreneurship in Action: Impact Gifts, Heet Ghodasara 

·        Case Study: Bombas, David Heath and Randy Goldberg

·        New section exploring Pocket Pitches

·        New section on pitching tips including real world examples

·        Enhanced discussion exploring the four aspects of pitching: the opening hook, the impression made on audiences, the Q&A period, and professional-level public speaking.

 

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