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The Practice and Mindset

Second Edition

November 2019 | 536 pages | SAGE Publications, Inc

Recipient of a 2021 Textbook Excellence Award from the Textbook & Academic Authors Association (TAA)
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.  

The Second Edition includes a new chapter on customer development, 15 new case studies, 16 new Mindshift Activities and 16 new Entrepreneurship in Action profiles, as well as expanded coverage of prototyping, incubators, accelerators, building teams, and marketing trends.

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Share with your students: 7 Truths About Entrepreneurship

About the Authors
Part I. Entrepreneurship Is a Life Skill
CHAPTER 1: Practicing Entrepreneurship
1.1 Entrepreneurship Requires Action and Practice

1.2 Entrepreneurship May Be Different From What You Think

1.3 Types of Entrepreneurship

1.4 Entrepreneurship Is a Method, Not a Process

1.5 The Method Involves Creating the Future, Not Predicting It

1.6 The Key Components of the Entrepreneurship Method

1.7 Entrepreneurship Requires Deliberate Practice

1.8 How This Book Will Help You Practice Entrepreneurship


Key Terms

Case Study: Saurbh Gupta, founder, Gyan-I Inc.

CHAPTER 2: Activating an Entrepreneurial Mindset
2.1 The Power of Mindset

2.2 What Is Mindset?

2.3 The Self-Leadership Habit

2.4 The Creativity Habit

2.5 The Improvisation Habit

2.6 The Mindset as the Pathway to Action


Key Terms

Case Study: Maliha Khalid, founder and CEO, Doctory

Part II. Creating and Developing Opportunities
CHAPTER 3: Creating and Recognizing New Opportunities
3.1 The Entrepreneurial Mindset and Opportunity Recognition

3.2 Opportunities Start With Thousands of Ideas

3.3 Four Pathways to Opportunity Identification

3.4 Alertness, Prior Knowledge, and Pattern Recognition

3.5 From Idea Generation to Opportunity Recognition


Key Terms

Case Study: Jillian Lakritz, founder, Yoee Baby

CHAPTER 4: Using Design Thinking
4.1 What Is Design Thinking?

4.2 Design Thinking as a Human-Centered Process

4.3 Design Thinking Requires Empathy

4.4 The Design-Thinking Process: Inspiration, Ideation, Implementation

4.5 Pathways Toward Observation and Insights

4.6 Interviewing as a Useful Technique for Identifying Needs

4.7 Variations of the Design-Thinking Process


Key Terms

Case Study: Anton Yakushin, cofounder and CEO, VentureBlocks

CHAPTER 5: Building Business Models
5.1 What Is a Business Model?

5.2 The Four Parts of a Business Model

5.3 The Customer Value Proposition (CVP)

5.4 Different Types of CVPs and Customer Segments

5.5 The Business Model Canvas (BMC)


Key Terms

Case Study: Gautam Gupta, cofounder, NatureBox

CHAPTER 6: Developing Your Customers
6.1 Customers and Markets

6.2 Types of Customers

6.3 Customer Segmentation

6.4 Target Customer Group

6.5 Customer Personas

6.6 Customer Journey Mapping Process

6.7 Market Sizing


Key Terms

Case Study: Haim Saban, The Mighty Morphin’ Power Rangers

CHAPTER 7: Testing and Experimenting With New Ideas
7.1 Experiments: What They Are and Why We Do Them

7.2 Types of Experiments

7.3 A Deeper Look at Prototypes

7.4 Hypothesis Testing and the Scientific Method Applied to Entrepreneurship

7.5 The Experimentation Template

7.6 Interviewing for Customer Feedback


Key Terms

Case Study: Katrina Lake, CEO, Stitch Fix

CHAPTER 8: Developing Networks and Building Teams
8.1 The Power of Networks

8.2 The Value of Networks

8.3 Building Networks

8.4 Virtual Networking

8.5 Networking to Build the Founding Team


Key Terms

Case Study: Jeff Goudie, AmeriCan Packaging

Part III. Evaluating and Acting on Opportunities
CHAPTER 9: Creating Revenue Models
9.1 What Is a Revenue Model?

9.2 Different Types of Revenue Models

9.3 Generating Revenue From “Free”

9.4 Revenue and Cost Drivers

9.5 Pricing Strategies

9.6 Calculating Price


Key Terms

Case Study: Balaji Viswanathan, founder, Invento Robotics

CHAPTER 10: Planning for Entrepreneurs
10.1 What Is Planning?

10.2 Planning Starts With a Vision

10.3 Plans Take Many Forms

10.4 Questions to Ask During Planning

10.5 The Business Plan Debate

10.6 Tips for Writing Any Type of Plan


Key Terms

Case Study: Boyd Cohen, cofounder, IoMob

CHAPTER 11: Anticipating Failure
11.1 Failure and Entrepreneurship

11.2 The Failure Spectrum

11.3 Fear of Failure

11.4 Learning From Failure

11.5 Getting Gritty: Building a Tolerance for Failure


Key Terms

Case Study: Emily Lagasse, founder, Petwell Supply Co.

Part IV. Supporting New Opportunities
CHAPTER 12: Bootstrapping and Crowdfunding for Resources
12.1 What Is Bootstrapping?

12.2 Bootstrapping Strategies

12.3 Crowdfunding Versus Crowdsourcing

12.4 Crowdfunding Startups and Entrepreneurships

12.5 The Four Contexts for Crowdfunding

12.6 A Quick Guide to Successful Crowdfunding


Key Terms

Case Study: Daymond John, founder, FUBU

CHAPTER 13: Financing for Startups
13.1 What Is Equity Financing?

13.2 The Basics of Valuation

13.3 Angel Investors

13.4 Venture Capitalists

13.5 Due Diligence


Key Terms

Case Study: Rich Palmer, founder, Gravyty

SUPPLEMENT A: Financial Statements and Projections for Startups
Financial Projections for Startups

Three Essential Financial Statements

Linkages Between the Three Financial Statements

The Journey of Cash: The Cash Conversion Cycle

Building Pro Forma Financial Statements

Building Assumptions: Operating Policies and Other Key Assumptions


Key Terms

CHAPTER 14: Navigating Legal and IP Issues
14.1 Legal Considerations

14.2 Types of Legal Structures

14.3 Legal Mistakes Made by Startups

14.4 Intellectual Property (IP)

14.5 Global IP Theft

14.6 Common IP Traps

14.7 Hiring Employees


Key Terms

Case Study: Matthew Vega-Sanz, cofounder, Lula

CHAPTER 15: Engaging Customers Through Marketing
15.1 What Is Entrepreneurial Marketing?

15.2 The Basic Principles of Marketing

15.3 Building a Brand

15.4 Entrepreneurial Marketing

15.5 Creating Your Personal Brand


Key Terms

Case Study: Justin Real, founder, Realplay

SUPPLEMENT B: The Pitch Deck
Types of Pitches

Overview of the Pitch Deck

The Pitch Deck

The Question and Answer Period

Public Speaking Tips


Key Term

CHAPTER 16: Supporting Social Entrepreneurship
16.1 The Role of Social Entrepreneurship

16.2 Social Entrepreneurship and Wicked Problems

16.3 Types of Social Entrepreneurship

16.4 Capital Markets for Social Entrepreneurs

16.5 Social Entrepreneurs and Their Stakeholders

16.6 Differences Between Social Entrepreneurship and Corporate Social Responsibility

16.7 Social Entrepreneurship and Audacious Ideas

16.8 Global Entrepreneurship


Key Terms

Case Study: Brandale Randolph, founder and CEO, 1854 Cycling Company

Name Index
Subject Index


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Practical approach to entrepreneurship. Pitching skills are great!

Dr Alyssa Dassa
Business Division, Thomas College
December 28, 2023

Excellent book- covers the entrepreneurial mindset & opportunities creation.

Dr Prashanna Nepal
Faculty of Business and Law, De Montfort University
February 12, 2024

This book has been recommended as an reading list addition for a revalidated new venture module starting Sep 23. In particular it is considered useful for the start-up feasibility planning and the venture financing. The accompanying workbooks and case studies will be useful for extending self study outside lecturers.

Miss Victoria Prince
Business, Coleg Llandrillo Cymru
May 19, 2023

I very good introduction to the entrepreneurial thinking and behavior.

Dr Carlos Bazan
Business Administration, Memorial Univ-Medical Clg
March 6, 2023

A well written book on entreneurship which collects a lot of academic theory on the subject.

Just Kjaergaard Pedersen
CPH Marketing, Copenhagen Business Academy
July 30, 2022

Excellent book - well written and very relevant

Professor Sam Lee
College of Business Administra, California St Univ-Long Beach
October 8, 2020

Successfully used previous edition.

Yanick Lamb
Communication/Culture Std Dept, Howard University
January 20, 2021