Entrepreneurship

The Practice and Mindset

Chapter by chapter updates to the third edition:

Chapter 1:

• 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:

• 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:

•  Chapter 16 Supporting Social Entrepreneurship from the second edition was retitled and renumbered as Chapter 3
•  New Entrepreneurship In Action featuring 1854 Cycling Company, Brandale Randolph
• Entrepreneurship Meets Ethics: Is Greenwashing Ethical?
• Research At Work: The Microfinance Social Innovation: Pathway Out of Poverty or Into Deeper Poverty?
• Mindshift: Practice Being “Other-Centered”
• New case: Mud Jeans
• New section discussing the measurement of social change by mapping out a theory of change and calculating SROI
• New section highlighting the four models of nonprofit revenue generation, with examples for each
• Expanded discussion of venture philanthropy
• New example Greyston Bakery to highlight the benefits of an open hiring model

Chapter 4: 

• 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:

• 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

Chapter 6:

•  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:

•  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:

•  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:

• 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:

•  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:

• 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:

• 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:

• 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:

• 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:

•  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