ENTREPRENEURSHIP&

INNOVATION
 FACTS AND OPINIONS

 What is the dif ference between facts and opinions ?

 Thinking critically demands that you distinguish between fact

and opinion.

 Typically, a fact is a claim that is considered to be true.

 An opinion is a claim that someone believes is true.

 Opinions may or may not be factual, even though people often
asser t their opinions as facts.
 Data validity and data quality:

DATA VALIDIT Y AND DATA QUALIT Y:

 The “validity” and “quality” of data must be relevant to our
research when considering information from a variety of data
sources.

Validity refers to how accurately a method measures what it is

intended to measure

 Data validity: is one of the critical dimensions of Data Quality

and is measured alongside the related parameters that define
data completeness, accuracy and consistency.

 What is valid data? Validity in data collection means that your

findings truly represent the (subject) you are claiming to
measure.
 Data quality: is a measure of the condition of data based on
factors such as validity,
 accuracy, completeness, consistency, reliability and whether it's
up to date.

 Data quality is generally understood to be the degree to which
data meet the needs of its users.

 Quality refers to how good something is compared to other
similar things.

 Validity is the quality of being correct or true.

 When a statement is true and has a lot of evidence backing it up,
this is an example of a situation where the evidence supports the
validity of the statement.

CHARACTERISTICS THAT DEFINE QUALIT Y
DATA
 Accuracy and P r ecision :
 This characteristic refer s to the exactness of the data. It cannot have
any erroneous elements and must convey the correct message without
being misleading.
 Fo r exam ple, accuracy in healthcare might be more impor tant than in
another industr y (which is to say, inaccurate data in healthcare could
have more serious consequences ).

 Validity: For example, on sur veys, items such as gender and nationality
are typically limited to a set of options and open answer s are not
permitted. Any answer s other than these would not be considered valid
based on the sur vey’s requirement. This is the case for most data and
must be carefully considered when determining its quality.

 Reliability and Co nsistency: Many systems in today’s environments use

and/or collect the same source data. Regardless of what source
collected the data, it cannot contradict a value residing in a dif ferent
source or collected by a dif ferent system.
 Timeliness and Relevance: There must be a valid reason to
collect the data to justify the effor t required, which also
means it has to be collected at the right moment in time.
Data collected too soon or too late could misrepresent a
situation and drive inaccurate decisions .

 Completeness and Comprehensiveness : Incomplete data is as

dangerous as inaccurate data. Gaps in data collection lead to
a par tial view of the overall picture to be displayed. It ’s
important to understand the complete set of requirements
that constitute a comprehensive set of data to determine
whether or not the requirements are being fulfilled.
PERSONAL SWOT ANALYSIS & PERSONAL
DEVELOPMENT PLAN
 Knowing your own strengths and weaknesses gives you a
better understanding of yourself and how you
function.Knowing your weaknesses gives you a clearer
understanding of things that may beholding you back, and you
can then work around finding ways to not let your weaknesses
pull you behind.

 Personal SWOT (strengths, weaknesses, oppor tunities, and

threats) Analysis: Making the Most of Your Talents and
Opportunities
 What makes SWOT especially power ful is that, identifying
these internal strengths can help us uncover oppor tunities
that we would not other wise have spotted, and by
understanding our weaknesses, we can manage and eliminate
threats that might other wise hur t our ability to move
 forward.
 WHAT IS THE IMPORTANCE OF SWOT
ANALYSIS FOR BUSINESSES?

 A SWOT analysis improves your business ’s adaptability

 When you are aware of the possibilities that your company
can achieve, it is easier to adapt to market trends.

 A SWOT analysis leads to better use of resources
 Evaluating your company ’s strengths will allow you to
determine how to allocate your resources efficiently. This will
help you achieve revenue growth and profitability .

 A SWOT analysis improves business operations

 Assessing a company’s weaknesses doesn’t mean you are
looking for someone to blame for past shor tcomings.
 A SWOT analysis leads to the discover y of new oppor tunities
 A business that does not seek out new oppor tunities is bound
to fail, one way or another. A SWOT analysis works best when
a company is assessing new ideas.

 A SWOT analysis helps your business deal with risks

 Threats in a SWOT matrix are generally external factors that
can have a negative impact on a company ’s per formance.
Such threats can happen suddenly. But with a SWOT analysis
a company can prepare for the worst.
 To per form a per sonal SWOT analysis, wr ite down answer s to the
fo llowing questions:

 S treng ths

 -What advantages do you have that other s do not have (for example,
skills, cer tifications, education, or connections)?
 -What do you do better than anyone else?
 -What per sonal resources (e.g. imagination, concentration,
obser vation) can you access?
 -What do other people see as your strengths?
 - Are you par t of a network that no one else is involved in? If so, what
connections do you have with influential people?
 Consider this from your own per spective, and from the point of view of
the people around you. And do not be modest or shy – be as objective
as you can.
 T ip : Think about your strengths in relation to the people around you. For
example, i
 S u c c e s s f ul e n t r e p r e n e u r s s h a r e s i m i l a r s t r e n g t h c h a r a c t e r is t ic s:
 R i s k - t a k e r – prepared to t ake risk and see failure as po ssible po sit ive ex perie nc e to
be learne d fro m.
 I n n o v a t i v e – have new ideas fo r new pro duc t s o r new way s fo r present i n g ex ist ing
pro duc t s.
 S e l f - m o t iv a te d a n d d e t e r m i n e d – t hey keep g o i ng , even when t hi ng s g et d i f fi c ul t .

 S e l f - c o n fid e n t – t hey have st ro ng belief in t heir own abilit y and ideas.
 M u l t i - sk i l l e d – t hey have g o o d under st a nd i ng o f di f fere nt func t i o n o f t he b usi nes s
( financ e , market in g , HR, . . ) whic h make t hem able to see an idea t hro ug h fro m
develo pm e nt to sales
 L e a d e r s h i p q u a l i t ie s – t hey have c o mmunic at io n sk ills, t he abilit y to mo t ivate
o t her s and are g o o d dec isio n - m a k er s.
 I n i t i a t iv e – t hey have t he abilit y to develo p a g o o d plan fo r ac hiev i ng t he business ’ s
o bjec t ives.
 Re s u l t d r i v e n – fo c used o n ac hiev in g result s and make sure pro duc t s so ld fo r pro fit .
 G o o d a t n e t w o rk in g – t hey are prepared to learn fro m o t her s.

 Weak nesses
 What tasks do you usually avoid because you don't feel confident doing
them?
 What will the people around you see as your weaknesses?
 Are you completely confident in your education and skills training? If
not, where are your weakest?

 What are your negative work habits (for example, are you often late,
are you disorganized, do you have a shor t temper, or are you poor at
handling stress)?
 Do you have per sonality traits that hold you back in your field? For
instance, if you have to conduct meetings on a regular basis, a fear of
public speaking would be a major weakness.
 Again, consider this from a per sonal/internal per spective and an
external per spective. Do other people see weaknesses that you don't
see? Be realistic – it's best to face any unpleasant truths as soon as
possible.
 Po ssible Weak nesses o f Ent r epreneur s:

 Bad Tim e Manag ement: Working 10 hour s a day is not such a great
idea. Doesn’t mean you get more things done. Dif ferent people are
productive at dif ferent times of the day, you might need to apply time
management techniques .

 H esitance to Deleg ation: When you star t a business, it is ver y common

that you would be hesitant to delegate work to other s. But unless you
want to be a one man orchestra you will have to get over it .

 Biased per spective o n t he business: When you have been working for
months on the same project you become so absorbed by it that you lose
the per spective and may star t taking some bad decisions. Take the
time to step back ever y now and then and ask for external feedback .

 Being all over t he place: Having a lot of ideas is great! But don ’t tr y to
implement them all at a time ..
 Oppor tunities:
 -What new technology can help you? Or can you get help from
others or from people via the internet?
 -Is your industr y growing? If so, how can you take advantage
of the current market?
 -Do you have a network of strategic contacts to help you, or
offer good advice?
 - What trends advantage of do you see in your business, and
how can you take advantage of your competitors' mistakes?
 -Is there a need in your industry that no one is filling?
 -Do your customers or vendors complain about something in
your business? If so, could you create an oppor tunity by
offering a solution?
 You might find useful oppor tunities in the following:
 Networking events, educational classes, or conferences.
 A colleague going on an extended leave. Could you take on
some of this person's projects to gain experience?
 A new role or project that forces you to learn new skills, like
public speaking or
 international relations.
 A company expansion or acquisition. Do you have specific
skills (like a second language) that could help with the
process?

Threats:
-What obstacles do you currently face at work?
-Are any of your colleagues competing with you for
projects or roles?
-Is your job (or the demand for the things you do)
changing?
-Does changing technology threaten your position?
-Could any of your weaknesses lead to threats?
-Performing this analysis will often provide key
information – it can point out what needs to be done
and put problems into perspective.
PRODUCE A PERSONAL DEVELOPMENT
PLAN
 A per sonal development plan ;
 is a process that consists of defining what is impor tant to you,
what you want to achieve, what strengths you already have
that help to achieve your goals, and what you need to improve
and develop with time .

 When you are developing or designing something new, that ’s

usually not finished overnight. That ’s why you need to be
prepared that ever y impor tant plan will take time before it ’s
realized.
 If you want to achieve anything impor tant, you need to take
time to make a detailed plan.
 There are some important things to consider when creating a
personal development plan. Here are 9 steps that can help you to
create a good personal development plan:

 Define your goals: Write down 5-10 goals which are important for
you to achieve.

 Prioritize: Take a good look at your list and select one goal which
is the most important to you and that you will work on first.

 Set a deadline: If you have a goal but don ’t know when you want
to achieve it, chances are it will never happen .

 Understand your strengths; write down which of these strengths

can help you to achieve your goal.
 Recognize opportunities and threats: Create a start doing and
stop doing list!. Which of yours habits or actions are threats to
your goal achievement?

 Develop new skills: Write down the list of the skills you need to
develop, which will help you achieve your goal.

 Take action: If you want to achieve a big goal, there will be many
actions you will need to take.

 Get support:: Who can help you to achieve your goals faster?

 Measure progress: It is important to recognize that you are

moving forward and to write down things that you are doing well.
If something is not going so well, what can you do dif ferently?
 4. REFLECTIVE JOURNAL

 As a student of Entrepreneurship & Innovation course, you will

be expected to demonstrate your knowledge and understanding
of entrepreneurship and innovation. You will develop the ability
to reflect on your experience of entrepreneurship and innovation
using a reflective journal.

 Reflective journal is notes or papers prepared by students to

reflect what they understand. Students reflect their learning and
understanding. They examine how much they recognize and don't
recognize. In addition, it contains your conclusions about how
what you have learnt is relevant to you and how you will use the
new information / knowledge / skill / technique in the future.

 Please tr y the below exercise;

 Today I learned ……
 I was surprised when ……
 I did not understand ……
 I would have liked to ……
 I can be more successful in this class if I …….
