Lecture

Developing a Business

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Description

This lecture covers the process of developing a business model, starting with setting goals and leveraging one's knowledge and network. It also discusses risk assessment, attitude towards others, and the importance of planning and taking action. The lecture explores the average profile of a first-time entrepreneur, the different paths to entrepreneurship, and the challenges faced in making innovations successful through rapid iterations of customer development.

In MOOC

IoT Systems and Industrial Applications with Design Thinking

Internet of Things (IoT) and smart connected devices have radically changed the way our world works and how companies operate and create new businesses. Do you want to learn about IoT fundamentals? This is a course for you! In this course we provide an overview of the underlaying IoT technologies and its business applications. This course is an introduction to IoT and explains why it is a continuously evolving concept with many industrial applications. You will learn the fundamental building blocks of IoT

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Related concepts (12)

Goal setting

Goal setting involves the development of an action plan designed in order to motivate and guide a person or group toward a goal. Goals are more deliberate than desires and momentary intentions. Therefore, setting goals means that a person has committed thought, emotion, and behavior towards attaining the goal. In doing so, the goal setter has established a desired future state which differs from their current state thus creating a mismatch which in turn spurs future actions.

Goal

A goal or objective is an idea of the future or desired result that a person or a group of people envision, plan and commit to achieve. People endeavour to reach goals within a finite time by setting deadlines. A goal is roughly similar to a purpose or aim, the anticipated result which guides reaction, or an end, which is an object, either a physical object or an abstract object, that has intrinsic value. Goal setting Goal-setting theory was formulated based on empirical research and has been called one of the most important theories in organizational psychology.

Goal orientation

Goal orientation, or achievement orientation, is an "individual disposition towards developing or validating one's ability in achievement settings". In general, an individual can be said to be mastery or performance oriented, based on whether one's goal is to develop one's ability or to demonstrate one's ability, respectively. A mastery orientation is also sometimes referred to as a learning orientation. Goal orientation refers to how an individual interprets and reacts to tasks, resulting in different patterns of cognition, affect and behavior.

Business process modeling

Business process modeling (BPM) in business process management and systems engineering is the activity of representing processes of an enterprise, so that the current business processes may be analyzed, improved, and automated. BPM is typically performed by business analysts, who provide expertise in the modeling discipline; by subject matter experts, who have specialized knowledge of the processes being modeled; or more commonly by a team comprising both. Alternatively, the process model can be derived directly from events' logs using process mining tools.

Risk assessment

Risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events. The results of this process may be expressed in a quantitative or qualitative fashion. Risk assessment is an inherent part of a broader risk management strategy to help reduce any potential risk-related consequences. More precisely, risk assessment identifies and analyses potential (future) events that may negatively impact individuals, assets, and/or the environment (i.e. hazard analysis).

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