Fundamentals of Innovation and Entrepreneurship

Fundamentals of Innovation and Entrepreneurship

BUSS 322 Fundamentals of Innovation and Entrepreneurship
Project #3: Personal Business Plan
Assignment
What matters most to you as you contemplate your future career and personal lives? The entrepreneurial process is at its core concerned with “the pursuit of opportunity without regard to the resources already under control,” as Professor Howard Stevenson of Harvard Business School originally said. This process is as applicable to your career as it is to starting a company. The goal of this assignment is to identify where you want to be and how you will get there. Do not worry about your current resources. Think entrepreneurially.
Your personal business plan should include:
 a long-term vision statement,
 the “external” opportunities that exist,
 your “internal” (personal) strengths, and
 a strategy for yourself and your life over the next three to five years.
This assignment should consist of 1-2 pages that summarize as many of the areas as possible.
Study Questions
To consider as you complete the assignment:
Vision and Opportunity
• What are your goals (career and/or educational) after you leave your university?)
• What is your purpose, your values, and your mission? List the 3 key questions that guide your choices. These should be essential questions that serve as touchstones to direct your life and work. For instance, how can I have an impact? What do I love? What do I fear? What engages my passions? How do I want to be remembered? The answers to these questions may well change over time, but when the questions themselves are fundamental they tend to last a lifetime.
• What is the market and opportunity that align with your goals? Don’t restrict yourself to matters of career or work; think more broadly about your opportunities to make a difference.

Marketing and Implementation Strategy
• What compelling value will you offer to your employers and society?
• How will you differentiate from other students? How about from the broader populace?

Entrepreneurial Ethics, Personal “Board of Directors,” and 6-Word Summary
• Entrepreneurship is not all about personal financial gain. It concerns crafting a lifelong plan to make a positive impact on society. Character does matter. Failure is OK; unethical behavior is not. True wealth requires the creation of enduring value, which requires integrity and ethics. Entrepreneurship and business do not just contact sports subject to their own arcane rules, but an integral part of life that reflects the values of each participant. How do you plan to practice ethical principles in your daily actions?
• If you could assemble any three people to advise and mentor you, who would they be? They may be alive or dead, family or world leaders, friends, or strangers. Why would you choose each? Is it their wisdom, their accomplishments, their words, their creativity, their character, their heroic deeds…?
• Similar to popular “six-word story” exercises, please summarize your PBP in 6 words (e.g., “humanist engineer, global citizen, caring teacher”).

Summary
In our final session (on Nov 30th) each student will share highlights from their Personal Business Plan and how entrepreneurship and innovation could play a role in your personal and career paths. The innovative and entrepreneurial process that was covered in this course is as applicable to a person’s life as it is to create a company. Thus, this session will help you identify where you would like to be and how you plan to get there. Follow APA citation and format.

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