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The Entrepreneurial Mindset: Strategies for Continuously Creating Opportunity in an Age of Uncertainty Hardcover – August, 2000
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About the Author
Top Customer Reviews
For one thing, it is not about entrepreneurs. In fact, the cast of characters is dominated by managers in relatively large organizations. Nor is it about the kinds of coalition-building activities that Gifford Pinchot described in Intrapreneuring (although the topic of political obstacles is addressed). What it is about is strategic innovation. It is a detailed description of an elaborate and exhaustive process for rationally generating (and choosing among) strategic alternatives in the face of uncertainty. This is not a process that the authors have observed while studying entrepreneurs. It is, rather, a description of the tools the authors have developed to work with management teams in established firms to discern original responses to business challenges. Said another way, the book has to do with the process of discovering new things to do - things for which there are no precedents and about which there is very limited data/information - in established businesses.
In some respects, this book constitutes a synthesis (and an impressive one) of themes that have been at work in the strategy literature in recent years. The majority of these themes reflect concerns about how to respond to a business environment in which products rapidly become commodities and (therefore) in which new options are much more strategic hypotheses to be investigated than they are plans to be formalized and funded. Much of the authors' attention is devoted to unearthing new hypotheses from the available data and sorting through them to settle on future courses of action.Read more ›
The first 7 chapters provide tools to identify and define opportunities. Chapter 2, for example, details exactly how to set up a database to capture new business opportunities, with fields that describe the product/service and forces that affect its success, such as competition and company position. Chapters 3 through 6 provide usable frameworks which will fill your database with opportunities. The frameworks cover everything from redesigning products and services and redifferentiating for customers to resegmenting and restructuring markets and creating new competencies. The rest of the book covers execution: developing and timing entry strategies, managing uncertainty through discovery driven planning, and creating an entrepreneurial culture.
As a consultant, I have been able to use many of MacMillan's and McGrath's frameworks with my clients. Specifically, chapter 8's opportunity options frameworks have been invaluable to categorize new venture opportunities for our clients in the high-tech and financial services industries, and have aided in determining "go" and "no-go" decisions for further investment. Additionally, as I am an aspiring entreprenuer, I personally use their tools for opportunity assessment to inventory and rate my own business ideas.
I highly recommend The Entrepreneurial Mindset to corporate venturers and entrepreneurs alike. While the book covers a lot of ground, it is able to do so in an easy to read fashion. The tools and frameworks throughout the book keep the reader engaged and turn the theoretical into the applicable. The Entreprenuerial Mindset is an essential desk reference for new venturing and a highly worthwhile read.
The Entrepreneurial Mindset illustrates the process for rationally generating, choosing among, executing, and monitoring strategic opportunities in the face of uncertainty. Starting from the premise that no market is so mature that you cannot further differentiate your offerings, the authors offer action-oriented, simple tools that help to assess opportunities for launching new products and entering new markets. And those tools aren't just simple, they're also smart and unconventional, providing insight into the minds of habitual entrepreneurs who have honed their skill in creating value time and again.
McGrath and MacMillan publish the checklists, questions, quizzes, and models it took them years to develop while working with management teams in established firms to discern original responses to business challenges. You can start applying the principles and tools in each chapter immediately, getting some good quick hits even before finishing the book. For example, Chapter 11 alone contains 8 tools for developing leading indicators of the business to help tell if a project is heading in the right direction, long before the results become available. Chapter 10 is a gem too. It is based on one of Harvard Business Review's most popular articles, "Discovery Driven Planning" (written by the authors of this book), which was then developed into a course at Wharton's Executive Education Programs for several years.Read more ›
Most Recent Customer Reviews
And face it - we are all entrepreneurs in the modern world. My only suggestion is that a new edition be written. Read morePublished 8 months ago by IN8
First off, you have to cast aside the idea that the word “entrepreneur” is only referring to those at the helm of startups and new business ventures, and instead borrow from the... Read morePublished 17 months ago by B. Wing
Kind of a heavy read at times, but good for out of the box thinking.Published 19 months ago by IronP
While this book may have been innovative in its time, there are far greater books on entrepreneurship available on Amazon. I work for www.business-plans. Read morePublished 20 months ago by Minecrafter
This book has 5 star potential, but needs an update to achieve it. Written nearly 15 years ago, the book takes the reader step by step through a framing process for developing a... Read morePublished 23 months ago by Edward J. Barton
Starting off very strong but the book fades, this book does have a tremendous amount of useful tips. Read morePublished on June 29, 2014 by Robert Kirk
I would rank this alongside of Peter Drucker's classic "Innovation & Entrepreneurship (published 1985 but sill relevant). Read morePublished on January 30, 2014 by David T. Kirby
Great reference for guiding intrapreneurs in the process of innovation. I only wish we could have an updated edition to build on this excellent work.Published on March 24, 2013 by Hudson J. Neville