What is Entrepreneurship: A Refresher
Before we jump into all the steps and processes you’ll go through in this course, let’s start by preparing your mind about what it means to start a venture. Beginning with the different types of ventures that exist.
What is an Entrepreneur?
In this section, we will discuss what entrepreneurship is. You’ve already covered some of these concepts in your Engineering for Development course, so consider this a refresher.
📺 Start by watching this video for an introduction to entrepreneurship.
Okay, let’s recap that. Here are some key takeaways from this video:
Anyone can be an entrepreneur. Yes, even you! With an idea and the right tools to develop it, you can build and run a functional and successful business. That being said, having an entrepreneurial mindset or having an idea alone does not make you an entrepreneur. To be one, you need to have taken the risk to get a business off the ground.
Businesses take different forms, and there is no one size fits all for the type or scale of business you can start. For example, you could have a brick-and-mortar business (e.g., a restaurant, supermarket, or clothing store). You could also have a software company or online product (e.g., a game app like Candy Crush or a productivity software like Trello). Maybe you have a community or an empowering network (e.g., WomenWhoCode or ProductHunt), or you want to run an online media empire (e.g., TechCabal or BellaNaija). Maybe you prefer to use your skills to work independently (e.g., becoming a graphic designer or social media strategist). All these are examples of entrepreneurial ventures, and we will explore more about them in another section of this lesson.
Entrepreneurship is not easy, but it can be very rewarding. That’s why, as an entrepreneur, you need to believe in yourself and what you are building. You’ll be taking a financial gamble, sometimes working long hours to get your product off the ground, and have to create the structure for how you work.
So, before getting into being an entrepreneur, it is helpful to know what motivates you to go on this journey. For some, it is the freedom and independence that comes with setting your schedule. For others, it is having control of their time and finances. It could also be the impact you would have in the world or being able to push the boundaries of what you think is possible to create. Whatever the reason, knowing your motivations will keep you going throughout your entrepreneurship journey.
A question that every entrepreneur needs to ask themselves is: “What does success look like to me?”
❓ What does success look like to you? Share your thoughts in the padlet below.
The Mindset of an Entrepreneur
With this understanding of what it means to be an entrepreneur, let’s learn more about the mindsets you need to take on entrepreneurship and to successfully complete this course.
📺 Start with this video that shares why the entrepreneurial mindset matters, especially as an engineering (or computer science) student.
In this video, we get a glimpse of the 3Cs that define the entrepreneurial mindset:
- Curiosity
- Connection
- Creating Value
Curiosity
📺 Watch the following video to learn more about curiosity in entrepreneurship
The root of curiosity is an information gap between what we currently know and something that we might need to know or want to know. As a consequence, a key way to sparking curiosity is by asking "What if" or "Why" questions.
Embrace curiosity as your driving force behind innovation and problem-solving. In computer science, technology is constantly evolving, and your curiosity will motivate you to explore new ideas, technologies, and possibilities. It will encourage you to ask questions, challenge the status quo, and seek creative solutions to complex problems. Without curiosity, you may be less likely to identify new opportunities or develop innovative products and services that can disrupt markets and drive growth. As you look around, ask yourself why things are the way they are and what if things could be better.
Connections
📺 Watch the following video to learn more about turning connections in concepts.
Recognize the importance of viewing your venture, the market, and the broader ecosystem as interconnected systems. Each component, whether it's technology, users, partners, or competitors, interacts with and affects other parts of the system. By understanding these connections and their implications, you can identify leverage points, anticipate feedback loops, and make more informed decisions to create positive outcomes. Embrace the complexity of these interconnected systems and leverage your understanding of connections to design more robust strategies, products, and solutions that can adapt and thrive within dynamic environments.
As shown in the video, the concept of connections can also help you focus your thinking and generate more creative ideas.
Creating Value
📺 Watch the following video on the importance of creating value.
At the core of entrepreneurship is the concept of creating value through products, services, or solutions that address real-world needs, solve problems, and deliver meaningful benefits to users. Therefore, it is critical for entrepreneurs to focus on creating value for customers, stakeholders, and maybe also society at large. Whether it's through improving efficiency, enhancing user experience, or enabling new capabilities, prioritize value creation to distinguish your offerings from competitors and build a sustainable business.
However, creating value is not obvious and easy. As you build your venture, it can be challenging to know if what you are creating actually creates value for the target users. This is why talking to your potential users is so important so that you have some initial ideas of what might create value for them. Additionally, it is also important that you create MVPs so that you can test your products with real users to see if they actually create value and iterate until they do.
These 11 mindsets are:
- The ability to maintain a positive attitude
- Openness to anything
- The curiosity of a child
- The ability to persuade
- Creative problem-solving
- Self-motivation
- Resiliency and tenacity
- Taking ownership of everything that happens
- Receptiveness to anything
- Passion
- Empathy
Fictional Case Study: Aminata Diop
Let’s illustrate what we’ve covered so far with the story of Aminata Diop, the founder of Soleil Solutions.
Aminata Diop is a young and ambitious entrepreneur from Senegal with a passion for creating positive change in her community. Aminata grew up in a small village where access to electricity was a luxury, and frequent power outages were a common occurrence. Determined to make a difference, she embarked on a journey to become an entrepreneur and address the pressing need for reliable and affordable energy solutions.
Aminata started by identifying a need. She noticed that her community struggled with the lack of access to electricity, hindering economic development and limiting educational opportunities. Many households relied on costly and environmentally harmful alternatives like kerosene lamps. Aminata saw the potential for a sustainable solution that could not only address the energy crisis but also contribute to the overall well-being of her community.
Driven by the desire to make a difference, Aminata came up with a idea — a solar-powered lighting system that would be both cost-effective and environmentally friendly. She believed that harnessing the abundant sunlight in Senegal could provide a reliable and renewable source of energy for her community.
Launching a business from scratch was not an easy task, especially for someone with limited financial resources. Aminata faced numerous challenges, including securing funding for research, development, and production. Undeterred by the obstacles, she took a calculated financial risk and invested her savings into conducting feasibility studies, developing prototypes, and seeking partnerships with local and international organizations that shared her vision.
After extensive research and development, Aminata started her business, Soleil Solutions, with the mission of bringing affordable solar energy solutions to rural communities. She collaborated with engineers, designers, and local artisans to create a line of solar-powered products, including lamps, phone chargers, and small appliances. Aminata faced hurdles in refining her products and establishing a reliable supply chain. However, she persevered, learning from setbacks and continuously improving her designs. She partnered with local manufacturers to produce the solar devices, creating job opportunities in her community.
To sell her business and make her products accessible, Aminata adopted a flexible pricing model and leveraged community outreach programs to educate people about the benefits of solar energy. She also worked with local distributors to reach remote areas. As the demand for her products grew, Aminata expanded her market reach to other regions in Senegal and neighboring countries.
Through Aminata's dedication and entrepreneurial spirit, Soleil Solutions became a catalyst for positive change. The community now had access to clean and affordable energy, improving living conditions, enhancing education, and fostering economic development. Aminata's journey exemplifies the true essence of entrepreneurship—identifying a need, developing a solution, taking financial risks, and creating a sustainable business that makes a meaningful impact.
❓ What entrepreneurial mindsets can you identify from Aminata Diop’s story?