Disciplined Entrepreneurship Case Solution And Analysis, HBR Case Study Solution & Analysis of Harvard Case Studies

Although the desire for opportunities promises outsized rewards to entrepreneurs and start-ups, but also entails a great deal of uncertainty. The most important task of business is to effectively manage the inherent uncertainties in trying something new. Some employers try to ignore stupid uncertainty, others go to the opposite extreme in an attempt to avoid it altogether naive belief that each case can be expected. Instead, employers need to manage uncertainty by taking a disciplined approach. Over the past five years, the authors conducted a systematic study of how businesses manage the inevitable risks in pursuit of opportunity. Synthesis of studies have shown that the discipline - and its by-products, the successful management of uncertainty - comes through the adoption of iterative experimentation model. In this three-step process, the employer formulates a working hypothesis about the possibility, gather resources, to test the hypothesis, and finally, the design and running of real experiments. Depending on the results of round of experiments, the entrepreneur may revise the hypothesis and run another experiment, the yield of the value created through the sale or reject the hypothesis and fork. This model gives an idea of some of the most difficult issues entrepreneurs face -. Including how to screen possible, how much money to raise, when to make key hires, and how to use limited resources in the most effective "Hide
by Donald N. Sull Source: MIT Sloan Management Review 9 pages. Publication Date: 01 Oct 2004. Prod. #: SMR156-PDF-ENG