Important Reading Concepts Discussion

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Question Description

write a reflection paper about the attached article

the reflection should included the important reading concepts of the article and your personal reflection on the article.

reflection on the article (1/4 facts and 3/4 reflection).

use business writing style as example below:

Design Thinking Article

Important reading concepts:

-A good designer should be able to create something that addresses a need or fills certain gaps.

-It is not purely coming up with products or ideas that do not have value to the individuals targeted by them.

-The author highlights five characteristics that define the profile of a designer. They include empathy, integrative thinking, optimism, experimentalism, and collaboration.

-While all the five characteristics present interesting facts about a designer, three, in particular,stand out.

Personal Reflection

I think that one of the three characteristics ofa designer that stands out is optimism. Optimistic people always focus beyond the negativities and challenges that a situation throws at them. As the author explains, optimistic designers see a solution beyond the available alternatives that one is presented with.

I also believe that a good designer must also practice empathy. Whileothers may be driven by the financial gains that they are bound to make should they have a breakthrough, an empathetic designer focuses on people more than anything. The solution that he or she presents is one that is focused on coming up with a reliable solution that will answer the questions that people have and address the problems that they face.

Lastly, I agree with the author that the characteristic of collaboration is also fundamental in making a good designer. An individual working alone on a particular project may findit difficult to come up with a solution since some problems require the input of more than one person. Collaboration is essential when it comes to design since it allows one to have more than one alternative to turn to and more than one approach to consider.

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For the exclusive use of m. alabdalwahab, 2019. e Entrepreneurship Lynda M. Applegate, Series Editor + INTERACTIVE ILLUSTRATIONS Attracting Talent and Building Ecosystems LYNDA M. APPLEGATE HARVARD BUSINESS SCHOOL CAROLE CARLSON 8068 | Published: September 1, 2014 This document is authorized for use only by modi alabdalwahab in 661 — Spring 2019 taught by TOM KOHN, American University from Jan 2019 to Jul 2019. For the exclusive use of m. alabdalwahab, 2019. Table of Contents 1 Introduction ....................................................................................................... 3 2 Essential Reading ............................................................................................. 4 2.1 Attracting Talent ........................................................................................ 4 Building the Founding Team ................................................................... 4 Attracting Key Employees ....................................................................... 9 Establishing the Boards of Directors and Advisers .......................... 11 2.2 Building Ecosystems ...............................................................................13 The Skyhook Wireless Ecosystem ........................................................ 14 Open Innovation.......................................................................................16 Incubators ..................................................................................................17 Accelerators ..............................................................................................17 2.3 Advice from a Serial Entrepreneur....................................................... 18 3 Supplemental Reading ..................................................................................21 3.1 Entrepreneurial Negotiations ................................................................ 21 3.2 Legal Forms of Organization in the United States and Other Countries.......................................................................................23 Sole Proprietorships ................................................................................23 Partnerships ..............................................................................................24 Corporations .............................................................................................24 Limited Liability Companies .................................................................. 25 Forms of Organization Outside the United States ........................... 27 4 Key Terms.........................................................................................................29 5 For Further Reading .......................................................................................30 6 Endnotes .......................................................................................................... 30 7 Index ................................................................................................................. 33 This reading contains links to online interactive illustrations, denoted by the icon above. To access these exercises, you will need a broadband Internet connection. Please verify that your browser meets the minimum technical requirements by visiting http://hbsp.harvard.edu/list/ tech-specs. Lynda M. Applegate, Sarofim-Rock Professor of Business Administration, Harvard Business School, and Carole Carlson, HBS MBA 1998, developed this Core Reading. Special thanks to Lena G. Goldberg, the James M. Collins Senior Lecturer, Harvard Business School, for her assistance in writing the Supplemental Reading “Legal Forms of Organization in the United States and Other Countries.” Copyright © 2014 Harvard Business School Publishing Corporation. All rights reserved. To order copies or request permission to reproduce materials (including posting on academic websites), call 1-800-545-7685 or go to http://www.hbsp.harvard.edu. 8068 | Core Reading: ATTRACTING TALENT AND BUILDING ECOSYSTEMS 2 This document is authorized for use only by modi alabdalwahab in 661 — Spring 2019 taught by TOM KOHN, American University from Jan 2019 to Jul 2019. For the exclusive use of m. alabdalwahab, 2019. 1 INTRODUCTION Founders eventually realize that their financial resources, ability to inspire people, and passion aren’t enough to enable their ventures to capitalize fully on the opportunities before them. —Noam Wasserman1 W hile entrepreneurs are engaged in defining a new opportunity and developing a business plan and pitch, they are also attending to the crucial work of assembling the resources that the new venture needs. Three categories of resources are critical to early-stage ventures. The first is people, including co-founders, key employees, and advisers. The second is the business network, or ecosystem, of customers, suppliers, partners, and evangelists needed to develop products and get them to market. The third is the capital required to finance the launch of the venture. This reading in the Core Curriculum in Entrepreneurship series discusses the first two categories. The third is discussed in detail in Core Reading: Financing Entrepreneurial Ventures (HBP No. 8072). The decisions an entrepreneur makes when assembling resources are not linear. More typically, an entrepreneur goes through an iterative process of team building, capital raising, and ecosystem development—seeking to move all these critical activities forward more or less simultaneously. An entrepreneur’s decisions are also highly interdependent. For example, the ability to attract customers, partners, and team members may depend on the ability to attract financing, which depends on ecosystem connections and a high-quality team. Solving this kind of chicken-and-egg problem is one of the greatest challenges—and one of the most exciting parts—of founding a new venture. In this reading, we first explore the talent that a new venture needs, including co-founders, key employees, advisers, and board members. We then discuss how entrepreneurs can assemble the ecosystem of customers and other stakeholders who help develop and launch the venture’s initial products and services, attract early customers, and gain traction in the marketplace. Finally, we share the entrepreneurial story of Dan Bricklin, the inventor of the electronic spreadsheet. In the Supplemental Reading section, we provide overviews of entrepreneurial negotiations and legal forms of organization. 8068 | Core Reading: ATTRACTING TALENT AND BUILDING ECOSYSTEMS 3 This document is authorized for use only by modi alabdalwahab in 661 — Spring 2019 taught by TOM KOHN, American University from Jan 2019 to Jul 2019. For the exclusive use of m. alabdalwahab, 2019. 2 ESSENTIAL READING 2.1 Attracting Talent Too often, entrepreneurs don’t value the work others do, and they tend to overestimate their own contributions. —Dan Bricklin, co-founder, VisiCalc2 After deciding to be an entrepreneur, one of the first decisions a founder makes is whether to go it alone or assemble a founding team. In his best-selling book The Founder’s Dilemmas, Noam Wasserman discusses this and other founding decisions in detail.3 Exhibit 1 presents these decisions. In his research, Wasserman found that only 16% of life sciences and technology ventures were started by a solo entrepreneur. In addition, many of these solo founders had launched other ventures and had developed operating expertise and had access to an established entrepreneurial ecosystem. Entrepreneurs who realize that they lack critical skills or resources generally choose to build a team that provides much-needed industry expertise, contacts, or access to capital. Other founders end up in a team by chance, perhaps because a group of friends or colleagues comes up with an idea while working on a project or exploring a mutual interest. No matter how the founding team forms, it is important to keep in mind that passion, motivation, and a shared sense of purpose are key criteria for high performance. This section of the reading discusses issues that founders face as they decide whether to found solo or with a team of co-founders; the allocation of roles, relationships, and rewards among founders; and approaches to assembling the expertise and talent that will be needed beyond the founding team to launch a new venture. EXHIBIT 1 Key Founding Decisions Source: Adapted from Noam Wasserman, The Founder’s Dilemmas: Anticipating and Avoiding the Pitfalls that Can Sink a Startup (Princeton: Princeton University Press, 2012.) Building the Founding Team It should come as no surprise that entrepreneurs who found businesses with others tend to choose individuals with backgrounds similar to their own in terms of education, geographic location, and functional expertise.4 Many even choose friends and family members. While those selections may initially reduce the time it takes for co-founders to develop a working relationship and learn to communicate with one another, Wasserman warns of longer-term risks. Members of a homogeneous team have common networks and shared experience, which may initially facilitate coordination but ultimately create costs because the individuals often have redundant skills and interests. A more heterogeneous team can offer a wider range of capabilities and expertise and more diverse networks, enabling the team members to draw on 8068 | Core Reading: ATTRACTING TALENT AND BUILDING ECOSYSTEMS 4 This document is authorized for use only by modi alabdalwahab in 661 — Spring 2019 taught by TOM KOHN, American University from Jan 2019 to Jul 2019. For the exclusive use of m. alabdalwahab, 2019. a broader array of internal perspectives and contacts to help found and grow the venture. Moreover, research suggests that diverse teams are more adaptable and have stronger creative capabilities.5 Consider serial entrepreneur Evan Williams, whose story is told in Core Reading: Recognizing and Shaping Opportunities (HBP No. 8056). Williams co-founded his first venture with his father, girlfriend, and brother, but the four founders failed to define their roles clearly, and so trouble arose among them.6 When that venture failed, Williams started a second one with a friend. But that venture also failed due to disagreements between the founders about control and direction. By his third startup, Williams decided to turn to an acquaintance who had relevant industry experience, rather than partnering with a close friend or family member. Successful entrepreneur Dan Bricklin, the inventor of the electronic spreadsheet, provided this advice to entrepreneurs: First, understand your true talent and what value you bring to an endeavor. . . . Of course, in the early days, when you’re simply trying to give birth to an idea, you may not need help from outsiders. But when—make that if—you are able to take the business to the next stage of growth, a different and deeper set of talents may be required. If these aren’t your talents, you may need others to step in—for instance, to run the operations, to build strategic partnerships, to set financial priorities, or to make the trains run on time. When you have had to do everything as I have—right down to packing the product, licking the stamps, and hiking to the mailbox—you develop a greater appreciation for the contributions of others, from the office manager to the production manager to the customer service people.7 Consider how new beauty and cosmetics industry entrant Living Proof built its team.8 Venture capitalist Jon Flint, a co-founder of Polaris Venture Partners, was getting his hair cut by salon owner and stylist Mitch DeRosa, who asked him to speak with Ward Stegerhoek—a friend who had worked with a leading beauty products company and was interested in starting a hair products formulation company. Prior to the meeting, Flint researched the industry and found that, while marketing-intensive, most personal care and cosmetics companies relied on old or recycled scientific innovations to develop new products and were not applying the latest and most effective technologies in this $300 billion-plus industry. Flint introduced DeRosa and Stegerhoek to Robert Langer, a Massachusetts Institute of Technology (MIT) professor who had worked with Polaris to found 20 different science-based startups; Amir Nashat, a Polaris partner who had worked in Langer’s MIT lab while completing his PhD; and Professor Dan Anderson, a scientist working in Langer’s lab. Having scoped the market, Flint, DeRosa, Stegerhoek, Langer, Nashat, and Anderson co-founded Living Proof. The next step was to build a product development team. In doing so, the founders set out to attract scientists who had not worked in the beauty industry. Their first hire was Betty Yu, a chemical engineer who had worked in Langer’s lab while completing her PhD. She specialized in drug delivery through the skin (called transdermal drug delivery). Upon graduation, Yu went to work for a startup that was soon acquired by Johnson & Johnson. She was in Belgium, moving her product to Phase 1 clinical trial, when her former lab mate, Nashat, asked her to join Living Proof. With Yu on board, Flint contacted Soo-Young Kang, a researcher who had worked with a renowned cancer researcher at Harvard Medical School to study the role of the proteins secreted by cancer tumors in halting the spread of the disease. In 2005, with a research and development (R&D) team in place, the company began to identify fundamental problems in the skin- and hair-care markets and to attempt to identify scientific solutions. The first breakthrough product came when the scientists discovered a way to create a frictionless coating for hair that reduced frizz. Extensive testing demonstrated that the startup 8068 | Core Reading: ATTRACTING TALENT AND BUILDING ECOSYSTEMS 5 This document is authorized for use only by modi alabdalwahab in 661 — Spring 2019 taught by TOM KOHN, American University from Jan 2019 to Jul 2019. For the exclusive use of m. alabdalwahab, 2019. had a breakthrough product and, in 2007, the founders began to assemble the talent needed to commercialize the science and take the first product to market. The company attracted as CEO Jill Beraud, who had held senior marketing positions at iconic brands such as Starbucks, PepsiCo, and Victoria’s Secret, and brought marketing and brand management discipline to enable the company’s growth. The firm also hired Eric Spengler as chief commercialization officer and head of R&D. Spengler had 27 years of R&D and commercialization of science experience at Clairol and Combe. And as Living Proof gained traction in the marketplace, the company signed television and film personality Jennifer Aniston as a co-owner and celebrity spokesperson.9 In 2013, the Living Proof management team had expanded to include all the functional leaders needed to transition the company to high growth. What can we learn from the diversity of the initial team and how the team grew over time? As an experienced investor in high-growth science-based businesses, Flint knew that to generate breakthrough innovation, he needed to bring together experts with radically different backgrounds. And while the team acknowledged that developing a common vocabulary had been a challenge at the beginning, Flint described Living Proof’s mix of scientists, hair stylists, marketing specialists, and seasoned investors as the “magic broth” that enabled the company to develop breakthrough innovations and successfully launch a new company in a challenging market. Exhibit 2 shows a framework, introduced in Core Reading: Becoming an Entrepreneurial Leader (HBP No. 8051), that identifies four leadership roles that must be filled to build a successful and sustainable business, from launch to development of the first product to market entry. Exhibit 3 lists key members of the Living Proof management team, including the founders and key members of the development and market entry teams. The last section of the exhibit lists outside board members who joined the company between launch and market entry. As you review the biographies, identify what roles you think the various team members played. How do leadership roles change as a venture shifts from founding to product development to market entry? EXHIBIT 2 Key Leadership Roles 8068 | Core Reading: ATTRACTING TALENT AND BUILDING ECOSYSTEMS 6 This document is authorized for use only by modi alabdalwahab in 661 — Spring 2019 taught by TOM KOHN, American University from Jan 2019 to Jul 2019. For the exclusive use of m. alabdalwahab, 2019. EXHIBIT 3 Key Team Members at Living Proof Founding Team Role Selected Background Jon Flint Co-founder; interim CEO Co-founder, Polaris Partners; attorney. BA, Hobart College; JD, University of Virginia Law School Mitch De Rosa Co-founder Stylist and owner, Mitchell John Salon Ward Stegerhoek Co-founder Well-known celebrity hair stylist; former art director and product director, Bumble & Bumble, which was sold to Estée Lauder Robert Langer Co-founder; lead scientist Professor of chemical engineering and director of Langer Lab, MIT. ScD, chemical engineering, MIT Amir Nashat Co-founder; acting president Partner, Polaris Partners. PhD, chemical engineering, MIT. Worked at Langer Lab while earning PhD Dan Anderson Co-founder; scientist Associate professor, MIT’s David H. Koch Institute for Integrative Cancer Research. PhD, molecular genetics, University of California, Davis Role Background Betty Yu Scientist, first hire MS, PhD, and ScD, MIT. Worked at Langer Lab with Amir Nashat while pursuing PhD. Work experience at Hewlett Packard, Dow Chemicals, Merck, and J&J Soo-Young Kang Principal scientist PhD, Michigan State University. Postdoctoral work, Harvard School of Public Health. Work experience at Children’s Hospital Boston/Harvard Medical School Market Entry Team Role Background Jill Beraud CEO MBA, Wharton; BS, Boston University. Formerly global chief marketing officer, PepsiCo; president of Starbucks and Lipton Joint Venture; CMO, Victoria’s Secret Eric Spengler VP, research and development MS in business, Johns Hopkins; BS in pharmacy, Temple University. Senior product development positions at Combe Incorporated, Clairol, P&G Grace Ray Chief marketing officer MBA, Harvard Business School; engineering degree, University of Michigan. Former VP of global marketing at Smashbox Cosmetics (acquired by Estée Lauder); brand management experience at L’Oréal and Nestlé Jennifer Aniston Celebrity spokesperson, co-owner Alumna, California College of the Arts. Film and TV personality Role Background Peter Hunt Board of directors LLM, NYU School of Law; LLB, Harvard Law School. Senior partner, Covington and Burling (corporate and business law firm). Former chief counsel, Food and Drug Administration. Long-time member, Cosmetic and Fragrance Trade Association Edgar Huber Board of directors MBA, University of Wein. CEO, Lands’ End. Former head of luxury products, L’Oréal USA and Europe Dan Dubin Board of directors MD, Harvard Medical School. Vice chairman, Leerink Swann (healthcare investment bank) Development Team Outside Board Members 8068 | Core Reading: ATTRACTING TALENT AND BUILDING ECOSYSTEMS 7 This document is authorized for use only by modi alabdalwahab in 661 — Spring 2019 taught by TOM KOHN, American University from Jan 2019 to Jul 2019. For the exclusive use of m. alabdalwahab, 2019. Entrepreneurs, like the founders of Living Proof, often identify and recruit co-founders through networks of former colleagues, classmates, and friends, supplemented by referrals from investors, partners, and advisers. Social media, blogs, networking events and associations, and special ...
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