Spencer Atkinson 8/28/2021 Week 1 Reflection 1A. The concept I found most interesting this week was Debono’s six thinking hats. I think that this concept would really help me in group think scenarios. I hope to work for a consulting firm after college and I could see the benefits of using this concept after graduation. 1B. The concept of value creation by entrepreneurship was also very interesting. I interned at a seed venture startup which worked with small companies to identify their potential to scale. It was interesting to see entrepreneurs look to prove value by achieving positive cash flows. 1C. Learning about the three types of startups was also interesting. Salary substitute Start-up, Lifestyle style Start-up, and Entrepreneurial Start-up. I never thought about how startups could be categorized so this was a cool concept. 2A. The six thinking hats apply to innovation in a few ways. First they offer the users an alternative way of looking at problems and how to solve them. It helps people break free from the way in which they normally think and look at other solutions they may not have considered. This can boost creativity and ultimately lead to innovation. The devil’s advocate hat also ensures that all solutions are challenged and the best option is chosen. 2B. Value creation relates to innovation. It shows that people that are not innately creative geniuses can add value and help to innovate a field or product. This is beneficial because everyone can play a part in innovation and add value to a company. 2C. Salary substitute start-ups relate to entrepreneurship in a way because it is still a value creating company. An example would be a dry cleaners, while it’s not novel it still creates profit. A Lifestyle start up creates value that is personal to the entrepreneur. This could be a surf instructor who gets value from money and also enjoys being able to surf every day. An entrepreneurship start up offers a new product or service. It may be a new type of cellphone or some similar innovation. These starts up create value and relate to entrepreneurship and the last start up also relates to innovation. 3A. In 1999 McDonalds upper management attended a six thinking hats event and used the method to help them with several corporate issues. After implanting this method the results they reported that Meeting times were cut by about 25%, the culture of the workplace has become more positive by reducing the proportion of Black Hat Thinking, and Open communication has been enhanced, due to every staff member’s involvement in all types of thinking. Link to source https://www.debonogroup.com/blog/mcdonalds-in-japan/ 3B. An example of value creation by an entrepreneur can be seen by looking a Enable Injections a start up in Cincinnati. They didn’t invent the modern day wearable drug delivery system however they did improve the existing technology. This innovation was made possible by entrepreneurs gaining $30 million in funding from venture capital firms. While the product is ultimately the innovation the entrepreneurs added value by getting funding and contributing to the success of the product. Link to source https://enableinjections.com/about/ 3C. A Salary substitute Start-up like a drycleaner have median revenues of $80,000. While it’s not new or innovative it’s still profitable. An example would be Top Denver Tech Center. They have a cash flow of $165,000 a year and have stayed profitable through the covid pandemic. Source https://www.bizbuysell.com/Business-Opportunity/top-denver-tech-center-eco-friendly-drycleaner-and-laundry/1839697/?d=L2RyeS1jbGVhbmVycy1mb3Itc2FsZQ== A lifestyle style Start-up like a surf instructor could be profitable but the real benefit comes from working an enjoyable job. An example would be IMPORT WHOLESALE & RETAIL Beach Wear, Surf and Skate Sales and Rentals. They have gross revenue of $260,000 which is enough to keep them afloat and also offer true enjoyment. Source Link https://www.bizbuysell.com/Business-Opportunity/IMPORT-WHOLESALE-and-RETAILBeach-Wear-Surf-and-Skate-Sales-and-Rentals/1760327/ An entrepreneurial start up like Apple adds value by introducing innovation. They introduced the Iphone in 2007 which totally changed the game. Apple has continued to be innovative with the release of every IPhone model which offers new tech. In 2015 they sold 231.22 million iPhone and are a very profitable company. Source Link https://www.statista.com/statistics/276306/global-apple-iphone-sales-since-fiscal-year2007/
