Week 13:
Larry North:
* You learn to create better and bigger trenches to prevent (failures) from happening,
*and it's better that they happen earlier in life, instead of later.

Avoid the Wrong Job
* I think the people end up in the wrong careers often, and I think part of that is that they make unhelpful assumptions....a lot of bad decisions come from making unnecessary assumptions. 
*The first one...is building your resume. So don't do things because you think it's what other people want you to do. You're not going to be able to outguess them.
*Second...I think that taking a job just so you can move forward and get to another job is generally, you know, the pain of that outweighs the gain.
* But actually what you want is to be a generalist, and for a bunch of reasons. Number one: it's more fun to have different projects. 
*...one of the dangers of specialization is it's going to become irrelevant whatever you specialize in. 

Paths to an Entrepreneurial Career
* “Initiator Stage 1,” “Implementer Stage 2,” “Influencer Stage 3,” and “Dealmaker Stage 4.”

Recognizing and Shaping Opportunities
  • Chance favors only the prepared mind.
  • Prepared mind= Scientific method ---> Idea turns into a business concept which turns into a business model
  • The Three Components of Creativity: Expertise, Motivation, & Creative-Thinking Skills
  • Discovery Skills: Associating, Questioning, Observing, Networking, Experimenting
Identifying and Exploiting the Right Entrepreneurial Opportunity...For You
  • Idea ---> Possibility ---> Opportunity
  • The pursuit of opportunities is the essence of entrepreneurship
  •  opportunity as a future state that is both desirable and achievable.
  • A Role for Entrepreneurship: Personal Satisfaction, Economic Feasibilities, Societal Needs
  •  if the entrepreneur chooses to move forward, he or she must do so in a disciplined way by setting milestones and benchmarks for periodically reassessing his or her investment. Can the entrepreneur demonstrate clear competitive advantage in six months? How many customers must the entrepreneur have by the end of the first year? 
  • And a periodic “checkup” with yourself and those close to you 
  • Business Analysis: 
  • “Realness” of the opportunity-  Can you see what needs to happen to make this idea a reality? If so, you should be able to defend the economics of the business.
  • Durability of the opportunity
  • Marshaling Resources
  • Managing the venture
  • Harvesting the Venture
  • Personal Analysis:
  • Goals
  • Capabilities
  • Lifestyle
  • Relationships

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