#DesignEntrepreneurship Magazine Bot | coronavirus and business reinvention| Like this magazine? Subscribe here | Business reinvention in the post-virus era | Expert-driven AI top articles posts about #DesignEntrepreneurship, #DesignThinking, and #LeanStartUp in #entrepreneurshipeducation #entrepreneurialmindset #emprendimiento More Design Thinking Use Cases | More on Health & Medicine
Whoever is behind Citi Small Business has their head screwed on right! The author takes an evidence-based approach to entrepreneurship and design. Relying on evidence to reinvent your business improves business success. They make reference to the leaders in the field: Discovery Driven Planning, pioneered by Rita McGrath[i]; the Lean Startup Method, crisply described by Ash Maurya[ii]; and Design Thinking, first articulated by David Kelley.[iii]
Business has changed, perhaps forever, due to the coronavirus. To start, let’s admit the obvious disruptions to existing businesses: supply chains are missing a link; company owners have little cash on hand; employees are eager but scared; consumer confidence is low except for staple products and services; and consumer habits have shifted to online-only channels.
After business managers have made immediate decisions to reduce cash burn, you have a lull during self-isolation to contemplate what the future might hold. Once we emerge from this crisis, entrepreneurs must re-invent or pivot their product offerings to survive in the post-coronavirus economy used evidence-based scientific methods. We call it Hypothesis-Based Entrepreneurship. In the future, we have to re-state each of our basic assumptions as a testable hypothesis .Citi Small Business. (n.d.). How To Reinvent Your Business To Thrive After The Coronavirus—Forbes. How To Reinvent Your Business To Thrive After The Coronavirus – Forbes. Retrieved March 29, 2020, from https://citi-small-business.blogspot.com/2020/03/how-to-reinvent-your-business-to-thrive.html
[i] McGrath, R. G. (2010). Business models: A discovery driven approach. Long Range Planning, 43(2), 247–261. http://www.sciencedirect.com/science/article/pii/S0024630109000508; McGrath, R. G., & MacMillan, I. C. (1995a). Discovery driven planning. https://go.aws/2z9IVzt ; McGrath, R. G., & MacMillan, I. C. (1995b). Discovery-driven planning. Harvard Business Review, 73(4), 44. i&e-hf. http://proquest.umi.com/pqdweb?did=1198124&Fmt=7&clientId=4676&RQT=309&VName=PQD; McGrath, R. G., & MacMillan, I. C. (2009). Discovery-driven growth: A breakthrough process to reduce risk and seize opportunity. Harvard business press. https://goo.gl/dvpU2L
[ii] Maurya, A. (2012a). Measure Product/Market Fit. In Running lean: Iterate from plan A to a plan that works (pp. 155–168). O’Reilly Media. https://books.google.com.mx/books?hl=en&lr=&id=I_MdnQZZdusC&oi=fnd&pg=PR13&dq=Running+Lean:+Iterate+from+Plan+A+to+a+Plan+That+Works&ots=AH0eAc_M6t&sig=HIyoLJ7aWEgMNqAg3CNvYaXDdGI; Maurya, A. (2012b, February 27). Why Lean Canvas vs Business Model Canvas? Love the Problem. https://blog.leanstack.com/why-lean-canvas-vs-business-model-canvas-af62c0f250f0; Maurya, A. (2012c). Running Lean: Iterate from Plan A to a Plan That Works (2 edition). O’Reilly Media. https://goo.gl/cLgGVh; Maurya, A. (2016). Scaling Lean: Mastering the Key Metrics for Startup Growth. Portfolio. https://leanstack.com/scalinglean
[iii] Kelley, David. (n.d.). How to build your creative confidence. Retrieved September 18, 2017, from https://www.youtube.com/watch?v=16p9YRF0l-g; Kelley, T. (2001). The Art of Innovation: Lessons in Creativity from IDEO, America’s Leading Design Firm (1 edition). Doubleday. https://www.ideo.com/post/the-art-of-innovation; Kelley, T., & Kelley, D. (2012, December 1). Reclaim Your Creative Confidence. Harvard Business Review. https://hbr.org/2012/12/reclaim-your-creative-confidence; Kelley, T., & Kelley, D. (2013). Creative confidence: Unleashing the creative potential within us all. Crown Pub. https://www.creativeconfidence.com/