March 18, 1:30-3pm
Master class “Entrepreneurial Resiliency: the Right Decision at the Right Time”
Smart money? ✔
Product Plan? ✔
Oops: You wanted what?
Resiliency is the most critical requirement for entrepreneurial success.
Traditional entrepreneurial training focuses on optimizing success at the organizational level. Existing training methods assume that if everything is done “correctly”, failure is avoided and success is imminent. However, failure is unavoidable in entrepreneurial and innovative activities: throughout the entire development cycle of an emerging company, the individual entrepreneur as well as the team must persevere in the face of seemingly insurmountable obstacles. The three most challenging phases are: the capital raising, when it appears that no investor is willing to underwrite the venture; the development chasm, when the pace of progress is lagging the milestone plan; and the strategic pivot, when the original vision needs to be re-designed.
This is an action-based learning class designed to illustrate the navigation of a key decision point common to all entrepreneurs. We will discuss the implications of all three key phases with the intent of helping entrepreneurs anticipate emerging obstacles and facilitate the appropriate response.
As part of the curriculum, the participants will be grouped into teams, representing a startup company, and challenged to propose realistic responses to an unanticipated event which requires implementation of a strategic pivot.
At the end of the class, the participants will be able to
1) detect an upcoming obstacle,
2) design a course of action to overcome it, and
3) develop milestones to indicate that corrective factors were successful.
• Val Livada, MIT Sloan School of Management, Architect and Lead Instructor
• Ilia Dubinsky, Skolkovo Institute of Science and Technology, Mentor and Instructor
• José Estabil, MIT Skoltech Initiative and MIT Portugal, Mentor and Instructor
We are looking forward to seeing you!