The Counter-Conventional Mindsets of Entrepreneurs SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
Innovation & Entrepreneurship
Strategy / MBA Resources
Case Study SWOT Analysis Solution
Case Study Description of The Counter-Conventional Mindsets of Entrepreneurs
These days, it seems, nearly everyone aspires to be an entrepreneur. But many entrepreneurs think and act differently than the way in which most other businesspeople do and the way much of today's business education encourages them to think and act. My in-depth examination of dozens of entrepreneurs I've come to know well over the past 2 decades tells me that their unconventional-or, dare I say, counter-conventional-mindsets and behaviors are marked by six common patterns: (1) 'Yes, we can;' (2) beg, borrow, or steal; (3) think narrow, not broad; (4) problem-first, not product-first logic; (5) 'No' is something waiting to be turned into 'Yes'; and (6) ask for the cash and ride the float. Thankfully, we now know that entrepreneurs are made, not born. These six patterns of entrepreneurial thought and action are eminently learnable. If you want to someday be an entrepreneur, or if you want the people in your company to become more entrepreneurial, then developing-or encouraging and incentivizing your people to develop-such a mindset might constitute a suitable first step toward preparing you to follow a more entrepreneurial path or to foster a more entrepreneurial culture in your company.
Swot Analysis of "The Counter-Conventional Mindsets of Entrepreneurs" written by John Mullins includes – strengths weakness that are internal strategic factors of the organization, and opportunities and threats that Entrepreneurs Entrepreneurial facing as an external strategic factors. Some of the topics covered in The Counter-Conventional Mindsets of Entrepreneurs case study are - Strategic Management Strategies, Innovation and Innovation & Entrepreneurship.
Some of the macro environment factors that can be used to understand the The Counter-Conventional Mindsets of Entrepreneurs casestudy better are - – there is increasing trade war between United States & China, talent flight as more people leaving formal jobs, cloud computing is disrupting traditional business models, increasing transportation and logistics costs, central banks are concerned over increasing inflation, increasing energy prices, customer relationship management is fast transforming because of increasing concerns over data privacy,
there is backlash against globalization, supply chains are disrupted by pandemic , etc
Introduction to SWOT Analysis of The Counter-Conventional Mindsets of Entrepreneurs
SWOT stands for an organization’s Strengths, Weaknesses, Opportunities and Threats . At Oak Spring University , we believe that protagonist in The Counter-Conventional Mindsets of Entrepreneurs case study can use SWOT analysis as a strategic management tool to assess the current internal strengths and weaknesses of the Entrepreneurs Entrepreneurial, and to figure out the opportunities and threats in the macro environment – technological, environmental, political, economic, social, demographic, etc in which Entrepreneurs Entrepreneurial operates in.
According to Harvard Business Review, 75% of the managers use SWOT analysis for various purposes such as – evaluating current scenario, strategic planning, new venture feasibility, personal growth goals, new market entry, Go To market strategies, portfolio management and strategic trade-off assessment, organizational restructuring, etc.
SWOT Objectives / Importance of SWOT Analysis and SWOT Matrix
SWOT analysis of The Counter-Conventional Mindsets of Entrepreneurs can be done for the following purposes –
1. Strategic planning using facts provided in The Counter-Conventional Mindsets of Entrepreneurs case study
2. Improving business portfolio management of Entrepreneurs Entrepreneurial
3. Assessing feasibility of the new initiative in Innovation & Entrepreneurship field.
4. Making a Innovation & Entrepreneurship topic specific business decision
5. Set goals for the organization
6. Organizational restructuring of Entrepreneurs Entrepreneurial
Strengths The Counter-Conventional Mindsets of Entrepreneurs | Internal Strategic Factors
What are Strengths in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The strengths of Entrepreneurs Entrepreneurial in The Counter-Conventional Mindsets of Entrepreneurs Harvard Business Review case study are -
High brand equity
– Entrepreneurs Entrepreneurial has strong brand awareness and brand recognition among both - the exiting customers and potential new customers. Strong brand equity has enabled Entrepreneurs Entrepreneurial to keep acquiring new customers and building profitable relationship with both the new and loyal customers.
Highly skilled collaborators
– Entrepreneurs Entrepreneurial has highly efficient outsourcing and offshoring strategy. It has resulted in greater operational flexibility and bringing down the costs in highly price sensitive segment. Secondly the value chain collaborators of the firm in The Counter-Conventional Mindsets of Entrepreneurs HBR case study have helped the firm to develop new products and bring them quickly to the marketplace.
Analytics focus
– Entrepreneurs Entrepreneurial is putting a lot of focus on utilizing the power of analytics in business decision making. This has put it among the leading players in the industry. The technology infrastructure suggested by John Mullins can also help it to harness the power of analytics for – marketing optimization, demand forecasting, customer relationship management, inventory management, information sharing across the value chain etc.
Ability to lead change in Innovation & Entrepreneurship field
– Entrepreneurs Entrepreneurial is one of the leading players in its industry. Over the years it has not only transformed the business landscape in its segment but also across the whole industry. The ability to lead change has enabled Entrepreneurs Entrepreneurial in – penetrating new markets, reaching out to new customers, and providing different value propositions to different customers in the international markets.
Successful track record of launching new products
– Entrepreneurs Entrepreneurial has launched numerous new products in last few years, keeping in mind evolving customer preferences and competitive pressures. Entrepreneurs Entrepreneurial has effective processes in place that helps in exploring new product needs, doing quick pilot testing, and then launching the products quickly using its extensive distribution network.
Ability to recruit top talent
– Entrepreneurs Entrepreneurial is one of the leading recruiters in the industry. Managers in the The Counter-Conventional Mindsets of Entrepreneurs are in a position to attract the best talent available. The firm has a robust talent identification program that helps in identifying the brightest.
Organizational Resilience of Entrepreneurs Entrepreneurial
– The covid-19 pandemic has put organizational resilience at the centre of everthing that Entrepreneurs Entrepreneurial does. Organizational resilience comprises - Financial Resilience, Operational Resilience, Technological Resilience, Organizational Resilience, Business Model Resilience, and Reputation Resilience.
Learning organization
- Entrepreneurs Entrepreneurial is a learning organization. It has inculcated three key characters of learning organization in its processes and operations – exploration, creativity, and expansiveness. The work place at Entrepreneurs Entrepreneurial is open place that encourages instructiveness, ideation, open minded discussions, and creativity. Employees and leaders in The Counter-Conventional Mindsets of Entrepreneurs Harvard Business Review case study emphasize – knowledge, initiative, and innovation.
Digital Transformation in Innovation & Entrepreneurship segment
- digital transformation varies from industry to industry. For Entrepreneurs Entrepreneurial digital transformation journey comprises differing goals based on market maturity, customer technology acceptance, and organizational culture. Entrepreneurs Entrepreneurial has successfully integrated the four key components of digital transformation – digital integration in processes, digital integration in marketing and customer relationship management, digital integration into the value chain, and using technology to explore new products and market opportunities.
Strong track record of project management
– Entrepreneurs Entrepreneurial is known for sticking to its project targets. This enables the firm to manage – time, project costs, and have sustainable margins on the projects.
Low bargaining power of suppliers
– Suppliers of Entrepreneurs Entrepreneurial in the sector have low bargaining power. The Counter-Conventional Mindsets of Entrepreneurs has further diversified its suppliers portfolio by building a robust supply chain across various countries. This helps Entrepreneurs Entrepreneurial to manage not only supply disruptions but also source products at highly competitive prices.
Superior customer experience
– The customer experience strategy of Entrepreneurs Entrepreneurial in the segment is based on four key concepts – personalization, simplification of complex needs, prompt response, and continuous engagement.
Weaknesses The Counter-Conventional Mindsets of Entrepreneurs | Internal Strategic Factors
What are Weaknesses in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The weaknesses of The Counter-Conventional Mindsets of Entrepreneurs are -
High bargaining power of channel partners
– Because of the regulatory requirements, John Mullins suggests that, Entrepreneurs Entrepreneurial is facing high bargaining power of the channel partners. So far it has not able to streamline the operations to reduce the bargaining power of the value chain partners in the industry.
High dependence on star products
– The top 2 products and services of the firm as mentioned in the The Counter-Conventional Mindsets of Entrepreneurs HBR case study still accounts for major business revenue. This dependence on star products in has resulted into insufficient focus on developing new products, even though Entrepreneurs Entrepreneurial has relatively successful track record of launching new products.
Increasing silos among functional specialists
– The organizational structure of Entrepreneurs Entrepreneurial is dominated by functional specialists. It is not different from other players in the Innovation & Entrepreneurship segment. Entrepreneurs Entrepreneurial needs to de-silo the office environment to harness the true potential of its workforce. Secondly the de-silo will also help Entrepreneurs Entrepreneurial to focus more on services rather than just following the product oriented approach.
Compensation and incentives
– The revenue per employee as mentioned in the HBR case study The Counter-Conventional Mindsets of Entrepreneurs, is just above the industry average. Entrepreneurs Entrepreneurial needs to redesign the compensation structure and incentives to increase the revenue per employees. Some of the steps that it can take are – hiring more specialists on project basis, etc.
Products dominated business model
– Even though Entrepreneurs Entrepreneurial has some of the most successful products in the industry, this business model has made each new product launch extremely critical for continuous financial growth of the organization. firm in the HBR case study - The Counter-Conventional Mindsets of Entrepreneurs should strive to include more intangible value offerings along with its core products and services.
Need for greater diversity
– Entrepreneurs Entrepreneurial has taken concrete steps on diversity, equity, and inclusion. But the efforts so far has resulted in limited success. It needs to expand the recruitment and selection process to hire more people from the minorities and underprivileged background.
Workers concerns about automation
– As automation is fast increasing in the segment, Entrepreneurs Entrepreneurial needs to come up with a strategy to reduce the workers concern regarding automation. Without a clear strategy, it could lead to disruption and uncertainty within the organization.
Employees’ incomplete understanding of strategy
– From the instances in the HBR case study The Counter-Conventional Mindsets of Entrepreneurs, it seems that the employees of Entrepreneurs Entrepreneurial don’t have comprehensive understanding of the firm’s strategy. This is reflected in number of promotional campaigns over the last few years that had mixed messaging and competing priorities. Some of the strategic activities and services promoted in the promotional campaigns were not consistent with the organization’s strategy.
Skills based hiring
– The stress on hiring functional specialists at Entrepreneurs Entrepreneurial has created an environment where the organization is dominated by functional specialists rather than management generalist. This has resulted into product oriented approach rather than marketing oriented approach or consumers oriented approach.
Low market penetration in new markets
– Outside its home market of Entrepreneurs Entrepreneurial, firm in the HBR case study The Counter-Conventional Mindsets of Entrepreneurs needs to spend more promotional, marketing, and advertising efforts to penetrate international markets.
Aligning sales with marketing
– It come across in the case study The Counter-Conventional Mindsets of Entrepreneurs that the firm needs to have more collaboration between its sales team and marketing team. Sales professionals in the industry have deep experience in developing customer relationships. Marketing department in the case The Counter-Conventional Mindsets of Entrepreneurs can leverage the sales team experience to cultivate customer relationships as Entrepreneurs Entrepreneurial is planning to shift buying processes online.
Opportunities The Counter-Conventional Mindsets of Entrepreneurs | External Strategic Factors
What are Opportunities in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The opportunities highlighted in the Harvard Business Review case study The Counter-Conventional Mindsets of Entrepreneurs are -
Finding new ways to collaborate
– Covid-19 has not only transformed business models of companies in Innovation & Entrepreneurship industry, but it has also influenced the consumer preferences. Entrepreneurs Entrepreneurial can tie-up with other value chain partners to explore new opportunities regarding meeting customer demands and building a rewarding and engaging relationship.
Developing new processes and practices
– Entrepreneurs Entrepreneurial can develop new processes and procedures in Innovation & Entrepreneurship industry using technology such as automation using artificial intelligence, real time transportation and products tracking, 3D modeling for concept development and new products pilot testing etc.
Creating value in data economy
– The success of analytics program of Entrepreneurs Entrepreneurial has opened avenues for new revenue streams for the organization in the industry. This can help Entrepreneurs Entrepreneurial to build a more holistic ecosystem as suggested in the The Counter-Conventional Mindsets of Entrepreneurs case study. Entrepreneurs Entrepreneurial can build new products and services such as - data insight services, data privacy related products, data based consulting services, etc.
Remote work and new talent hiring opportunities
– The widespread usage of remote working technologies during Covid-19 has opened opportunities for Entrepreneurs Entrepreneurial to expand its talent hiring zone. According to McKinsey Global Institute, 20% of the high end workforce in fields such as finance, information technology, can continously work from remote local post Covid-19. This presents a really great opportunity for Entrepreneurs Entrepreneurial to hire the very best people irrespective of their geographical location.
Reconfiguring business model
– The expansion of digital payment system, the bringing down of international transactions costs using Bitcoin and other blockchain based currencies, etc can help Entrepreneurs Entrepreneurial to reconfigure its entire business model. For example it can used blockchain based technologies to reduce piracy of its products in the big markets such as China. Secondly it can use the popularity of e-commerce in various developing markets to build a Direct to Customer business model rather than the current Channel Heavy distribution network.
Use of Bitcoin and other crypto currencies for transactions
– The popularity of Bitcoin and other crypto currencies as asset class and medium of transaction has opened new opportunities for Entrepreneurs Entrepreneurial in the consumer business. Now Entrepreneurs Entrepreneurial can target international markets with far fewer capital restrictions requirements than the existing system.
Changes in consumer behavior post Covid-19
– Consumer behavior has changed in the Innovation & Entrepreneurship industry because of Covid-19 restrictions. Some of this behavior will stay once things get back to normal. Entrepreneurs Entrepreneurial can take advantage of these changes in consumer behavior to build a far more efficient business model. For example consumer regular ordering of products can reduce both last mile delivery costs and market penetration costs. Entrepreneurs Entrepreneurial can further use this consumer data to build better customer loyalty, provide better products and service collection, and improve the value proposition in inflationary times.
Harnessing reconfiguration of the global supply chains
– As the trade war between US and China heats up in the coming years, Entrepreneurs Entrepreneurial can build a diversified supply chain model across various countries in - South East Asia, India, and other parts of the world. This reconfiguration of global supply chain can help, as suggested in case study, The Counter-Conventional Mindsets of Entrepreneurs, to buy more products closer to the markets, and it can leverage its size and influence to get better deal from the local markets.
Learning at scale
– Online learning technologies has now opened space for Entrepreneurs Entrepreneurial to conduct training and development for its employees across the world. This will result in not only reducing the cost of training but also help employees in different part of the world to integrate with the headquarter work culture, ethos, and standards.
Buying journey improvements
– Entrepreneurs Entrepreneurial can improve the customer journey of consumers in the industry by using analytics and artificial intelligence. The Counter-Conventional Mindsets of Entrepreneurs suggest that firm can provide automated chats to help consumers solve their own problems, provide online suggestions to get maximum out of the products and services, and help consumers to build a community where they can interact with each other to develop new features and uses.
Lowering marketing communication costs
– 5G expansion will open new opportunities for Entrepreneurs Entrepreneurial in the field of marketing communication. It will bring down the cost of doing business, provide technology platform to build new products in the Innovation & Entrepreneurship segment, and it will provide faster access to the consumers.
Redefining models of collaboration and team work
– As explained in the weaknesses section, Entrepreneurs Entrepreneurial is facing challenges because of the dominance of functional experts in the organization. The Counter-Conventional Mindsets of Entrepreneurs case study suggests that firm can utilize new technology to build more coordinated teams and streamline operations and communications using tools such as CAD, Zoom, etc.
Manufacturing automation
– Entrepreneurs Entrepreneurial can use the latest technology developments to improve its manufacturing and designing process in Innovation & Entrepreneurship segment. It can use CAD and 3D printing to build a quick prototype and pilot testing products. It can leverage automation using machine learning and artificial intelligence to do faster production at lowers costs, and it can leverage the growth in satellite and tracking technologies to improve inventory management, transportation, and shipping.
Threats The Counter-Conventional Mindsets of Entrepreneurs External Strategic Factors
What are Threats in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The threats mentioned in the HBR case study The Counter-Conventional Mindsets of Entrepreneurs are -
Shortening product life cycle
– it is one of the major threat that Entrepreneurs Entrepreneurial is facing in Innovation & Entrepreneurship sector. It can lead to higher research and development costs, higher marketing expenses, lower customer loyalty, etc.
Learning curve for new practices
– As the technology based on artificial intelligence and machine learning platform is getting complex, as highlighted in case study The Counter-Conventional Mindsets of Entrepreneurs, Entrepreneurs Entrepreneurial may face longer learning curve for training and development of existing employees. This can open space for more nimble competitors in the field of Innovation & Entrepreneurship .
Technology disruption because of hacks, piracy etc
– The colonial pipeline illustrated, how vulnerable modern organization are to international hackers, miscreants, and disruptors. The cyber security interruption, data leaks, etc can seriously jeopardize the future growth of the organization.
High dependence on third party suppliers
– Entrepreneurs Entrepreneurial high dependence on third party suppliers can disrupt its processes and delivery mechanism. For example -the current troubles of car makers because of chip shortage is because the chip companies started producing chips for electronic companies rather than car manufacturers.
Instability in the European markets
– European Union markets are facing three big challenges post Covid – expanded balance sheets, Brexit related business disruption, and aggressive Russia looking to distract the existing security mechanism. Entrepreneurs Entrepreneurial will face different problems in different parts of Europe. For example it will face inflationary pressures in UK, France, and Germany, balance sheet expansion and demand challenges in Southern European countries, and geopolitical instability in the Eastern Europe.
Increasing wage structure of Entrepreneurs Entrepreneurial
– Post Covid-19 there is a sharp increase in the wages especially in the jobs that require interaction with people. The increasing wages can put downward pressure on the margins of Entrepreneurs Entrepreneurial.
Trade war between China and United States
– The trade war between two of the biggest economies can hugely impact the opportunities for Entrepreneurs Entrepreneurial in the Innovation & Entrepreneurship industry. The Innovation & Entrepreneurship industry is already at various protected from local competition in China, with the rise of trade war the protection levels may go up. This presents a clear threat of current business model in Chinese market.
Stagnating economy with rate increase
– Entrepreneurs Entrepreneurial can face lack of demand in the market place because of Fed actions to reduce inflation. This can lead to sluggish growth in the economy, lower demands, lower investments, higher borrowing costs, and consolidation in the field.
Aging population
– As the populations of most advanced economies are aging, it will lead to high social security costs, higher savings among population, and lower demand for goods and services in the economy. The household savings in US, France, UK, Germany, and Japan are growing faster than predicted because of uncertainty caused by pandemic.
Backlash against dominant players
– US Congress and other legislative arms of the government are getting tough on big business especially technology companies. The digital arm of Entrepreneurs Entrepreneurial business can come under increasing regulations regarding data privacy, data security, etc.
New competition
– After the dotcom bust of 2001, financial crisis of 2008-09, the business formation in US economy had declined. But in 2020 alone, there are more than 1.5 million new business applications in United States. This can lead to greater competition for Entrepreneurs Entrepreneurial in the Innovation & Entrepreneurship sector and impact the bottomline of the organization.
Regulatory challenges
– Entrepreneurs Entrepreneurial needs to prepare for regulatory challenges as consumer protection groups and other pressure groups are vigorously advocating for more regulations on big business - to reduce inequality, to create a level playing field, to product data privacy and consumer privacy, to reduce the influence of big money on democratic institutions, etc. This can lead to significant changes in the Innovation & Entrepreneurship industry regulations.
Environmental challenges
– Entrepreneurs Entrepreneurial needs to have a robust strategy against the disruptions arising from climate change and energy requirements. EU has identified it as key priority area and spending 30% of its 880 billion Euros European post Covid-19 recovery funds on green technology. Entrepreneurs Entrepreneurial can take advantage of this fund but it will also bring new competitors in the Innovation & Entrepreneurship industry.
Weighted SWOT Analysis of The Counter-Conventional Mindsets of Entrepreneurs Template, Example
Not all factors mentioned under the Strengths, Weakness, Opportunities, and Threats quadrants in the SWOT Analysis are equal. Managers in the HBR case study The Counter-Conventional Mindsets of Entrepreneurs needs to zero down on the relative importance of each factor mentioned in the Strengths, Weakness, Opportunities, and Threats quadrants.
We can provide the relative importance to each factor by assigning relative weights. Weighted SWOT analysis process is a three stage process –
First stage for doing weighted SWOT analysis of the case study The Counter-Conventional Mindsets of Entrepreneurs is to rank the strengths and weaknesses of the organization. This will help you to assess the most important strengths and weaknesses of the firm and which one of the strengths and weaknesses mentioned in the initial lists are marginal and can be left out.
Second stage for conducting weighted SWOT analysis of the Harvard case study The Counter-Conventional Mindsets of Entrepreneurs is to give probabilities to the external strategic factors thus better understanding the opportunities and threats arising out of macro environment changes and developments.
Third stage of constructing weighted SWOT analysis of The Counter-Conventional Mindsets of Entrepreneurs is to provide strategic recommendations includes – joining likelihood of external strategic factors such as opportunities and threats to the internal strategic factors – strengths and weaknesses. You should start with external factors as they will provide the direction of the overall industry. Secondly by joining probabilities with internal strategic factors can help the company not only strategic fit but also the most probably strategic trade-off that Entrepreneurs Entrepreneurial needs to make to build a sustainable competitive advantage.