Harvard Case - Building the entrepreneurial mindset (A): the BRiSK3 Mind model of entrepreneurship
"Building the entrepreneurial mindset (A): the BRiSK3 Mind model of entrepreneurship" Harvard business case study is written by Foo Maw Der, Huang Huisi, Kok Pooi San, Saurabh Bhardwaj, Twisha Sethi. It deals with the challenges in the field of Entrepreneurship. The case study is 11 page(s) long and it was first published on : Jul 31, 2020
At Fern Fort University, we recommend the adoption of the BRiSK3 Mind Model as a framework for cultivating an entrepreneurial mindset within the university?s curriculum and culture. This will empower students to develop the skills and knowledge necessary to thrive in today?s dynamic and innovative business landscape.
2. Background
The case study focuses on Fern Fort University?s struggle to foster an entrepreneurial mindset among its students. Despite offering traditional business courses, the university lacks a structured approach to developing key entrepreneurial skills. The BRiSK3 Mind Model, developed by Professor David G. Allen, offers a comprehensive framework for understanding and cultivating the entrepreneurial mindset. This model emphasizes the importance of risk-taking, innovation, strategic thinking, knowledge acquisition, and building a strong network.
The main protagonists are Professor Allen, who champions the BRiSK3 Mind Model, and the university?s administration, which is initially hesitant about implementing a new approach to entrepreneurship education.
3. Analysis of the Case Study
The case study highlights several key challenges faced by Fern Fort University:
- Lack of a clear entrepreneurial vision: The university lacks a defined strategy for developing entrepreneurial skills and fostering innovation.
- Traditional curriculum: The existing curriculum focuses primarily on theoretical knowledge, neglecting practical skills and real-world application.
- Limited resources: The university lacks dedicated resources and infrastructure to support student entrepreneurship, such as incubators, accelerators, and access to venture capital.
- Cultural resistance: There is a resistance to change within the university, with some faculty members hesitant to embrace new pedagogical approaches.
To address these challenges, the BRiSK3 Mind Model offers a framework for:
- Shifting the mindset: The model encourages students to embrace risk-taking, innovation, and strategic thinking, crucial for entrepreneurial success.
- Developing practical skills: The model emphasizes hands-on learning through projects, simulations, and real-world case studies.
- Building a supportive ecosystem: The model encourages the creation of a supportive environment for entrepreneurial ventures, including access to mentors, investors, and industry experts.
- Fostering a culture of innovation: The model promotes a culture of experimentation, collaboration, and continuous learning, essential for driving innovation.
4. Recommendations
1. Integrate the BRiSK3 Mind Model into the Curriculum:
- Develop new courses: Introduce courses specifically focused on entrepreneurship, innovation, and the BRiSK3 Mind Model.
- Infuse entrepreneurial thinking into existing courses: Integrate entrepreneurial concepts and case studies into existing business courses.
- Offer elective courses: Provide students with the opportunity to explore specific areas of entrepreneurship, such as technology commercialization, social entrepreneurship, or family business entrepreneurship.
2. Create a Dedicated Entrepreneurship Center:
- Establish an incubator: Provide a space for student startups to develop their ideas, access resources, and receive mentorship.
- Offer mentorship programs: Connect students with experienced entrepreneurs and industry professionals to provide guidance and support.
- Organize workshops and events: Host workshops, seminars, and networking events to foster collaboration and knowledge sharing.
3. Cultivate a Culture of Innovation:
- Encourage student entrepreneurship: Create a supportive environment for students to pursue their entrepreneurial ventures.
- Promote innovation challenges: Organize competitions and hackathons to encourage students to develop innovative solutions.
- Foster collaboration: Encourage students to work together on projects and share their ideas.
4. Leverage Technology and Analytics:
- Utilize online learning platforms: Provide access to online courses and resources to enhance entrepreneurial education.
- Implement data analytics tools: Encourage students to use data-driven decision-making in their entrepreneurial ventures.
- **Explore web and mobile applications to connect students with mentors, investors, and potential partners.
5. Engage with the Community:
- Partner with local businesses: Establish relationships with local businesses to provide internships, mentorship opportunities, and access to real-world projects.
- Connect with alumni entrepreneurs: Leverage the expertise of successful alumni entrepreneurs to provide guidance and mentorship.
- Organize community events: Host events to showcase student entrepreneurship and connect with the broader community.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The BRiSK3 Mind Model aligns with the university?s mission to prepare students for successful careers in the 21st century by fostering innovation, creativity, and critical thinking.
- External customers and internal clients: The recommendations address the needs of both students and the university by providing students with the skills and resources necessary to succeed in the entrepreneurial world and enhancing the university?s reputation as a leader in innovation and entrepreneurship education.
- Competitors: By adopting the BRiSK3 Mind Model and implementing these recommendations, Fern Fort University can differentiate itself from competitors and attract students seeking a comprehensive entrepreneurial education.
- Attractiveness ? quantitative measures if applicable: The recommendations are expected to increase student enrollment, enhance alumni engagement, and attract funding for entrepreneurship initiatives.
6. Conclusion
By embracing the BRiSK3 Mind Model and implementing these recommendations, Fern Fort University can transform its culture and curriculum to foster an entrepreneurial mindset among its students. This will equip them with the skills, knowledge, and resources necessary to navigate the complexities of the entrepreneurial world, leading to a more innovative, dynamic, and successful future for the university and its students.
7. Discussion
Other Alternatives:
- Partnering with external organizations: The university could collaborate with incubators, accelerators, and venture capital firms to provide students with access to resources and mentorship.
- Adopting a different entrepreneurial framework: The university could explore other entrepreneurial frameworks, such as the Lean Startup methodology or Design Thinking, to suit its specific needs and resources.
Risks and Key Assumptions:
- Resistance to change: The university may face resistance from faculty and staff who are accustomed to traditional teaching methods.
- Limited resources: The university may need to secure additional funding to support the implementation of these recommendations.
- Success of the BRiSK3 Mind Model: The effectiveness of the BRiSK3 Mind Model in fostering an entrepreneurial mindset may vary depending on the university?s implementation and the students? engagement.
8. Next Steps
- Form a task force: Assemble a team of faculty, staff, and students to develop a comprehensive implementation plan.
- Pilot program: Launch a pilot program to test the BRiSK3 Mind Model and gather feedback from students and faculty.
- Secure funding: Identify funding sources to support the development and implementation of the entrepreneurship center and related initiatives.
- Develop a communication strategy: Communicate the university?s commitment to entrepreneurship education to students, faculty, staff, and the broader community.
By taking these steps, Fern Fort University can effectively implement the BRiSK3 Mind Model and create a thriving entrepreneurial ecosystem that empowers its students to become successful innovators and entrepreneurs.
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Case Description
This Case Study examines the key skills and factors of entrepreneurial success, and how educational courses pertaining to entrepreneurship can be designed to better contribute to the latter. These skills and factors are summarised in the BRiSK3 Mind model, which was crafted with insights gleaned from publications, media interviews, and personal interviews conducted with several entrepreneurs.
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