Company of Young Professionals Success Series – Innovation & the Entrepreneurial Mindset

Date: April 14, 2015

Name: Company of Young Professionals Success Series – Innovation & the Entrepreneurial Mindset

Presenter: Mia Maki

Innovation and creativity are the two main factors that set apart good and successful young entrepreneurs. Many young entrepreneurs need to understand creativity and innovation will lead to the next level of their success. CYP invites Mia Maki, CPA, CMA, Principal of Quimper Consulting Inc., to speak about the importance of innovation and creativity. Maki is formerly CFO and COO for a Vitoria-based technology company. Moreover, Maki assists many acquisitions, strategic partnerships and joint subsidiary creation. This presentation will benefit many young entrepreneurs to think about their path of entrepreneurship.

Mia Maki believes creativity and innovation come from theory and practice. In corporation, many entrepreneurs need to understand intrapreneurship. There are research for entrepreneurship, intrapreneurship and creativity from many expert theories, such as Simon and Chase.

Maki mentions there are 3 types of entrepreneurs.

• Achiever
• Freedom Fighter
• Crafts People

Crafts people are among the biggest within these three types of entrepreneurs. They usually deliver the most values to their clients.

“Entrepreneurs are made, not born”

Effectuation

Maki indicates effectuation is important for young entrepreneurs. Maki defines effectuation is a logic to be used heavily in the initial stage of venture creation and new product or service development. Effectuation needs to take consideration of the affordable loss. The logic thinking should be shaping the world instead of fitting in to the current world. The logic should use the bird in the hand principle where young entrepreneurs should examine what they currently have. Lastly, logic is helping young entrepreneurs to seeking co-creation, where they understand what others willing to commit to the venture.

Maki creates the effectuation formula that simplifies the theory.

Means -> Goals -> Interactions -> Commitments

The first two steps will contain leverage surprise that will change the goals. The formula will lead to new means, which exposes new resources, or new goals from new commitments to help crystallized the goals. The formula is designed to create new products, markets and firms.

The effectual logic requires low prediction and high control. The casual reasoning starts when young entrepreneurs believe if they can predict the future, they can control it; however, effectual reasoning starts when young entrepreneurs believe they can control the future and do not need to predict it.

Maki illustrates all innovative and creative ideas can be created by setting the primary target market, the type and the emotions. Maki concludes this as forced combination.

Maki believes sometimes being innovative and creative is about intersection. Many industrial problems are often solved by another discipline. For example, chemist solves an electronic problem. The intersection is where innovation comes from.

“Intrapreneurs can bring commitments together in the organization”

Maki believes sometimes being innovative and creative is about clear. Young entrepreneurs need to understand how their companies are different from the competitors. In addition, they need to know how they can be more successful marketing and promoting their companies. They can start by understand their value proposition. By asking questions will help young entrepreneurs to lead to their answer.

Maki believes sometimes being innovative and creative is about asking questions. Young entrepreneurs can think what can make their customers’ lives or transaction easier. The progress can be simplified or changed by adding new values. The process innovations are long-lasting and value creating for companies and young entrepreneurs.

Maki suggests many resources for young entrepreneurs to expand innovative and creativity. In the resource of “Steal like an artist”, there are 10 unique tips for young entrepreneurs.

1. Steal like an artist
2. Do not wait until you know who you are to get started
3. Write the book you want to read
4. Use your hands
5. Side projects and hobbies are important
6. Do good work and share it with people
7. Geography is no longer our master
8. Be nice
9. Be boring
10. Creativity is subtraction