MGMT 485Entrepreneurial Opportunity Creation

3 credits · Management · Penn State

Entrepreneurial Opportunity Creation is a process for co-creating ideas, markets and products by testing value propositions in actual market conditions. Opportunity co-creation prepares entrepreneurs to manage under conditions of extreme uncertainty. Opportunity creation is an iterative process between internal and external stakeholders focused on mutual value creation and exchange. Upon validation that a meaningful market opportunity exists, organizational resources are designed and deployed to match the learned opportunity. Unlike traditional entrepreneurial approaches, organizational formation is predicated on co-creation activities and is custom designed to fit the specific opportunity. This sequence reduces risk previously caused from efforts to predict the unpredictable, an uncertain future. This course will prepare students to learn how to create their own opportunities through active learning instead of predictive planning techniques rooted in risk analysis. Students will learn to use lean management techniques such as prototype development, sales and entrepreneurial marketing. This specific process or opportunity creation reverses conventional thinking and positions ideas, resources and experiences as outcomes of the process, not inputs.