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  • Print publication year: 2019
  • Online publication date: October 2019

8 - Prototype, Validate, Pivot, Repeat: A Short, Short Course in Entrepreneurship

from Part III - Learning from Business Scholars

Summary

Entrepreneurship is a process that applies to all types and sizes of tribal organizations. This chapter reviews steps in the process of preparing an idea for implementation. In its simplest version, this entails creating an idea, testing that idea with buyers, and making adaptive changes to the idea as it evolves. By focusing on the concept of “value creation,” an entrepreneur ensures that new products and services are not only feasible to create, but also have a market of potential buyers. Validating new products and services with potential buyers before large sums are invested (being “lean”) helps to reduce some of the financial risk inherent in new ventures. Native American entrepreneurs often use their cultural identity as the basis of their business model. Business models and strategies specific to American Indian entrepreneurs are discussed.

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