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    Why Should I Study Entrepreneurship & Innovation?

    Businessman studies entrepreneurship and innovation on laptop
    • 29 Sep 2020
    Catherine Cote Author Staff
    tag
    • Disruptive Strategy
    • Entrepreneurship & Innovation
    • Entrepreneurship Essentials

    Entrepreneurship and innovation are increasingly popular fields in today’s evolving business scene. According to the most recent Global Entrepreneurship Monitor Report from Babson College, entrepreneurial activity in the US rose to over 17 percent in 2019—a 10 percent increase from 2018 and the highest level recorded in 21 years.

    The same report states that, while 71 percent of Americans believe it’s easy to start a business, 35 percent wouldn’t for fear of failure. Similarly, 70 percent perceive themselves as innovative, but only 46 percent say they act on opportunities.

    When reading the success stories of scrappy startups that have made it big, it can be easy to assume becoming an entrepreneur isn’t particularly challenging. Yet, in reality, entrepreneurship and innovation require education and effort to master. It’s knowledge of the theories and concepts behind entrepreneurship and innovation that gives many business owners the confidence to launch a venture despite the risk of failure.

    In addition to entrepreneurs, corporate employees can realize the value of innovation and an entrepreneurial mindset in the workplace. According to data from Microsoft and McKinsey, innovative organizations are more likely to retain employees and experience larger financial gains than their non-innovative counterparts.

    Whether you’re an aspiring entrepreneur or a professional in a corporate setting, understanding the basics of entrepreneurship and innovation can position you to succeed in today’s dynamic market. Here are six reasons you should study entrepreneurship and innovation.


    Free E-Book:
    So You Want to Be an Entrepreneur: How to Get Started

    Access your free e-book today.

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    Reasons to Study Entrepreneurship and Innovation

    1. Start Your Business on the Right Foot

    It’s no secret: Entrepreneurship involves inherent risk. Harvard Business School Professor William Sahlman explains this in the online course Entrepreneurship Essentials.

    “Though every entrepreneur imagines success, they must act with the full knowledge that the odds are against them,” he says.

    Sahlman is referring to the fact that 20 percent of businesses fail within their first year, and 50 percent don’t survive past five years.

    With odds like that, beginning your entrepreneurial journey with as much knowledge as possible is imperative. By studying entrepreneurship and innovation, you can learn the underlying principles of starting a business, avoid common pitfalls, pitch ideas more effectively, validate your product, develop a solid business model, and set yourself up for success in a field where failure is common.

    2. Hone Your Skills

    Although stereotypes of entrepreneurs exist, there’s no specific demographic profile required to launch a successful venture. Regardless of your race, gender, age, socioeconomic status, or other identifiers, you can succeed as an entrepreneur if you possess certain business skills and traits, including:

    • Financial literacy
    • Confidence
    • Knowledge of how to accept and act on feedback
    • Networking
    • Strategic thinking skills
    • A growth mindset

    Luckily, these competencies can be learned and honed. Taking a course in entrepreneurship or innovation can help you identify gaps in your knowledge and develop the skills needed to fill them.

    Related: How to Find the Right Entrepreneurship Course for You

    3. Validate Your Business Idea

    When launching a venture, validating your business idea is a vital early step. Taking an entrepreneurship or innovation course can help you learn useful frameworks through which to view your product and identify ways to prove its value to customers.

    For instance, in the online course Disruptive Strategy, HBS Professor Clayton Christensen explains his jobs to be done (JTBD) theory, which posits that rather than just purchasing products, people “hire” them to do “jobs.” The job to be done is the customer’s goal, and assessing your product using the framework can illuminate their motivations, needs, and desires.

    Leveraging this theory and other innovation concepts to validate your business idea early in your entrepreneurial career can have far-reaching payoff as your business grows.

    4. Learn From the Experiences of Others

    Studying entrepreneurship and innovation isn’t just about sharpening your skills—it’s also about building your network and support system.

    Taking a course enables you to meet like-minded professionals you can rely on for advice and guidance as launch your venture.

    Outside your coursework, read about and talk to entrepreneurs with more experience than you. They can share their mistakes, things they wish they’d known when they first started their businesses, and insider best practices you may not be able to glean from a textbook.

    Related: How Leaders Develop and Use Their Network

    5. Bring Innovative Ideas to Your Organization

    At any organization, a conscious effort is required to fight off stagnation. As markets shift and customer needs change, having innovation training can help you keep your business agile.

    Maintaining an entrepreneurial mindset can enable you to assess your customers’ jobs to be done and develop new ways to do them—either by creating new products or adapting your current offerings.

    Beyond product-market fit, an innovative mindset can improve employee retention rates. Microsoft reports that 86 percent of people who work at innovative companies plan to stay at their current job, as opposed to just 57 percent of people who work at less innovative companies.

    According to McKinsey, innovative organizations also experience greater financial returns than their less-innovative counterparts.

    Innovation education touches multiple facets of an organization, and it can prove to be worth the investment.

    Related: 23 Resources for Mobilizing Innovation in Your Organization

    6. Create Disruption-Informed Strategies

    Once you’ve studied various innovation theories, you can use them to craft informed strategies for your organization.

    For instance, the theory of disruptive innovation, another concept coined by Christensen and discussed in Disruptive Strategy, is the process by which a smaller company—usually with fewer resources—moves upmarket and challenges larger, established businesses.

    By studying innovation and mastering theories like this one, you can help your organization strategize to disrupt incumbent companies or prepare for any disruptive technology that could potentially drive it out of the market.

    Which HBS Online Entrepreneurship and Innovation Course is Right for You? | Download Your Free Flowchart

    Set Yourself up for Success

    Whether you’re about to launch a venture or want to make an impact at your organization, studying entrepreneurship and innovation can help you gain the skills, confidence, and competitive edge needed to succeed in an ever-changing business landscape.

    If you’re interested in honing your entrepreneurial skills and innovation toolkit, explore our online entrepreneurship and innovation courses. Not sure which course is the right fit? Download our free course flowchart to determine which best aligns with your goals.

    About the Author

    Catherine Cote is a marketing coordinator at Harvard Business School Online. Prior to joining HBS Online, she worked at an early-stage SaaS startup where she found her passion for writing content, and at a digital consulting agency, where she specialized in SEO. Catherine holds a B.A. from Holy Cross, where she studied psychology, education, and Mandarin Chinese. When not at work, you can find her hiking, performing or watching theatre, or hunting for the best burger in Boston.
     
    All FAQs

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    How are HBS Online courses delivered?

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    We offer self-paced programs (with weekly deadlines) on the HBS Online course platform.

    Our platform features short, highly produced videos of HBS faculty and guest business experts, interactive graphs and exercises, cold calls to keep you engaged, and opportunities to contribute to a vibrant online community.

    Are HBS Online programs available in languages other than English?

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    We expect to offer our courses in additional languages in the future but, at this time, HBS Online can only be provided in English.

    All course content is delivered in written English. Closed captioning in English is available for all videos. There are no live interactions during the course that requires the learner to speak English. Coursework must be completed in English.

    Do I need to come to campus to participate in HBS Online programs?

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    No, all of our programs are 100 percent online, and available to participants regardless of their location.

    How do I enroll in a course?

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    Certificate Programs

    HBS Online welcomes committed learners wherever they are—in the world and their careers—irrespective of their professional experience or academic background. To extend the reach of HBS Online, we no longer require an application for our certificate programs. (Applications are still required for our credential programs: CORe and CLIMB.) You can now immediately enroll and start taking the next step in your career.

    All programs require the completion of a brief online enrollment form before payment. If you are new to HBS Online, you will be required to set up an account before enrolling in the program of your choice.

    Our easy online enrollment form is free, and no special documentation is required. All participants must be at least 18 years of age, proficient in English, and committed to learning and engaging with fellow participants throughout the program.

    Updates to your enrollment status will be shown on your account page. HBS Online does not use race, gender, ethnicity, or any protected class as criteria for enrollment for any HBS Online program.

    Credential Programs

    HBS Online's CORe and CLIMB programs require the completion of a brief application. The applications vary slightly, but all ask for some personal background information. You can apply for and enroll in programs here. If you are new to HBS Online, you will be required to set up an account before starting an application for the program of your choice.

    Our easy online application is free, and no special documentation is required. All participants must be at least 18 years of age, proficient in English, and committed to learning and engaging with fellow participants throughout the program.

    Updates to your application and enrollment status will be shown on your account page. We confirm enrollment eligibility within one week of your application for CORe and three weeks for CLIMB. HBS Online does not use race, gender, ethnicity, or any protected class as criteria for admissions for any HBS Online program.

    Does Harvard Business School Online offer an online MBA?

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    No, Harvard Business School Online offers business certificate programs.

    What are my payment options?

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    HBS Online offers a variety of payment methods to provide flexibility, including:

    • Credit and debit cards (Visa, MasterCard, Discover, and AMEX)
    • PayPal
    • Wire transfers
    • Western Union
    • Bank loans (When available)

    You may split your payment across two credit card transactions or send a payment link to another individual to complete payment on your behalf. A minimum payment of $350 is required for the first transaction.

    Some learners may also qualify for scholarships or financial aid, which will be credited against the program fee once eligibility is determined. Please refer to the Payment & Financial Aid page for more information.

    What are the policies for refunds and deferrals?

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    After enrolling in a program, you may request a withdrawal with refund (minus a $100 nonrefundable enrollment fee) up until 24 hours after the start of your program. Please review the Program Policies page for more details on refunds and deferrals. If your employer has contracted with HBS Online for participation in a program, or if you elect to enroll in the undergraduate credit option of the Credential of Readiness (CORe) program, note that policies for these options may differ.

     

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