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Christopher Bingham and I report on our research about the simple rules – fast, flexible heuristics are most effective in times of change. We initially studied simple rules in the context of entrepreneurs capturing new opportunities. We found that those entrepreneurs who developed simple rules performed better, capturing opportunities far more effectively than those that did not. But simple rules aren’t only important for entrepreneurs and innovators, they are also an important tool in adapting to change.
To see this in the context of the Covid-19 crisis, recall that the Americans were uncoordinated in the initial weeks of the pandemic. Many things were done, often haphazardly, and rarely based on lessons based on experience. South Koreans, in contrast, selected the right critical processes and centrally coordinated simple rules for them, namely, test, trace and isolate. The rules were then implemented throughout the country.
April 30, 2021 // Posted In Academics, Research
For more than a decade, Baylor’s entrepreneurship program has been anchored among the nation’s top 10 so it’s no surprise that Baylor entrepreneurship faculty are well-regarded for their business acumen far beyond campus borders.
Dr. Peter Klein, the W. W. Caruth Chair and Professor of Entrepreneurship at Baylor, has been sought out by outlets such as
Atlanta Journal-Constitution for his insights into management, trends in entrepreneurship, innovation, business strategy, digital transformation and more. (He also regularly talks entrepreneurship with his nearly 12,000 followers on Twitter, and earlier this year, he assumed the role as co-editor of
Innovative entrepreneurship is the segment of the entrepreneurial economy that is especially highly focused on innovation via new products and services. Within innovative entrepreneurship there is an even brighter spotlight on NTBF new technology-based firms that are cutting edge, scalable, and fast-growing. They represent only one form of entrepreneurship, but one that is very interesting. Indeed, they attract the interest of government and government policy-makers. A recent special issue of the
Strategic Entrepreneurship Journal, a top journal for which our friend Peter Klein sits on the editorial board, examined the impact of policy on entrepreneurship itself and on the institutional and social challenges of these policy interventions (see