Entrepreneur Assignment

1.
Bill Gross is a serial entrepreneur who has founded and launched over 75
companies through his incubator, Idealab. He is known for his innovative ideas and
successful track record in launching and scaling new ventures. Gross is also an
internet pioneer and the creator of the pay-per-click model of internet advertising.
Tim Westergren can be classified as a serial entrepreneur. He founded and led

Pandora, an internet radio company, which he grew from a small startup to a publicly
traded company with millions of users. Prior to Pandora, he started and ran several
other businesses, including a recording studio and a music database company.
Additionally, he has served as an advisor and mentor to other entrepreneurs, and has
invested in multiple startups. His track record of starting and growing successful
businesses, combined with his experience in the music industry, make him a serial
entrepreneur.
Similarities and differences
Bill Gross and Tim Westergren are both successful entrepreneurs who founded
companies in the technology industry.
The main difference between the two is their business focus: Bill Gross is known for
founding and investing in companies across various industries, whereas Tim
Westergren has mainly worked in the music industry with his company Pandora.
In terms of their approach to entrepreneurship, both Bill Gross and Tim Westergren
are known for their innovative thinking and willingness to take risks. They have both
demonstrated a strong ability to identify opportunities and turn them into successful
businesses.
Another similarity is that both entrepreneurs have faced significant challenges and
setbacks throughout their careers. However, they have persevered and continued to
work towards their goals, ultimately achieving great success.
Overall, while they have their differences in terms of business focus, Bill Gross and
Tim Westergren share a common entrepreneurial spirit and drive to create innovative
solutions to problems
personalities that helped Tim Westergen to succeed as an entrepreneur

1.
Perseverance: Westergren demonstrated an unwavering commitment to his vision for

Pandora, the online music streaming service he co-founded. Despite facing significant
challenges, such as lawsuits from music companies and funding difficulties, he
persisted in pursuing his goals. He was able to maintain his focus and determination
even during tough times, which helped him steer Pandora through difficult periods
and emerge as a leader in the online music industry.
Creativity: Westergren had a strong creative vision for Pandora, which set it apart
from other music streaming services. He envisioned a platform that would allow users
to discover new music based on their preferences, using a complex algorithm that
analyzed their listening habits. This innovative approach helped Pandora gain a
competitive edge and attract millions of users.
2.
Passion: Westergren was deeply passionate about music, which fueled his drive to
create a service that would help people discover new artists and genres. He was also
passionate about the potential for technology to revolutionize the music industry, and
he worked tirelessly to make Pandora a reality. This passion not only helped him
overcome obstacles but also inspired his team to work hard and believe in the
company's mission.
In summary, Tim Westergren's perseverance, creativity, and passion were key

personal attributes that helped him succeed as an entrepreneur. These qualities
enabled him to overcome challenges, innovate, and inspire his team to work towards a
common goal.
2a. To address the concerns of parents who were unhappy with the wide age ranges on
his products, Tim Westergren used a technique where he would personally call each
customer who had given negative feedback and ask for their suggestions on how to
improve the product. He then compiled the feedback and used it to generate ideas for
new features and improvements to the product. This approach not only helped him to
identify specific pain points and areas for improvement, but also demonstrated his
commitment to customer satisfaction and willingness to listen to feedback.
2b. Based on the technique that Tim Westergren adopted in generating ideas to solve
the angst expressed by parents for putting wide age ranges on his product, here are
four rules that could be observed in applying this technique:
1.
Empathize with the customers: To generate innovative ideas, you need to put yourself
in the shoes of your customers and understand their pain points. By doing so, you can
identify their needs, desires, and expectations, and create products or services that
meet those needs.
Brainstorm with a diverse team: To generate a wide range of ideas, you need to
involve a diverse team with different perspectives, skills, and backgrounds. This can
help you avoid groupthink and come up with unique and creative ideas.
Reframe the problem: Instead of focusing on the constraints or limitations of the
product, try to reframe the problem and see it from a different perspective. This can
help you identify new opportunities and solutions that you may have overlooked
before.
Test and iterate: Once you have generated ideas, it's important to test them and get
feedback from your target audience. Based on this feedback, you can refine your ideas
and improve the product or service until it meets the needs and expectations of your
customers.
3. Bill Gross and his team could have taken the following necessary steps before
launching their product to validate their idea as a true opportunity:
1.
Conduct market research: They could have conducted a comprehensive market

research to identify their target audience and understand their needs, preferences, and
behavior. This would help them identify whether there is a need for their product in
the market and if it is a viable opportunity.
Develop a prototype: They could have created a prototype of their product and tested
it with potential customers to get feedback on its functionality, features, and design.
This would help them make necessary modifications and improvements before
launching the final product.
Analyze the competition: They could have analyzed their competitors and identified
their strengths and weaknesses. This would help them understand how their product
can stand out in the market and provide a unique value proposition to their target
customers.
Create a business plan: They could have developed a comprehensive business plan
that outlines their goals, objectives, strategies, and financial projections. This would
help them determine the feasibility of their idea and identify potential roadblocks that
could impact their success.
By taking these necessary steps, Bill Gross and his team could have validated their
idea as a true opportunity and increased their chances of success in the market.
4. Gross could have used the following leadership style to stipulate creative abilities
of employees
Transformational leadership: This leadership style involves inspiring and motivating

employees to work towards a shared vision. Leaders who use this style encourage
innovation, creativity, and experimentation. They often provide employees with
autonomy and support, creating an environment that fosters creativity.
1.
2.
Laissez-Faire leadership: This leadership style involves giving employees significant

autonomy and freedom to make decisions. Laissez-faire leaders provide minimal
guidance or supervision, allowing employees to explore new ideas and experiment
with new approaches to problem-solving.
3.
4.
Participative leadership: This leadership style involves actively involving employees

in decision-making processes. Participative leaders encourage employees to
contribute their ideas and opinions and value their input. This approach can help to
stimulate creativity and generate new ideas.
5.
6.
Servant leadership: This leadership style involves putting the needs of employees
first. Servant leaders focus on creating a supportive and inclusive environment where
employees feel valued and appreciated. This approach can help to foster a sense of
ownership and engagement, which can lead to greater creativity and innovation.
5a. Tim Westergren became an entrepreneur due to his passion for music and his
desire to provide a platform for musicians to showcase their talent. As a musician
himself, he understood the challenges that musicians faced in getting their music
heard by a wider audience. He saw an opportunity to create a platform that could help
musicians reach a broader audience and connect with fans. Westergren's desire to
create a platform that could empower musicians and democratize the music industry
led him to become an entrepreneur. He wanted to use technology to remove the
barriers that prevented musicians from achieving their full potential, and he saw
entrepreneurship as the best way to bring his vision to life.
5b. Tim Westergren developed a prototype of his product, Pandora, to show to
potential clients for the following reasons:
To illustrate the product’s features and functionality: A prototype is a tangible

representation of the product that can demonstrate its features and functionality. This
can help potential clients better understand the product and how it works. In the case
of Pandora, Westergren's prototype helped potential clients visualize how the music
streaming service would function, including the algorithm that would suggest new
music based on a user's preferences.
To solicit feedback: By showing the prototype to potential clients, Westergren could

gather feedback on the product and its features. This allowed him to make
improvements and refine the product based on the needs and wants of potential
customers. This feedback loop helped ensure that the final product met the needs of
its target audience.
To secure investment: A prototype can also help entrepreneurs secure investment by

demonstrating the feasibility and potential of the product. By showing the prototype
to potential investors, Westergren was able to generate interest and secure funding for
Pandora's development and launch.

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1.

Tim Westergren can be classified as a serial entrepreneur. He founded and led

personalities that helped Tim Westergen to succeed as an entrepreneur

Perseverance: Westergren demonstrated an unwavering commitment to his vision for

In summary, Tim Westergren's perseverance, creativity, and passion were key

Conduct market research: They could have conducted a comprehensive market

Transformational leadership: This leadership style involves inspiring and motivating

Laissez-Faire leadership: This leadership style involves giving employees significant

Participative leadership: This leadership style involves actively involving employees

To illustrate the product’s features and functionality: A prototype is a tangible

To solicit feedback: By showing the prototype to potential clients, Westergren could

To secure investment: A prototype can also help entrepreneurs secure investment by

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