E101 october 24 2012 entrepreneurial management
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Entrepreneurial Management
Entrepreneurship 101October 24 2012
Jon E Worren
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About you
Idea?
Product?
Business?
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Established practices not working
Share of Voice
Share of Mind
Share of Market
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The Emergence of New Practices
1911Scientific
Mgmt
1948Toyota
Production System
2001 Agile
Development
2003 Lean
Thinking
2005 Customer
Development
2009 Lean
Startup Mvmt
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A set of principles and frameworks that helps startups identify a sustainable business model
with the least amount of waste possible
Entrepreneurial Management
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Application
Startup Phase
Entrepreneurial Management
Traditional Management
Growth Phase
Search
Business Model?
Execution
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PRINCIPLESEntrepreneurial Management
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Scientific Management
• Time & Work Studies (measurement)
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Toyota Production System
• Muda – Elimination of waste
• Hansei - learning• Kaizen – continuous
improvement• Jidoka – self-learning
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Agile Development
• Customer Collaboration• Iteration (short time
frames)
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Lean Thinking
• Generalization of TPS• Increased focus on
“Value”
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Customer Development
• New 1: De-risking a new venture by breaking up the commercialization process and prioritize business problems to solve
• New 2: Focus on Customer Acquisition
Customer Discovery
Customer Validation
Customer Creation
Company Building
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Lean Startup
• Lean Startup = Customer Development + Agile development
• Strong build+ measure focus
• Popularized approach – created Lean Movement
Build
Test
Measure
Learn
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PROCESSEntrepreneurial Management
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Process
Assumptions
Test problem Assumptions
Measure
Evaluate
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Step 0- Describe Idea What kind of problem do you solve for the customer?
Is this an important problem for these customers?
Is there a big potential market for your idea?
What is your competition and how do they solve this problem for their customers today?
What is unique about your way of solving the problem?
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Step 1 – Review Assumptions
• Is the customer problem you are solving validated by a measurable fact?
• Are you able to identify which customers are suffering the most from this problem?
• Do you understand how the problem impacts the customer and their business?
• Do you have evidence that links the customer problem to the target customer?
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Step 2 –Test
• What key piece of information would validate or invalidate the assumption?
• Where does that information reside?• What is the best way to gather that
information?
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Step 4 & 5 – Measure & Evaluate
• Is the customer problem urgent?• Is the problem pervasive?• Will customers pay to have the problem
solved?
How do these answers measure against your initial assumptions?
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3 outcomes
Evaluate
Validate: Confirmed value of MVP
Iterate: Change your product features
Exit: Don’t spend any more money!
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The Pivot
Easier when….• You have invested little
to this point• You are getting
absolutely no traction
Harder when…….• High noise to signal
ratio ( no clear feedback)
• Next step is unclear
Entrepreneurs are eternal optimists – choose to persist:- Tweak a little: Our next version will take off!- Easy: Our next campaign/trade show will land key customers!
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THE 3 STAGES OF THE PROCESSThe quest for a Business Model
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The 3 stages of the search process
Customer Problem
Product Solution
Business Model
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Business Model Canvas
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Value Proposition
• What you offer and how you offer it to customers
• What type of value or benefit is associated with your offering (e.g., cost savings, time savings, revenue increase, customer/employee satisfaction) and how much of it the customer can expect
• How the value is generated • Why it differs from anything else on the market
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Examples
WinnersWinners is a department store that offers fashion conscious consumers the latest brand names for up to 60 per cent off.
GoogleGoogle is the world’s largest search engine that allows internet users to find relevant information quickly and easily
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CONCLUSION & SUMMARYFinal two slides
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Summary
• Startups are different• Search is about learning• Lean is about
minimizing waste• CDM: De-risk your
venture by breaking up the process
• Test for customer problem first
• Test solution/MVP• Test customer
acquisition• Human element: Give
someone the task to keep you accountable!
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Conclusion
• Entrepreneurial Management offers a set of tools and processes that makes the process of starting up more manageable:
• The philosophy brings clarity to the skillset required to succeed:– Less persistence – more perception– Stack the odds in your favour – rather than trying
to win against all odds– Commit to the process – not the idea
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Thank You!
www.marsdd.com/entrepreneurs-toolkit