Introduction to Disciplined Entrepreneurship Workshop MGF Deck #1

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November 16, 2018

Bill AuletManaging Director,

Martin Trust Center

for MIT Entrepreneurship

Workshop on Disciplined Entrepreneurship:

Why be an entrepreneur? What does it take?

Why scale?

DISCIPLINED ENTREPRENEURSHIP

Purpose of this Workshop

1. Yes It Can

2. Yes We Can

3. Here is How

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Being an entrepreneuris the new “cool” thing.

As a result,

demand for

entrepreneurship

is blowing up!

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But is there sufficient understanding of the topic?

Hmmm….


What is Entrepreneurship?5

The formation of a new venture that produces a

product (which includes in my definition an offering as

well) that creates some value for which your new

venture can capture some value to make it

economically sustainable.


Entrepreneurship

SME (Small Medium Enterprise)

Local Market Focus

Restaurants, Dry Cleaners, Services

IDE (Innovation-Driven Enterprise)

Global Market Focus

Products w/ Innovation at Core

• Δt is short• Linear growth (capped)• Less investment required

• Δt is long• Exponential growth (uncapped)• A lot of investment required

Further Refinement of this Definition


Innovation = Invention*Commercialization

Definition of Innovation


What Is Entrepreneurship?

Innovation

* Technology essentials

* Knowledge of science & engineering

* Skills to develop

* Skills to build

Entrepreneurship

* Business essentials

* Venture engineering

* Knowledge to frame decisions

* Skills to start

* Skills to grow

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Misperceptions9

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7 Whopping LiesTold About

Entrepreneurs Which are Actually Damaging to All Parties Involved


#1 -“Entrepreneurs are

mercurial individualists”

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#2 -“Entrepreneurs are the smartest & most high

achieving people in the room”

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#3 -“Entrepreneurs are born,

not made”

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#4 -“Entrepreneurs love risk”

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#5 -“Entrepreneurs are successful because they are charismatic”

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#6 -“Entrepreneurs are lucky”

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#7 -“Entrepreneurs are undisciplined”

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One Other Misperceptions …


The Truth

• Relevant elements of a craft: Accessible

Builders

Unique Products

Learnable

First Principles Exist But Don’t Assure Success

Apprenticeship


Purpose of this Summer School

1. Yes It Can

2. Yes We Can

3. Here is How

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Program Pillars21

1. Heart: Mindset

2. Head: Knowledge

3. Hands: Capability

4. Home: Community


Importance of Spirit22

Willingness and even joy in being

different …


Importance of Spirit23

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Spirit + Skills

Successful Entrepreneurship

Successful Entrepreneurship=

Spiritof a pirate

Skillsof a Navy Seal

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+


Program Pillars26

1. Heart: Mindset

2. Head: Knowledge


4. Home: Community


Specifically Knowledge of the Process – First Principles

• Domain expertise is required as well but there are some

general first principles

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Crisis inEntrepreneurial Education

Demand

Supply of

quality

Time

Storytelling


How 24 Steps Was Put Together 29


Entrepreneurship Essentials* 30

Defining & Refining Product Market

Fit

Ideation

Team Building 1

Career Choice

Soft Skills

Primary MarketResearch

Key Founders’Decisions

Sales

Basics ofFinance

Communications

Sector Deep Dives

Customer Acquisition

Strategy

Product Design

Product Development

Leadership & Culture

Negotiations

Scaling -Manufacturing

Work-Life Balance

Financing

HR

Project Management

Dealing with Adversity

Core Entrepreneurship Specific Skills :

CorporateEntreprnrship

CorporateStrategy

“Nucleation”(Phase 1)

“Product Definition”(Phase 2)

“Venture Development”(Phase 3)

Product Management

Legal

Business Model & Pricing

Scaling: Process & Infrastructure

General Skills Valuable to Entrepreneurs:

Essential Skills for Entrepreneurs (Semi-Customized):

BuildingEship Systems

* - An open framework built for constant refinement


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Benefits of Approach

Open

Comprehensive yet Practical

Integrated

Proven & Tested – To Stand the Test of Time

Sequential/Prescriptive

Creates Common Language for Knowledge Transfer and

Accumulation

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Program Pillars39

1. Heart: Mindset

2. Head: Knowledge


4. Home: Community


Program Pillars40

1. Heart: Mindset

2. Head: Knowledge


4. Home: Community


Purpose of this Summer School

1. Yes It Can

2. Yes We Can

3. Here is How

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Why Focus on IDE? What is So Important about Scaling?

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To take a small venture and make it a big one – in

impact.


Sense of Urgency43


Other Examples44


End

Questions?

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[email protected]

Introduction to Disciplined Entrepreneurship Workshop MGF Deck #1

Small Business & Entrepreneurship

Transcript of Introduction to Disciplined Entrepreneurship Workshop MGF Deck #1