A presentation to PKU Guanghua EMBA class during their visit to UCLA Anderson in April 2011

1. The new-gen U.S. entrepreneurial Culture A speech given to EMBA class of 2011 from PKU GuangHua School of Management during their visit to UCLA Anderson George Sun

3. I. Ready Fire Aim

6. Ideas are just Multipliers = X http://www.oreillynet.com/onlamp/blog/2005/08/ideas_are_just_a_multiplier_of.html

8. Ideas only are cheap.

9. With more validation, risk goes down, value goes up.

12. Benefits of bootstrapping: control of the company, less short-term pressure from investors, no pre-mature product launch, more focused on marking a profit.

13. Free resources are abundant: open source software, MBA interns, etc…

15. No business plan. No external funding.

16. Took 2 months from registering the domain name to going live.

17. Outsourced the website development to foreign resources

19. Planning is guessing X

20. Pivoting Basketball . To keep one foot in place while holding the ball and moving the other foot one step in any direction. Business. To change a startup’s business model based on validated learning

22. Market segment pivot

23. Technology pivot

24. Revenue model pivot

25. Sales channel pivot

26. Metrics to Measure

27. Registered user

28. Unique visits

29. Downloads/Page views

30. Customer feedback

31. Sales

32. Speed

33. Many little changes

34. Testing multiple versions at a time.

35. Learn quickly

36. Goal: to find the product-market fit. Source: Eric Rieshttp://theleanstartup.com/

37. Case Study 1st: Beamed payments from Palm Pilots. 2nd: Online Feature person-to-person payments for Auction sites. Acquired by Ebay. 3th: A universal online payment system with open API used by Walmart.com, Buy.com, Overstock.com, etc..

38. III. Supports

39. IP Protection

41. Less respect for intellectual properties.

43. Recommended Readings Business Model Generation by Alexander Osterwalder The Four Steps to the Epiphany By Steven Gary Blank Rework By Jason Fried