Purdue Foundry april 28 2017 v2
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Presentation at Purdue Foundry in Lafayette, Indiana on April 28, 2017 with update on Disciplined Entrepreneurship combining fundamentals of 24 Steps with Myths About Entrepreneurship
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Purdue Foundry april 28 2017 v2
- 1. DISCIPLINED ENTREPRENEURSHIP PURDUE UNIVERSITY FOUNDRY Bill Aulet Overview of 24 Steps April 28, 2017
- 2. OKAY THEN, LET’S GET GOING … 2
- 3. DISCIPLINED ENTREPRENEURSHIP 2 Stories DiPol – Revolutionary membrane technology for direct methanol fuel cells Lamborghini Dealership 3
- 6. DISCIPLINED ENTREPRENEURSHIP Entrepreneurship 101 Quiz 6 What is the singular necessary and sufficient condition to have a company? 1.
- 7. DISCIPLINED ENTREPRENEURSHIP Case 2: Lamborghini Dealership 7
- 8. DISCIPLINED ENTREPRENEURSHIP What Should We Be? 8 Market-Driven Target Customer- Driven Customer-Driven
- 9. DISCIPLINED ENTREPRENEURSHIP 3 Conditions for a Market Segment 1. Buy Same Product 2. Same Sales Process 3. Word of Mouth 9
- 10. DISCIPLINED ENTREPRENEURSHIP Step #1: Market Evaluation
- 12. DISCIPLINED ENTREPRENEURSHIP Definition of Entrepreneurship – 2 Types 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
- 14. DISCIPLINED ENTREPRENEURSHIP 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 14
- 15. DISCIPLINED ENTREPRENEURSHIP What is Entrepreneurship Education? 15
- 16. DISCIPLINED ENTREPRENEURSHIP Importance of Spirit 16 • Willingness and even joy in being • different …
- 18. 18 Spirit + Skills Successful Entrepreneurship
- 19. Successful Entrepreneurship = Spirit of a pirate Skills of a Navy Seal 19 +
- 20. DISCIPLINED ENTREPRENEURSHIP Market Segmentation: Personas Exploratory/ Curious Ready-to-Go Entrepreneurship Amplifier Corporate Entrepreneur Description of Persona Interested but has no driving idea or team; is in exploratory mode; starts here but will migrate to another state or out of entrepreneurship Chomping at the bit & just wants help to get going – has idea, tech &/or core of team Interested in understanding enough to successfully promote in their org (e.g., gov, corp, family business) but is not the entrepreneur Wants to be an entrepreneur in a large organization Needs at a High Level Need info on career choice, soft skills, ideation, team building and then some first-hand experience to get a sense of the process Wants specific skills and lots of them, very quickly; less on the upfront things emphasized for the “curious” persona; wants the deep, immersive experience of being an entrepreneur on her idea/technology Interested in all steps in some depth but even more interested in strategy, policy and economic impact of the field. Will want to have the experience of being an entrepreneur so can empathize but more interested in the process than the idea or team Wants depth in executing the process so comfortable doing it again but less tied to the idea or team; more interested in organizational issues and environment issues 20
- 21. DISCIPLINED ENTREPRENEURSHIP Needs Assessment: Business Essentials* 21 Defining & Refining Product Market Fit Ideation Team Building 1 Career Choice Soft Skills Primary Market Research Key Founders’ Decisions Sales Basics of Finance 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 : Corporate Entreprnrship Corporate Strategy “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): Building Eship Systems * - An open framework built for constant refinement
- 22. DISCIPLINED ENTREPRENEURSHIP Notes About Approach and Framework • This is a flexible and open process and framework • Can dynamically add new personas • Creates new needs • New needs can be added to the framework (“tile system”) • Those needs would be represented as tiles or “objects” • Analogy to object oriented programming • Allows for systematic identification of new student types and then … • Allows for the identification, design, development and integration of new objects in an efficient and effective manner
- 23. DISCIPLINED ENTREPRENEURSHIP Why Should I Care? • Employment • Impact • Fun 23
- 26. 26 7 Whopping Lies Told About Entrepreneurs Which are Actually Damaging to All Parties Involved
- 27. DISCIPLINED ENTREPRENEURSHIP #1 - “Entrepreneurs are mercurial individualists” 27
- 28. DISCIPLINED ENTREPRENEURSHIP #2 - “Entrepreneurs are the smartest & most high achieving people in the room” 28
- 29. DISCIPLINED ENTREPRENEURSHIP #3 - “Entrepreneurs are born, not made” 29
- 31. DISCIPLINED ENTREPRENEURSHIP #5 - “Entrepreneurs are successful because they are charismatic” 31
- 32. DISCIPLINED ENTREPRENEURSHIP #6 - “Entrepreneurs are lucky” 32
- 33. DISCIPLINED ENTREPRENEURSHIP #7 - “Entrepreneurs are undisciplined” 33
- 35. DISCIPLINED ENTREPRENEURSHIP The Truth • Entrepreneurship is a “craft” that can be taught • Neither science nor art • Relevant elements of a craft: – Accessible – Builders – Unique Products – Learnable – First Principles Exist But Don’t Assure Success – Apprenticeship
- 36. DISCIPLINED ENTREPRENEURSHIP So Focus Will Be On … • First Principles 36
- 37. DISCIPLINED ENTREPRENEURSHIP Grounded in Practice: Examples of Disciplined Entrepreneurship 37
- 38. Core Material for Course • Books • www.disciplinedentrepreneurship.com • Progress Dashboard www.detoolbox.com 38
- 39. DISCIPLINED ENTREPRENEURSHIP 39 Free* Online Courses Note: Bootcamp is not free
- 41. DISCIPLINED ENTREPRENEURSHIP Needs Assessment: Business Essentials* 41 Defining & Refining Product Market Fit Ideation Team Building 1 Career Choice Soft Skills Primary Market Research Key Founders’ Decisions Sales Basics of Finance 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 : Corporate Entreprnrship Corporate Strategy “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): Building Eship Systems * - An open framework built for constant refinement
- 42. DISCIPLINED ENTREPRENEURSHIP How 24 Steps Was Put Together 42
- 43. DISCIPLINED ENTREPRENEURSHIP The 24 Step Approach is Really Focused on One Tile • Defining and Refining Product ↔ Market Fit 43
- 51. DISCIPLINED ENTREPRENEURSHIP Benefits of Approach • Comprehensive yet Practical • Integrated • Proven & Tested – To Stand the Test of Time • Sequential/Prescriptive • Creates Common Language for Knowledge Transfer and Accumulation 51
- 52. DISCIPLINED ENTREPRENEURSHIP Recent History & News 52