Purdue Foundry april 28 2017 v2

DISCIPLINEDENTREPRENEURSHIP

PURDUE UNIVERSITYFOUNDRY

Bill Aulet

Overview of 24 Steps

April 28, 2017

OKAY THEN, LET’S GET GOING …

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2 Stories

DiPol – Revolutionary membrane technology

for direct methanol fuel cells

Lamborghini Dealership

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DiPol

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Missing?

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Entrepreneurship 101 Quiz

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What is the singular necessary and sufficient condition to have a

company?

1.


Case 2: Lamborghini Dealership

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http://facecarsx.com/volvo/2012-volvo-xc90-review/attachment/volvo-xc90-review/


What Should We Be?

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Market-Driven

Target Customer-

Driven

Customer-Driven


3 Conditions for a Market Segment

1. Buy Same Product

2. Same Sales Process

3. Word of Mouth

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Step #1: Market Evaluation


What is Entrepreneurship?

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Definition of Entrepreneurship – 2 TypesEntrepreneurship

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


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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What is Entrepreneurship Education?

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Importance of Spirit

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• Willingness and even joy in being

• different …


Importance of Spirit

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Spirit + Skills

Successful Entrepreneurship

Successful Entrepreneurship

=

Spiritof a pirate

Skillsof a Navy Seal

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+


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

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Needs Assessment: Business Essentials* 21

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


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


Why Should I Care?

• Employment

• Impact

• Fun

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Goal: Anti-Fragile Humans

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Misperceptions

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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 Misperception …


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


So Focus Will Be On …

• First Principles

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Grounded in Practice: Examples of

Disciplined Entrepreneurship

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Core Material for Course

• Books• www.disciplinedentrepreneurship.com

• Progress Dashboard

www.detoolbox.com

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http://www.disciplinedentrepreneurship.com/

http://www.detoolbox.com/


39Free* Online Courses

Note: Bootcamp is not free


Overview

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Needs Assessment: Business Essentials* 41

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


How 24 Steps Was Put Together

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The 24 Step Approach is Really

Focused on One Tile

• Defining and Refining Product ↔Market Fit

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DISCIPLINEDENTREPRENEURSHIP 44


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

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Recent History & News

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End

Questions?

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End

Questions?

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Purdue Foundry april 28 2017 v2

Small Business & Entrepreneurship

Transcript of Purdue Foundry april 28 2017 v2