entrepreneurship class
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BUSINESS
ENTREPRENEURSHIP
CLASS
LECTURE SLIDES
SPRING 2013
ERDEM OVACIK
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013 2
XXX
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XXX
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XXX
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THE THREE PATHS
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THE DIP THEORY
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EVEN WHEN YOU SUCCEED, IT’S TOUGH ON THE WAY
• Advancing career
• Regular income• Good workplace• Regional clients
& opportunities• Great colleagues
Time and/or Energy
Reward
• Uncertain income• No unemployment benefits• Cut back on life’s luxuries• Crappy economy• Work insanely hard• Do everything self• Often, lonely• Can’t bitch about it• Don’t know where it’s going
• Industry recognition• Live fully• Wake up and be excited
about the day• Do stuff you’re really
passionate about• Spend time with family• Travel the world• Afternoon naps
• Exciting start• Able to dream
everything• Comfort of being
new – anything can happen
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013 8
AND IT MAY GO NOWHERE…
• Advancing career
• Regular income• Good workplace• Regional clients
& opportunities• Great colleagues
Time and/or Energy
Reward
• Uncertain income• No unemployment benefits• Cut back on life’s luxuries• Crappy economy• Work insanely hard• Do everything self• Often, lonely• Can’t bitch about it• Don’t know where it’s going
• Exciting start• Able to dream
everything• Comfort of being
new – anything can happen
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013 9
PEOPLE HAVE DIFFERENT MOTIVATORS
MYERS BRIGGS
Intravert
Extravert
Sensation
Intuition
Thinker
Feeler
Judgment
Perception
Knowing who you are helps you find out where and how you should work
vs vs vs vs
4 main personality types
SPwants action
SJwants order
NTwants creation
NFwants purpose
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
GUESS WHO IS WHO
4 main personality types
SPwants action
SJwants order
NTwants creation
NFwants purpose
Journalist
Quantum physicist
Investment banker
Human resources Teacher
Process engineer
Sales advocate
Business developer
Top-notch developer
Accountant
LawyerEntrepreneur
Priest
Lobbyist
Design freak
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013 11
YOU SHOULD HAVE A SPECIAL CONNECTION TO WHAT YOU DO
If your business idea is any good,
there will be competition.
there are 7 billion people on earth who want to make money and something meaningful. there’s always someone ahead.
therefore
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ENTREPRENEUR CAN MEAN SELF-EMPLOYMENT
One-person show.
Not scalable:
more hours => more income
Own boss. BUTOwn employee, also.
No value generation without you.
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013 13
BUT THERE IS MORE THAN THAT
Create a system, so work doesn’t depend on you
Disproportional value creation
Own boss.
You can take a holiday. You will still be paid. Can also hire a CEO.
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ENTREPRENEURSHIP = BUILDING INSTITUTION
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THE JOB OF THE ENTREPRENEUR
(Inspire People.)
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WHY DO YOU NEED TO INSPIRE?
Attract best people to go on a journey with you.
Convince people to invest their money on you.
Get people try your sub-optimal product.
Make media write about your project.
BEFORE YOU HAVE MUCH TO SHOW… IT’S ALL YOU.
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THINGS YOU NEED / SKILLS YOU NEED EVERY DAY
Write blog post
Tell your story to random people
Motivate people
Accounting
Sell
Sell
Sell
Do your website
Wake up your employee
Book meetings
Design your logo
Get the beers for Friday bar
Wait on the phone to speak to tax authority
Negotiate with partners
Prepare power points
Edit email list
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STARTUP ENVIRONMENT
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STARTUP ENVIRONMENT
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STARTUP ENVIRONMENT
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STARTUP ENVIRONMENT
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STARTUP ENVIRONMENT
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STARTUP ENVIRONMENT
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STARTUP ENVIRONMENT
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STARTUP ENVIRONMENT
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STARTUP ENVIRONMENT
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STARTUP ENVIRONMENT
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STARTUP ENVIRONMENT
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STARTUP ENVIRONMENT
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STARTUP ENVIRONMENT
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BUSINESS MODEL GENERATION – THE CANVAS
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WHO ARE OUR MOST IMPORTANT CUSTOMERS?
Two sided:2 or more interdependent customersEx: Credit Card holders & merchants
Diversified:Unrelated groupsEx: Amazon
Niche:Specific specialized segmentsEx: car part manufacturers
Segmented:Slightly different problemsEx: Credit Suisse Retail Banking
Mass:One broad groupEx: Milk
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WHAT VALUE DO WE PROPOSE?
New Service Cell phones, ethical investment funds.
Performance PC market, light bulbs, energy efficient equipment
Customization Threadless, car market, MYC4
Payment per use RollsRoyce engines, subscription software
Design Swatch, Mini
Brand / Status Rolex, Bentley, Louis Vuitton
Price Ryanair, free email
Cost reduction Salesforce software on the cloud
Risk reduction IT service level guarantees, car 1-yr service guarantee
Accessibility 7Eleven in Denmark, NetJets
Convenience / Usability iPod, Google Search & Mail
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WHICH CHANNELS BEST SUITED TO REACH CUSTOMERS?
Own Channel
Partner Channel
Direct Indirect
Sales force
Web sales
Own stores
Partner stores
Wholesaler
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Awareness
Evaluation Purchase Delivery After
sales
CHANNEL DEVELOPMENT STAGES
Developing channels takes time!
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WHAT KIND OF RELATIONSHIPS WITH CUSTOMER ARE MOST VIABLE?
Personal assistance(dedicated vs not-)
Self- service
Automated services (stimulates personal care)
Communities / co-creation(peer reviews, peer-recommendation)
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HOW MUCH AND HOW ARE YOUR CUSTOMERS GOING TO PAY?
Asset sale Subscription
Pay for use
Licensing Advertising
Rent / lease / lend Brokerage
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PRICING STRATEGIES
Fixed Menu Pricing
(prices pre-defined based on certain
variables)
Dynamic Pricing(price based on market
conditions)
• List price
• Product/feature dependent (upgrade for new features)
• Customer segment dependent (price discrimination)
• Volume dependent (get 3 for 2)
• Negotiation
• Yield management (plane seats, hotel booking)
• Real time market (Commodity markets)
• Auctions (Google and Facebook Ads)
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5 SLIDES UNTIL THURSDAY
1. Project name, your name and your mantra.
2. What is the customer pain today
3. How will your product / service solve it
4. How will you make money: business model
5. Your go-to-market strategy (how will you establish clientele)?
6. Expected revenue (per annum, next 5 years)
Samples:
http://www.slideshare.net/dmc500hats/zapmealscom-closing-the-gap-between-your-mouse-your-tummy-for-supernova-2007
http://austin.startupweekend.org/2010/09/11/presentation-template/
http://www.examiner.com/article/ten-slides-make-a-killer-investor-presentation
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KEY RESOURCES
Physical Assets
Intellectual asset, copyright, code, knowledge
Relationships, Trust, Brand recognition
The team with their skills and motivations
Petty cash
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KEY ACTIVITIES
Production.
Value: quality, flexibility, lean (not wasteful), just in time
Problem solving.
Value: knowledge management, continuous training
Platform.
Value: Match demand & supply, security, performance
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KEY PARTNERSHIPS
Strategic Alliance non-competitors
Coopetition alliance betw. competitors
Joint ventures develop new biz
Buyer / supplier reliable sales / supplies
TYPES
WHY Acquisition of particular resources or activities (ie, google motorola)
Optimization and economies of scale (Starbucks buys coffee)
Reduction of risk and uncertainty (Touch screen manufacturer)
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COST STRUCTURE
Cost-driven versus Value-driven business: different sensitivity around cost
vs
Fixed costs Variable costsEconomies of scale
Economies of scope
Office, factory Labor, energy Bulk purchase is cheaper
Important concepts:
Synergies between business lines
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
THE LEAN STARTUP
1. Entrepreneurship IS Management (under conditions of extreme uncertainty)
2. Startups exist to create Validated Learning – its biggest asset, which helps undergo uncertainty
3. Build – Measure – Learn cycle as the regular activity of startup life
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
WHY THE HYPE?
1. Most startups fail.
2. Western economies under pressure to innovate.
3. Demonstrated reduction in waste and increased success rate in companies.
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
TWO RECENT APPROACHES TO STARTUPS
Defined everything, execute the “plan” Just Do It
vs
Business plan Real life extreme uncertainty
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
LEARN TO LEARN – TO UNDERGO EXTREME UNCERTAINTY
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
THE MAGIC VALIDATED LEARNING LOOP
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
GOING WILD MAKES SENSE IF YOU ARE LEARNING
What are your assumptions?The loop gives => validated learning
What will people sign up to?
How are you accumulating your knowledge?
Website, video, minimum viable product, features, additional services, channels, pricing, etc
Call, talk, interview, survey, watch, A/B test, Google-analyse
Drive conclusions on your initial assumptions.
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
START WITH CLARIFYING YOUR ASSUMPTIONS
When we have an idea, we make (conscious or unconscious) assumptions.
Know your assumptions.
To get some answers, ask:
- Do consumers recognize that they have the pain you are trying to solve?
- If there was a solution, would they buy it? - Would they buy it from us? - Can we build a solution for that problem?
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
THINK HARD – WHAT ARE YOUR TOP 3 KEY ASSUMPTIONS?
Student idea
An App to report Autoparking availability from car-parks.
- Autoparks would SMS info every half hour to receive 5% more traffic
- Customers would pay 1$ per request
- There are regularly parks with idle capacity
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
BUILD SURVEY, SCREENSHOTS, ETC TO MEASURE
Students put together an interface and went to speak to autoparks.
They also received signups to the service and launched a survey to find out how willing people were to pay.
They did not start coding a product. Initial product was the product interface and a website.
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REMEMBER TO GET YOUR BUTT OUT THERE.
Answers are out there. Use your network, creativity, etc to get to them
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FIND OUT WHICH WAY TO CONTINUE
Students found out that autoparks did have the space and they would SMS every half-hour to report on the availability.
But, users would not pay $1 to find out about the availability!
They quit the project. For now.
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A FINE BALANCE OF SPEED, LEARNING AND FOCUS
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
VIRTUE OF LEAN: STOP WASTE
Don’t waste your time, others time.
Don’t waste money.
We live once, so make sure you do stuff that succeed.
So, smell it as early as possible when you are wasting time.
Control Damage by thinking Lean.
KNOW WHEN TO STOP.
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ADJUSTING/OPTIMIZING VERSUS PIVOTING
Are your assumptions giving you validation of improved success?
New featuresNew features
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
THE LEAN CANVAS: ANOTHER TAKE ON BIZ MODEL GEN
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
YOUR NEXT STEP: BUILD MODEL WITH ASSUMPTIONS
Build a simple spreadsheet with:
• Number of units sold
• Price point
• Costs
Revenue
Profitability
Total investment to break-even`
Clarify assumptions versus calculated figures.
If you like, use this simple template: goo.gl/cd6PU
Take a look at this blog post: goo.gl/hlK4b
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
EXAMPLE OF BUSINESS MODEL AND ASSUMPTIONS
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
USE TEMPLATE TO BUILD YOUR BUSINESS PROJECTIONS
goo.gl/X13Kx
https://drive.google.com/a/wedecide.net/previewtemplate?id=0AieE1sc7NlmJdHBQM3dqM2JhaUNkREFuWVNTSHNxQWc&mode=public
https://drive.google.com/a/wedecide.net/previewtemplate?id=0AhCf9DYUG_mAdFMxUkhOUW9WSHZlZzQ2ZTM0MjZvUXc&mode=public
https://drive.google.com/a/wedecide.net/previewtemplate?id=0AtLgJd8SING0dHNJRHQ3MURNNC1LeGZVcUhRdlFuWGc&mode=public
https://drive.google.com/a/wedecide.net/previewtemplate?id=0Am9tWKNHeZGwdHJwcl84N3Q2dWh2QWtQekFtbzlHVUE&mode=public
https://drive.google.com/a/wedecide.net/previewtemplate?id=0AnsQwXgRrzkUdGpZelJ2bmZ2Y3pDaERhVVdodEppRUE&mode=public
Use this: goo.gl/cd6PU
Others for inspiration:
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
TIME TO GET OUR HANDS DIRTY
Start communicating your idea.
Find out about your assumptions
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
THE STEP TO START IS HALF OF THE WAY (TURKISH SAYING)
Declare to world what you’re up to.
Public recognition.Inbound contacts.
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
REMEMBER TO KEEP MEASURING WHAT YOU’RE DOING AND WHY (LEAN)
Once you’re in, it’s natural to keep going.
Remember to check your speed and direction.
Measure progress. Remember Lean.
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
ESTABLISHING YOURSELF. COMMUNICATE.
Define your identity. Name, Mantra, URL, logo, Biz cards,
Start your website. Design, content, action step
Start a blog. Genuine content, links
Engage professionals Join groups, company profile, LinkIn!
Engage friends Your page, visuals/videos, discussions
Engage thought-leaders Relevant, connect
What How
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
TESTING YOUR ASSUMPTIONS
Qualitative / Quantitative Survey Don’t lead, keep short, be concise
Interviews Don’t lead
Website visitor analysis See demographics, set goals/conversion
Newsletters Measure opening rate, links clicked
Usertests Watch the user, don’t lead
Ad Response Targeting, A/B test message and design
Cohort Analysis & A/B Test Analyse behavior on actual platform
??
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013
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Erdem Ovacik – Business Entrepreneurship Project – Spring 2013