introduction to disciplined entrepreneurship workshop mgf deck #1
TRANSCRIPT
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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?
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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….
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DISCIPLINED ENTREPRENEURSHIP
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.
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DISCIPLINED ENTREPRENEURSHIP
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
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DISCIPLINED ENTREPRENEURSHIP
Innovation = Invention*Commercialization
Definition of Innovation
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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
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DISCIPLINED ENTREPRENEURSHIP
Misperceptions9
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7 Whopping LiesTold About
Entrepreneurs Which are Actually Damaging to All Parties Involved
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DISCIPLINED ENTREPRENEURSHIP
#1 -“Entrepreneurs are
mercurial individualists”
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DISCIPLINED ENTREPRENEURSHIP
#2 -“Entrepreneurs are the smartest & most high
achieving people in the room”
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DISCIPLINED ENTREPRENEURSHIP
#3 -“Entrepreneurs are born,
not made”
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DISCIPLINED ENTREPRENEURSHIP
#4 -“Entrepreneurs love risk”
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DISCIPLINED ENTREPRENEURSHIP
#5 -“Entrepreneurs are successful because they are charismatic”
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DISCIPLINED ENTREPRENEURSHIP
#6 -“Entrepreneurs are lucky”
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DISCIPLINED ENTREPRENEURSHIP
#7 -“Entrepreneurs are undisciplined”
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DISCIPLINED ENTREPRENEURSHIP
One Other Misperceptions …
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DISCIPLINED ENTREPRENEURSHIP
The Truth
• Relevant elements of a craft: Accessible
Builders
Unique Products
Learnable
First Principles Exist But Don’t Assure Success
Apprenticeship
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DISCIPLINED ENTREPRENEURSHIP
Purpose of this Summer School
1. Yes It Can
2. Yes We Can
3. Here is How
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DISCIPLINED ENTREPRENEURSHIP
Program Pillars21
1. Heart: Mindset
2. Head: Knowledge
3. Hands: Capability
4. Home: Community
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DISCIPLINED ENTREPRENEURSHIP
Importance of Spirit22
Willingness and even joy in being
different …
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DISCIPLINED ENTREPRENEURSHIP
Importance of Spirit23
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Spirit + Skills
Successful Entrepreneurship
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Successful Entrepreneurship=
Spiritof a pirate
Skillsof a Navy Seal
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+
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DISCIPLINED ENTREPRENEURSHIP
Program Pillars26
1. Heart: Mindset
2. Head: Knowledge
3. Hands: Capability
4. Home: Community
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DISCIPLINED ENTREPRENEURSHIP
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
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DISCIPLINED ENTREPRENEURSHIP
How 24 Steps Was Put Together 29
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DISCIPLINED ENTREPRENEURSHIP
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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DISCIPLINED ENTREPRENEURSHIP
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DISCIPLINED ENTREPRENEURSHIP
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DISCIPLINED ENTREPRENEURSHIP
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DISCIPLINED ENTREPRENEURSHIP
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DISCIPLINED ENTREPRENEURSHIP
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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DISCIPLINED ENTREPRENEURSHIP
Program Pillars39
1. Heart: Mindset
2. Head: Knowledge
3. Hands: Capability
4. Home: Community
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DISCIPLINED ENTREPRENEURSHIP
Program Pillars40
1. Heart: Mindset
2. Head: Knowledge
3. Hands: Capability
4. Home: Community
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DISCIPLINED ENTREPRENEURSHIP
Purpose of this Summer School
1. Yes It Can
2. Yes We Can
3. Here is How
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DISCIPLINED ENTREPRENEURSHIP
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.
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DISCIPLINED ENTREPRENEURSHIP
Sense of Urgency43
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DISCIPLINED ENTREPRENEURSHIP
Other Examples44