Embed Size (px)
DESCRIPTION
An introductory talk on entrepreneurship for engineering students. Drucker's purpose of business, Blank's Customer Development, Moore's Crossing the Chasm, and Martin's Knowledge Funnel, and Osterwalder's Business Model Canvas
Citation preview
2
Who Are You?• What is your specialization?
– Mech, EE, Comp Sci, other.• Post-Grad - What are you gonna
Do?– Grad School?– Work?
• Big Company• Small Company• Start-up?
– Travel?- Let’s show some hands -
3
Who Am I ?• Work
– Instructor: UBC Sauder School– Business Development: PMC-Sierra– Marketing: PMC-Sierra & Packet Engines– Engineering: PMC-Sierra
• Hobbies– “Health Issues”, Philanthropy (Eng Phys
Professorship), Coaching Hockey & Track, Golf, Blogging, reading, “bad” music.
• Education: – McGill Physics, UBC Eng Phys (EE option),
SFU M.Eng EE (Comm’s, Semi’s & Optics )
4
Lecture Objectives1. Understand entrepreneurial
leadership • and its process in high-technology
industries2. Dispel common myths &
misconceptions. 3. Learn skills
• important for 21st century technology leaders.
4. Stimulate continuous learning • and personal reflection regarding
entrepreneurship and your future.
5
Agenda1. Introduction - today.2. Entrepreneurship Skills
6
What is Entrepreneurship?• A Way of Managing, Leading,
and Doing!– It Can Be Taught!
• Fine Print– "Entrepreneurship is a management style that involves pursuing
opportunity without regard to the resources currently controlled. Entrepreneurs identify opportunity, assemble required resources, implement a practical action plan, and harvest the rewards in a timely, flexible way.
– Any attempt at new business or new venture creation, such as self-employment, a new business organization, or the expansion of an existing business, by an individual, a team, or an established business.
• References: Stanford E145 material (Byers)
7
Seven Important Skills for Tomorrows Entrepreneurial
Leaders1. Creativity and Opportunity Evaluation 2. Real-time Strategy and Decision Making 3. Comfort with Change and Chaos 4. Teamwork 5. Evangelism, Selling, Negotiation, and
Motivation through Influence and Persuasion
6. Oral and Written Communication 7. Basics of Start-Up Finance and
Accounting• Reference --- Byers - E145 - http://stvp.stanford.edu
8
UBC Fizzers Have Rocked• 3 of top 4 market cap in BC.
– Creo– MDA - (CEO) Dan Friedman – PMC-Sierra -
current COO Colin Harris, 1st CEO - Ralph Bennett, Professorship donors ( Curtis Lapadat, Alex Chiu, myself,
and CH)• There are lots more small
companies with Fizz leaders.– Starfish – Scott Phillips
http://www.bctechnology.com/stocks/t-net20.cfm
UCanDo it!
You Customers
Process Scorecard
Plan
Purpose
10
The Scorecard
11Technology Ventures: From Idea to OpportunityChapter 7: Figure 7.3
Resources Financial Physical Intellectual
Deal Reward, Risks Incentives Ownership Harvest
People The Team Capabilities Attitude Reputation
Opportunity Customers Strategy Business Model
The Business
Plan
The Biz Plan
12
The Business Model Canvas
13
Apple Canvas
test
14
:Score Card: ( Hypothesis Summary)
Guess Guess Guess Guess Guess
GuessGuess
Guess Guess
15
Keep Track
Week n
Week 1
Week 2
16
Your Purpose
17
To Create a CustomerDrucker says …
“There is only one valid definition of business
purpose: …”Page 20 “The Essential Drucker”
Aside
18
What is Marketing?• Drucker says --
• There will always, one can assume, be the need for some selling. But the aim of marketing is to make selling superflous.
The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself.
• Reference: pages 20 & 21 in “Essential Drucker”.
19
A Product That Sells Itself
20
Customers?
21
Technology Adoption Life Cycle
Chasm
EarlyMarket
Bowling Alley
Tornado
Main Street
Copyright © Geoffrey A. Moore, 2005, from the book “DEALING WITH DARWIN”
22
Underlying Drivers in Growth Markets
Techies:Just try it!
Pragmatists:Stick with the herd!
Conservatives:Stick with what’s proven!
Skeptics:Just say No!
Visionaries:Get ahead of the herd!
Copyright © Geoffrey A. Moore, 2005, from the book “DEALING WITH DARWIN”
“Technology Adoption Strategies”
People
23
New Market “Chasm”
Chasm
EarlyMarket
Bowling Alley
Tornado
Main Street
Copyright © Geoffrey A. Moore, 2005, from the book “DEALING WITH DARWIN”
24
? Instant Success ?
In 4th year after launch.
( ie 6 years )
This is as fast as it gets.
NB. Apple's fiscal year ends in September. This means that Q1 includes the holiday season, which accounts for jumps in the data. Fiscal Q1 is Oct - Dec of previous year. So Q1 of 2008 is Oct - Dec of 2007, Q2 of 2008 is Jan - Mar of 2008 and so on.
http://en.wikipedia.org/wiki/File:Ipod_sales_per_quarter.svg
25
The Process
26
Study/Plan and Act• Market
Analysis
• Market Pursuit
27
It’s The Scientific Process!• Hypothesis• Develop Test• Observe• Analyze Results
• Re-jig Hypothesis• Do it again
( many times … Quickly )
• Apply to Customers
• Product / Market Fit is what you are looking for.• Is not obvious
28
Identifying the Opportunity
Determining the Entrepreneur’s capabilities and interests
Evaluating the opportunity
Writing a summary of the concept
Testing the summary and the concept with potential customers
and investors
Deciding to act on the opportunityor look elsewhere
Six steps to Acting as an entrepreneur
Chapter 2: Figure 2.1
29
iPod Timeline
Cycling, Cycling, and more Cycling
30
More Process• Customer Development• www.steveblank.com
31
Search vs. Execution
32
Search Looks Like This
Bill Buxton, “Sketching User Experience”
33
Execution Like This
Bill Buxton, “Sketching User Experience”
34
“7 Steps”Customer Development
35
You
36
Model – Knowledge Funnel“What Do You Know” Roger Martin’s Knowledge Funnel Mystery Heuristic Algorithm
! Very Useful for our class !
You start in the Mystery Zone( the guesses )
Success is getting it to “Heuristic zone”(what are the “rules-of-thumb”
Grand Slam is getting it to the “Algorithm” zone
Source: Design of Business, Roger Martin
VousEtesici
37
Summary
You Customers
Process Scorecard
Mash Up
“Chasm Model”
“Business Model Canvas”
“Knowledge Funnel”
“Customer Development”
40
Wrap
41
! People Skills Rule !
• The area with the most room for differentiation is in “People Skills”
– Yes … ‘cause Engineers suck at this :)
NextWeek
42
Reading Material• I’ve made a list on-line • http://hnorth.wordpress.com/
entrepreneurship-readings/
43
The End
44
Fix & Adjust
Act
Review & Learn
No one knows the answer! You’ve got to discover
it.
This is everything u need to know :-)
45
* Straight Lines Don’t Happen in Real Life *
* Get used to cycling back.
* Some people get stuck calling this “failure”.
* Don’t let failures define you.* Success will come.
Aside
