a class-by-class guide to teaching...

LECTURE ONE

A CLASS-BY-CLASS GUIDE TO TEACHING CREATIVITY, INNOVATION,

AND ENTREPRENEURSHIP

Professor of Practice at Lehigh University creates a real world, hands-on experience in the classroom

PAT J. COSTA

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THINK OUTSIDE YOURSELF

IN ASSOCIATION WITH:

P.C. ROSSIN COLLEGE OF ENGINEERING AND APPLIED SCIENCE

COLLEGE OF BUSINESS AND ECONOMICS

http://engineeringunleashed.com/keen/http://lehighbakerinstitute.com/http://www.lehigh.edu/engineering/http://cbe.lehigh.edu/http://lehigh.eduhttp://ibe.lehigh.edu

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LECTURE ONETHINK OUTSIDE YOURSELF

TABLE OF CONTENTS

About the Author Introduction Getting Started

- This is a hands-on, real world experience. Lecture #1

- Change your thinking. Change the world. Lecture #2

- You are in the communication business and not the information delivery business.

Lecture #3 - Failure is just feedback.

Lecture #4 - People dont buy what you do; they buy why you do it.

Lecture #5 - Chance favors the connected mind.

Lecture #6 - Empathetic Design. Outside-in Thinking.

Lecture #7 - Can you make it? Can you sell it? Can you look after the money?

Lecture #8 - Nobody has a monopoly on good ideas.

Lecture #9 - Opportunities are all around us.

Lecture #10 - The world is on your team.

Lecture #11 - Customers learn and remember through stories, not facts and figures.

Lecture #12 - Create an ideal customer profile.

Lecture #13 - Translating technical specifications into customer needs.

Lecture #14 - Create a message that your customer can understand and remember.


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Lecture #15 - The single, most important determinant of a successful start-up: a paying

customer. Lecture #16

- The answer isnt on campus or on the Internet. It is in the marketplace. Lecture #17

- Surrender you bias. Lecture #18

- The elements of a good business plan. Lecture #19

- The voice of the customer. Lecture #20

- How to get your ideas to spread. Lecture #21

- A patent is a business decision, not a legal one. Lecture #22

- Market of Introduction. Lecture #23

- 10 components of a successful venture. Lecture #24

- Focus on Strategy. Lecture #25

- Show me what youre saying - A Tack Board Session. Lecture #26

- Autonomy. Mastery. Purpose. Lecture #27

- Create a GREAT Presentation Lecture #28

- Final Deliverables: Poster, Written Report and PowerPoint Presentation Acknowledgements KEEN Index


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Professor Pat J. Costa is the 2015 recipient of the John B. Ochs Award in Recognition of Outstanding Commitment to Entrepreneurship Education at Lehigh University.

ABOUT THE AUTHOR

Pat J. Costa, Professor of Practice* in the Integrated Business & Engineering (IBE) Honors Program at Lehigh University earned his Bachelor of Science Degree in marketing from the Pennsylvania State University. Costa is the primary instructor for the IBE Freshman Workshop, the IBE Entrepreneur Independent Study Program, and the IBE Senior Capstone Design Program. Additional teaching responsibilities at Lehigh University include: lead instructor in the introductory course of the Entrepreneur Minor Program and lead marketing instructor at the Pennsylvania School for Global Entrepreneurship at Lehigh University. Prior to coming to Lehigh University, Costa was the president and cofounder of Fiberoptic Medical Products, a medical manufacturing company that specialized in neonatal/pediatric care, and vice president of marketing and communications of Lehigh Valley Hospital and Health Network. Costas many product development achievements include the invention of a fiberoptic medical device used to treat newborn jaundice, a fiberoptic transilluminator used in neonatal transport, and a


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ABOUT THE AUTHOR

computerized pulmonary function system used to assess the lung mechanics of neonates on ventilators in real time at the bedside. Costa is skilled in many aspects of product and business development with particular interest in new business start-up, sales strategies and tactics, long-range planning, segmentation analysis, and healthcare marketing.

*Professors of Practice at Lehigh University are non-tenure track faculty members who bring real world skills and expertise to the classroom. These individuals allow Lehigh University to provide students with the most up-to-date information and practices within a given discipline of study. All PoPs at Lehigh University have had extremely successful careers and offer students a significant level of knowledge, insight, and experience in their area.

Contact Information: Pat J. Costa Professor of Practice

Lehigh University 476 Rauch Business Center Bethlehem, PA 18015

610-758-4108 [email protected]

mailto:[email protected]


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The brain is the most amazing organ. It starts working the second you wake up in the morning and it doesnt stop until

the very moment you set foot into the classroom.

Longtime College Professor

INTRODUCTIONTEACHING CREATIVITY, INNOVATION AND ENTREPRENEURSHIP

IS A HANDS-ON, REAL WORLD EXPERIENCE

Pat J. Costa, Professor of Practice, works with students in Lehigh Universitys Wilbur Powerhouse to help them explore solutions for their entrepreneurship project.


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This is an eBook for teachers not for students. My classes are comprised of students from all three undergraduate colleges at Lehigh University including business and economics, engineering and applied science, and arts and sciences and include students from first year through seniors. So I had to learn admittedly through many mistakes how to communicate to such a varied group in a way that was meaningful. I want to share my 17+ years of teaching creativity, innovation and entrepreneurship in the Entrepreneurship Minor Program and the Integrated Business & Engineering Honors Program.

In all my classes there is no textbook, no tests and no memorization and regurgitation of mindless information. My classes are an experience in which the student is the textbook. I focus on lots of hands-on activities, in-class presentations from the students not me, and team projects in which students invent new-to-world products and services. In this regard, students learn to address technical issues in a business context from an entrepreneurial focus. And regardless of their major, students experience how an entrepreneur looks at problems as opportunities and learns how to solve them from the customers perspective.

This is a different type of class. Public speaking, creative problem solving and design thinking are the hallmarks of the class. It is an interactive journey, a process-driven experience in which everyone including me dives in without knowing what the outcome will be. That means if students are not comfortable working on open-ended issues in which both the problem and the solution are unknown, they may want to consider not taking the class. Also, students who sit passively and are content watching others engage in the messy world of product development, critical thinking and entrepreneurship will not have a positive experience in the class.

What I have come to understand is that as a teacher you have to find ways and activities to help your students learn to get out of their comfort zone so they can truly experience what entrepreneurs think and believe and more important, how they behave. You must become comfortable not knowing the direction of the class and having the students decide what information they need to learn and how they will go about learning it. Students will quickly learn that the answers are not in the classroom nor on the Internet but out and about in the marketplace and you too must learn how to think outside yourself in addition to your students.

Heres my entrepreneurial teaching philosophy:

Have a clear vision and sense of purpose for the workshop. - The mission of the class is to address technical issues in a business context from an entreprneurial focus. Rely on effective coaching, not managing student teams. - Surround the student teams with talented mentors who embrace the mission and vision of the program. Be courageous - Take calculated risks to support course ideals. Be entrepreneurial in spirit, philosophy, and actions. - Failure is just feedback so fail often to succeed sooner. Create a customer-centric, service-driven solution. - Fall in love with the customer --- You can have anything you want in life if you first help others get what they want in theirs. Let the marketplace drive the business decisions. - The answer isnt on campus or the Internet so shut up, show up and listen to the customer. Focus on the process and not the outcome. - The journey is the destination. Get comfortable with CHANGE. Follow your dreams and have fun along the way!

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INTRODUCTION

There are many approaches to teaching creativity, innovation and entrepreneurship. There are many textbooks that are used. I know. I read most of them. In fact, many of the in-class activities, lectures, critical thinking assignments, and project-based team activities come from these texts. I try to make entrepreneurial thinking and theory come alive in the class through these activities. Thats why I dont use a textbook. I want the class to be flexible to move in any direction based on the needs, desires and interests of the students. Each class is different because the students and not the old grey-haired guy in the front of the room drive it. You need to become the guide on the side rather than the sage on the stage as well as extremely confortable not knowing where you are going and how you are going to get there and so do the students. That is the real challenge of the class.

The Kern Entrepreneurial Engineering Network (KEEN) of colleges and universities promotes entrepreneurially minded learning through their 3 Cs: Curiosity - Explore a contrarian view of accepted solutions. Connections - Integrate information from many sources to gain insight. Creating Value - Identify unexpected opportunities that create value.

I certainly incorporate much of the KEEN approach to teaching in my class. Another approach I use is from the firm IDEO that is a world leader in design and promotes outside-in thinking through what they call empathetic design. I use the IDEO approach to challenge students to think like their customer and to look at the problem from their customers perspective. IDEO has many tactics and strategies to accomplish this and I think I use most of them in class. There is a saying that is attributed to Albert Einstein that I often paraphrase in class, If you always do what you always did, then youll always get what you always got. The IDEO folks would say that if you always incorporate the safe and expected approach to problem solving that you will never innovative any new-to-the-world solutions. Be daring. Be bold. Be adventurous. These are the benchmark approaches to teaching in the class.

There are 3 major components of the class: Understanding Entrepreneurship & Entrepreneurs, Creativity, and Innovation. In each section, there are in-class activities, lectures, and homework assignments that will help you teach and discuss the theory in an engaging way. The assignments and activities are fun but not a joke. They are wrapped around entrepreneurial thinking and are designed to have the students live the theory rather than memorize it. There are 28 lectures, which include a theme for each class as well as PowerPoint Presentations, in-class activities, videos, and critical thinking assignments. Class deliverables from the students include PowerPoint Presentations, Oral Presentations, Posters, and Written Reports. Samples are included in the resource folders. There are grading rubrics included as well but remember the class is a experience so all grades are subjective on your part. I believe if a student is fully engaged, a great teammate, and willing to dive in to open-ended problems without regard to outcome, then that student deserves a great grade. Use whatever resource you like but mostly add you to the experience.

The focus of the class is about change and what usually happens is amazing. Students change their perception of entrepreneurial thinking. They realize they are creative. They learn they can innovate new solutions to existing problems. Above all students understand that these skills with practice can be learned. Students can change and that will change you.


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THIS CLASS IS A HANDS-ON, REAL WORLD EXPERIENCE

GETTING STARTEDThere are no mistakes in life, only lessons. There is no such thing as negative experiences, only opportunities

to grow, learn and advance along the road of self-mastery. From struggle comes strength.

Even pain can be a wonderful teacher.

Robin S. Sharma

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GETTING STARTED

I prepare a name card for each student and I list their college, major and projected year of graduation. On the first day of class, I ask each student to write on the back of their name card why they took the class and what they want to get out of the class. This is important because it gives a direction to the class. It also reminds the students all semester of their why and what of the class. The students also complete a Student Information Form highlighting their background and capabilities especially regarding design knowledge in PhotoShop and Illustrator. This is important when putting the teams together. I always make sure there are students on every team that have strong experience in PhotoShop. This is especially helpful to the team when creating PowerPoint Presentations and Posters for the class.

I make sure all students are familiar with how to submit their assignments to a Google Drive folder. I like to use the Google Drive folder because all students can see everyones work. That is markedly different for students than in most classes. Everything in entrepreneurship is public. The whole world sees everything in entrepreneurship including the good, bad and ugly and so it is important for the students to understand that. I also like the fact that students can see all submissions because it gives them a sense of how they are doing relative to their classmates. It is more than just a number or a grade. The Google Drive folders provide a true sense of how the students or teams are doing.

The resource folders include the Syllabus, Critical Thinking assignments, In-class Activities, Project-based Team Assignments, Lecture PowerPoint Presentations, and student examples of PowerPoint Presentations, Posters, Written Reports, and Reverse Engineering Reports. Everything you need to organize and teach the class is included.

The teaching philosophy of the Intro to Entrepreneurship class is built around the following: Not focused on the right answer. Activity-based, hands-on experiential learning. Employ a variety of approaches and teaching styles. Explore all types of entrepreneurial initiatives --- not just business start-ups. Encourage frequent and unanticipated feedback. Encourage a student-team approach to problem solving.

Grading is broken down in the following categories: 25% --- Class Attendance 15% --- Class Participation 25% --- Individual Assignments & Project - Written Report 20% --- Team Assignments & Project - Poster, & PowerPoint 5% --- Peer Evaluation* 10% --- Prof. Costa*

(Peer Evaluation *I will adjust your team-based portion of your grade based on your peers evaluations of your contribution and effort as well as my evaluation.)

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GETTING STARTED

The key activities throughout the class include: The Power of Entrepreneurship Opportunity Recognition Need Identification Developing an Entrepreneurial Strategy Project Selection The Business Planning Process Design Concepts Entrepreneurial Marketing Financing Entrepreneurial Ventures Intellectual Property & Legal Issues Reverse Engineering Report Poster Presentation & Written Report PowerPoint Presentation

The key ingredients to a successful experience for the students include: Technical know-how. Marketable ideas. The world is on your team. Willingness to fail. Personal motivation. Openness to new ideas and thinking. Respectful of all disciplines. Focus on the process, not the outcome.

GETTING STARTED

OUTLINE


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Student Information FormName CardsSyllabusMechanics of the Class - Google Drive - How to Submit to the Google Drive Folder - Absences, Assignments, GradingSemester Deliverables - Critical Thinking Assignments - In-class Discussion Assignments - In-class Activities - Project-based Assignments - Poster - PowerPoint Presentation - Written Report - Reverse Engineering Report

http://thinkoutsideyourself.weebly.com/2016-administration.htmlhttp://thinkoutsideyourself.weebly.com/2016-administration.htmlhttp://thinkoutsideyourself.weebly.com/2016-administration.htmlhttp://thinkoutsideyourself.weebly.com/2016-critical-thinking-assignments.htmlhttp://thinkoutsideyourself.weebly.com/2016-in-class-discussion-assignments.htmlhttp://thinkoutsideyourself.weebly.com/2016-in-class-activities.htmlhttp://thinkoutsideyourself.weebly.com/2016-project-based-assignments.htmlhttp://thinkoutsideyourself.weebly.com/2016-ibe-workshop-posters.htmlhttp://thinkoutsideyourself.weebly.com/2016-ibe-workshop-presentations.htmlhttp://thinkoutsideyourself.weebly.com/written-reports.htmlhttp://thinkoutsideyourself.weebly.com/reverse-engineering-reports.html

GETTING STARTED


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The mission of this student project is to reduce the numberof times parents have to change their babys clothes each

day by providing a line of spill resistant andstain resistant hydrophobic baby clothing, keeping the

children drier and cleaner for longer.

STUDENT PROJECT

Click the image to view this presenataion and other student projects.

http://thinkoutsideyourself.weebly.com/2016-ibe-workshop-presentations.html


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If you really want to transform something, dont change the existing reality. Create a new model that

makes the old one obsolete.

Buckminster Fuller

LECTURE ONE

CHANGE YOUR THINKING.CHANGE THE WORLD


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The most important theme of the entire entrepreneurship class is that students are fully engaged and involved in the process. There are no long-winded lectures. I like to start the class with the Telling is not teaching PowerPoint because it emphasizes to the students that we are in this experience together. I usually ask 4-5 students to volunteer and follow my directions of folding a paper with their eyes closed. It is no surprise to anyone that all the students have a different solution. That helps reinforce that I am not here to just give directions and deliver information. If that were the case then my goal would be for every student to have the same outcome. And that is the biggest hurdle to overcome. Students have learned that to get an A they need meet all the expectations of their professor. You know how the saying goes, Shut up, show up, do as I say and here is youre A. That approach couldnt be further from the truth in a class like this.

I ask the students to select one word that best describes entrepreneurs. Youll get lots and lots of comments. In fact, in the resource section there is a list of 33 different characteristics that are often stated. This is a great tactic to start a class discussion. The one word I would use is change. Entrepreneurs change things. They are change agents. When an entrepreneur knocks on your door, change has arrived. Even Dr. Timothy Leary talked about change. It wasnt the president of the Bank of England who came over on the Mayflower. It was the members of the genetic pool who desired change and adventure. They were able to live on the edge of a frontier. America, therefore, has been selected genetically as the agent of change. And there is no better example of a change agent than Steve Jobs. His comments at the Stanford University commencement encourage students to think for themselves and not be so influenced by that old gray hair in the front of the room.

According to Steve Jobs, Your time is limited, so dont waste it living someone elses life. Dont be trapped by dogma which is living with the results of other peoples thinking. Dont let the noise of others opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary. Showing a series of change agents and how they changed industries when more established companies were better positioned to do so demonstrates to students that change comes from thinking outside of yourself rather than staying safely within accepted parameters.

I encourage students to think about the last 5 years in their own life and all the changes they made and how entrepreneurs influenced those changes with their products and services. The Intro to Entrepreneurship class is built around 4 pillars: Leadership; Teamwork; Communications: and Critical Thinking. Students apply these characteristics throughout their entire individual and team project work.

I talk about Joseph Schumpeter and his theory about entrepreneurship. His statements about gales of creative destruction really help students understand that entrepreneurs dont accept the status quo: What counts is competition from the new commodity, the new technology, the new source of supply, the new type of organization competition which strikes not at the margins of the profits and the outputs of the existing firms but at the core of their foundation, at their very lives, Schumpeter points out. I spend a lot of time in class talking about punctuality. I tell the students that successful people will judge their character based on their punctuality. My favorite mantra is that if youre on time, youre late. I encourage students to arrive 15 minutes early so they can mingle. I tell the students that this is especially important at a new job. Assignments are due on time. Late assignments are never accepted and partial credit is never given. That takes a while to sink in with most students. In the entrepreneurship class, there is no oops, no sorry, and no next time. Youll have to fight the college culture to get this point across but you can and will. It just takes time.

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LECTURE ONE

I like to use Oh, the places youll go! by Dr. Seuss. Many students received this as a high school graduation gift so they are familiar with it. I actually read excerpts from the book and relate it to the class. In fact, I have a critical thinking assignment in which students select a stanza and then present what they think Dr. Seuss mean from an entrepreneurial perspective. This helps to create a lot of discussion about different issues relating to entrepreneurship. The mission of the Intro to Entrepreneurship course is to explore the process of entrepreneurship with particular emphasis on identifying entrepreneurial opportunities, creativity, and innovation. It is not how to start a business although students will learn that skill set if that is their interest.

The 5 tenets of entrepreneurship are the foundation of the class. I think of these questions as the secret sauce to entrepreneurship. By answering the questions in order, entrepreneurs can better understand and communicate their idea. Most want to tell you want they made by starting with the last question. When they do that you have no understanding of the context of their solution and its importance. Following the 5 tenets in order demonstrates a better way to follow the process.

I like to end the first class with the video Think Different (Apple Ad). It is very emotional and gives the students permission to think differently. This video reinforces the challenge to students to change their thinking and ultimately change the world.

OUTLINE


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Telling is not teaching - PowerPointCHANGE- PowerPoint - Change your thinking. Change the world.5 Tenets of Entrepreneurship - PowerPoint - What is the consumer situation? - What is the problem - Who is affected by it? - How is it currently solved? - What makes your idea remarkable?The most costly mistake in business - PowerPointOh, the places youll go! PowerPoint - Oh, the places youll go! Word DocumentThink Different (Apple ad)

Critical Thinking Assignments: - Course Objectives Prioritization - Oh, the places youll go! Individual Assignment

LECTURE ONE

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STUDENT PROJECT


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The mission of this student project is to proivde college students living in dorms with a durable and space-saving

surface that makes relaxing in bed easier and more enjoyable.

LECTURE ONE



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Science shows that passion is contagious, literally. You cannot inspire others unless you are inspired yourself. You stand a much greater chance of persuading and inspiring your listeners if you express an enthusiastic,

passionate, and meaningful connection to your topic.

Carmine Gallo

LECTURE TWO

YOU ARE IN THE COMMUNICATION BUSINESS, NOT THE INFORMATION DELIVERY BUSINESS

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LECTURE TWO

Carmine Gallo in his book Talk like Ted, states that the most engaging presentations have 3 key components:

Emotional - They touch your heart Novel - They teach you something new. Memorable - They communicate in a way youll never forget.

This approach is very different than found in most classrooms. Students feel obligated to tell everything they did to insure full credit for their work. Entrepreneurial presentations are designed to move someone, to change someone. Whether a customer, investor, or employee all entrepreneurial presentations call for action and therefore are inherently different then what students are accustomed to. It will take some effort to change them.

The key tactic to be a great communicator in a slide presentation is to limit the information on each slide. My mantra is: one slide, one thought, one take-away. We have all sat through so many presentations where we just want to pull our eyes out. It wasnt a presentation. It was a written report on a screen. We would always lose our place and then wait for the next slide so we could catch up. It never works. In my approach of one slide, one thought, one take-away, it is easy to follow and understand any presentation, no matter how technical the data.

The example I show in class is one of the products my company invented The Wallaby Phototherapy System. I take the students through the 5 tenets of entrepreneurship and apply them to my product in the presentation. The important lesson here is that there are many individuals affected by any solution. It helps the students think more broadly about their project and its impact in the marketplace.

I like to show the video The Carousel from the Mad Men TV series. Instead of talking about the new technology and how it works, Don Draper talked about the emotional connection the device will have with the customer. It is a great example of being emotional, novel and memorable in a presentation as Carmine Gallo points out in his book Talk Like Ted.


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The student PowerPoint Presentation example Nuziale is a clear way to show students how a PowerPoint presentation can be beautiful and technical. The project involved working with an outside client who wanted to build a hotel exclusive for weddings. Most hotels are just the opposite where hosting a wedding is a side business. This project was to create a hotel in which everyone who stayed at the hotel was also a guest of the wedding party.

There are 7 rules that I encourage the students to follow to be a GREAT communicator from Liz Goodgold:

1. ALWAYS use numbers vs. letters - Here are 2 reasons: 1) our eyes see numbers faster and 2) it breaks up the copy making for faster reading.

2. Use Every Single Piece Of Punctuation - Really! Use exclamation marks, commas, colons, quotes, caps, question marks, and dashes; fun, huh? 3. Vary Your Copy Length - Use a combination of short sentences and long sentences. Again, it over comes the monotonous writing syndrome.

4. Specifics Are Terrific - Dont tell me that there are a bunch of new copywriting rules, give 7 of them! 5. Alliterations Allow For Amazing Answers To Annoying Copy Questions - Wondering how one can woo your customer? Try alliterations! Alliterations are simply words that start with the same sound (ex: Constant Contact, Weight Watchers). They easily and quickly boost recall.

6. Speak Like Your Peeps - Using big words or buzzword bingo doesnt work. You want to create under standing. As Mark Twain once wrote: I would never write metropolis for 7 cents when I can write city and get paid the same.

7. Faster is Better - Who ever thought wed be communicating in 140 characters? But, we do. Become the quicker writer.

http://thinkoutsideyourself.weebly.com/2016-powerpoint-presentations.htmlhttp://thinkoutsideyourself.weebly.com/2016-powerpoint-presentations.html

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LECTURE TWO

The 9 presentation mistakes and how to avoid them highlight all the typical shortcomings I see in student presentations. By far, winging it is the most common. Students think they can just get up and speak about their project and often they realize that without practice and preparation, they get lost. Here is a 5-step guide that will help any presentation stay focused and persuade the audience:

Generate Awareness State the Problem Provide a Solution Visualize the Change Ask for a Call to Action

Tina Seligs description of the Inventure Cycle helps students understand the foundation of entrepreneurial thinking;

Imagination - The ability to envision things that dont yet exist. Creativity - The application of imagination to solve a problem. Innovation - The application of creativity to come up with a new solution. Entrepreneurship - The application of innovation to bring new ideas to life.

I always close this section with the challenge: Dont tell me what you invented. Tell me who you changed.

Finally, I like to show a series of perfume advertisements to tie in with the critical thinking assignment: The Sweet Smell of Success. In this assignment, I ask each student to invent a new perfume especially in the context of the 5 tenets of entrepreneurship. Is the customer a teenager or a grand mom or a workingwoman? When will she wear the perfume? Is it expensive or an everyday perfume? Where will she buy it? How much will it cost? Look at all the entrepreneurial questions that are addressed in this fun assignment.

OUTLINE


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Review - Course Objectives Prioritization - Oh, the places youll go!

Great Presentations - PowerPoint - The most engaging presentations are: Emotional Novel MemorableThe Carousel Mad Men (Video) The 7 deadly sins of PowerPointHow to present like Steve Jobs (Video)9 presentation mistakes & how to avoid themNuziale PowerPoint exampleThe Inventure Cycle (Tina Seelig) - PowerPoint - Imagination The ability to envision things that dont yet exist. - Creativity The application of imagination to solve a problem. - Innovation The application of creativity to come up with a new solution. - Entrepreneurship The application of innovation to bring new ideas to life.Nascent Entrepreneurs QuizPerfume Advertisements - PowerPoint

Critical Thinking Assignment - The sweet smell of success (perfume ads)

LECTURE TWO

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STUDENT PROJECT


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The mission of this student project is to provide active,young men with a phone case that protects the phone and

allows the user to have access to their phone in bothextreme heat and extreme cold.

LECTURE TWO

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There are lots of bad reasons to start acompany. But theres only one good,

legitimate reason, and I think you knowwhat it is: its to change the world.

Phil Libin

FAILURE IS JUST FEEDBACK.

LECTURE THREE

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LECTURE THREE

I ask about 10 students to present their newly created perfume to the class as an investor pitch. Each pitch should be about 3 minutes and they should cover all the information in the assignment. I bring $1 million bills that I printed and give one to each student. After all the pitches, students invest in the perfume that they believe best answers the questions surrounding the 5 tenets of entrepreneurship. The pitches and the subsequent investment provide a foundation for lots of discussion points.

Every pitch must answer the following questions:

1. What kind of woman/girl will use it? (Young, old, professional or not, ultra-feminine, independent, daring, introverted or extroverted, etc.) 2. When will she use it and why? (Day, night, work, dates, special occasions, every day, etc.) 3. What kind of scent does the perfume have? (Flowery, lemony, spicy, sweet, light, heavy, etc.) 4. Will the perfume have a particular image, and if so, what is it? 5. Will it be an expensive or inexpensive perfume? 6. Where will the perfume be sold? Exclusive specialty shops, department stores, drug stores, discount stores, etc.). Name the top 3 stores where your perfume will be sold. 7. What is the brand name of the perfume? 8. What is the product slogan of the perfume? 9. What will the product look like? 10. What will the products logo look like?

There are 3 PowerPoint presentations that help explore entrepreneurial thinking and behavior (Entrepreneurial errors; 8 reasons entrepreneurs fail; and Entrepreneurial characteristics). I create a scenario in which en entrepreneur comes to the office and is given two messages: 1) call home; 2) call our best customer. I ask the students, Who should the entrepreneur call first? It is a push-pull situation between home life and work and describes the dilemma that most start-up entrepreneurs face all the time.

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LECTURE THREE

The video: How to build your creative confidence by David Kelley is a great way to remind students that we all were creative and yet somehow we lost that playfulness as we got older. Kelley encourages us to let our ideas fly so we can attain what we set out to do. Students really relate to this video because failure is simply defined as feedback. Entrepreneurs need failure because it is the best way to learn where the weak points are to identify what needs to be improved. IDEO has a great mantra: Fail often so you can succeed sooner. That is a hallmark of the class. Students have a hard time with this concept. It goes against the culture of education that there is one correct answer and the old gray-hair in the front of the class knows the answer and is waiting for students to tell him. I like to say, Im the dope in the room which lets students know that I dont know the answer either. We are all going on the journey together and if we stay true to the process we have a good chance of creating a solution that customers will want.

The critical thinking assignment: Business idea from a news source is a great way to show students that there are problems and therefore opportunities are all around us. By first finding a news source and then creating solution built around the 5 tenets of entrepreneurship, students experience firsthand the entrepreneurial process. Students need to build their solution around these tenets:

5 Tenets of Entrepreneurship - The Consumer Situation - The Problem - The Customer - The Current Solution - Your Proposed Business Idea

OUTLINE


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Review - Perfume Advertisements

Entrepreneurial Errors - PowerPoint8 reasons entrepreneurs fail - PowerPointEntrepreneurial Characteristics (10 Ds) - PowerPointHow to build your creative confidence. David Kelley (Video) - Guided Mastery let your ideas fly - Self Efficacy attain what you set out to doBusiness idea from a news source - PowerPoint

Critical Thinking Assignment: - Business idea from a news source - The consumer situation - The problem - The customer - The current solutions - Your remarkable idea

LECTURE THREE

http://thinkoutsideyourself.weebly.com/2016-powerpoint-presentations.htmlhttp://thinkoutsideyourself.weebly.com/2016-powerpoint-presentations.htmlhttp://- Entrepreneurial Errors - PowerPoint http://thinkoutsideyourself.weebly.com/2016-powerpoint-presentations.htmlhttp://thinkoutsideyourself.weebly.com/2016-powerpoint-presentations.htmlhttps://www.youtube.com/watch?v=16p9YRF0l-ghttp://thinkoutsideyourself.weebly.com/2016-powerpoint-presentations.htmlhttp://thinkoutsideyourself.weebly.com/2016-critical-thinking-assignments.html

STUDENT PROJECT


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The mission of this student project is to provide injuredcollege athletes with a versatile, comfortable ice

compression wrap that doesnt leak, prevents skin damage,and helps athletes recover more quickly.

LECTURE THREE



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Leading is not the same as being the leader. Being the leader means you hold the highest rank, either by earning it, good

fortune or navigating internal politics. Leading, however, means that others willingly follow younot because they have to, not

because they are paid to, but because they want to.

Simon Sinek

LECTURE FOUR

PEOPLE DONT BUY WHAT YOU DO;THEY BUY WHY YOU DO IT.


32

This is designed to be a very interactive class designed around how entrepreneurs think, behave, and react to all kinds of situations. The business idea from a news source assignment is a great way to start this class. The problems the students identify and the business ideas they present will be so varied that it will give you a great foundation to reinforce the concept that great solutions come from opportunities found in the marketplace and those opportunities are everywhere and available to everyone. Once about 10 15 students present their ideas, a good game to play is 20 Questions hit or myth. This will be a very interactive discussion about what entrepreneurs think and believe. The Entrepreneurial Ethics is an in-class quiz and activity that leads to endless discussion about how entrepreneurs respond to various challenges.

I close the class with a Ted Talk video Start with Why by Simon Sinek. His major theme is that people dont buy what you do; they buy why you do it. To explain this concept, Sinek has developed what he calls the Golden Circle which has three layers: Why - This is the core belief of the business. Its why the business exists. How - This is how the business fulfills that core belief. What - This is what the company does to fulfill that core belief.

Sounds simple, but what Sinek found is that most companies do their marketing backwards. They start with their what and then move to how they do it. Most of these companies neglect to even mention why they do what they do. More alarmingly, many of them dont even know why they do what they do!

Simon Sinek says not Apple. Apple starts with why. It is the core of their marketing and the driving force behind their business operations. To help illustrate this point, Sinek asks you to imagine if Apple also started backwards by creating a marketing message that started with what.We make great computers. Theyre user friendly, beautifully designed, and easy to use. Want to buy one? While these facts are true, he says it is not very compelling. We instead want to know why they are great and user friendly.

It turns out Apple has figured this out over the years and knows better. Sinek says heres what a real marketing message from Apple might actually look like: With everything we do, we aim to challenge the status quo. We aim to think differently. Our products are user friendly, beautifully designed, and easy to use. We just happen to make great computers. Want to buy one?

He emphasizes how different that feels? Since Apple starts with why when defining their company, they are able to attract customers who share their fundamental beliefs. As Sinek puts it, People dont buy what you do. They buy why you do it. Starting with why makes Apple more than just a computer company selling features, and thats why their products have flourished while their competitors products with similar technology and capabilities have often flopped.Simon Sineks Start With Why philosophy isnt just about billion dollar businesses. It also has implications for any entrepreneur in any sized business who wants to create change in the marketplace.

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LECTURE FOUR

In the Whats Bugging You assignment students must reflect on their own life, their personal needs, activities in which they are involved, things they like to do, dislike to do, relationships that they have, and things that they observe in their everyday world. Then they need to assemble a list of at least 5 things that really aggravate them. When recording their bugs they should try and think if there was a certain solution that could have solved their problem or made an improvement. After reviewing their list, they should rank them in order of a market opportunity.

Then they should select one of their bugs and answer the following questions: 1. What is the problem being addressed? 2. What do customers currently buy to meet this need or solve this problem? 3. What solution are you suggesting that solves the problem? 4. Who will be the potential buyer of your product? a. What is the profile of your typical customer? b. What is your primary target market? 5. What is the name of the product? 6. What is the product slogan you will use? 7. How much would your typical customer pay for your product? 8. How would you promote your product? (Be specific) 9. Where are you going to sell your product?

OUTLINE


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Review - Business idea from a news source

20 questions hit or myth - PowerPointWhat entrepreneurs think and believe - PowerPointEntrepreneurial Ethics - Word DocumentStart with Why Simon Sinek - (Video) - People dont buy what you do; they buy why you do it.

Critical Thinking Assignment - Whats bugging you?

LECTURE FOUR

http://thinkoutsideyourself.weebly.com/2016-critical-thinking-assignments.htmlhttp://thinkoutsideyourself.weebly.com/2016-critical-thinking-assignments.htmlhttp://thinkoutsideyourself.weebly.com/2016-powerpoint-presentations.htmlhttp://thinkoutsideyourself.weebly.com/2016-powerpoint-presentations.htmlhttp://thinkoutsideyourself.weebly.com/word-documents.htmlhttps://www.youtube.com/watch?v=u4ZoJKF_VuAhttp://thinkoutsideyourself.weebly.com/2016-critical-thinking-assignments.html

STUDENT PROJECT


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The mission of this student project is to provide middleschool girls with ADHD a discreet and functional way

to cope and focus in schools without distracting othersand feeling embarrassed.

LECTURE FOUR



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A good listener is not only popular everywhere, but after a while, he knows something.

Wilson Mizner

CHANCE FAVORS THE CONNECTED MIND.

LECTURE FIVE

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LECTURE FIVE

Starting this class with the PowerPoint presentation where good ideas come from is a good way to encourage outside-in thinking. I like to then show the Ted Talk video where good ideas come from by Steven Johnson. The overall theme of the talk is that both evolution and innovation thrive in collaborative networks where opportunities for serendipitous connections exist. Great discoveries often evolve as slow hunches, maturing and connecting to other ideas over time. Here is a summary of the key take-a-ways to emphasize and discuss in class:

Evolution and innovation usually happen in the realm of the adjacent possible. World-changing ideas generally evolve over time as slow hunches rather than sudden breakthroughs. Platforms are like springboards for innovations. Innovation and evolution thrive in large networks. Collaboration is at least as important a driver of innovation as competition. Lucky connections between ideas drive innovation. Serendipitous discoveries can be facilitated by a shared intellectual or physical space. Great innovations emerge from environments that are partly contaminated by error. Innovation thrives on reinventing and reusing the old.

After discussing the 4 main types of innovation: - invention, extension, duplication and synthesis, this naturally leads into a discussion of the 5 elements of innovation:

Associating - Drawing connections between questions, problems, or ideas from unrelated fields. Questioning - Posing queries that challenge common wisdom. Networking - Meeting people with different ideas and perspectives. Observing - Scrutinizing the behavior of customers, suppliers and competitors to identify new ways of doing things. Experimenting - Constructing interactive experiences and providing unorthodox responses to see what insights emerge. Finally, the critical thinking assignment challenges students to create a new product from an existing one. I like to show the how Johnson and Johnson change the band aid and created a special relationship between children and their product. The Hurrycane took a tried and true product and because of their re-design made it the fastest selling cane in the country. The PowerPoint presentation I use is how one of my medical devices took advantage of plastic fiberoptics used in pool lighting and changed its function to treat newborn jaundice. The purpose of this assignment is to help students better understand how ordinary items get redesigned (zippers on plastic bags, roller skates on sneakers) to capitalize on ever-changing customer needs.

The deliverables include:

Identify your newly designed product and define its purpose. Identify the target customer; the need the product addresses, and how that customer currently addresses that need. Create a product name. Create an advertising slogan for the product. Create a logo for the product.

OUTLINE


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Review - Whats bugging you?

Changed Product examples - Bandaid.com/magicvision - (Video) - Thehurrycane.com - (Video) Fastest selling TV commercialWhere good ideas come from - PowerPointWhere good ideas come from Steven Johnson - (Video) - Chance favors the connected mind - Solutions fade into view over long periods of timeThe element of innovation - PowerPointTypes of innovation - PowerPointNew use for an existing product The Wallaby Phototherapy System - PowerPoint

Critical Thinking Assignment - New uses for existing products

LECTURE FIVE

http://thinkoutsideyourself.weebly.com/2016-critical-thinking-assignments.htmlhttps://www.band-aid.com/products/for-kidshttps://www.youtube.com/watch?v=a0IJu9HzN0Yhttp://thinkoutsideyourself.weebly.com/2016-powerpoint-presentations.htmlhttps://www.youtube.com/watch?v=0af00UcTO-chttp://thinkoutsideyourself.weebly.com/2016-powerpoint-presentations.htmlhttp://thinkoutsideyourself.weebly.com/2016-powerpoint-presentations.htmlhttp://thinkoutsideyourself.weebly.com/2016-powerpoint-presentations.htmlhttp://thinkoutsideyourself.weebly.com/2016-critical-thinking-assignments.html

STUDENT PROJECT


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The mission of this student project is to provide theindependent senior citizen with an affordable vehicle

accessory that is comfortable, portable, and discreet tohelp rotate their legs in and out of their vehicle.

LECTURE FIVE



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Obstacles cant stop you. Problems cant stop you. Most of all, other people cant stop you.

Only you can stop you.

Jeffrey Gitomer

EMPATHETIC DESIGN. OUTSIDE-IN THINKING.

LECTURE SIX

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LECTURE SIX

I like to start this class with the PowerPoint presentation what were they thinking? It has lots of examples of established companies that introduced products that failed miserably in the marketplace. It gives the students permission to fail. After all, if companies like McDonalds, Apple, ESPN, Budweiser and many others can try and fail, so can the students.

The Ted Talk by Eric Ries regarding his book The Lean Start-up is a very good way to get students think about not only what a start-up does, and why they do it, but how they will measure whether they are on track to meet their goal of building a product or service that their intended customer really wants. Ries says that startups exist not to make stuff, make money, or serve customers. They exist to learn how to build a sustainable business. He claims this learning can be validated scientifically, by running experiments that allow start-ups to test each element of their vision. He calls it validated learning: how to measure progress, how to setup milestones, how to prioritize work.

His major theme is built around a 3-step concept: Build, Measure, Learn in which is the fundamental activity of a startup is to turn ideas into products, measure how customers respond, and then learn whether to pivot or persevere. Ries says all successful startup processes should be geared to accelerate that feedback loop. He begs the listener to stop wasting peoples time by building products that no one wants.

The Design Mindset PowerPoint presentation gets the students starting to think about designing solution that are empathetic towards the customer. And then the in-class quiz on entrepreneurship is a great way for the students to assess what they learned about entrepreneurs. Discussing entrepreneurial characteristics at this point really challenges students regarding their original belief when they entered the classroom on the first day and how they now feel.

This critical thinking assignment come from Rhonda Abrams: What size will your loaf of bread be will help students: Recognize who the key customers are Determine whether a market exists Distinguish between customer categories such as purchasers, end users, and distributors Define customer needs and wants Identify and describe the target market Evaluate the size of the target market Analyze the trends affecting the market Recognize the viable market niches

42

LECTURE SIX

Their presentation should address: 1. What are the defining characteristics of the brand? - (Upscale, Friendly? Inexpensive? Gourmet? Organic?) 2. What types of products will you sell? - (Canned goods? Dairy? Meats? Fish? Alcoholic beverages? Takeout? Organic? Gourmet?) 3. How will prices compare to competitors? 4. What is the quality of the products? 5. Will you offer anything but food and beverages? - (Household products? Baby clothes? Office products? Electronics?) 6. Could you offer any unique services or features? (Babysitting? Massage? Singles mixers?) 7. Where will your store be located? 8. How large will your store be? 9. What will significantly distinguish you from your competitors? 10. What is the name of your store? 11. What is the stores slogan that emphasizes the benefit your store?

Finally the assignment calls for students to write a positioning statement for their grocery store. Heres the template they need to follow:

Heres the template they need to follow: For (insert Target Market) the (insert Brand) is the (insert Point of Differentiation) among all (insert Frame of Reference) because (insert reason to believe). The point of differentiation (POD) describes how your brand or product benefits customers in ways that set you apart from your competitors. The frame of reference (FOR) is the segment or category in which your company competes. The reason to believe is just what it says. This is a statement providing compelling evidence and reasons why customers in your target market can have confidence in your differentiation claims. The wording of the positioning statement doesnt have to match this template exactly, but to be effective it must contain the five main components in brackets above. Above all, the point of differentiation, frame of reference, and reason to believe must be meaningful, important, and convincing to your customers, not just to you or your company.

OUTLINE


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Review - New uses for existing products

What were they thinking? - PowerPointEntrepreneurial Characteristics - PowerPointThe Design Mindset - PowerPointQuiz on Entrepreneurship - DocumentThe Lean Start-up- Eric Ries - Video - Stop wasting peoples time - Build. Measure. Learn.

Critical Thinking Assignment: - What size will your loaf of bread be?

LECTURE SIX

http://www.apple.com/http://thinkoutsideyourself.weebly.com/2016-powerpoint-presentations.htmlhttp://thinkoutsideyourself.weebly.com/2016-powerpoint-presentations.htmlhttp://thinkoutsideyourself.weebly.com/2016-powerpoint-presentations.htmlhttp://thinkoutsideyourself.weebly.com/word-documents.htmlhttps://www.youtube.com/watch?v=i65PaoTlVKghttp://thinkoutsideyourself.weebly.com/2016-critical-thinking-assignments.html

STUDENT PROJECT


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The mission of this student project is to provide familieswith lawns with an easy to use method of collectingleaves while alleviating back stress and maintaining

efficiency and durability.

LECTURE SIX



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CAN YOU MAKE IT? CAN YOU SELL IT?CAN YOU LOOK AFTER THE MONEY?

The biggest risk is not taking any risk... In a world that changing really quickly, the only strategy that is guaranteed

to fail is not taking risks.

Mark Zuckerberg

LECTURE SEVEN


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Ernesto Sirolli is an entrepreneur in the truest sense but he did not invent a new product. He is president of an NGO whose mission is to help people in distressed or underdeveloped countries. I like to show his Ted Talk: If you want to help someone, shut up and listen. Students find his method fascinating and very different than what they expect of entrepreneurial behavior. Here are just a few of his unique tenets:

Only respond to people. Do not initiate anything or motivate anybody, but do become a servant of the local people and their passions to become better people

When you arrive in a local community, sit with the local folks, shut up and listen. Do not work from offices, but meet people at a caf or a pub. (His business has no infrastructure.) Become friends with them and find out what they want to do. The most important thing is their passion for their own growth. Our task is how we can help people attain what they want to do.

Nobody in the world can succeed alone. There is no one anywhere who can create a great product, market it successfully and manage it financially alone. Sit at the kitchen table or at a caf with people who want to live their passion and help them to find the resources that will enable them to do so. Says Dr. Sirolli, Research shows that all of the successful companies in the world have only one thing in common none was started by one person. None!

Dr. Sirolli has found a vital key to helping people build a business or an organization out of a passion or a dream. He listens carefully and when the vision is formed, provides guidance and resources to bring the dream to life. His point that planning is incompatible with entrepreneurship emphasizes that there should be no preconceptions or bias when trying to serve customers.

The 6 styles of entrepreneurship challenge the students to think how they would run their enterprise.

The Classic - Often called the traditional entrepreneurial management style, you hire people but insist on tight,

personal monitoring and supervision, aka micro managing. You prefer to handle the really critical jobs yourself. People tend to criticize entrepreneurs for not being willing to delegate, and it can cause your staff to quickly become disillusioned.

The Coordinator - This type of leader can run a fairly good-sized business with just a few employees. Sometimes called

a virtual corporation, most of the sub-tasks are contracted out. The leaders main task is to organize the business and verify that everything gets done. And while it cuts down on costs, it does not accurately account for the value of your time.

The Craftsman - These leaders prefer to maximize their control over the business by doing everything themselves.

While operating without employees can simplify your life, remember that the Craftsman must do the tasks he or she likes, as well as the ones disliked. All single-leader styles impose limitations on the business. A single person cannot successfully manage businesses beyond a certain size. A complex business needs a management team in place, with several people with decision-making authority employed

The Entrepreneur + Employee Team - Here, authority is delegated to key employees with the understanding that final authority rests with

the entrepreneur. Most often entrepreneurial leaders find themselves growing from the Classic style into this style of operation.

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LECTURE SEVEN

The Small Partnership - Leaders who adopt this style have less control and autonomy in the business structure, and they must

share tactical decisions with one or more partners. One of the most effective ways to make this style work is to make it an inside-outside partnership. One partner takes all of the inside tasks like operations and management. The other partner handles marketing and sales.

The Big Team Venture - Leaders put a management team together to establish the business, secure financing and execute a

business plan. The foundation of success in building an effective management team is to define the teams roles and responsibilities, give the team freedom balanced with accountability and recruit the right people. While it is important to know, trust, and be able to work with the people in your team, it is essential to identify the right skills and experience needed to fulfill the roles and responsibilities defined as needed.

The PowerPoint presentation Managing Risk is a great in-class activity to challenge the students about the problems of any start-up. The Jill Kearns case study asks students the same 3 key questions that are explained in the Ernesto Sirolli video: Can you make it? Can you sell it? Can you look after the money? I divide the class in thirds and have each section tackle one of the questions.

The critical thinking assignment asks the students to select one of the 127 consumer situations from the list and apply the 5 tenets of entrepreneurship to their selected consumer situation.

OUTLINE


48

LECTURE SEVEN

Review - What size will your loaf of bread be?

Shut up and listen Ernesto Sirolli - Video - Planning is incompatible with entrepreneurshipThe 6 styles of entrepreneurial leadership - PowerPointManaging Risk - PowerPoint - The Jill Kearns case study - Can you make it? - Can you sell it? - Can you look after the money?List of consumer situations & Potential Projects - Word Document

Critical Thinking Assignment -5 tenets of entrepreneurship - PowerPoint

http://thinkoutsideyourself.weebly.com/2016-critical-thinking-assignments.htmlhttps://www.youtube.com/watch?v=chXsLtHqfdMhttp://thinkoutsideyourself.weebly.com/2016-powerpoint-presentations.htmlhttp://thinkoutsideyourself.weebly.com/2016-powerpoint-presentations.htmlhttp://thinkoutsideyourself.weebly.com/word-documents.htmlhttp://thinkoutsideyourself.weebly.com/2016-powerpoint-presentations.html

STUDENT PROJECT


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LECTURE SEVEN


The mission of this student project is to provide individualssuffering from tremors with an easy to use and

discrete device designed for use in a public setting thatlifts their drink to them.



50

NOBODY HAS A MONOPOLY ON GOOD IDEAS.

Think left and think right and think low and think high.Oh, the thinks you can think up if only you try!

Dr. Seuss

LECTURE EIGHT

51

LECTURE EIGHT

Dave Petrillo was an Integrated Business & Engineering student at Lehigh University with a major area of concentration in mechanical engineering. As a sophomore he was required to take thermodynamics classes, which is the study of heat transfer. After graduation he worked in product development for an international company but always had an entrepreneurial passion. So Dave and a former neighbor also named Dave decided to apply the concept of heat transfer to an every day problem experienced by coffee drinkers. You know the problem. At first your coffee is too hot to drink, then its a perfect temperature but before you know it, its too cold and tastes terrible. The Daves applied the theory of thermodynamics and invented Coffee Joulies.What exactly are Coffee Joulies? They are polished stainless steel shells that are filled with a very special phase change material (an ingredient in food) that melts at 140F. When you put them in your coffee this PCM begins melting, absorbing a lot of heat in the process and cooling your coffee down much faster than normal. Where does all that heat go? Its stored right inside the Coffee Joulies. When the coffee reaches 140F (the perfect drinking temperature) the molten PCM begins solidifying again, releasing all that energy back into your coffee to keep it at a comfortable and delicious drinking temperature. The more heat you feed the Joulies, the longer theyll keep the coffee warm. Coffee Joulies use 18/10 stainless steel, the same metal that is used in the highest quality silverware. Joulies are manufactured in a factory that has been making silverware for over a century, so they meet all the FDA requirements. The phase change material inside is a special blend of extremely pure plant-derived materials that are already used as ingredients in food. The story of how the Daves raised money is not only an interesting one but demonstrates to the class that today especially through crowdfunding sites such as KickStarter, lack of funding is no longer the obstacle it once was.

Heres is their fundraising timeline:1. Kickstarter

- Coffee Joulies launched as a project on Kickstarter. Seeking $9500 to pay for half the cost of tooling, Dave & Dave began raising funds on March 29, 2011. By the time the project ended on May 2 they had raised $306,944 earning them third place in the Kickstarter Hall of Fame and providing enough money to make Joulies in the USA.

- They worked full time with Sherrill Manufacturing, located in the old Oneida factory in Sherrill, New York, to get manufacturing up and running. After 8 months they had finally fulfilled all 8000 pre-orders placed through their Kickstarter page.

- Coffee Joulies then became available for sale to the general public. The pent-up demand meant that even with Sherrill Manufacturing working with two shifts a day they sold all of the Joulies they could manufacture for Christmas.

2. Shopify Build a Business Competition - Holiday sales went so well that Coffee Joulies ended up winning Grand Prize in the Shopify Build a

Business Competition. This included a trip to San Francisco to have dinner with Tim Ferriss, a trip to New York City to have lunch with Seth Godin and Gary Vaynerchuk, and cash prizes of $100,000.

3. Shark Tank - Coffee Joulies aired on ABCs Shark Tank on January 11, 2013.


52

After I talk a bit about the background of Dave Petrillo and the Coffee Joulies story, I show the KickStarter video. Most students are amazed that they raised over $300,000 and then another $100,000 through the Shopify competition.

Once the students fully understand what they did and how they did it, I then show the Shark Tank video. As it turns out there was a bidding war on the Shark Tank episode between the 4 Sharks and Mar Cuban. And the two offers are very different. I point out that one offer was basically a loan of $150,000 and a perpetual royalty while the offer from Marc Cuban was a true equity-based investment. On the show, the Daves decided to accept the offer from the 4 Sharks but what is really interesting about the Shark Tank process is that in the end the Daves decided to walk away from all offers. It turns out that at least half of all entrepreneurs who accept the offer on the telecast decide not to sign the contract once it is presented to them after the show. The Daves point out that the contract presented to them was one-sided in favor of the Sharks. There were many requirements and obligations on their part but few if any on the part of the Sharks. This is a great point to hammer home to the students that all contracts may not be what they seem to be.

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LECTURE EIGHT

In their book, Made to Stick: Why Some Ideas Survive and Others Die, by Chip and Dan Heath, they identify 6 key components for developing quality content. This SUCCESS model, as they call it, is especially relevant in crowdfunding campaigns such as those presented on Kickstarter.

Simple - What is the core of the projects idea?

Unexpected - Did the video or companys story grab their audiences attention by surprising them?

Concrete - Is the basic offering from the company easily understood and remembered?

Credible - Is the companys idea believable?

Emotional - Will the target audience easily appreciate the value and benefit of the companys offering?

Stories - Is the target audience empowered to use an idea through the narrative the company presents?

In the KickStarter assignment, I form teams and then ask the students to first go to Kickstarter.com and select a start-up company that corresponds to their teams project category. Simply go to the search icon on the Kickstarter site and type in home automation, health, education, fashion, etc. Youll find lots of start-up companies that are in your teams project category asking for support.

This is the beginning of the team project work, so I assign teams based on the information provided in their student information form. I want to make sure there is at least one student on each team with design experience so looking at the answers especially regarding their capability in PhotoShop and illustrator help in the selection process. The list of various categories is very broad. I want to show the students that regardless of their product, everyone follows one product development process.

Here is the breakdown of team category assignments:

Entertainment - Theme parks, music, video games, Internet amusements, parties, collectables, hobbies, card games,

board games. Food and Dining

- Restaurants, take-out, foreign cuisine, cooking, cookbooks, catering, drive-ins, desserts, health food, vegetarianism.

Family and Lifestyle - Family structure (the number of generations under one roof and how they interact), the number of

children, marriage versus cohabitation, religion, urban/rural living environments. Education and Training

- Language schools, computer and Internet training, universities versus colleges, high school drop-outs, tuition costs, summer jobs, the numbers and types of teachers and trainers, buildings/facilities for training, educational supplies and resources.

Health - Aging population, boomer generation, new drugs and treatments, exercise, exercise equipment/

facilities, home care, cost of health care, medical supplies, nutrition.

54

LECTURE EIGHT

Travel and Transportation - Bicycles, cars, boats, buses, roller-blades, walking, railways, aircraft, online ticket purchases, group

travel, travel insurance, fuel, maintenance, cleaning. Clothing and Fashion

- Infants, children, women, men, teenagers, seasonal, sports, cleaning, repairing, recycling, designs, imports, colors, fabrics, manufacturing.

Technology - Internet, computers and computer hardware, software, training, digital TV, MP3, CDs, cassettes,

kitchen appliances, building materials, telephones, answering services. Media & The Arts

- Television, movies, books, Internet, styles, content, language, newspapers, advertising, number of channels, dancing, acting, singing, performing, circuses, stage and set design, directing, painting, graphics, storytelling.

Home Automation - Lighting & Audio Visual control systems, shading systems, security, communication & intercom

systems, domestic robotics, smart robotics. Assistive Technology

- Mobility impairment: wheelchairs & walkers, personal emergency response systems, visual impairment systems, augmentative & alternative communication systems, prosthesis, assistive technology in sport, computer accessibility.

Athletics - Amateur or Professional: sport science and technology, gender participation, youth participation,

disabled participation, spectator involvement, clothing, equipment, accessories, competition and performance.

After each team selects a company in their category, they should answer the following:

1. Web address of the selected company. 2. What problem is the company solving or what need or desire does the company hope to satisfy? 3. Describe the companys primary target audience? 4. Describe the companys crowdfunding project and the specific objectives of the campaign. 5. What distinguishes the companys offering from the current choices available to the target audience? 6. Describe what the company intends to do with the funds raised.

OUTLINE


55


Review - 5 tenets of entrepreneurship - PowerPoint

Team Project Categories - Word Document - Form teamsSample Team Descriptions - Word DocumentThermodynamics - Word DocumentKickstarter Coffee Joulies - VideoShark Tank Coffee Joulies - Video - Original offer: - $150,000 @ 5% ($3 million valuation) - $50 retail selling price - $18.25 Cost of Goods Sold - 5 Joulies @ $3.65 each - 4 Sharks: - $150,000 LOAN - $6 retail - $50 - $6 = $44 net - $3 wholesale - $25 - $3 = $22 net - Perpetual Royalty (after loan is paid off) - $1 from every sale forever - Marc Cuban offer: - $250,000 @ 12% ($2.1 million valuation)Identify opportunities - PowerPoint

Critical Thinking Assignment - Kickstarter Assignment

LECTURE EIGHT

http://thinkoutsideyourself.weebly.com/2016-powerpoint-presentations.htmlhttp://thinkoutsideyourself.weebly.com/word-documents.htmlhttp://thinkoutsideyourself.weebly.com/word-documents.htmlhttp://thinkoutsideyourself.weebly.com/word-documents.htmlhttps://www.youtube.com/watch?v=YXmAUEt1r_4https://docs.google.com/file/d/0B5-Pw2sMj-albW8wbmdaTFgzbEU/edithttp://thinkoutsideyourself.weebly.com/2016-powerpoint-presentations.htmlhttp://thinkoutsideyourself.weebly.com/2016-project-based-assignments.html

STUDENT PROJECT


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The mission of this student project is to provide movietheaters whose customers find it difficult to hold multiplefood and drink items with a tray table that neatly carries,

contains, and organizes food, making snacking easier.


LECTURE EIGHT



57

Develop an attitude of gratitude, and give thanks for everything that happens to you, knowing that every step forward is a step toward achieving something

bigger and better than your current situation.

Brian Tracy

OPPORTUNITIES ARE ALL AROUND US.

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It is very interesting to see what types of products the students found on KickStarter in their assigned product category. The whole point of this assignment is to take the student teams through the entrepreneurial product development process on a known product. This will help them in the latter part of the class when they are asked to invent their own new-to-market product. It is easier for the students to understand the process applied to something that already exists. Also, because the product is real the students can contact the inventors and interview them. It makes the whole process real and not theoretical.

The students are now ready to learn about the product development process. I like to break it down on a step-by-step basis and tell the students that if they follow the process the outcome will take care of itself. Here is the product development process:

Company Description, Target Markets & Competitive Analysis

- Describe the industry in which your Company will compete. - Describe key industry trends. - Describe the scope of the project and the specific semester goals & objectives. - Describe the demographic characteristics of your Companys target market; its size, geographic location

and market trends. - Explain customer motivations and purchasing patterns. - Determine your Companys potential competitive market share and the players now serving the targeted

market. - Explain your Companys competitive edge in the marketplace. - Evaluate barriers to entry and potential future competition.

Operations, Management Structure, Marketing & Sales

- Describe your Companys operational procedures and/or innovations and how it enhances efficiencies, minimizes costs, maximizes profits, etc.

- Explain how these advantages and/or differences compare with other solutions in the industry. - Describe the cost/benefit tradeoffs of implementing these strategies. - Identify the key team members of your Company and their role in the Project. - Predict the future management needs of your Company if the Project is implemented. - Summarize your Companys marketing message. - Describe the Value Proposition the Unique Selling Proposition of the Projects solution to the targeted

customer. - Describe the structure of your Companys sales team.

Financials & Future Development

- Describe the total amount needed to fund the Project. - Provide a Source & Use of funds. - Estimate the Projects levels of sales in specific time periods. - Detail recommended sales and marketing costs; development and ramp-up costs; bill of materials;

operational & manufacturing costs. - Calculate a break-even analysis; return on investment and net present value for the Project. - Establish future milestones for the Project. - Explore exit strategies for your Company.

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Executive Summary

- What is the business idea of the Project? - Who are the existing and/or potential customers and what will motivate them to buy from your

Company? - How will these potential customers find out about your Project? - Who are your Companys competitors and how is your Company different from them? - What are the technological breakthroughs or advances of your Project and how will they change the

marketplace? - How will you test your solution relative to the needs of the market; the technical needs of your solution

and your competitors solution? - How will your Company carry out the basic functions of the business? - Is the current management team capable of successfully guiding the Project? Who else is needed? - What is the long-range future of the Project? - What is your Companys financial picture, short and long-term? - How much money will it cost to implement the project and how much money will your Company make?

Step #1

Mission Statement Gantt Chart Project Goals & Objectives:

- Marketing - Articulate market opportunity - Define market segments

- Design - Consider product platform and architecture - Assess new technologies

- Manufacturing - Identify product constraints - Set supply chain strategy

- Research - Demonstrate available technologies

- Management - Allocate project resources

- Legal - Investigate patent issues


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Step #2

Customer Statements Interpreted Needs Technical Specifications Literature & Patent Search Competitive Benchmarking Target Specification & Constraints Project Goals & Objectives:

- Marketing - Develop plan for product options

- Design - Generate alternative product architecture - Define major sub-systems and interfaces - Refine industrial design

- Manufacturing - Identify suppliers for key components - Define final assembly scheme

- Finance - Facilitate economic analysis

Step #3

Functional Diagram of the overall proposed solution Ergonomic & Aesthetic Needs Concept Generation Concept Selection Concept testing Project Goals & Objectives:

- Marketing - Develop marketing plan

- Design - Define part geometry - Choose materials - Assign tolerances - Complete industrial design - Control documentation

- Manufacturing - Define piece-part production processes - Design tooling - Define quality assurance processes - Begin procurement of long-lead tooling

- Finance - Facilitate economic analysis

- Sales - Develop sales and marketing plan

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Step #4...

Market Strategies & Channels of Distribution Target Costs & Selling Price Financial Assumptions Potential Source & Use of Funds Base Case Financial Model Analysis Estimated Return on Investment & Business Case Project Goals & Objectives:

- Marketing - Facilitate field-testing - Place early production with key customers

- Design - Reliability testing plan - Life testing plan - Performance testing plan - Obtain regulatory approvals - Implement design changes

- Manufacturing - Facilitate supplier ramp-up - Refine fabrication and assembly processes - Refine quality assurance processes

Step #5

Preliminary Bill of Materials Estimate Cost of Production Describe selected Manufacturing Process List Equipment & any necessary sub-contracting

Step #6

Present Plan to Build Prototype Present Rationale for Design Solution Design Test Protocol Identify goal of testing Collect and analyze data

Step #7

Market Development Analysis - Customers --- current and projected - Market Size and Trends - Competitive Research Analysis - Market Share --- current and projected

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Step #8

Marketing, Sales & Distribution Plan - Present a comprehensive marketing strategy that integrates your solution into the companys current

marketing mix - Identify the primary and secondary customers - Address the customer needs which are currently not being met and which represent potential

size and profitability - Identify the groups that are most likely to buy your product - Segment the market by geography, customer size, type, etc. - Establish a selling price consistent with industry and company margins - Identify the Channel of Distribution - Establish standards of performance against which results can be measured using past

performance and industry norms as a basis for comparison

Step #9

Financial Analysis - Generate a Base Case Financial Model for delivering to the target market the selected final design in

the predicted quantity that will attain the expected market share - Explain and justify your assumptions - Perform a sensitivity analysis - Project a return on investment - Business Marketing Plan

Technical Analysis - Final Bill of Materials - Final Engineering Drawings - Prototype Testing Results - Manufacturing Production Plan

I like to show the Laundry Ball PowerPoint presentation. Although it is just a childrens hamper, it is simple and yet demonstrates that the process when followed can be very innovative. Finally, the critical thinking assignment is to apply the 5 tenets of entrepreneurship to the teams selected KickStarter product.

LECTURE NINE

OUTLINE


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Review - Kickstarter Assignment - Each team presents their selected KickStarter product - Name of product - Describe problem or need addressed - Describe the primary customer - Describe the project - Describe what makes the product remarkable - Describe the offer of the KickStarter campaign - Describe the use of funds

Product Development A Step by Step Approach - DocumentConsumer Situation: The Laundry Ball example - PowerPointThe Laundry Ball - PowerPoint

Critical Thinking Assignment - Each team applies the 5 tenets of entrepreneurship to their selected product idea from the KickStarter site based on their assigned team category. - What is the consumer situation? - What is the problem? - Who is affected by it? - How is it currently solved? - What makes their proposed solution remarkable?

LECTURE NINE

http://thinkoutsideyourself.weebly.com/2016-project-based-assignments.htmlhttp://thinkoutsideyourself.weebly.com/word-documents.htmlhttp://thinkoutsideyourself.weebly.com/2016-powerpoint-presentations.htmlhttp://thinkoutsideyourself.weebly.com/2014-ibe-workshop-presentations.html

STUDENT PROJECT



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The mission of this student project is to provide families insmart homes with a handheld inventory management

system that will use barcodes to keep track of purchaseditems, recognize purchasing patterns, and generate

shopping lists.



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Individual commitment to a group effort--that is what makes a team work, a company work, a society work,

a civilization work.

Vince Lombardi

THE WORLD IS ON YOUR TEAM.

LECTURE TEN

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LECTURE TEN

This class is all about teaming. Students are accustomed to working in teams. And in many cases on a typical team of 4 students, usually 2 students do most of the work; 1 dips in and out; and no one knows where the other student has been all semester. That cannot happen in this case because there is so much work to be done that the work becomes overwhelming. The team has to learn how to divide and conquer if they are going to have a successful outcome.

I like to show the video from A. G. Laffley, former chairman and COO of Proctor & Gamble. He emphasizes how diversified teams getting involved from the start of the process improved the product success rate at P&G. The keys components of awesome teams include:

- Individual brilliance - Set of shared values that are inflexible - Extreme diversity - A mission and vision that all believe in

The See a little, See a lot. PowerPoint presentation emphasizes that each team and team members should stay focused and just do their job. Stay in your lane and do what is in front of you.

The in-class activity The Marshmallow Challenge is a great way for team members to get to know one another. Each team is give 20 spaghetti sticks, a yard of twine, a yard of masking tape, and a marshmallow. They have 18 minutes to build the tallest tower with the marshmallow placed on top. It is amazing to watch the students collaborate, plan, and then start to build. You can tell who is taking charge, who is passive and who is trying to facilitate the team to a successful outcome. I play loud music during the activity as a way to distract and annoy the students. I end with the final countdown video that is 5 minutes long. One of the lessons that Tom Wujec point out in the video build a tower, build a team is that the marshmallow is the hidden assumption in any project. The team always underestimates the weight of the

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