entrepreneurship and you (2013 version)
DESCRIPTION
This is a talk given to UBC Eng Phys students wrt/ Entrepreneurship in Sept 2013. I say that Entrepreneurship is about Radical Change. I talk about "HowTo Change" using the example of Steve Blank's Lean LaunchPad process ( which is an iterative, step by step, drip by drip method ) plus support from other thinkers. I focus on 5 Points -- Purpose, You, Process, Customers and Scorecard. * Purpose » Drucker’s purpose of business, * You » Martin’s Knowledge Funnel, * Process » Blank’s Customer Development * Customers » Moore’s Crossing the Chasm. * Scorecard » Osterwalder’s Business Model Canvas,TRANSCRIPT
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Who Are You?• What is your specialization?
– Mech, EE, Mechatronics, 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 -
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Who Am I ?• Work
– Now. Entrepreneurship Leader ( Sauder & e@UBC )
– Past. Mostly Startups. “Many Hats” • Founding Team PMC-Sierra• Early Employee Packet Engines• Business Development, Marketing, Engineering
• Hobbies– Doing this. Philanthropy (Eng Phys
Professorship), Golf, Blogging, reading, “bad” music.
• Education: – “Hardcore Nerd”. SFU M.Eng EE (Comm’s,
Semi’s & Optics ), UBC Eng Phys (EE option), McGill Physics
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Agenda1. Introduction - today.2. Entrepreneurship Skills
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Lecture Objectives1. Define “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.
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Entrepreneurship Is About …
Radical Chang
e
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Change What?• Changing the Status Quo
– Yes. Entrepreneurship is in conflict with the status quo.
• Changing the prevailing ideas, products, services, … think 10x better.
• Changing “peoples” behavior
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A “How-To” on Change
Introduction to Lean LaunchPad
(iain’s version)
You Process
Customers
Scorecard
Plan
Purpose
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Your Purpose
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To Create a CustomerDrucker says …
“There is only one valid definition of business
purpose: …”
Page 20 “The Essential Drucker”
Aside
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To Know Your Customer• Drucker says – The Aim of Marketing is
• to know and understand the customer so well that the product or service fits him and sells itself.
• to make selling superflous.
• Reference: pages 20 & 21 in “Essential Drucker”.
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You
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Knowledge Funnel
* You start in the
“Mystery Zone”( the guesses )
* Success is getting it to
“Heuristic zone”(discovering the “rules-of-thumb”
* Grand Slam is getting it
to the “Algorithm zone”
Source: Design of Business, Roger Martin
VousEtesici
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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
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It’s a List of “Soft Skills”
• we’re all hardcore nerds <ironic smile>
• And … believe it or not … You’re likely to be really good at it.
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UBC Fizzers Have Rocked• 2 of top 3 market cap in BC.
– 1. MDA - (CEO) Dan Friedman – 3. PMC-Sierra -
current COO Colin Harris, 1st CEO - Ralph Bennett,
Fizz 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
UCan
Do it!
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The Process
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Lean LaunchPad – Steve Blank
A startup is a temporary organization in search of a scalable, repeatable, profitable business model.
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Search vs. Execution
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Search Looks Like This
Bill Buxton, “Sketching User Experience”
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Execution Like This
Bill Buxton, “Sketching User Experience”
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Customers?
“Service/Product” Journey• “Who Is Your Customer?”
– :idea: Sketch Your Product and the People it “touches” through it’s usage.
• Often it is difficult to determine who is your customer. The service journey gives you a “top level” insight.
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25:Service Journey V0.1:
MammOpticsMarketing
:Whose Problems continued:
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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”
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Technology Adoption Life Cycle
Chasm
EarlyMarket
Bowling Alley
Tornado
Main Street
Copyright © Geoffrey A. Moore, 2005, from the book “DEALING WITH DARWIN”
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The Scorecard
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“startups are not simply smaller versions of large
companies” – Steve Blank Means that we don’t know what the business plan is! Means we’ve got to figure it
out!
test
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:Score Card: ( Hypothesis Summary)
Guess Guess Guess Guess Guess
GuessGuess
Guess Guess
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Keep Track
Week n
Week 1
Week 2
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Summary
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Fix & Adjust
Act
Review & Learn
No one knows the answer! You’ve got to discover
it. Be persistent.
This is everything u need to know :-)
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Context for Lean LaunchPad
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The End
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More
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People vs Technology• Notice that I didn’t talk about
technology at all today.
• You’re deep technical knowledge allows you the opportunity to solve “peoples problems” with technology.
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A Product That Sells Itself
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iPod Timeline
Cycling, Cycling, and more Cycling
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? 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
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“7 Steps” (Minimum)Customer Development