2015 vanderbilt accelerator - the entrepreneurial mindset
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Entrepreneurial LeadershipDiscovering New Business Models | The Entrepreneurial Mindset
06.15.15 | OGSM Accelerator
Dr. Michael Burcham
michael@michaelburcham.comwww.michaelburcham.com615.400.7662
87% Have Gone Out of Existence
Of the Firms Listed in 1955
The Lifespan of a Successful S&P 500
67 Years
1920’s
15 Years
Today
The Law of Disruption
While People Change Incrementally, Technology Improves
EXPONENTIALLY
When an industry faces disruption, companies often fail to appreciate quickly enough the nature, extent, and velocity of the changes taking place.
They bring new business models. They leverage new technologies. They are highly disruptive.
WHY? Disruptions start at an industry’s edge, among small companies that provide specialized value to emerging customer segments
Only 37% of individuals think their organization is innovative…
Yet79%
work environments.
wouldfeelmotivated
by innovative
THE INNOVATION SEQUENCE
Mobile, Social, Camera, Sensors, Cloud and Data
$36 Trillion in stock market value is up for
RE-IMAGINATION
vs.Why This Might
FailWhy This Might
Work
THE ENTREPRENEURIAL MINDSET
YOU WERE
This doesn’t mean you were born to start companies. In fact, most people shouldn’t start companies. But the will to create is encoded in
human DNA. And creation is the essence of entrepreneurship.
BORN AN ENTREPRENEUR
Gain a Competitive Edge
Grow Your Business
Unit
Expand Your Network
THE ENTREPRENEURIAL MINDSET
TO GROW | Think Small & Move Fast
The companies that operate in this manner are sure to emerge as the leaders in the next decade.
CULTIVATING ANENTREPRENEURIAL MINDSET
Whether you work for a 10-person company, a giant multinational corporation, a not-for-profit, government agency or any type of organization
in between to seize the new opportunities and
meet the challenges of today’s market we need to think and act like we’re running a startup.
WHY DO WE NEED ANENTREPRENEURIALMINDSET?
• We are all making decisions with limited information • In a time-compressed and resource limited environment • There are no guarantees or safety nets• We take on a certain amount of risk• Competition is changing • The market is changing• Product and Service lifecycles are shorter and shorter
Develop your own competitive advantage by combining 3 puzzle pieces:
1. Your Assets
Your Aspirations
TheMarket
Realities
THE TOOL KIT TO DEVELOP ANENTREPRENEURIALMINDSET
The next “New Thing” happens because we see in our peripheral vision emerging opportunities
We Can Almost Feel The Change
THE NEXT NEW THING | BEGINS WITH A DREAM
1. P
RO
DU
CT
5. KEY INGREDIENTS
6. PARTNERS
7. ESSENTIAL RECIPE
8. COST MODEL 9. REVENUE MODEL
2. CUSTOMER
4. INTIMACY
3. DISTR
IBU
TION
Company Name Version Number Date
THE IDEA FRAME | WHAT IF
There are 7 core business model types from which every business model
is created.
BUSINESS MODELS | 7 CORE TYPES
Plan to Adapt. Use the ABZ method so that you can adapt based on feedback and lessons learned.
2.THE TOOL KIT TO DEVELOP ANENTREPRENEURIALMINDSET
THE BUSINESS JOURNEYTHERE’S NO STRAIGHT LINE FROM “A” TO “B”
Most Companies & Strategies are “off” by 10 Degrees… So are most of the competitors
Closing the Gap Defines Success
Build real, lasting relationships and deploy these into a powerful professional network built on trust.
3.THE TOOL KIT TO DEVELOP ANENTREPRENEURIALMINDSET
BUILD & MANAGE YOUR PROFESSIONAL NETWORK
A Successful Leader has to have a broader horizon that goes outside the business. And the only way you are going to get that broader perspective is
to make sure that you are out there in your networks.
In those networks you pick up information and bring it back into the business.
THE TOOL KIT TO DEVELOP ANENTREPRENEURIALMINDSET
Develop a method to evaluate options and ideas to determine the best new products and services for your organization.
4.
LEADERSHIP DECISION MAKINGREQUIRES AN ENTREPRENEURIAL MINDSET
Napkin Sketch Canvas Business Case Field Test
Competitive Advantage | our ability to outperform our competitors: Valuable, Rare, Sustainable, Hard to Imitate.
THE HALO
VALUE CREATION FOR OUR CUSTOMERS
V = Value to consumerP = PriceC = Costs of productionC
P – C = Margin
V – P = Halo
V – P = Halo
C
Raising Prices | Destroys the Halo – unless new value to the customer is added in the process. That value must be meaningful to the customer.
THE HALO
VALUE CREATION FOR OUR CUSTOMERS
V = Value to consumerP = PriceC = Costs of production
P – C = Margin
This Present Moment used to be the Unimaginable Future
Stewart Brand The Clock of the Long Now
CONTACT INFORMATION
Dr. Michael R. Burcham
c. 615.400.7662e. michael@michaelburcham.comw. www.michaelburcham.comt. www.twitter.com/michaelrburchaml. www.linkedin.com/in/michaelburcham
Handouts Available: www.slideshare.net/michaelburcham
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