purdue foundry april 28 2017 v2
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DISCIPLINEDENTREPRENEURSHIP
PURDUE UNIVERSITYFOUNDRY
Bill Aulet
Overview of 24 Steps
April 28, 2017
OKAY THEN, LET’S GET GOING …
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2 Stories
DiPol – Revolutionary membrane technology
for direct methanol fuel cells
Lamborghini Dealership
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DiPol
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Missing?
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Entrepreneurship 101 Quiz
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What is the singular necessary and sufficient condition to have a
company?
1.
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Case 2: Lamborghini Dealership
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What Should We Be?
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Market-Driven
Target Customer-
Driven
Customer-Driven
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3 Conditions for a Market Segment
1. Buy Same Product
2. Same Sales Process
3. Word of Mouth
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Step #1: Market Evaluation
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What is Entrepreneurship?
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Definition of Entrepreneurship – 2 TypesEntrepreneurship
SME (Small Medium Enterprise)
Local Market Focus
Restaurants, Dry Cleaners, Services
IDE (Innovation-Driven Enterprise)
Global Market Focus
Products w/ Innovation at Core
• Δt is short• Linear growth (capped)• Less investment required
• Δt is long• Exponential growth (uncapped)• A lot of investment required
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Innovation = Invention*Commercialization
Definition of Innovation
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What Is Entrepreneurship?
Innovation
* Technology essentials
* Knowledge of science & engineering
* Skills to develop
* Skills to build
Entrepreneurship
* Business essentials
* Venture engineering
* Knowledge to frame decisions
* Skills to start
* Skills to grow
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What is Entrepreneurship Education?
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Importance of Spirit
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• Willingness and even joy in being
• different …
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Importance of Spirit
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Spirit + Skills
Successful Entrepreneurship
Successful Entrepreneurship
=
Spiritof a pirate
Skillsof a Navy Seal
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+
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Market Segmentation: Personas
Exploratory/Curious
Ready-to-Go Entrepreneurship Amplifier
Corporate Entrepreneur
Description of Persona
Interested but has no driving idea or team; is in exploratory mode; starts here but will migrate to another state or out of entrepreneurship
Chomping at the bit & just wants help to get going – has idea, tech &/or core of team
Interested in understanding enough to successfully promote in their org (e.g., gov, corp, family business) but is not the entrepreneur
Wants to be an entrepreneur in a large organization
Needs at a High Level
Need info on career choice, soft skills, ideation, team building and then some first-hand experience to get a sense of the process
Wants specific skills and lots of them, very quickly; less on the upfront things emphasized for the “curious” persona; wants the deep, immersive experience of being an entrepreneur on her idea/technology
Interested in all steps in some depth but even more interested in strategy, policy and economic impact of the field. Will want to have the experience of being an entrepreneur so can empathize but more interested in the process than the idea or team
Wants depth in executing the process so comfortable doing it again but less tied to the idea or team; more interested in organizational issues and environment issues
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Needs Assessment: Business Essentials* 21
Defining & Refining Product Market
Fit
Ideation
Team Building 1
Career Choice
Soft Skills
Primary MarketResearch
Key Founders’Decisions
Sales
Basics ofFinance
Communications
Sector Deep Dives
Customer Acquisition
Strategy
Product Design
Product Development
Leadership & Culture
Negotiations
Scaling -Manufacturing
Work-Life Balance
Financing
HR
Project Management
Dealing with Adversity
Core Entrepreneurship Specific Skills :
CorporateEntreprnrship
CorporateStrategy
“Nucleation”(Phase 1)
“Product Definition”(Phase 2)
“Venture Development”(Phase 3)
Product Management
Legal
Business Model & Pricing
Scaling: Process & Infrastructure
General Skills Valuable to Entrepreneurs:
Essential Skills for Entrepreneurs (Semi-Customized):
BuildingEship Systems
* - An open framework built for constant refinement
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Notes About Approach and
Framework• This is a flexible and open process and framework
• Can dynamically add new personas
• Creates new needs
• New needs can be added to the framework (“tile system”)
• Those needs would be represented as tiles or “objects”
• Analogy to object oriented programming
• Allows for systematic identification of new student types and
then …
• Allows for the identification, design, development and
integration of new objects in an efficient and effective manner
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Why Should I Care?
• Employment
• Impact
• Fun
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Goal: Anti-Fragile Humans
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Misperceptions
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7 Whopping LiesTold About
Entrepreneurs Which are Actually Damaging to All
Parties Involved
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#1 -
“Entrepreneurs are
mercurial individualists”
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#2 -“Entrepreneurs are the smartest & most high achieving
people in the room”
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#3 -
“Entrepreneurs are born,
not made”
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#4 -
“Entrepreneurs love risk”
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#5 -
“Entrepreneurs are successful
because they are charismatic”
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#6 -
“Entrepreneurs are lucky”
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#7 -
“Entrepreneurs are undisciplined”
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One Other Misperception …
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The Truth
• Entrepreneurship is a “craft” that can be taught
• Neither science nor art
• Relevant elements of a craft:
– Accessible
– Builders
– Unique Products
– Learnable
– First Principles Exist But Don’t Assure Success
– Apprenticeship
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So Focus Will Be On …
• First Principles
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Grounded in Practice: Examples of
Disciplined Entrepreneurship
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Core Material for Course
• Books• www.disciplinedentrepreneurship.com
• Progress Dashboard
www.detoolbox.com
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39Free* Online Courses
Note: Bootcamp is not free
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Overview
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Needs Assessment: Business Essentials* 41
Defining & Refining Product Market
Fit
Ideation
Team Building 1
Career Choice
Soft Skills
Primary MarketResearch
Key Founders’Decisions
Sales
Basics ofFinance
Communications
Sector Deep Dives
Customer Acquisition
Strategy
Product Design
Product Development
Leadership & Culture
Negotiations
Scaling -Manufacturing
Work-Life Balance
Financing
HR
Project Management
Dealing with Adversity
Core Entrepreneurship Specific Skills :
CorporateEntreprnrship
CorporateStrategy
“Nucleation”(Phase 1)
“Product Definition”(Phase 2)
“Venture Development”(Phase 3)
Product Management
Legal
Business Model & Pricing
Scaling: Process & Infrastructure
General Skills Valuable to Entrepreneurs:
Essential Skills for Entrepreneurs (Semi-Customized):
BuildingEship Systems
* - An open framework built for constant refinement
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How 24 Steps Was Put Together
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The 24 Step Approach is Really
Focused on One Tile
• Defining and Refining Product ↔Market Fit
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Benefits of Approach
• Comprehensive yet Practical
• Integrated
• Proven & Tested – To Stand the Test of Time
• Sequential/Prescriptive
• Creates Common Language for Knowledge
Transfer and Accumulation
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Recent History & News
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End
Questions?
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End
Questions?
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