Introduction to Entrepreneurship

1. Bootcamp for Science
Entrepreneurs,
May 15 – 19, 2017
College of Health and Human
Development & the Smeal College of
Business

2. Week’s Agenda & Schedule

3. Today’s Agenda
1. Introductions/Team Formations
2. Introduction to Entrepreneurship
3. Creating an Entrepreneurial Mindset
4. The Lean Startup
5. Idea Generation
6. Business Model Canvas

4. 1. Introductions/Team Formation

6. Opportunity Creation

7. Opportunity Creation

13. 2. Introduction to Entrepreneurship

14. Opportunity Creation
Versus Opportunity Discovery

16. Entrepreneurial Framing

19. We all face limits – not just in talent, but in
opportunity. But more often than we think, our
limits are self imposed. We try, fail and conclude
we’ve bumped our heads against the ceiling of
possibility. Or maybe after taking just a few steps we
change direction. In either case, we never venture as
far as we might have.
To be gritty is to keep putting one foot in front of
the other. To be gritty is to hold fast to an interesting
and purposeful goal. To be gritty is to invest, day after
week after year, in challenging practice. To be gritty is
to fall down seven times, and rise eight.
-Angela Duckworth

20. 3. Creating an Entrepreneurial Mindset

22. Do Entrepreneurs Think Differently
Than Other People?

23. Effectuation theory
a logic of control

25. Creating the necessary Habits

27. Gratitude

28. Practicing Gratitude
1. Think of 3 things that you are grateful for.
2. Spend 30 seconds to a minute truly in an
emotional state of gratitude.
3. Write each one down.

30. Meditation
• Download the app Headspace or Calm (or
read Andy Putticombe’s book).
• Meditate for 10 minutes each day.
– This is not quiet time. This is NOT time to think.
This requires mental practice and focus.
• Record your completion.

32. Complete Written Affirmations
1. Allow yourself to dream of extremely lofty
achievements.
2. Picture what it’s like to be living in that state.
3. Write down your affirmation, 15 times.

34. Exercise & Diet
• Focus on the process not the end objective.
• Establish simple routines that can be
measured.
• Record your successes and failures.

36. Practicing Random Acts of Kindness
• Look for new ways to selflessly improve your
world and those that live in it. (BEYOND YOUR
NORMAL SELF).
• Record your act and the feeling you got from
completing it.

38. Journaling & Reflection
• Look back on your day and your recorded
activities.
• Write down your highs and lows. What do
you want to do again and what would you do
different?
• Record themes that emerge.

39. Create your own Journal
Tool
1. Practice Gratitude
2. Meditate
3. Affirmations
4. Exercise & Diet
5. Random Acts of Kindness
6. Journal Reflection

40. 4. Idea Generation

43. 1. Collect Raw Materials
2. Use Your Subconscious Mind
3. Separate Analyzing and Generating
4. Think and Rest
5. Generate Many Ideas
6. Have Fun
7. Believe and Desire

46. Create your own Journal
Tool
1. Practice Gratitude
2. Meditate
3. Affirmations
4. Exercise & Diet
5. Random Acts of Kindness
6. Journal Reflection
7. Idea Logging
8. Experiential Learning
9. Problem Solving

47. 5. The Lean Startup
Success can be engineered
by following the right
process, which means it can
be learned, which means it
can be taught.

48. 1. Startups Need to be managed differently from
established companies

49. 2. The purpose of the
startup is to find a
sustainable business
model.

50. 3. Find your sustainable business model through
validated learning.

51. 4. The leap of faith
assumptions: test your value
and growth hypotheses.

52. 6. Build, measure, learn – as fast and as often a
possible.

53. 5. Develop a minimal viable product to test your idea.

54. 8. To find the right business model for your
company, you usually have to pivot.

55. 9. Every startup should usually focus on one
engine of growth.

56. What is a startup’s true runway?

57. 10. Vanity metrics
are often flattering
but misleading –
they won’t help you
find a sustainable
business model.

58. 11. Every start-up has to define its core metrics
and analyze them properly.

59. Business Model Canvas

60. What is value?

61. Model of Service Tranference
Based on SDL’s 4 Axioms
Value Creating
Actor
1
Value Creating
Actor
2
Market
Facing
Resources
Non Market
Facing
Resources
Non Market
Facing
Resources
timen
Value proposition
Value proposition
A3
A4
A5
A6
A7
An
SERVICE TRANSFER

62. Product Market Fit
A. Technology Driven start with the VP
B. Market Driven start with the Customer Segment

63. Your Product & Services
Pain Killers
• Savings? Time or Money
• Feel Better?
• Fix Bad Solutions?
• End Challenges
• Eliminate Risks?
• Impact Social
Consequences?
Gain Creators
• Happy customers?
• Make life easier?
• Better Outcomes?

64. Problem or Need
• Rank each pain according to INTENSITY and
FREQUENCY for your customer

65. Value Proposition - Common Mistakes
• Feature of someone else’s product.
• It’s nice to have instead of got to have
• Demand + Enough Customers
If you have to ask if you have PMF…. No.

66. Technology or Market Insights
• New scientific discoveries
– More efficient, smaller, faster, cheaper
• Value Chain Disruption
• Deregulation
• Changes in how people work, live or interact
– More convenient, better looking, design, etc.
• Where there is overlap between the two you
have a killer value proposition

67. Review
1. Introductions/Team Formations
2. Introduction to Entrepreneurship
3. Creating an Entrepreneurial Mindset
4. The Lean Startup
5. Idea Generation
6. Business Model Canvas
• (Product Market Fit)

68. Today’s Agenda
• Business Model Canvas Continued
• Customer Development Process
• Project Discussion
• Guest Speaker
– Jack Langelaan

69. 9 Questions
1. What value do we create?
2. For Whom do we create value?
3. How do we deliver value?
4. How do we communicate value?
5. How do we exchange value?
6. What resources do we need/have?
7. What skills do we need/have?
8. What partnerships do we need/have?
9. How much will it cost?

70. What value to we create?
Jobs to be done

71. Customer
Segments
For whom do
we create
value?

72. Customer Archetype

73. Influencers
1. Competition/Market
2. Social
3. Psychological
4. Situational

74. Multi Sided Markets
• Different marketing plan (v.p., c.s., ch, c.r. &
rev model) for each segment

75. How do we deliver value?

76. How do we communicate value?

77. How do we exchange value?

78. What resources do we need/have?

79. What skills do we need/have?
“Because the purpose of business is to create a customer,
the business enterprise has two–and only two–basic
functions: marketing and innovation. Marketing and
innovation produce results; all the rest are costs.
Marketing is the distinguishing, unique function of the
business.” Peter Drucker

80. What partnerships do we need/have?

81. How much will it cost?

82. Customer Development

83. How can you create an MVP to engage
customers?

84. How can we test our basic value and
growth hypotheses?

85. DO YOU HAVE A REPEATABLE AND
SCALABLE BUSINESS MODEL?

86. Project Development
• Value proposition – What value have you created?
• Channel Segments – For whom have you created value?
• Supply Chains (If necessary) – How will you deliver value?
• Marketing Communications – How will you communicate value?
• Revenue Strategy – How will you exchange value?
• Resources (Intellectual Property), Partnerships & Core
Competencies (Include Management Team) – What resources do
you have/need?
• Financial Analysis – What metrics matter? Will it be profitable?
• Customer Development Plan – How can you test your assumptions
to determine if you have scalable and repeatable business model?
• Call to Action – What do you need work on next and how could
someone help you get there?

87. Jack Langelaan