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ENTREPRENEURSHIP Pedagogy

and
Mindset
What type of ENTREPRENEURSHIP
are we talking about?
Types of Startups

Small Business Mainstream Global

Technopreneurship
S&T based
Scalable
Impactful
Why Entrepreneurship training?
Entrepreneurs
Provides jobs
Adds to national income
Create social change
Generate Foreign income
Develop community
Alleviate poverty
Intrapreneurs
Industry Path
MINDSET
New Venture Path
Entrepreneurs
Student Entrepreneur

Risk / Rewards Cant look dumb Must risk being wrong

Culture Culture of Perfection Culture of Good Enough

Always know the answer Ask for help

Collaboration Students tested individually Rewarded as a team

Everyone is a competitor Everyone is a resource


Value Creation with INNOVATION

Technical Innovation
Technology Customer
Capabilities Process
Product Needs
Service

There is no value until customer needs and technical capabilities intersect


Guess the Startup!
On April 1 1976 this company was founded, making
the company 40 years old as of April 2016.

Produced their first product with a typewriter-like


keyboard and the ability to connect to a regular TV.

The co-founder of this company started with his


humble beginnings in their garage and later
transferred to the town of Cupertino because of their
growing staff.
The company name was coined after a fruit.
This husband and wife team, Isosceles and Leonora
from UP Chemistry sold their first product called Calda
which was based on Isosceles thesis

Eventually their company became one of the leading


pharmaceutical companies in the Philippines and and
manufactures among many other drugs , Ascof( from
lagundi leaves) under license from UP
At its launch this company was initially designed with several buy
and sell categories to initially operate here in the Philippines.
It was then registered as a sole-proprietorship entity under the
name Netrepreneur Connections Enterprises, Incorporated of
NetCon on April 17,2007.
One of the co-founders of this company was a former Mechanical
Engineer who left his field to become a web developer.
In the past whenever you wanted to sell your old items, you place
an ad on a newspaper. These days you can can go ahead and post
it on their website.
Pitch
A pitch is basically delivering a business plan to acquire
possible venture capitalist/ angel investors to sustain
further research.

Elevator Pitch (30-60 sec.)


Business full pitch (5-10 min.)
5 Steps to Identifying the Opportunity

1. Define the Market Focus


2. Segment and select the market
3. Define the problem
4. Determine the timing
5. Validate, Validate and validate
Step 1: Define the Market Focus

What market are you in?

Existing market
New market
Step 1: Define the Market Focus
Defined Customers
Existing Defined Channels
Established loyalties
Markets
More competition

Less Competition
New
Room for creativity
Markets Undefined customers
Step 1: Define the Market Focus
If you choose a new market, how long can you wait for a market to
develop?

May never happen, or slow in developing


May require new, unproven business models
The first to market their product dictates the price
Step 2: Segment & Select Market
Segment customers with similar needs based on attributes such as
geography
price
key features, etc. Income less
Parents of only
one child that than 20K/mo
need X Php
The more specific the target segment
the better the chance of success for a startup
Located in
South East Asia

TARGET SEGMENT
Market Segment Attractiveness
How attractive is your segment?
1. Size How many customers are in your target segment?
2. Growth What is the expected growth of that segment?
3. Profitability How much can you make per transaction?
4. Competition Who else is attacking this market?
Step 3:Define the Problem
Discover Customer Needs
Turn the initial hypotheses about the market and customers
into facts

Getting in front of customers


Only then, will you know you have a valid vision
Define your customers
Who will use and buy your product/ service?
Who is your customers customer?
Define how the purchase decision is made
Users
Influencers
Recommenders
Economic buyers
Decision makers
Next, develop Your Hypothesis
What is their pain?
Do they recognize the problem?
Are they actively trying to find a solution?
At a minimum, what part of the problem do they need solved?
Is there anyone who doesnt want this problem solved?
Make a hypothesis about the Competition

What are you up against?


Who has the market share?
How would you improve the competitors
products?
What could you do different to create an
advantage?
Hypotheses Demand Creation
What channels will you use?
Distributors? Retail outlets? Store front? On-line?

How will you find and direct the customers to those channels?
Where do you find the target customers
What magazines do they read? What websites do they frequent?
Where do they shop? What events do they like?
How will you drive them to channels?
advertising, social media, public relations, telemarketing, retail
promotions, word of mouth, webinars, spam?
Step 3: Define the Problem
Focus on the details of the problem to be solved
Dont propose a solution until properly defining the problem
How good you define the problem is half the solution
Validate the problem definition with target customers
Step 4: Determine the Timing
Nothing Stays the same!
Stay close to the customers. Project their future needs.
Keep an eye on the market, the trends, the environment
Continue updating your plans
Step 5: Validate Validate Validate
Are your hypotheses correct?

Things to validate
1. Needs that are not currently met, and their importance
2. Must have and nice to have features
3. Market windows and time to market assumptions
4. Business model
Minimum Viable Product
The minimum set of features needed to learn from
earlyvangelists
avoid building products that nobody wants.
Competitive Analysis
The discipline od evaluating your marketspace through a detailed understanding of
your competitive landscape

What makes it unique?


Quality
Price
Performance
User convenience
Differentiated design
Protectable and Patentable IP
Clear Value Proposition
A promise of value that you will be delivering to your customer
Solves a problem
Quick and Easy to understand
Delivers specific benefits

X not a slogan
X not a position statement
What its Not

LOreal. Because were worth it.

Pokemon! Gotta Catchem all


Unique Positioning Statement
For iPhone 5 users who are dissatisfied with the battery life of their
smartphones, ABC power sleeve provides an additional week of battery
life. Unlike XYZs power sleeve, ABC comes with its own USB charging
port.

For [target customers]


Who are dissatisfied with [current alternative]
Our product is [new product]
That provides [key problem-solving capability]
Unlike [product alternative]
Unique Positioning statement

Americas #1 Bandage Brand. Heals the wound fast, heals the hurt faster.

Positioning statement is a subset of a value


proposition, but its not the same thing.
SCOT Analysis
Strengths, Challenges, Opportunites, Threats
What are your true competencies? Things you are best in the world
at?
What could you be the best in the world at?
What are your market, technology and organizational challenges?
What are the growth opportunities that play into your strengths?
What threats do you see developing and what you must do to avoid
them or diffuse them?
Roadmap
Shows the positioning of the products in terms of performance, price
and key features

At one glance your product roadmap should show


the emergence, continuity or discontinuity of technologies
hardware, software and other pieces of the solution
Succession of products in time
comparison of the products key metrics
timeline (quarter, annual , semi annual)
Market Model TAM

Total Available Market (TAM):


Ex: All desktop printers SAM
Servable Available Market (SAM): TA

Ex: < $150 Inkjet printers with Wifi


Share of Market (SOM): SOM
Ex: A certain % of the SAM
based on the number of competitors
TEAM
What makes your team unique
Technical Background
Soft skills
What to look for in your Advisors
Domain knowledge you dont have
Connections to key companies, channels investors
Brand power for credibility
Long term commitment to you and the company
Group Work:
The Talking Drone
Group Work: The Drone Team
Create a 10-slide presentation for the potential angel investor that
covers the following areas:
1. Define the Problem you want to address
2. Define your unique solution
3. Come up with an MVP
4. Define your customer
5. Market Model
6. Value proposition
7. Unique positioning statement and value proposition