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2009 Presentation #1 on Entrepreneurship Skills for Undergrad Engineers

2009 Presentation #1 on Entrepreneurship Skills for Undergrad Engineers

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  • 1. Entrepreneurship and You Iain Verigin [email_address] September 2009
  • 2. Who Are You?
    • What is your specialization?
      • Mech, EE, 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 -
  • 3. Who Am I ?
    • Education :
      • McGill Physics, UBC Eng Phys EE option, SFU M.Eng EE (Comm’s, Semi’s & Optics )
    • Work
      • Engineering : PMC-Sierra
      • Marketing : PMC-Sierra & Packet Engines
      • Business Development : PMC-Sierra
    • Hobbies
      • “ Health Issues”, Philanthropy (Eng Phys Professorship), Coaching Hockey & Track, Golf, Blogging, reading, “bad” music.
  • 4. Lecture Objectives
    • Understand entrepreneurial leadership
      • and its process in high-technology industries
    • Dispel common myths & misconceptions .
    • Learn skills
      • important for 21st century technology leaders.
    • Stimulate continuous learning
      • and personal reflection regarding entrepreneurship and your future.
  • 5. Agenda
    • Introduction - today.
    • Entrepreneurship Skills
  • 6. What is Entrepreneurship?
    • A Way of Managing, Leading, and Doing!
      • It Can Be Taught!
    • Fine Print
      • "Entrepreneurship is a management style that involves pursuing opportunity without regard to the resources currently controlled. Entrepreneurs identify opportunity, assemble required resources, implement a practical action plan, and harvest the rewards in a timely, flexible way.
      • A ny attempt at new business or new venture creation, such as self-employment, a new business organization, or the expansion of an existing business, by an individual, a team, or an established business.
    • References: Stanford E145 material (Byers)
  • 7. Seven Important Skills for Tomorrows Entrepreneurial Leaders
    • Creativity and Opportunity Evaluation
    • Real-time Strategy and Decision Making
    • Comfort with Change and Chaos
    • Teamwork
    • Evangelism, Selling, Negotiation, and Motivation through Influence and Persuasion
    • Oral and Written Communication
    • Basics of Start-Up Finance and Accounting
    • Reference --- Byers - E145 - http://stvp.stanford.edu
  • 8. UBC Fizzers Have Rocked
    • 3 of top 4 market cap in BC.
      • Creo
      • MDA - (CEO) Dan Friedman
      • PMC-Sierra - current COO Colin Harris, 1st CEO - Ralph Bennett, Professorship donors ( Curtis Lapadat, Alex Chiu, myself, and CH)
    • There are lots more small companies with Fizz leaders.
    http://www.bctechnology.com/statics/rankings2.cfm U Can Do it!
  • 9. The Biz Plan Technology Ventures : From Idea to Opportunity Chapter 7: Figure 7.3 Resources Financial Physical Intellectual Deal Reward, Risks Incentives Ownership Harvest People The Team Capabilities Attitude Reputation Opportunity Customers Strategy Business Model The Business Plan
  • 10. Study/Plan and Act
    • Market Analysis
    • Market Pursuit
  • 11. It’s The Scientific Process!
    • Hypothesis
    • Develop Test
    • Observe
    • Analyze Results
    • Re-jig Hypothesis
    • Do it again ( many times … Quickly )
    • Apply to Customers
    • Product / Market Fit is what you are looking for.
    • Is not obvious
  • 12. Six steps to Acting as an entrepreneur Chapter 2: Figure 2.1
  • 13. iPod Timeline Cycling, Cycling, and more Cycling
  • 14. To Create a Customer
    • Drucker says …
    • “ There is only one valid definition of business purpose: …”
    • Page 20 “The Essential Drucker”
    Aside
  • 15. * Straight Lines Don’t Happen in Real Life * * Get used to cycling back. * Some people get stuck calling this “failure”. * Don’t let failures define you. * Success will come. Aside
  • 16. What is Marketing?
    • Drucker says --
    • There will always, one can assume, be the need for some selling. But the aim of marketing is to make selling superflous . The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself .
    • Reference: pages 20 & 21 in “Essential Drucker”.
  • 17. A Product That Sells Itself
  • 18.
    • ? 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.
  • 19. iPod Units
  • 20. Technology Adoption Life Cycle Chasm Copyright © Geoffrey A. Moore, 2005, from the book “DEALING WITH DARWIN” Early Market Bowling Alley Tornado Main Street
  • 21. Underlying Drivers in Growth Markets Techies: Just try it! Pragmatists: Stick with the herd! Visionaries: Get ahead of the herd! Copyright © Geoffrey A. Moore, 2005, from the book “DEALING WITH DARWIN” “ Technology Adoption Strategies” People Conservatives: Stick with what’s proven! Skeptics: Just say No!
  • 22. New Market “Chasm” Chasm Copyright © Geoffrey A. Moore, 2005, from the book “DEALING WITH DARWIN” Early Market Bowling Alley Tornado Main Street
  • 23. Trajectory of Disruptive Innovations
      • Range of performance required in the mainstream market
      • Expected Trajectory
    Now Time High Performance Low
    • “ Innovator’s Dilemma”
    • iPod
    • Cell Phone
    • Ethernet
    • All were “lacking” at start
    • All changed the “rules”
  • 24. No one knows the answer! You’ve got to discover it. Fix & Adjust Act Review & Learn This is everything u need to know :-)
  • 25. ! People Skills Rule !
    • The area with the most room for differentiation is in “People Skills”
      • Yes … ‘cause Engineers suck at this :)
    Next Week
  • 26. Reading Material
    • I’ve made a list on-line
    • http://hnorth.wordpress.com/fizz/