Lecture 1 Twente


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Lecture 1 Twente

  1. 1. School of Management & Governance 1 PD Dr. Rainer Harms Dr. Michel Ehrenhard r.harms@utwente.nl BK III: International New Business Development Q3 2014
  2. 2. School of Management & Governance 2 www.capstonebranding.com/ about/capstone.php
  3. 3. BK III - INBD  BK I: Describing an organization  BK II: Describing the environment  BK III: A holistic view on building (international) ventures INDB takes place when a company enters in or expands its activities in international markets. These activities include sales, but may also encompass other activities of the value chain. In the same vein, these activities may include an element of innovation. (tentative definition) School of Management & Governance 3
  4. 4. Typical issues with this class Comment: „We dont learn much content!“ Reply: „True. You had content throughout your Bachelor, and you will create your own, specific content while you research.“ Comment: „We are left alone during project execution!“ Reply: „Partially true. But finding your own way in an entrepreneur‘s reality Comment: „We dont recieve much feedback!“ Reply: „Partially true. But we have extensive walk-in opportunities Comment: „The projects are so vague and complex“ Reply: True. Thats real business. We try to help you deal with it. School of Management & Governance 4
  5. 5. School of Management & Governance 5
  6. 6. Planning, storming the castle, or something else? School of Management & Governance 6www.caycon.comfreelanceswitch.com
  7. 7. School of Management & Governance 7
  8. 8. Startups as experiments: Validated learning 8http://blog.amt.in/the-new-science-of-product-development http://www.youtube.com/watch?feature=player_embedded&v=WAdikBfKeD8
  9. 9. The scientific method Question Prelim. Research Hypotheses TestAnalyze data Conclusion Report results School of Management & Governance 9 http://blog.amt.in/the-new-science-of-product- development
  10. 10. Lean Startup – merging the scientific method and entrepreneurship School of Management & Governance 10 1. Talk to customers – real cases 2. Form hypotheses to test 3. Write code (produce) 4. Roll out to % customers 5. Analyze data 6. Interpret data 7. Share learning http://blog.amt.in/the-new-science-of-product- development
  11. 11. The B – M – L cycle School of Management & Governance 11
  12. 12. IMVU: Eric Ries‘ Lean Startup Story School of Management & Governance 12 www.microsoft .com http://www.imvu.com/catalog/web_landing.php?p=ls1 llcollection-groupll.blogspot.com http://www.youtube.com/watch?v=fEvKo90qBns minutes 23 to 35
  13. 13. Testing assumption: two IMVU examples School of Management & Governance 13 brucebucks.com zazzle.com
  14. 14. The problem-solution fit School of Management & Governance 14 Refers to a implicitly defined customer segment -> make expliciti
  15. 15. The MVP School of Management & Governance 15 „The MVP is the smallest group of features that will elicit customer feedback about the validity of the customer problem or solution“ Steve Blank The mechanical turk
  16. 16. Getting deeper into the MVP  Low-Fi MVP  Problem exploration MVP: customer inverviews  Product Pitch MVP: asking cash at the end; landing pages, video demos  Concierege MVP: real delivery, but „Wizard of Oz“  Hi-Fi MVP  Removal of any feature that might distract from the core learning goal (google, dropbox - > plain interfaces School of Management & Governance 16
  17. 17. Analyzing  Qualitative analysis (Ehrenhard)  Quant. Analysis: A/B testing, Conjoint Analysis etc. School of Management & Governance 17
  18. 18. School of Management & Governance 18 „Pivot“ or presevere http://cdn.elezea.com/images/local-maximum.gif
  19. 19. Pivot = strategic change: one way of listing …  Zoom-in-pivot  Zoom-out-pivot  Customer segment pivot  Customer need pivot  Platform pivot  Business architecture pivot  Value capture pivot  Engine of growth pivot  Channel pivot  Technology pivot School of Management & Governance 19
  20. 20. Key metrics (example)  Industry-Specific KPI  „Conversion rate“ – from view to click, from click to buy Reference: the metrics page School of Management & Governance 20
  21. 21. Example of empirical project (validated learning) 1. Problem: Mediocre evaluation of BK III course 2. Preliminiary research, eg. Brainstorming: Limited feedback as main problem, mentoring as potential solution, best practices 3. Hypothesis: „Mentoring is positively related to the course evaluation 4. Test design: 4.1: Sample: this BK III class, all students 4.2: Operationalization: main satisfaction score, project support and feedback score, assignment feedback score 4.3: Method of analysis: 2-sample mean comparison (t-test) 5. Analyse data 6. Conclusion 7. Results School of Management & Governance 21
  22. 22. Example your project School of Management & Governance 22 1. Problem: Newsletter services can be expanded to other segments 2. Preliminiary research, e.g. Brainstorming: lit research, customer interviews about what they value most about current project, interview with prospective customers etc., SMT, Porter5forces etc. 3. Hypothesis (better: Assumption!): „Customers derive value from newsletters “ (operationalize!) 4. Test design: 4.1: Sample: x number of prospective customers 4.2: Operationalization: find ways to collect your material and / or find fitting metrics ! 4.3: Method of analysis: qualitative vs. quantiative 5. Analyse data 6. Conclusion 7. Results
  23. 23. School of Management & Governance 23 Businnes Model Generation/ Validation Minimal Viable Product (MVP) Usage 3-5 clients Market Research Idea? MVP for Adoption MVP for Revenue Month 1 Month 2,3 & 4 Month 5 Month 6 Idea Business Plan Func. Spec Design Build Test Market Sell Some learning More learning Most learning
  24. 24. The lean canvas – where does BML hide? School of Management & Governance 24
  25. 25. Deliverables School of Management & Governance 25 Starting canvas DP 1 Suggest solution DP 3 Exam < 10.02 12.02 26.02 12.03 19.03 26.03 17.4. Find project company / own venture Problem interview DP 2 Solution interview DP 4 Pitch DP 5
  26. 26. In short  Find a company / a venture with a (I)NBD issue  Set up a meeting with the entrepreneur, and identify customer- reserach project  Describe current venture with Lean Canvas (DP 1)  Carry out and report customer interview (DP 2)  Suggest a solution (DP 3)  Get customer feedback from solution (DP 4) School of Management & Governance 26
  27. 27. Getting started with the interviews School of Management & Governance 27 Coffee shops Lurking: on the street, in a location, online... @MeetUps Where do I find them? Facebook / LInkedIn Existing Customers 1st Degree Networks http://de.slideshare.net/LeanStartupConf/jon-irwin- rocktheinterview-slides
  28. 28. School of Management & Governance 28 Is the problem worth solving? Make a problem interview. This is a problem statement This is another problem statement. (Priority [ ] | Pain: low, medium, high) | How I solve this today: This is a third problem statement. (Priority [ ] | Pain: low, medium, high) | How I solve this today: This is a blank problem the customer can fill in. (Priority [ ] | Pain: low, medium, high) | How I solve this today: This is a blank problem the customer can fill in. (Priority [ ] | Pain: low, medium, high) | How I solve this today: Name: Email Address: Referrals:Notes: http://de.slideshare.net/LeanStartupConf/jon-irwin- rocktheinterview-slides
  29. 29. Opener School of Management & Governance 29 Hey, I’m [name], and I’m working on a project to help conference attendees connect and collaborate. Do you wish it was easier to connect and share ideas with other attendees like you? [smile] Yes? Awesome, here we go / No? Okay, thanks. [smile] http://de.slideshare.net/LeanStartupConf/jon-irwin- rocktheinterview-slides
  30. 30. Analyse the problem interview School of Management & Governance 30 Do the problems really exist? Are the problems commonly experienced? Are the problems severe? Are there problems you didn’t anticipate? Is this the right customer? Take an opportunity to refine your persona. Should you Kill / Pivot / Persevere? http://de.slideshare.net/LeanStartupConf/jon-irwin- rocktheinterview-slides
  31. 31. Our role School of Management & Governance 31