Business 101.1 class 5

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Values, Motivation, Expectations, The Founder's Dilemma, Vision Building for Startups

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Business 101.1 class 5

  1. 1. Business 101.1 A class in business. And entrepreneurship. Fall 2016 NYU ITP October 17, 2016 Josh Knowles Jen van der Meer Extra love from Tom Igoe And the Leslie E-Lab
  2. 2. Syllabus Map START + Form Teams Business Models Customer Development How to Interview Value + The Purpose of Business Values Motivation Team Customer Relationships + Channels Analytics Key Resources Activities Partners Biggest Vision Analyze Test The Money Plan MVP Turning Insights Into Features More MVP How small, How big? Launch MVP Lessons Learned Go/No Go? Sketch Paper Prototype Oz Test Smallest MVP Tech Architecture
  3. 3. MOTIVATION: THE FOUNDER’S DILEMMA TEAM LIGHTNING ROUNDS VALUES WORKSHOP VISION WORKSHOP MVP SKETCH Values Motivation Team Big Vision
  4. 4. TEAMS ? Yu Shi Joy (Eun Jee Kim) Igor Carrasco Fashion Socent Soy (Soyeon Chung) Peter Winne Asad Lilani Lin Yang Prisons Social Community for Designers Dhruv Daniel Silber Baker Molly O’Shea Isobel Donjon Predictive Social Listening Tattoo Artist Matching Fernanda Eric Ramirez Javiera Valle Toro Fashion 3 D Angie Aguilar Olivia Ergonomic Design Ashley Williams Yan Max Theony Malcolm Pittman
  5. 5. THE FOUNDER’S DILEMMA
  6. 6. WHY? WHY WOULD YOU START A COMPANY? ▸ More time ▸ More money ▸ Can’t work for other people ▸ Social impact ▸ Huge financial returns ▸ Control over my own destiny ▸ I want to have CEO in my title ▸ Control over product, autonomy ▸ No one looking over my shoulder ▸ Freedom ▸ I see a huge opportunity ▸ Hungry to learn ▸ Uber feminism - defining my own rules ▸ I’m not employable ▸ It’s my family business, my legacy ▸ Environmental impact ▸ I want to be a founder ▸ No one would hire me ▸ I am creating art / culture / music ▸ What else? ________________________
  7. 7. WHAT? WHAT IS A STARTUP? ▸ A startup is a human institution designed to deliver a new product or service under conditions of extreme uncertainty.” – Eric Ries ▸ “A startup is a company designed to grow fast.” –Paul Graham. Y Combinator. ▸ “A startup is a temporary organization designed formed to search for a scalable repeatable business model.” – Steve Blank. ▸ “Most startups change their business model multiple times. A scalable startup is a special class of startup – world class team, large vision, large target market, passionate belief and a reality distortion field.”
  8. 8. Founders choices are straightforward: Do they want to be rich or king? Few have been both. Noam Wasserman, The Founder’s Dilemma RICH VS. KING
  9. 9. The most important factor for business success was ambition with those firms starting out with high growth expectations performing most strongly. Indeed, motivations influence business success mainly by driving differences in growth expectations, which in turn drive success. Entrepreneurship Understanding Motivations UK Survey 2015 MOTIVATIONS
  10. 10. RICH? RICH VS. KING Fail Rich King Exception Well below potential Close to potential LittleComplete Controlovercompany Financial gains The Founder’s Dilemma at HBR.org.
  11. 11. WHICH IS MORE IMPORTANT?
  12. 12. “The world economy remains in a low-growth trap with persistent growth disappointments weighing on growth expectations and feeding back into weak trade, investment, productivity and wages” OECD September 2016 GROWTH DILEMMA
  13. 13. We have set in place an economic system whose growth works against our own prosperity. Douglas Rushkoff Throwing Rocks at the Google Bus: How Growth Became the Enemy of Prosperity 2016 GROWTH DILEMMA
  14. 14. TEAM ROUNDS
  15. 15. PIVOT
  16. 16. IF YOU ARE DOING THIS RIGHT…
  17. 17. You have options that conflict with your world view, your values, or you disagree as a team about which path to pursue
  18. 18. WHAT IS A PIVOT?
  19. 19. WHAT IS A PIVOT PIVOT ▸ A change to your a core business model assumption ▸ You are standing, one foot on the ground. ▸ A mindful pivot: ▸ The foot that serves as the pivot and rotates is your vision, your values - your reason for starting the company, your long view. But - your other foot is moving to the place that will best position you to launch - finding the business model that will fulfill your vision.
  20. 20. CLARIFYING VALUES
  21. 21. DECISIONS VALUES ARE DECISION CRITERIA ▸ Values represent your guiding principles, your highest motivations, which influence how you make decisions. ▸ The priorities you have when you’re trying to decide between multiple paths. ▸ If you’ve been following this class- the real learning is not happening when you go talk to people - and learn. And when you have to make decisions. ▸ You’re testing your core criteria - how it is that YOU value what You are doing. ▸ Value priorities help us make decisions about these tradeoffs - how to literally value the importance of every action we take. ▸ And you want to be clear -it’s the priority that matters. The end game.
  22. 22. WHAT ARE VALUES, IN ORDER? WHAT ARE YOUR END GAME VALUES?
  23. 23. VALUES > ACTION VALUES BECOME DECISIONS BECOME YOUR COMPANY ▸ Each time I’m making a decision - I’m trading off in the moment, in the context - do I go for my long end game, or my current reality. There are tradeoffs. There’s no perfect balance, perfect decisions. ▸ It’s worth getting clear on your values - the will help you figure out how to decide, who to hire, how to grow your team, and how to be.
  24. 24. WORK TOGETHER
  25. 25. VISION
  26. 26. ASSUME…
  27. 27. WE WILL GET THE MONEY AND CUSTOMERS AND RESOURCES AND PEOPLE WE NEED TO BUILD THIS BUSINESS
  28. 28. HOW DOES THE WORLD CHANGE?
  29. 29. WHAT DOES THE WORLD LOOK LIKE 5 YEARS FROM NOW BECAUSE OF YOUR COMPANY
  30. 30. WHAT DOES THE WORLD LOOK LIKE 10 YEARS FROM NOW?
  31. 31. 10 YEARS FROM NOW WHAT HAPPENED ▸ Did we get the world we wanted? ▸ How many people have you reached? How many cities or countries? ▸ What are your technical achievements? ▸ How did you impact culture?
  32. 32. NOW SKETCH: What is the first step your customers take? How do they find out about you? what is the first thing they do?
  33. 33. IN SUM
  34. 34. FINAL Q TODAY
  35. 35. DOES THE CURRENT WAY WE MAKE NEW COMPANIES CHALLENGE THE SHAREHOLDER-ENTERIC VIEW OF THE PURPOSE OF A COMPANY?
  36. 36. FOR NEXT TIME
  37. 37. MVP SKETCH What is the first step your customers take? How do they find out about you? What is the first thing they do?
  38. 38. CONTACT: Jen or Josh for Office Hours

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