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Business 101.1 NYU ITP

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Business 101.1 Lean and Design Thinking for Startups - Week 2 Personas, TAM, SAM, TM

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Business 101.1 NYU ITP

  1. 1. Business 101.1 A class in business. And entrepreneurship. Fall 2016 NYU ITP September 12, 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. Last WEEK: COURSE MAP TEAM FORMATION 3 Round ROBINS 5 TEAMS No CHANGES :) START + Form Teams
  4. 4. Last WEEK: COURSE MAP TEAM FORMATION 3 Round ROBINS 5 TEAMS No CHANGES :) START + Form Teams
  5. 5. TEAMS Fragrances 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 Predictive Social Listening Tattoo Artist Matching Fernanda Eric Ramirez Javiera Valle Toro Assistive Tech Colostomy or Mental Health Provider Match for LGBTQ Angie Aguilar Olivia Isobel Donjon Ergonomic Design Ashley Williams Yan Max Theony Malcolm Pittman
  6. 6. Teams x2 Business Model Canvas Intro Persona First Sketch - What Could This Be? SAM TAM TM Business Models Customer Development Sketch
  7. 7. BMC 1.0
  8. 8. NO BUSINESS PLANS WHY?
  9. 9. LEAN WHAT IS OLD IS NEW AGAIN
  10. 10. CLASS BOUNDARIES STARTING A BUSINESS BY SEARCHING FOR A BUSINESS MODEL YES: FOR PROFIT NOT FOR PROFIT WITH SUSTAINABLE CUSTOMER- DERIVED REVENUE SOURCE CLEAR TARGET MARKET AND SIZABLE ADDRESSABLE MARKET PATH TO VALIDATE REVENUE STREAMS IDENTIFIABLE REVENUE STREAMS NO: 
 NO MOVEMENTS NO “CHANGE THE REGULATION” CONCEPTS NO CAMPAIGNS / PUBLIC SERVICE / RAISE AWARENESS / CHANGE BEHAVIOR CONCEPTS (USE THE ABOVE WITHIN YOUR BUSINESS MODEL, NOT OUTSIDE OF HAVING ONE) NO MINUSCULE IDEAS (< $1 MM TOTAL ADDRESSABLE MARKET)
  11. 11. DESIGN THINKING > BUSINESS MODEL CANVAS > LEAN STARTUP
  12. 12. LET’S BEGIN HOW TO DRAW ON A BLANK SHEET H H
  13. 13. H H HOW TO DRAW ON A BLANK SHEET LET’S BEGIN
  14. 14. LET’S BEGIN Customer Segments Customer Relationships Value Proposition Key ActivitiesPartners Key Resources Customer Channels RevenuesCosts Source: Strategyzer Osterwalder, Pigneur THE BUSINESS MODEL CANVAS:
  15. 15. CREATED BY: CREATED FOR: VERSION: Customer Segments Customer Relationships Value Proposition Key ActivitiesPartners Key Resources Customer Channels RevenuesCosts Source: Strategyzer Osterwalder, Pigneur HOW WILL YOUR BUSINESS WORK? Whom do you help? What pains do you solve? What do you uniquely offer? Distinct segmentsWhere do we reach them? How do we get keep and grow? How will you charge? What will it cost? What do you need to have? How do you do it? Who will help you?
  16. 16. WHOM DO YOU SERVE?
  17. 17. ALWAYS START WITH THE CUSTOMER: Customer Segments Customer Relationships Value Proposition Key ActivitiesPartners Key Resources Customer Channels RevenuesCosts Source: Strategyzer Osterwalder, Pigneur WHOM ARE YOU HERE TO SERVE?
  18. 18. ALWAYS START WITH THE CUSTOMER: Customer Segments Customer Relationships Value Proposition Key ActivitiesPartners Key Resources Customer Channels RevenuesCosts Source: Strategyzer Osterwalder, Pigneur WHOM ARE YOU HERE TO SERVE? WHO PAYS? WHO INFLUENCES? WHO DOESN’T PAY? IN PRIORITY ORDER, WHO ARE THE MOST IMPORTANT CUSTOMER TYPES?
  19. 19. PERSONA TIME Source: van der Meer, Reason Street Context: Instagram Snapchat #stillathome #notanadultyet Name: Peyton Age: 24 Living with Mom at home Goals: Independence Freedom Apartment Bike to work Pay off college loan Interests: Roller derby Raising money for breast cancer Jewelry making Pains: Can’t seem to save At breakeven/loss each month Bad credit rating Fears + Secrets: Afraid of getting rejected for an apartment Really likes mom’s support CUSTOMER SEGMENT: 21-30 WITH > $50K STUDENT LOANS Networks + Memes
  20. 20. PERSONAS ARE FOR CONTINUOUS IMPROVEMENT? ASK ALWAYS: IS THIS FOR REAL? WHAT ARE YOU LEARNING? WHAT’S CHANGING IN THEIR LIVES? For real? No? Revise! Tech Changing? Yes? Revise!
  21. 21. PERSONA TIME YOUR TURN Context: Name: Age: Family: Goals: (in order) Interests: Pains (in order): Fears + Secrets: Networks + Memes Source: van der Meer, Reason Street
  22. 22. FIRST ASSIGNMENT FOR NEXT WEEK FIND 3 CUSTOMERS THAT FIT YOUR PERSONA (TALK TO 6)
  23. 23. LEARNING OUTCOMES NOTE: AS YOU VALIDATE YOUR BUSINESS MODEL, YOU WILL CHANGE THE TYPE OF CUSTOMER SEGMENT OR RANK PRIORITIES DIFFERENTLY
  24. 24. MEET TAM, SAM, AND TM
  25. 25. MARKET SIZING TOTAL AVAILABLE MARKET
  26. 26. MARKET SIZING SERVED AVAILABLE MARKET
  27. 27. MARKET SIZING TARGET MARKET
  28. 28. MARKET SIZING TOTAL AVAILABLE MARKET Order of magnitude assessment - What is the total REVENUE potential of your market opportunity?
  29. 29. MARKET SIZING SERVED AVAILABLE MARKET The % of the market that is realistically in your reach (geography, technology)
  30. 30. MARKET SIZING TARGET MARKET Your target -the easiest place to start (big pain point, identifiable)
  31. 31. ITERATE UNTIL YOUR SIZE OF PRIZE IS BIG ENOUGH FOR YOUR VISION NOTE: AS YOU VALIDATE YOUR BUSINESS MODEL and YOUR CUSTOMER TARGET, MAKE SURE YOU STILL HAVE A BIG ENOUGH MARKET
  32. 32. SOURCING HOW TO FIND AND VERIFY YOUR NUMBERS IN A GOOGLE AGE ▸ Top down: industry estimates ▸ Bottoms up: NAICS #s, Census data, raw customer data, government open data ▸ Time stamp your data ▸ Be wary of source. Which do you trust most? ▸ Academic ▸ Think Tank ▸ Government ▸ Market Research Firm ▸ Industry Association ▸ Company
  33. 33. SOURCING QUICK TEST ▸ What % of Americans live paycheck to paycheck?
  34. 34. TAM SAM TM NOW YOU ▸ How many people are in your total market? ▸ Are you limited by geography? technology? something else? ▸ Where will you start?
  35. 35. SKETCHING
  36. 36. BLANK SLATE SKETCHING TAKE 5 MINUTES ▸ What is the first interaction / first moment of awareness for the service/product/experience/business you are creating?
  37. 37. FOR NEXT WEEK
  38. 38. Outwork. Get out (of the building) Find 3 customers fit your persona (talk to 6, because not all will fit) Ask: “What is a typical day like for you?” “What keeps you up at night” “What makes you angry about the world right now?” Then: Refine Persona and Business Model v 2.0 Present next week 5 minutes tops, 5 slides # of interviews. key insights. revisions.
  39. 39. CONTACT: Jen or Josh for Office Hours

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