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University of Colorado Boulder talk on July 26 2017

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University of Colorado Boulder talk on July 26 2017

  1. 1. DISCIPLINED ENTREPRENEURSHIP BOULDER COLORADO Bill Aulet Overview, Update, Thoughts & Dialogue July 26, 2017
  2. 2. DISCIPLINED ENTREPRENEURSHIP 2 Stories DiPol – Revolutionary membrane technology for direct methanol fuel cells Lamborghini Dealership 2
  3. 3. DISCIPLINED ENTREPRENEURSHIP DiPol 3
  4. 4. DISCIPLINED ENTREPRENEURSHIP Missing? 4
  5. 5. DISCIPLINED ENTREPRENEURSHIP Entrepreneurship 101 Quiz 5 What is the singular necessary and sufficient condition to have a company? 1.
  6. 6. DISCIPLINED ENTREPRENEURSHIP Case 2: Lamborghini Dealership 6
  7. 7. DISCIPLINED ENTREPRENEURSHIP What does it take to be a successful entrepreneur? 7 1. Heart: Mindset 2. Head: Knowledge 3. Hands: Capability 4. Home: Community
  8. 8. DISCIPLINED ENTREPRENEURSHIP Importance of Spirit 8 • Willingness and even joy in being • different …
  9. 9. 9 Spirit + Skills Successful Entrepreneurship
  10. 10. Successful Entrepreneurship = Spirit of a pirate Skills of a Navy Seal 10 +
  11. 11. DISCIPLINED ENTREPRENEURSHIP How 24 Steps Was Put Together 11
  12. 12. DISCIPLINED ENTREPRENEURSHIP 12
  13. 13. DISCIPLINED ENTREPRENEURSHIP 13
  14. 14. DISCIPLINED ENTREPRENEURSHIP 14
  15. 15. DISCIPLINED ENTREPRENEURSHIP 15
  16. 16. DISCIPLINED ENTREPRENEURSHIP 16
  17. 17. DISCIPLINED ENTREPRENEURSHIP 17
  18. 18. DISCIPLINED ENTREPRENEURSHIP 18
  19. 19. DISCIPLINED ENTREPRENEURSHIP 19
  20. 20. Core Material for Course • Books • www.disciplinedentrepreneurship.com • Progress Dashboard www.detoolbox.com 20
  21. 21. DISCIPLINED ENTREPRENEURSHIP 21 Free* Online Courses Note: Bootcamp is not free
  22. 22. DISCIPLINED ENTREPRENEURSHIP Overview 22
  23. 23. DISCIPLINED ENTREPRENEURSHIP Needs Assessment: Business Essentials* 23 Defining & Refining Product  Market Fit Ideation Team Building 1 Career Choice Soft Skills Primary Market Research Key Founders’ Decisions Sales Basics of Finance Communications Sector Deep Dives Customer Acquisition Strategy Product Design Product Development Leadership & Culture Negotiations Scaling - Manufacturing Work-Life Balance Financing HR Project Management Dealing with Adversity Core Entrepreneurship Specific Skills : Corporate Entreprnrship Corporate Strategy “Nucleation” (Phase 1) “Product Definition” (Phase 2) “Venture Development” (Phase 3) Product Management Legal Business Model & Pricing Scaling: Process & Infrastructure General Skills Valuable to Entrepreneurs: Essential Skills for Entrepreneurs (Semi-Customized): Building Eship Systems * - An open framework built for constant refinement
  24. 24. DISCIPLINED ENTREPRENEURSHIP Benefits of Approach • Comprehensive yet Practical • Sequential/Prescriptive/Integrated • Proven & Tested – To Stand the Test of Time • Creates Common Language for Knowledge Transfer and Accumulation 24
  25. 25. DISCIPLINED ENTREPRENEURSHIP
  26. 26. DISCIPLINED ENTREPRENEURSHIP Thoughts – What Have I Learned Since the Last Time I was in Boulder? • PMR (Primary Market Research)
  27. 27. DISCIPLINED ENTREPRENEURSHIP PMR 27
  28. 28. DISCIPLINED ENTREPRENEURSHIP Thoughts – What Have I Learned Since the Last Time I was in Boulder? • PMR (Primary Market Research) • Getting First Customers
  29. 29. DISCIPLINED ENTREPRENEURSHIP
  30. 30. Fundamental & Important Concept Not in Original Book Windows of Opportunity (WoO) • A time when your target end user, economic buyer, champion, or influencer will be particularly open to considering your offering • Examples: – Holiday Season – End of Fiscal Year or Beginning; Budgeting Cycle – Life Transitions – Change in Leadership – Crisis Triggers • Within the WoO, a specific action you take to create an urgency/strong incentive for the target customer to act • Examples: – Discount – Limited supply – Time bounded – Community – Avoid disaster 30
  31. 31. Examples … Windows of Opportunity (WoO) 1. Expedia – you are looking at a flight 2. IBM – end of fiscal year at a utility 3. Students – beginning of the school year 4. Enterprise SW – competitor is acquired by Oracle 5. Hubspot – Visiting website 6. Security Company – after a high visibility breach 7. Politicians – Bad Obama sound bite Trigger 1. “2 seats remaining at this price” 2. “I need to schedule my people for December” 3. Back to schools sales or give aways 4. Time bound Tradein Program 5. Free Website Grader 6. Free audit of customer’s status 7. Immediate letter to ‘faithful’ soliciting donations 31
  32. 32. DISCIPLINED ENTREPRENEURSHIP 32
  33. 33. DISCIPLINED ENTREPRENEURSHIP Thoughts – What Have I Learned Since the Last Time I was in Boulder? • PMR (Primary Market Research) • Getting First Customers • Value and Discipline of a Sales Funnel
  34. 34. 34 3rd Worksheet for Step #13 – 1st Draft Sales Funnel
  35. 35. DISCIPLINED ENTREPRENEURSHIP . . . . . . . 2nd Draft Sales Funnel with Actions for Short Term Lead Gen: _____________________________________________________________ ______________________________________________________________________ Watering Holes: ________________________________________________________ Who: _________________________________________________________________ Find Out About Options – Initial Dialogue: ___________________________________ WoO/Triggers & Confirms General Value Prop: _______________________________ ______________________________________________________________________ Who: _________________________________________________________________ Analyze Options I – Confirms Value Prop for Them: ____________________________ ______________________________________________________________________ Confirms Budget: _______________________________________________________ Who: _________________________________________________________________ Analyze Options II – Qualify & Proposal: _____________________________________ ______________________________________________________________________ Verbal Close & Objection Handling: ________________________________________ Who: _________________________________________________________________ Physically Acquire Product I – Secure Full Commitment, e.g., Purchase Order: ______ ______________________________________________________________________ Pay for Product: ________________________________________________________ Who: _________________________________________________________________ Buy More: _____________________________________________________________ Tell Others: ____________________________________________________________ ______________________________________________________________________ Who: _________________________________________________________________ Physically Acquire the Product II – Ship/Install: _______________________________ Customer Support - Use, Get Value, Determine Value: __________________________ ______________________________________________________________________ Who: _________________________________________________________________ #1: Identification Output: Leads #2: Consideration Output: Suspects #3: Engagement Output: Prospects #4: Purchase Intent Output: Qualified Prospects #5: Purchase Output: Customers #7: Advocacy Output: Evangelists #6: Loyalty Output: Satisfied Customers
  36. 36. DISCIPLINED ENTREPRENEURSHIP . . . . . . . 2nd Draft Sales Funnel with Actions for Medium Term Lead Gen: _____________________________________________________________ ______________________________________________________________________ Watering Holes: ________________________________________________________ Who: _________________________________________________________________ Find Out About Options – Initial Dialogue: ___________________________________ WoO/Triggers & Confirms General Value Prop: _______________________________ ______________________________________________________________________ Who: _________________________________________________________________ Analyze Options I – Confirms Value Prop for Them: ____________________________ ______________________________________________________________________ Confirms Budget: _______________________________________________________ Who: _________________________________________________________________ Analyze Options II – Qualify & Proposal: _____________________________________ ______________________________________________________________________ Verbal Close & Objection Handling: ________________________________________ Who: _________________________________________________________________ Physically Acquire Product I – Secure Full Commitment, e.g., Purchase Order: ______ ______________________________________________________________________ Pay for Product: ________________________________________________________ Who: _________________________________________________________________ Buy More: _____________________________________________________________ Tell Others: ____________________________________________________________ ______________________________________________________________________ Who: _________________________________________________________________ Physically Acquire the Product II – Ship/Install: _______________________________ Customer Support - Use, Get Value, Determine Value: __________________________ ______________________________________________________________________ Who: _________________________________________________________________ #1: Identification Output: Leads #2: Consideration Output: Suspects #3: Engagement Output: Prospects #4: Purchase Intent Output: Qualified Prospects #5: Purchase Output: Customers #7: Advocacy Output: Evangelists #6: Loyalty Output: Satisfied Customers
  37. 37. DISCIPLINED ENTREPRENEURSHIP . . . . . . . 2nd Draft Sales Funnel with Actions for Long Term Lead Gen: _____________________________________________________________ ______________________________________________________________________ Watering Holes: ________________________________________________________ Who: _________________________________________________________________ Find Out About Options – Initial Dialogue: ___________________________________ WoO/Triggers & Confirms General Value Prop: _______________________________ ______________________________________________________________________ Who: _________________________________________________________________ Analyze Options I – Confirms Value Prop for Them: ____________________________ ______________________________________________________________________ Confirms Budget: _______________________________________________________ Who: _________________________________________________________________ Analyze Options II – Qualify & Proposal: _____________________________________ ______________________________________________________________________ Verbal Close & Objection Handling: ________________________________________ Who: _________________________________________________________________ Physically Acquire Product I – Secure Full Commitment, e.g., Purchase Order: ______ ______________________________________________________________________ Pay for Product: ________________________________________________________ Who: _________________________________________________________________ Buy More: _____________________________________________________________ Tell Others: ____________________________________________________________ ______________________________________________________________________ Who: _________________________________________________________________ Physically Acquire the Product II – Ship/Install: _______________________________ Customer Support - Use, Get Value, Determine Value: __________________________ ______________________________________________________________________ Who: _________________________________________________________________ #1: Identification Output: Leads #2: Consideration Output: Suspects #3: Engagement Output: Prospects #4: Purchase Intent Output: Qualified Prospects #5: Purchase Output: Customers #7: Advocacy Output: Evangelists #6: Loyalty Output: Satisfied Customers
  38. 38. DISCIPLINED ENTREPRENEURSHIP Thoughts – What Have I Learned Since the Last Time I was in Boulder? • PMR (Primary Market Research) • Getting First Customers • Value and Discipline of a Sales Funnel • Framing the Entrepreneurship
  39. 39. DISCIPLINED ENTREPRENEURSHIP The Truth • Relevant elements of a craft:  Accessible  Builders  Unique Products  Learnable  First Principles Exist But Don’t Assure Success  Apprenticeship
  40. 40. DISCIPLINED ENTREPRENEURSHIP Thoughts – What Have I Learned Since the Last Time I was in Boulder? • PMR (Primary Market Research) • Getting First Customers • Value and Discipline of a Sales Funnel • Framing the Entrepreneurship • Inclusive Entrepreneurship
  41. 41. DISCIPLINED ENTREPRENEURSHIP 41 Free* Online Courses Note: Bootcamp is not free
  42. 42. DISCIPLINED ENTREPRENEURSHIP 42
  43. 43. DISCIPLINED ENTREPRENEURSHIP End Questions? 43

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