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University of Colorado Boulder talk on July 26 2017

Massachusetts Institute of Technology
Massachusetts Institute of Technology
Massachusetts Institute of TechnologyManaging Director, The Martin Trust Center for MIT Entrepreneurship & Senior Lecturer, MIT at Massachusetts Institute of Technology

Talk given to group with Brad Feld at University of Colorado on July 26, 2017 - "Return to Boulder"

University of Colorado Boulder talk on July 26 2017

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DISCIPLINED
ENTREPRENEURSHIP
BOULDER
COLORADO
Bill Aulet
Overview, Update, Thoughts & Dialogue
July 26, 2017
DISCIPLINED
ENTREPRENEURSHIP
2 Stories
DiPol – Revolutionary membrane technology
for direct methanol fuel cells
Lamborghini Dealership
2
DISCIPLINED
ENTREPRENEURSHIP
DiPol
3
DISCIPLINED
ENTREPRENEURSHIP
Missing?
4
DISCIPLINED
ENTREPRENEURSHIP
Entrepreneurship 101 Quiz
5
What is the singular necessary and
sufficient condition to have a
company?
1.
DISCIPLINED
ENTREPRENEURSHIP
Case 2: Lamborghini Dealership
6

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University of Colorado Boulder talk on July 26 2017

  • 2. DISCIPLINED ENTREPRENEURSHIP 2 Stories DiPol – Revolutionary membrane technology for direct methanol fuel cells Lamborghini Dealership 2
  • 5. DISCIPLINED ENTREPRENEURSHIP Entrepreneurship 101 Quiz 5 What is the singular necessary and sufficient condition to have a company? 1.
  • 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. DISCIPLINED ENTREPRENEURSHIP Importance of Spirit 8 • Willingness and even joy in being • different …
  • 9. 9 Spirit + Skills Successful Entrepreneurship
  • 10. Successful Entrepreneurship = Spirit of a pirate Skills of a Navy Seal 10 +
  • 20. Core Material for Course • Books • www.disciplinedentrepreneurship.com • Progress Dashboard www.detoolbox.com 20
  • 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. 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
  • 26. DISCIPLINED ENTREPRENEURSHIP Thoughts – What Have I Learned Since the Last Time I was in Boulder? • PMR (Primary Market Research)
  • 28. DISCIPLINED ENTREPRENEURSHIP Thoughts – What Have I Learned Since the Last Time I was in Boulder? • PMR (Primary Market Research) • Getting First Customers
  • 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. 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
  • 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 3rd Worksheet for Step #13 – 1st Draft Sales Funnel
  • 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. 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. 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. 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. DISCIPLINED ENTREPRENEURSHIP The Truth • Relevant elements of a craft:  Accessible  Builders  Unique Products  Learnable  First Principles Exist But Don’t Assure Success  Apprenticeship
  • 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