MIT Entrepreneurship and Maker Skills Integrator
•Download as PPTX, PDF•
2 likes•175 views
Disciplined Entrepreneurship Theme 1: Who is your customer?
Recommended
Recommended
More Related Content
What's hot
Similar to MIT Entrepreneurship and Maker Skills Integrator
Similar to MIT Entrepreneurship and Maker Skills Integrator (20)
More from Elaine Chen
More from Elaine Chen (20)
Recently uploaded
Recently uploaded (20)
MIT Entrepreneurship and Maker Skills Integrator
- 1. MIT Entrepreneurship and Maker Skills Integrator DE Theme 1: Who is your customer? January 2018 Elaine Chen
- 2. Disciplined Entrepreneurship: 6 Themes, 24 Steps
- 3. Theme 1: Who is your customer?
- 4. Let’s start with a story 4
- 5. Once upon a time… 5
- 6. Every day… 6
- 9. What does he crave? What about her? What’s in their way? 9
- 10. Once upon a time… Every day… BUT… 10 Problem
- 11. Once upon a time… Every day… BUT… And then one day… 11 Let’s finish this story
- 12. Once upon a time… Every day… BUT… And then one day… Ever since then… 12 Let’s finish this story
- 13. Once upon a time… Every day… BUT… And then one day… Ever since then… 13 Problem
- 14. Once upon a time… Every day… BUT… And then one day… Ever since then… 14 Solution z
- 15. Theme 1: Who is the customer? 15
- 16. Theme 1: Who is your customer?
- 17. Market segmentation 17 Chain Gyms (Discount/Mainstream ) Chain Gyms (High end) Varsity Athletic Weight Rooms (College) Professional Weight Rooms Home Gyms Rehab Facilities Apartment/Hotel/ Offices Olympic Training Facilities High End Non Chain Gyms Examples • YMCA, Gold’s Gym, Anytime Fitness, Planet Fitness, etc • Equinox, LA Fitness, David Barton, New York Sports Club • School Facilities • Team Facilities • Home Gyms • Private Training Facilities • Home Gym • Joint Ventures (etc), Brigham Young Women’s Hospital (etc) • Finance/Consulting Offices • High end apartments/hotels • Training complex in CO, NC, etc • Velocity sports performance, etc Pros • Market size • Expand to other locations • Prioritize top of the line • Expand to other locations • More money • Care about athlete improvement, health, and safety • Easier to expand to follow on markets • Care about athlete improvement, health, and safety • Easier to expand to follow on markets • Prioritize safety • Wealthy • Large market • Expand to other locations • Prioritize safety and patient improvement • Progress tracking is huge • Some not supervised – safety is important • Expand to other locations • Care about athlete improvement, health, and safety • Easier to expand to other markets • Care about athlete improvement, health and safety. Cons • Value Proposition • Limited funds • Value Proposition • Limited funds • Contacts • Difficult to expand to other colleges • Contacts • Difficult to expand to other facilities • Want things for free • Difficult to expand • Funds may be limited • Patients do not typically lift heavy weights • Not a main part of business • More serious athletes do not frequent these locations • Contacts • Market size • Difficult to expand to other locations • Trainers usually there to spot and track Motivations (for economic buyer) • Money – bringing in new customers, retaining old ones • Money – bringing in new customers, retaining old ones • Image • Athlete Improvement • Recruiting athletes • Athlete Improvement • Safety • Athlete Improvement • Money • Athlete improvement • Less time spent monitoring and tracking patients • Money – Attracting customers or employees • Happiness/well being of employees • Athlete Improvement • Money – Attracting new customers • Athlete Improvement Regulatory Climate • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated Competitive Environment • Highly Competitive • Highly Competitive • Highly Competitive • Highly Competitive • Highly Competitive • Less competitive • Highly Competitive • Highly Competitive • Highly Competitive Early Adopters • No • Yes • Yes • Yes • Varies • No • No • Yes • Yes
- 18. 18 Chain Gyms (Discount/Mainstream ) Chain Gyms (High end) Varsity Athletic Weight Rooms (College) Professional Weight Rooms Home Gyms Rehab Facilities Apartment/Hotel/ Offices Olympic Training Facilities High End Non Chain Gyms Examples • YMCA, Gold’s Gym, Anytime Fitness, Planet Fitness, etc • Equinox, LA Fitness, David Barton, New York Sports Club • School Facilities • Team Facilities • Home Gyms • Private Training Facilities • Home Gym • Joint Ventures (etc), Brigham Young Women’s Hospital (etc) • Finance/Consulting Offices • High end apartments/hotels • Training complex in CO, NC, etc • Velocity sports performance, etc Pros • Market size • Expand to other locations • Prioritize top of the line • Expand to other locations • More money • Care about athlete improvement, health, and safety • Easier to expand to follow on markets • Care about athlete improvement, health, and safety • Easier to expand to follow on markets • Prioritize safety • Wealthy • Large market • Expand to other locations • Prioritize safety and patient improvement • Progress tracking is huge • Some not supervised – safety is important • Expand to other locations • Care about athlete improvement, health, and safety • Easier to expand to other markets • Care about athlete improvement, health and safety. Cons • Value Proposition • Limited funds • Value Proposition • Limited funds • Contacts • Difficult to expand to other colleges • Contacts • Difficult to expand to other facilities • Want things for free • Difficult to expand • Funds may be limited • Patients do not typically lift heavy weights • Not a main part of business • More serious athletes do not frequent these locations • Contacts • Market size • Difficult to expand to other locations • Trainers usually there to spot and track Motivations (for economic buyer) • Money – bringing in new customers, retaining old ones • Money – bringing in new customers, retaining old ones • Image • Athlete Improvement • Recruiting athletes • Athlete Improvement • Safety • Athlete Improvement • Money • Athlete improvement • Less time spent monitoring and tracking patients • Money – Attracting customers or employees • Happiness/well being of employees • Athlete Improvement • Money – Attracting new customers • Athlete Improvement Regulatory Climate • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated Competitive Environment • Highly Competitive • Highly Competitive • Highly Competitive • Highly Competitive • Highly Competitive • Less competitive • Highly Competitive • Highly Competitive • Highly Competitive Early Adopters • No • Yes • Yes • Yes • Varies • No • No • Yes • Yes Key point for this exercise: • What are the columns? (These are the segments) • What are the rows? (These are how you compare)
- 19. Segment by behavioral attributes, not by demographic attributes 19
- 20. Picking a “Beachhead Market” 20 Chain Gyms (Discount/Mainstream ) Chain Gyms (High end) Varsity Athletic Weight Rooms (College) Professional Weight Rooms Home Gyms Rehab Facilities Apartment/Hotel/ Offices Olympic Training Facilities High End Non Chain Gyms Examples • YMCA, Gold’s Gym, Anytime Fitness, Planet Fitness, etc • Equinox, LA Fitness, David Barton, New York Sports Club • School Facilities • Team Facilities • Home Gyms • Private Training Facilities • Home Gym • Joint Ventures (etc), Brigham Young Women’s Hospital (etc) • Finance/Consulting Offices • High end apartments/hotels • Training complex in CO, NC, etc • Velocity sports performance, etc Pros • Market size • Expand to other locations • Prioritize top of the line • Expand to other locations • More money • Care about athlete improvement, health, and safety • Easier to expand to follow on markets • Care about athlete improvement, health, and safety • Easier to expand to follow on markets • Prioritize safety • Wealthy • Large market • Expand to other locations • Prioritize safety and patient improvement • Progress tracking is huge • Some not supervised – safety is important • Expand to other locations • Care about athlete improvement, health, and safety • Easier to expand to other markets • Care about athlete improvement, health and safety. Cons • Value Proposition • Limited funds • Value Proposition • Limited funds • Contacts • Difficult to expand to other colleges • Contacts • Difficult to expand to other facilities • Want things for free • Difficult to expand • Funds may be limited • Patients do not typically lift heavy weights • Not a main part of business • More serious athletes do not frequent these locations • Contacts • Market size • Difficult to expand to other locations • Trainers usually there to spot and track Motivations (for economic buyer) • Money – bringing in new customers, retaining old ones • Money – bringing in new customers, retaining old ones • Image • Athlete Improvement • Recruiting athletes • Athlete Improvement • Safety • Athlete Improvement • Money • Athlete improvement • Less time spent monitoring and tracking patients • Money – Attracting customers or employees • Happiness/well being of employees • Athlete Improvement • Money – Attracting new customers • Athlete Improvement Regulatory Climate • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated Competitive Environment • Highly Competitive • Highly Competitive • Highly Competitive • Highly Competitive • Highly Competitive • Less competitive • Highly Competitive • Highly Competitive • Highly Competitive Early Adopters • No • Yes • Yes • Yes • Varies • No • No • Yes • Yes
- 21. 21 Chain Gyms (Discount/Mainstream ) Chain Gyms (High end) Varsity Athletic Weight Rooms (College) Professional Weight Rooms Home Gyms Rehab Facilities Apartment/Hotel/ Offices Olympic Training Facilities High End Non Chain Gyms Examples • YMCA, Gold’s Gym, Anytime Fitness, Planet Fitness, etc • Equinox, LA Fitness, David Barton, New York Sports Club • School Facilities • Team Facilities • Home Gyms • Private Training Facilities • Home Gym • Joint Ventures (etc), Brigham Young Women’s Hospital (etc) • Finance/Consulting Offices • High end apartments/hotels • Training complex in CO, NC, etc • Velocity sports performance, etc Pros • Market size • Expand to other locations • Prioritize top of the line • Expand to other locations • More money • Care about athlete improvement, health, and safety • Easier to expand to follow on markets • Care about athlete improvement, health, and safety • Easier to expand to follow on markets • Prioritize safety • Wealthy • Large market • Expand to other locations • Prioritize safety and patient improvement • Progress tracking is huge • Some not supervised – safety is important • Expand to other locations • Care about athlete improvement, health, and safety • Easier to expand to other markets • Care about athlete improvement, health and safety. Cons • Value Proposition • Limited funds • Value Proposition • Limited funds • Contacts • Difficult to expand to other colleges • Contacts • Difficult to expand to other facilities • Want things for free • Difficult to expand • Funds may be limited • Patients do not typically lift heavy weights • Not a main part of business • More serious athletes do not frequent these locations • Contacts • Market size • Difficult to expand to other locations • Trainers usually there to spot and track Motivations (for economic buyer) • Money – bringing in new customers, retaining old ones • Money – bringing in new customers, retaining old ones • Image • Athlete Improvement • Recruiting athletes • Athlete Improvement • Safety • Athlete Improvement • Money • Athlete improvement • Less time spent monitoring and tracking patients • Money – Attracting customers or employees • Happiness/well being of employees • Athlete Improvement • Money – Attracting new customers • Athlete Improvement Regulatory Climate • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated Competitive Environment • Highly Competitive • Highly Competitive • Highly Competitive • Highly Competitive • Highly Competitive • Less competitive • Highly Competitive • Highly Competitive • Highly Competitive Early Adopters • No • Yes • Yes • Yes • Varies • No • No • Yes • Yes ? Picking one to start with
- 23. Calculate the Total Addressable Market 23 $$
- 24. Image credit: http://www.slideshare.net/LeanStartupConf/jon-irwin-rocktheinterview-slides Develop a Persona
- 25. Profile, not persona 25 • Chris, Full-Time Structural Engineer • 25 Years Old • Previous High School Athlete • Lifts at least 4 times per week • Brings notepad to gym
- 26. Real persona 2013 Revenue: $514M Headcount: 1000-2000 BU Headcount: N/A – 1 BU Jim’s team 200 Behaviors • Reports to the BU General Manager • Manages the software organization (all aspects) and the associated budget • Primarily concerned with strategy, leadership, management – high level • Relies on direct reports (dev, devOps, SQA managers) to recommend the right technical decisions Demographics • 48 years old • Bachelor’s in Electrical Engineering degree from UNY Stony Brooks • Has been managing teams for 25 years; last wrote production code 10 years ago • Married with high school children • Drives a Mercedes SUV • Mac, iPhone 5, iPad Mini, W8 for work Needs and goals • Above all: his goal is to meet or exceed revenue goals for his business unit by releasing software on time and as planned with marketing and sales • He wants to keep the staff happy and to attract hot new talent to join his team • He needs to conserve budget – fixed $/y to spend on tools, R&D – zero sums game
- 27. 27
- 29. How personas are created: Through Primary Market Research 29
- 31. From PMR to personas
- 34. If things go well, convergence is rapid In 5 interviews: subjects started self- organizing In 10 interviews: Top persona hypotheses emerge In 20 interviews: personas fully validated
- 36. Step 9: Identify your next customers • More head trainers @ gyms • Equinox Dartmouth • EBF by George Foreman • David Barton Gym • BFX Studio • Commonwealth Sports Club • Equinox Franklin Street • Ethos Fitness + Performance • ZONE5 Fitness • … etc 36 • More people like Chris • Mike • Sam • Jake • George • Sasha • Steve • Jeff • Ben • … etc
- 38. Problem Solution Problem-solution fit Today: Focus on the market and customer
- 39. THE SINGLE NECESSARY AND SUFFICIENT CONDITION FOR A SUCCESSFUL BUSINESS 39
- 40. Questions? 40
- 41. Backup slides: ProForm Fitness (Now Perch) – DE Theme 1 step-by-step 41
- 42. Example team: ProForm Fitness 42
- 43. Jacob thinks there are 2 problems to solve 43
- 44. “Who is your Customer?” 44 2 3 4 5 9 1
- 45. Step 1: Segmentation 45 Chain Gyms (Discount/Mains tream) Chain Gyms (High end) Varsity Athletic Weight Rooms (College) Professional Weight Rooms Home Gyms Rehab Facilities Apartment/Hotel / Offices Olympic Training Facilities High End Non Chain Gyms Examples • YMCA, Gold’s Gym, Anytime Fitness, Planet Fitness, etc • Equinox, LA Fitness, David Barton, New York Sports Club • School Facilities • Team Facilities • Home Gyms • Private Training Facilities • Home Gym • Joint Ventures (etc), Brigham Young Women’s Hospital (etc) • Finance/Consultin g Offices • High end apartments/hotels • Training complex in CO, NC, etc • Velocity sports performanc e, etc Pros • Market size • Expand to other locations • Prioritize top of the line • Expand to other locations • More money • Care about athlete improvement, health, and safety • Easier to expand to follow on markets • Care about athlete improvement, health, and safety • Easier to expand to follow on markets • Prioritize safety • Wealthy • Large market • Expand to other locations • Prioritize safety and patient improvement • Progress tracking is huge • Some not supervised – safety is important • Expand to other locations • Care about athlete improvement, health, and safety • Easier to expand to other markets • Care about athlete improveme nt, health and safety. Cons • Value Proposition • Limited funds • Value Proposition • Limited funds • Contacts • Difficult to expand to other colleges • Contacts • Difficult to expand to other facilities • Want things for free • Difficult to expand • Funds may be limited • Patients do not typically lift heavy weights • Not a main part of business • More serious athletes do not frequent these locations • Contacts • Market size • Difficult to expand to other locations • Trainers usually there to spot and track Motivations (for economic buyer) • Money – bringing in new customers, retaining old ones • Money – bringing in new customers, retaining old ones • Image • Athlete Improvement • Recruiting athletes • Athlete Improvement • Safety • Athlete Improvement • Money • Athlete improvement • Less time spent monitoring and tracking patients • Money – Attracting customers or employees • Happiness/well being of employees • Athlete Improvement • Money – Attracting new customers • Athlete Improveme nt Regulatory Climate • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated Competitive Environment • Highly Competitive • Highly Competitive • Highly Competitive • Highly Competitive • Highly Competitive • Less competitive • Highly Competitive • Highly Competitive • Highly Competitiv e Early Adopters • No • Yes • Yes • Yes • Varies • No • No • Yes • Yes
- 46. Step 1: Segmentation 46 Chain Gyms (Discount/Mains tream) Chain Gyms (High end) Varsity Athletic Weight Rooms (College) Professional Weight Rooms Home Gyms Rehab Facilities Apartment/Hotel / Offices Olympic Training Facilities High End Non Chain Gyms Examples • YMCA, Gold’s Gym, Anytime Fitness, Planet Fitness, etc • Equinox, LA Fitness, David Barton, New York Sports Club • School Facilities • Team Facilities • Home Gyms • Private Training Facilities • Home Gym • Joint Ventures (etc), Brigham Young Women’s Hospital (etc) • Finance/Consultin g Offices • High end apartments/hotels • Training complex in CO, NC, etc • Velocity sports performanc e, etc Pros • Market size • Expand to other locations • Prioritize top of the line • Expand to other locations • More money • Care about athlete improvement, health, and safety • Easier to expand to follow on markets • Care about athlete improvement, health, and safety • Easier to expand to follow on markets • Prioritize safety • Wealthy • Large market • Expand to other locations • Prioritize safety and patient improvement • Progress tracking is huge • Some not supervised – safety is important • Expand to other locations • Care about athlete improvement, health, and safety • Easier to expand to other markets • Care about athlete improveme nt, health and safety. Cons • Value Proposition • Limited funds • Value Proposition • Limited funds • Contacts • Difficult to expand to other colleges • Contacts • Difficult to expand to other facilities • Want things for free • Difficult to expand • Funds may be limited • Patients do not typically lift heavy weights • Not a main part of business • More serious athletes do not frequent these locations • Contacts • Market size • Difficult to expand to other locations • Trainers usually there to spot and track Motivations (for economic buyer) • Money – bringing in new customers, retaining old ones • Money – bringing in new customers, retaining old ones • Image • Athlete Improvement • Recruiting athletes • Athlete Improvement • Safety • Athlete Improvement • Money • Athlete improvement • Less time spent monitoring and tracking patients • Money – Attracting customers or employees • Happiness/well being of employees • Athlete Improvement • Money – Attracting new customers • Athlete Improveme nt Regulatory Climate • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated Competitive Environment • Highly Competitive • Highly Competitive • Highly Competitive • Highly Competitive • Highly Competitive • Less competitive • Highly Competitive • Highly Competitive • Highly Competitiv e Early Adopters • No • Yes • Yes • Yes • Varies • No • No • Yes • Yes Key point for this exercise: • What are the columns? • What are the rows?
- 47. Step 2: Beachhead market 47 Chain Gyms (Discount/Mains tream) Chain Gyms (High end) Varsity Athletic Weight Rooms (College) Professional Weight Rooms Home Gyms Rehab Facilities Apartment/Hotel / Offices Olympic Training Facilities High End Non Chain Gyms Examples • YMCA, Gold’s Gym, Anytime Fitness, Planet Fitness, etc • Equinox, LA Fitness, David Barton, New York Sports Club • School Facilities • Team Facilities • Home Gyms • Private Training Facilities • Home Gym • Joint Ventures (etc), Brigham Young Women’s Hospital (etc) • Finance/Consultin g Offices • High end apartments/hotels • Training complex in CO, NC, etc • Velocity sports performanc e, etc Pros • Market size • Expand to other locations • Prioritize top of the line • Expand to other locations • More money • Care about athlete improvement, health, and safety • Easier to expand to follow on markets • Care about athlete improvement, health, and safety • Easier to expand to follow on markets • Prioritize safety • Wealthy • Large market • Expand to other locations • Prioritize safety and patient improvement • Progress tracking is huge • Some not supervised – safety is important • Expand to other locations • Care about athlete improvement, health, and safety • Easier to expand to other markets • Care about athlete improveme nt, health and safety. Cons • Value Proposition • Limited funds • Value Proposition • Limited funds • Contacts • Difficult to expand to other colleges • Contacts • Difficult to expand to other facilities • Want things for free • Difficult to expand • Funds may be limited • Patients do not typically lift heavy weights • Not a main part of business • More serious athletes do not frequent these locations • Contacts • Market size • Difficult to expand to other locations • Trainers usually there to spot and track Motivations (for economic buyer) • Money – bringing in new customers, retaining old ones • Money – bringing in new customers, retaining old ones • Image • Athlete Improvement • Recruiting athletes • Athlete Improvement • Safety • Athlete Improvement • Money • Athlete improvement • Less time spent monitoring and tracking patients • Money – Attracting customers or employees • Happiness/well being of employees • Athlete Improvement • Money – Attracting new customers • Athlete Improveme nt Regulatory Climate • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated Competitive Environment • Highly Competitive • Highly Competitive • Highly Competitive • Highly Competitive • Highly Competitive • Less competitive • Highly Competitive • Highly Competitive • Highly Competitiv e Early Adopters • No • Yes • Yes • Yes • Varies • No • No • Yes • Yes
- 48. Step 2: Beachhead market 48 Chain Gyms (Discount/Mains tream) Chain Gyms (High end) Varsity Athletic Weight Rooms (College) Professional Weight Rooms Home Gyms Rehab Facilities Apartment/Hotel / Offices Olympic Training Facilities High End Non Chain Gyms Examples • YMCA, Gold’s Gym, Anytime Fitness, Planet Fitness, etc • Equinox, LA Fitness, David Barton, New York Sports Club • School Facilities • Team Facilities • Home Gyms • Private Training Facilities • Home Gym • Joint Ventures (etc), Brigham Young Women’s Hospital (etc) • Finance/Consultin g Offices • High end apartments/hotels • Training complex in CO, NC, etc • Velocity sports performanc e, etc Pros • Market size • Expand to other locations • Prioritize top of the line • Expand to other locations • More money • Care about athlete improvement, health, and safety • Easier to expand to follow on markets • Care about athlete improvement, health, and safety • Easier to expand to follow on markets • Prioritize safety • Wealthy • Large market • Expand to other locations • Prioritize safety and patient improvement • Progress tracking is huge • Some not supervised – safety is important • Expand to other locations • Care about athlete improvement, health, and safety • Easier to expand to other markets • Care about athlete improveme nt, health and safety. Cons • Value Proposition • Limited funds • Value Proposition • Limited funds • Contacts • Difficult to expand to other colleges • Contacts • Difficult to expand to other facilities • Want things for free • Difficult to expand • Funds may be limited • Patients do not typically lift heavy weights • Not a main part of business • More serious athletes do not frequent these locations • Contacts • Market size • Difficult to expand to other locations • Trainers usually there to spot and track Motivations (for economic buyer) • Money – bringing in new customers, retaining old ones • Money – bringing in new customers, retaining old ones • Image • Athlete Improvement • Recruiting athletes • Athlete Improvement • Safety • Athlete Improvement • Money • Athlete improvement • Less time spent monitoring and tracking patients • Money – Attracting customers or employees • Happiness/well being of employees • Athlete Improvement • Money – Attracting new customers • Athlete Improveme nt Regulatory Climate • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated • Regulated Competitive Environment • Highly Competitive • Highly Competitive • Highly Competitive • Highly Competitive • Highly Competitive • Less competitive • Highly Competitive • Highly Competitive • Highly Competitiv e Early Adopters • No • Yes • Yes • Yes • Varies • No • No • Yes • Yes Chain gyms (High End)
- 49. Step 2: Beachhead Market 49 • High End Chain Gyms • Pros • Less concerned with equipment price • More concerned with image • Easier to expand into other locations • Easier to expand into follow on markets • Large Market Size • Cons • Current lack of contacts • Equipment will have to be extremely good quality/high end • Value proposition – improving athletes isn’t their main motivation • Other Potential Markets • Varsity Athletics Programs/Professional Programs • Home Gyms • Mainstream/Budget Gyms
- 50. Step 3: End User Profile 50 • Chris, Full-Time Structural Engineer • 25 Years Old • Previous High School Athlete • Lifts at least 4 times per week • Brings notepad to gym
- 51. Step 4: TAM 51
- 52. 52