1 Intro 2009 1.0

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2009 Presentation #1 on Entrepreneurship Skills for Undergrad Engineers

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1 Intro 2009 1.0

  1. 1. Entrepreneurship and You Iain Verigin [email_address] September 2009
  2. 2. Who Are You? <ul><li>What is your specialization? </li></ul><ul><ul><li>Mech, EE, Comp Sci, other. </li></ul></ul><ul><li>Post-Grad - What are you gonna Do? </li></ul><ul><ul><li>Grad School? </li></ul></ul><ul><ul><li>Work? </li></ul></ul><ul><ul><ul><li>Big Company </li></ul></ul></ul><ul><ul><ul><li>Small Company </li></ul></ul></ul><ul><ul><ul><li>Start-up? </li></ul></ul></ul><ul><ul><li>Travel? </li></ul></ul>- Let’s show some hands -
  3. 3. Who Am I ? <ul><li>Education : </li></ul><ul><ul><li>McGill Physics, UBC Eng Phys EE option, SFU M.Eng EE (Comm’s, Semi’s & Optics ) </li></ul></ul><ul><li>Work </li></ul><ul><ul><li>Engineering : PMC-Sierra </li></ul></ul><ul><ul><li>Marketing : PMC-Sierra & Packet Engines </li></ul></ul><ul><ul><li>Business Development : PMC-Sierra </li></ul></ul><ul><li>Hobbies </li></ul><ul><ul><li>“ Health Issues”, Philanthropy (Eng Phys Professorship), Coaching Hockey & Track, Golf, Blogging, reading, “bad” music. </li></ul></ul>
  4. 4. Lecture Objectives <ul><li>Understand entrepreneurial leadership </li></ul><ul><ul><li>and its process in high-technology industries </li></ul></ul><ul><li>Dispel common myths & misconceptions . </li></ul><ul><li>Learn skills </li></ul><ul><ul><li>important for 21st century technology leaders. </li></ul></ul><ul><li>Stimulate continuous learning </li></ul><ul><ul><li>and personal reflection regarding entrepreneurship and your future. </li></ul></ul>
  5. 5. Agenda <ul><li>Introduction - today. </li></ul><ul><li>Entrepreneurship Skills </li></ul>
  6. 6. What is Entrepreneurship? <ul><li>A Way of Managing, Leading, and Doing! </li></ul><ul><ul><li>It Can Be Taught! </li></ul></ul><ul><li>Fine Print </li></ul><ul><ul><li>&quot;Entrepreneurship is a management style that involves pursuing opportunity without regard to the resources currently controlled. Entrepreneurs identify opportunity, assemble required resources, implement a practical action plan, and harvest the rewards in a timely, flexible way. </li></ul></ul><ul><ul><li>A ny attempt at new business or new venture creation, such as self-employment, a new business organization, or the expansion of an existing business, by an individual, a team, or an established business. </li></ul></ul><ul><li>References: Stanford E145 material (Byers) </li></ul>
  7. 7. Seven Important Skills for Tomorrows Entrepreneurial Leaders <ul><li>Creativity and Opportunity Evaluation </li></ul><ul><li>Real-time Strategy and Decision Making </li></ul><ul><li>Comfort with Change and Chaos </li></ul><ul><li>Teamwork </li></ul><ul><li>Evangelism, Selling, Negotiation, and Motivation through Influence and Persuasion </li></ul><ul><li>Oral and Written Communication </li></ul><ul><li>Basics of Start-Up Finance and Accounting </li></ul><ul><li>Reference --- Byers - E145 - http://stvp.stanford.edu </li></ul>
  8. 8. UBC Fizzers Have Rocked <ul><li>3 of top 4 market cap in BC. </li></ul><ul><ul><li>Creo </li></ul></ul><ul><ul><li>MDA - (CEO) Dan Friedman </li></ul></ul><ul><ul><li>PMC-Sierra - current COO Colin Harris, 1st CEO - Ralph Bennett, Professorship donors ( Curtis Lapadat, Alex Chiu, myself, and CH) </li></ul></ul><ul><li>There are lots more small companies with Fizz leaders. </li></ul>http://www.bctechnology.com/statics/rankings2.cfm U Can Do it!
  9. 9. The Biz Plan Technology Ventures : From Idea to Opportunity Chapter 7: Figure 7.3 Resources Financial Physical Intellectual Deal Reward, Risks Incentives Ownership Harvest People The Team Capabilities Attitude Reputation Opportunity Customers Strategy Business Model The Business Plan
  10. 10. Study/Plan and Act <ul><li>Market Analysis </li></ul><ul><li>Market Pursuit </li></ul>
  11. 11. It’s The Scientific Process! <ul><li>Hypothesis </li></ul><ul><li>Develop Test </li></ul><ul><li>Observe </li></ul><ul><li>Analyze Results </li></ul><ul><li>Re-jig Hypothesis </li></ul><ul><li>Do it again ( many times … Quickly ) </li></ul><ul><li>Apply to Customers </li></ul><ul><li>Product / Market Fit is what you are looking for. </li></ul><ul><li>Is not obvious </li></ul>
  12. 12. Six steps to Acting as an entrepreneur Chapter 2: Figure 2.1
  13. 13. iPod Timeline Cycling, Cycling, and more Cycling
  14. 14. To Create a Customer <ul><li>Drucker says … </li></ul><ul><li>“ There is only one valid definition of business purpose: …” </li></ul><ul><li>Page 20 “The Essential Drucker” </li></ul>Aside
  15. 15. * Straight Lines Don’t Happen in Real Life * * Get used to cycling back. * Some people get stuck calling this “failure”. * Don’t let failures define you. * Success will come. Aside
  16. 16. What is Marketing? <ul><li>Drucker says -- </li></ul><ul><li>There will always, one can assume, be the need for some selling. But the aim of marketing is to make selling superflous . The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself . </li></ul><ul><li>Reference: pages 20 & 21 in “Essential Drucker”. </li></ul>
  17. 17. A Product That Sells Itself
  18. 18. <ul><li>? Instant Success ? </li></ul><ul><li>In 4th year after launch. </li></ul><ul><li>( ie 6 years ) </li></ul><ul><li>This is as fast as it gets. </li></ul>NB. Apple's fiscal year ends in September. This means that Q1 includes the holiday season, which accounts for jumps in the data. Fiscal Q1 is Oct - Dec of previous year. So Q1 of 2008 is Oct - Dec of 2007, Q2 of 2008 is Jan - Mar of 2008 and so on.
  19. 19. iPod Units
  20. 20. Technology Adoption Life Cycle Chasm Copyright © Geoffrey A. Moore, 2005, from the book “DEALING WITH DARWIN” Early Market Bowling Alley Tornado Main Street
  21. 21. Underlying Drivers in Growth Markets Techies: Just try it! Pragmatists: Stick with the herd! Visionaries: Get ahead of the herd! Copyright © Geoffrey A. Moore, 2005, from the book “DEALING WITH DARWIN” “ Technology Adoption Strategies” People Conservatives: Stick with what’s proven! Skeptics: Just say No!
  22. 22. New Market “Chasm” Chasm Copyright © Geoffrey A. Moore, 2005, from the book “DEALING WITH DARWIN” Early Market Bowling Alley Tornado Main Street
  23. 23. Trajectory of Disruptive Innovations <ul><ul><li>Range of performance required in the mainstream market </li></ul></ul><ul><ul><li>Expected Trajectory </li></ul></ul>Now Time High Performance Low <ul><li>“ Innovator’s Dilemma” </li></ul><ul><li>iPod </li></ul><ul><li>Cell Phone </li></ul><ul><li>Ethernet </li></ul><ul><li>All were “lacking” at start </li></ul><ul><li>All changed the “rules” </li></ul>
  24. 24. No one knows the answer! You’ve got to discover it. Fix & Adjust Act Review & Learn This is everything u need to know :-)
  25. 25. ! People Skills Rule ! <ul><li>The area with the most room for differentiation is in “People Skills” </li></ul><ul><ul><li>Yes … ‘cause Engineers suck at this :) </li></ul></ul>Next Week
  26. 26. Reading Material <ul><li>I’ve made a list on-line </li></ul><ul><li>http://hnorth.wordpress.com/fizz/ </li></ul>

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