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Business 101.1
A class in business. And entrepreneurship.
Fall 2016
NYU ITP
October 17, 2016
Josh Knowles
Jen van der Meer
Extra love from Tom Igoe
And the Leslie E-Lab
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
MOTIVATION: THE FOUNDER’S DILEMMA
TEAM LIGHTNING ROUNDS
VALUES WORKSHOP
VISION WORKSHOP
MVP SKETCH
Values
Motivation
Team
Big Vision
TEAMS
?
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
Isobel Donjon
Predictive Social
Listening
Tattoo Artist Matching
Fernanda
Eric Ramirez
Javiera Valle Toro
Fashion 3 D
Angie Aguilar
Olivia
Ergonomic Design
Ashley Williams
Yan
Max Theony
Malcolm Pittman
THE FOUNDER’S
DILEMMA
Business 101.1 class 5
Business 101.1 class 5
WHY?
WHY WOULD YOU START A COMPANY?
▸ More time
▸ More money
▸ Can’t work for other people
▸ Social impact
▸ Huge financial returns
▸ Control over my own destiny
▸ I want to have CEO in my title
▸ Control over product, autonomy
▸ No one looking over my shoulder
▸ Freedom
▸ I see a huge opportunity
▸ Hungry to learn
▸ Uber feminism - defining my own rules
▸ I’m not employable
▸ It’s my family business, my legacy
▸ Environmental impact
▸ I want to be a founder
▸ No one would hire me
▸ I am creating art / culture / music
▸ What else?
________________________
WHAT?
WHAT IS A STARTUP?
▸ A startup is a human institution designed to deliver a new product
or service under conditions of extreme uncertainty.” – Eric Ries
▸ “A startup is a company designed to grow fast.” –Paul Graham. Y
Combinator.
▸ “A startup is a temporary organization designed formed to search
for a scalable repeatable business model.” – Steve Blank.
▸ “Most startups change their business model multiple times. A
scalable startup is a special class of startup – world class team,
large vision, large target market, passionate belief and a reality
distortion field.”
Founders choices are
straightforward: Do they want
to be rich or king?
Few have been both.
Noam Wasserman, The Founder’s Dilemma
RICH VS. KING
The most important factor for business
success was ambition with those firms
starting out with high growth expectations
performing most strongly. Indeed,
motivations influence business success
mainly by driving differences in growth
expectations, which in turn drive success.
Entrepreneurship Understanding Motivations
UK Survey 2015
MOTIVATIONS
RICH?
RICH VS. KING
Fail Rich
King Exception
Well below potential Close to potential
LittleComplete
Controlovercompany
Financial gains
The Founder’s Dilemma at HBR.org.
WHICH IS MORE IMPORTANT?
“The world economy remains in a
low-growth trap with persistent
growth disappointments weighing
on growth expectations and feeding
back into weak trade, investment,
productivity and wages”
OECD September 2016
GROWTH DILEMMA
We have set in place an
economic system whose
growth works against
our own prosperity.
Douglas Rushkoff
Throwing Rocks at the Google Bus:
How Growth Became the Enemy of Prosperity 2016
GROWTH DILEMMA
TEAM ROUNDS
PIVOT
IF YOU ARE
DOING THIS
RIGHT…
You have options that
conflict with your
world view, your
values, or you disagree
as a team about which
path to pursue
WHAT IS A
PIVOT?
WHAT IS A PIVOT
PIVOT
▸ A change to your a core business model assumption
▸ You are standing, one foot on the ground.
▸ A mindful pivot:
▸ The foot that serves as the pivot and rotates is your vision,
your values - your reason for starting the company, your
long view. But - your other foot is moving to the place that
will best position you to launch - finding the business
model that will fulfill your vision.
Business 101.1 class 5
Business 101.1 class 5
CLARIFYING
VALUES
Business 101.1 class 5
DECISIONS
VALUES ARE DECISION CRITERIA
▸ Values represent your guiding principles, your highest motivations, which
influence how you make decisions.
▸ The priorities you have when you’re trying to decide between multiple
paths.
▸ If you’ve been following this class- the real learning is not happening when
you go talk to people - and learn. And when you have to make decisions.
▸ You’re testing your core criteria - how it is that YOU value what You are
doing.
▸ Value priorities help us make decisions about these tradeoffs - how to
literally value the importance of every action we take.
▸ And you want to be clear -it’s the priority that matters. The end game.
WHAT ARE VALUES,
IN ORDER? WHAT
ARE YOUR END
GAME VALUES?
VALUES > ACTION
VALUES BECOME DECISIONS BECOME YOUR COMPANY
▸ Each time I’m making a decision - I’m trading off in the
moment, in the context - do I go for my long end game, or
my current reality. There are tradeoffs. There’s no perfect
balance, perfect decisions.
▸ It’s worth getting clear on your values - the will help you
figure out how to decide, who to hire, how to grow your
team, and how to be.
Business 101.1 class 5
WORK
TOGETHER
VISION
ASSUME…
WE WILL GET THE MONEY
AND CUSTOMERS AND
RESOURCES AND PEOPLE
WE NEED TO BUILD THIS
BUSINESS
HOW DOES THE
WORLD
CHANGE?
WHAT DOES THE WORLD
LOOK LIKE 5 YEARS
FROM NOW BECAUSE
OF YOUR COMPANY
WHAT DOES THE
WORLD LOOK LIKE
10 YEARS FROM
NOW?
10 YEARS FROM NOW
WHAT HAPPENED
▸ Did we get the world we wanted?
▸ How many people have you reached? How many cities or
countries?
▸ What are your technical achievements?
▸ How did you impact culture?
NOW SKETCH:
What is the first step
your customers take?
How do they find out
about you?
what is the first thing
they do?
IN SUM
FINAL Q
TODAY
DOES THE CURRENT WAY WE
MAKE NEW COMPANIES
CHALLENGE THE
SHAREHOLDER-ENTERIC VIEW
OF THE PURPOSE OF A
COMPANY?
FOR NEXT TIME
MVP SKETCH
What is the first step
your customers take?
How do they find out
about you?
What is the first thing
they do?
CONTACT:
Jen or Josh for Office Hours

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Business 101.1 class 5

  • 1. Business 101.1 A class in business. And entrepreneurship. Fall 2016 NYU ITP October 17, 2016 Josh Knowles Jen van der Meer Extra love from Tom Igoe And the Leslie E-Lab
  • 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. MOTIVATION: THE FOUNDER’S DILEMMA TEAM LIGHTNING ROUNDS VALUES WORKSHOP VISION WORKSHOP MVP SKETCH Values Motivation Team Big Vision
  • 4. TEAMS ? 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 Isobel Donjon Predictive Social Listening Tattoo Artist Matching Fernanda Eric Ramirez Javiera Valle Toro Fashion 3 D Angie Aguilar Olivia Ergonomic Design Ashley Williams Yan Max Theony Malcolm Pittman
  • 8. WHY? WHY WOULD YOU START A COMPANY? ▸ More time ▸ More money ▸ Can’t work for other people ▸ Social impact ▸ Huge financial returns ▸ Control over my own destiny ▸ I want to have CEO in my title ▸ Control over product, autonomy ▸ No one looking over my shoulder ▸ Freedom ▸ I see a huge opportunity ▸ Hungry to learn ▸ Uber feminism - defining my own rules ▸ I’m not employable ▸ It’s my family business, my legacy ▸ Environmental impact ▸ I want to be a founder ▸ No one would hire me ▸ I am creating art / culture / music ▸ What else? ________________________
  • 9. WHAT? WHAT IS A STARTUP? ▸ A startup is a human institution designed to deliver a new product or service under conditions of extreme uncertainty.” – Eric Ries ▸ “A startup is a company designed to grow fast.” –Paul Graham. Y Combinator. ▸ “A startup is a temporary organization designed formed to search for a scalable repeatable business model.” – Steve Blank. ▸ “Most startups change their business model multiple times. A scalable startup is a special class of startup – world class team, large vision, large target market, passionate belief and a reality distortion field.”
  • 10. Founders choices are straightforward: Do they want to be rich or king? Few have been both. Noam Wasserman, The Founder’s Dilemma RICH VS. KING
  • 11. The most important factor for business success was ambition with those firms starting out with high growth expectations performing most strongly. Indeed, motivations influence business success mainly by driving differences in growth expectations, which in turn drive success. Entrepreneurship Understanding Motivations UK Survey 2015 MOTIVATIONS
  • 12. RICH? RICH VS. KING Fail Rich King Exception Well below potential Close to potential LittleComplete Controlovercompany Financial gains The Founder’s Dilemma at HBR.org.
  • 13. WHICH IS MORE IMPORTANT?
  • 14. “The world economy remains in a low-growth trap with persistent growth disappointments weighing on growth expectations and feeding back into weak trade, investment, productivity and wages” OECD September 2016 GROWTH DILEMMA
  • 15. We have set in place an economic system whose growth works against our own prosperity. Douglas Rushkoff Throwing Rocks at the Google Bus: How Growth Became the Enemy of Prosperity 2016 GROWTH DILEMMA
  • 17. PIVOT
  • 18. IF YOU ARE DOING THIS RIGHT…
  • 19. You have options that conflict with your world view, your values, or you disagree as a team about which path to pursue
  • 21. WHAT IS A PIVOT PIVOT ▸ A change to your a core business model assumption ▸ You are standing, one foot on the ground. ▸ A mindful pivot: ▸ The foot that serves as the pivot and rotates is your vision, your values - your reason for starting the company, your long view. But - your other foot is moving to the place that will best position you to launch - finding the business model that will fulfill your vision.
  • 26. DECISIONS VALUES ARE DECISION CRITERIA ▸ Values represent your guiding principles, your highest motivations, which influence how you make decisions. ▸ The priorities you have when you’re trying to decide between multiple paths. ▸ If you’ve been following this class- the real learning is not happening when you go talk to people - and learn. And when you have to make decisions. ▸ You’re testing your core criteria - how it is that YOU value what You are doing. ▸ Value priorities help us make decisions about these tradeoffs - how to literally value the importance of every action we take. ▸ And you want to be clear -it’s the priority that matters. The end game.
  • 27. WHAT ARE VALUES, IN ORDER? WHAT ARE YOUR END GAME VALUES?
  • 28. VALUES > ACTION VALUES BECOME DECISIONS BECOME YOUR COMPANY ▸ Each time I’m making a decision - I’m trading off in the moment, in the context - do I go for my long end game, or my current reality. There are tradeoffs. There’s no perfect balance, perfect decisions. ▸ It’s worth getting clear on your values - the will help you figure out how to decide, who to hire, how to grow your team, and how to be.
  • 33. WE WILL GET THE MONEY AND CUSTOMERS AND RESOURCES AND PEOPLE WE NEED TO BUILD THIS BUSINESS
  • 35. WHAT DOES THE WORLD LOOK LIKE 5 YEARS FROM NOW BECAUSE OF YOUR COMPANY
  • 36. WHAT DOES THE WORLD LOOK LIKE 10 YEARS FROM NOW?
  • 37. 10 YEARS FROM NOW WHAT HAPPENED ▸ Did we get the world we wanted? ▸ How many people have you reached? How many cities or countries? ▸ What are your technical achievements? ▸ How did you impact culture?
  • 38. NOW SKETCH: What is the first step your customers take? How do they find out about you? what is the first thing they do?
  • 41. DOES THE CURRENT WAY WE MAKE NEW COMPANIES CHALLENGE THE SHAREHOLDER-ENTERIC VIEW OF THE PURPOSE OF A COMPANY?
  • 43. MVP SKETCH What is the first step your customers take? How do they find out about you? What is the first thing they do?
  • 44. CONTACT: Jen or Josh for Office Hours