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DISCIPLINED
ENTREPRENEURSHIP
PURDUE UNIVERSITY
FOUNDRY
Bill Aulet
Overview of 24 Steps
April 28, 2017
OKAY THEN, LET’S GET GOING …
2
DISCIPLINED
ENTREPRENEURSHIP
2 Stories
DiPol – Revolutionary membrane technology
for direct methanol fuel cells
Lamborghini Dealership
3
DISCIPLINED
ENTREPRENEURSHIP
DiPol
4
DISCIPLINED
ENTREPRENEURSHIP
Missing?
5
DISCIPLINED
ENTREPRENEURSHIP
Entrepreneurship 101 Quiz
6
What is the singular necessary and
sufficient condition to have a
company?
1.
DISCIPLINED
ENTREPRENEURSHIP
Case 2: Lamborghini Dealership
7
DISCIPLINED
ENTREPRENEURSHIP
What Should We Be?
8
Market-Driven
Target Customer-
Driven
Customer-Driven
DISCIPLINED
ENTREPRENEURSHIP
3 Conditions for a Market Segment
1. Buy Same Product
2. Same Sales Process
3. Word of Mouth
9
DISCIPLINED
ENTREPRENEURSHIP
Step #1: Market Evaluation
DISCIPLINED
ENTREPRENEURSHIP
What is Entrepreneurship?
11
DISCIPLINED
ENTREPRENEURSHIP
Definition of Entrepreneurship – 2 Types
Entrepreneurship
SME (Small Medium Enterprise)
Local Market Focus
Restaurants, Dry Cleaners, Services
IDE (Innovation-Driven Enterprise)
Global Market Focus
Products w/ Innovation at Core
• Δt is short
• Linear growth (capped)
• Less investment required
• Δt is long
• Exponential growth (uncapped)
• A lot of investment required
DISCIPLINED
ENTREPRENEURSHIP
Innovation = Invention*Commercialization
Definition of Innovation
DISCIPLINED
ENTREPRENEURSHIP
What Is Entrepreneurship?
Innovation
* Technology
essentials
* Knowledge of
science &
engineering
* Skills to develop
* Skills to build
Entrepreneurship
* Business
essentials
* Venture
engineering
* Knowledge to
frame decisions
* Skills to start
* Skills to grow
14
DISCIPLINED
ENTREPRENEURSHIP
What is Entrepreneurship Education?
15
DISCIPLINED
ENTREPRENEURSHIP
Importance of Spirit
16
• Willingness and even joy in being
• different …
DISCIPLINED
ENTREPRENEURSHIP
Importance of Spirit
17
18
Spirit + Skills
Successful Entrepreneurship
Successful Entrepreneurship
=
Spirit
of a pirate
Skills
of a Navy Seal
19
+
DISCIPLINED
ENTREPRENEURSHIP
Market Segmentation: Personas
Exploratory/
Curious
Ready-to-Go Entrepreneurship
Amplifier
Corporate
Entrepreneur
Description
of Persona
Interested but has no
driving idea or team; is in
exploratory mode; starts
here but will migrate to
another state or out of
entrepreneurship
Chomping at the bit &
just wants help to get
going – has idea, tech
&/or core of team
Interested in
understanding enough to
successfully promote in
their org (e.g., gov, corp,
family business) but is not
the entrepreneur
Wants to be an
entrepreneur in a large
organization
Needs at a
High Level
Need info on career
choice, soft skills,
ideation, team building
and then some first-hand
experience to get a
sense of the process
Wants specific skills and
lots of them, very
quickly; less on the
upfront things
emphasized for the
“curious” persona;
wants the deep,
immersive experience
of being an
entrepreneur on her
idea/technology
Interested in all steps in
some depth but even
more interested in
strategy, policy and
economic impact of the
field. Will want to have
the experience of being an
entrepreneur so can
empathize but more
interested in the process
than the idea or team
Wants depth in
executing the process
so comfortable doing it
again but less tied to
the idea or team; more
interested in
organizational issues
and environment
issues
20
DISCIPLINED
ENTREPRENEURSHIP
Needs Assessment: Business Essentials* 21
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
DISCIPLINED
ENTREPRENEURSHIP
Notes About Approach and
Framework
• This is a flexible and open process and framework
• Can dynamically add new personas
• Creates new needs
• New needs can be added to the framework (“tile system”)
• Those needs would be represented as tiles or “objects”
• Analogy to object oriented programming
• Allows for systematic identification of new student types and
then …
• Allows for the identification, design, development and
integration of new objects in an efficient and effective manner
DISCIPLINED
ENTREPRENEURSHIP
Why Should I Care?
• Employment
• Impact
• Fun
23
DISCIPLINED
ENTREPRENEURSHIP
Goal: Anti-Fragile Humans
24
DISCIPLINED
ENTREPRENEURSHIP
Misperceptions
25
26
7 Whopping Lies
Told About
Entrepreneurs Which are
Actually Damaging to All
Parties Involved
DISCIPLINED
ENTREPRENEURSHIP
#1 -
“Entrepreneurs are
mercurial individualists”
27
DISCIPLINED
ENTREPRENEURSHIP
#2 -
“Entrepreneurs are the smartest & most high achieving
people in the room”
28
DISCIPLINED
ENTREPRENEURSHIP
#3 -
“Entrepreneurs are born,
not made”
29
DISCIPLINED
ENTREPRENEURSHIP
#4 -
“Entrepreneurs love risk”
30
DISCIPLINED
ENTREPRENEURSHIP
#5 -
“Entrepreneurs are successful
because they are charismatic”
31
DISCIPLINED
ENTREPRENEURSHIP
#6 -
“Entrepreneurs are lucky”
32
DISCIPLINED
ENTREPRENEURSHIP
#7 -
“Entrepreneurs are undisciplined”
33
DISCIPLINED
ENTREPRENEURSHIP
One Other Misperception …
DISCIPLINED
ENTREPRENEURSHIP
The Truth
• Entrepreneurship is a “craft” that can be taught
• Neither science nor art
• Relevant elements of a craft:
– Accessible
– Builders
– Unique Products
– Learnable
– First Principles Exist But Don’t Assure Success
– Apprenticeship
DISCIPLINED
ENTREPRENEURSHIP
So Focus Will Be On …
• First Principles
36
DISCIPLINED
ENTREPRENEURSHIP
Grounded in Practice: Examples of
Disciplined Entrepreneurship
37
Core Material for Course
• Books
• www.disciplinedentrepreneurship.com
• Progress Dashboard
www.detoolbox.com
38
DISCIPLINED
ENTREPRENEURSHIP
39
Free* Online Courses
Note: Bootcamp is not free
DISCIPLINED
ENTREPRENEURSHIP
Overview
40
DISCIPLINED
ENTREPRENEURSHIP
Needs Assessment: Business Essentials* 41
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
DISCIPLINED
ENTREPRENEURSHIP
How 24 Steps Was Put Together
42
DISCIPLINED
ENTREPRENEURSHIP
The 24 Step Approach is Really
Focused on One Tile
• Defining and Refining Product ↔ Market Fit
43
DISCIPLINED
ENTREPRENEURSHIP 44
DISCIPLINED
ENTREPRENEURSHIP 45
DISCIPLINED
ENTREPRENEURSHIP 46
DISCIPLINED
ENTREPRENEURSHIP 47
DISCIPLINED
ENTREPRENEURSHIP 48
DISCIPLINED
ENTREPRENEURSHIP 49
DISCIPLINED
ENTREPRENEURSHIP 50
DISCIPLINED
ENTREPRENEURSHIP
Benefits of Approach
• Comprehensive yet Practical
• Integrated
• Proven & Tested – To Stand the Test of Time
• Sequential/Prescriptive
• Creates Common Language for Knowledge
Transfer and Accumulation
51
DISCIPLINED
ENTREPRENEURSHIP
Recent History & News
52
DISCIPLINED
ENTREPRENEURSHIP
DISCIPLINED
ENTREPRENEURSHIP
End
Questions?
54
DISCIPLINED
ENTREPRENEURSHIP
End
Questions?
55

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