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Uni100 basic entrepreneurship course
The document provides an overview of entrepreneurship education topics including systemic entrepreneurship, social entrepreneurship, characteristics of entrepreneurship, the entrepreneurial process, startups, business models, and funding. Key definitions and concepts are discussed such as using entrepreneurship to address social problems, the importance of vision and mission, common startup myths, and customer discovery. The document also shares tips for entrepreneurs such as focusing on product/market fit and solving customer problems.
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Uni100 basic entrepreneurship course
- 1. UNI -100 Basics ofEntrepreneurship Demetris C. Hadjisofocli Managing Director, Helix Business Incubator, Ltd. Director, Liaison Office University of Nicosia Coordinated Induction of Entrepreneurship Education in Schools March 31, 2014 15:00 – 18:00
- 2. This problem canbe solved by pre-school children in five to ten minutes, by programmers in an hour and by people with higher education… well check it yourself! 8809= 6 7111= 0 2172= 0 6666= 4 1111= 0 2 3213= 0 7662= 2 9313= 1 0000= 4 2222= 0 3333= 0 5555=0 8193= 3 8096= 5 1012= 1 7777= 0 9999=4 7756= 1 6855= 3 9881= 5 5531= 0 2581= ???
- 3. Entrepreneurship & CarParadigm Common: Wheel, Tires, Body, Engine
- 4. Definition - SystemicEntrepreneurship® ______________________________________ Systemic Entrepreneurship® is a holistic approach to entrepreneurship execution were the stakeholder environment allows the user to use general frameworks and principles in a modular way during the development of business leaders, business models, monetization strategies and while the corporate strategic objectives are met, to ensure that the end target of Economic, Political, Social, Legal, Environmental equality across the societal graph is reached.
- 5. Example of SystemicEntrepreneurship Developing agribusinesses in rural Africa, that strives to empower individuals and communities It operates in several African countries. Researchers have introduced a system of vegetable production that combines conventional farming with hydroponic technologies for healthy and high value crop cultivation In partnership with the Sun International hotel group, a vegetable production network has been established, allowing local groups of farmers to produce vegetables for sale to top hotels serving the international tourism market This has led to the emergence of agri-entrepreneurs, and overall, the farmers benefiting earned income of $1million annually since 2006. Beneficiaries include vulnerable groups like homeless, the visually disabled, widows and orphans These are examples of the kind of systemic entrepreneurship that are needed. It takes a social problem and utilizes knowledge transfer to come up with a solution that is not about economic growth per se, but about human development
- 6. Definition - SocialEntrepreneurship __________________________________ Social entrepreneurship is the process of pursuing suitable solutions to social problems. More specifically, social entrepreneurs adopt a mission to create and sustain social value. They pursue opportunities to serve this mission, while continuously adapting and learning. Possible Social Problems Unemployment among youth Poverty Civil Unrest Recession Closure of large number of SMEs Productive Entrepreneurship
- 7. What is (Social)Entrepreneurship Social entrepreneurship is the process of pursuing suitable solutions to social problems. More specifically, social entrepreneurs adopt a mission to create and sustain social value. They pursue opportunities to serve this mission, while continuously adapting and learning. Possible Social Problems Unemployment among youth Poverty Civil Unrest Recession Closure of large number of SMEs Unproductive Entrepreneurship Socially Productive Entrepreneurial Activities
- 8. Entrepreneurship _______________________________ Entrepreneurship isan agent of creative distraction Individuals NOT Corporations are the driving force Small agile companies as opposed to traditionally large companies Knowledge intensive Needs Policy shifts
- 9. What is thecontribution to systemic societal development _________________________________ Entrepreneurship focuses Solely on economic growth Blind focus on straight forward monetization contributes to scorch earth business models, business strategies, business systems How does society as a whole contributes to the development of responsible business leaders Education Culture Values discussion Ethics (not just business ethics but ethics in general)
- 10. What do weneed Entrepreneurship to address? ______________________________________ How do we address the issue of social and financial equality? Society and quality of life should move forward in unison; not necessarily at the same level but in unison The gap between social groups at worst should remain the same, but we should strive to shrink it (capitalism needs free willing customers) Disparities, inequalities Entrepreneurship that brings economic justice, equality, environmental sustenance Economic, Political, Social, Legal, Cultural, Technological, Environmental Perspective social, economic, political, religious considerations Correlation between Entrepreneurship and Development
- 11. How is itto have an Idea and Start a Business? What is the journey like? Brainstorming Perceptions Realities
- 12. Key Steps Whyis a product/service necessary? What are the objectives for setting up a Company? Formulate a basic idea and organize a brainstorming session Research the needs/opportunities and set up a framework Map how the company will operate and how it will benefit the stakeholders Define Business Model and Business Structure
- 13. Key Steps Getsupport (talk about the idea) Develop an executive summary and find someone who can help with building initial strategies/basic planning Identify the resources needed and the resources available Think about both Operational and Tactical Planning
- 14. Key Success Factors The Planning, Tactical, and Strategic Vision should be globalized Learn from others’ experiences but….. There isn’t a One Model Fits All approach Don’t build a business just for the sake of building one – Cost/Revenue Planning is Vital – Don’t do it for non value added reasons – Have sustainability planning (running out of money is the biggest problem that kills even great ideas)
- 15. Key Success Factors Be honest when setting and communicating expectations Continual internal evaluation with consideration of external factors Continual communication with stakeholders Be willing to pivot
- 16. What is EntrepreneurshipDrive The ability to identify new ideas Passion, determination and the drive to try them out Willingness to listen and learn Have the character to know when it is time to pivot to a better version…
- 17. Characteristics of Entrepreneurship Innovation Creativity Scientific Curiosity Collaboration Forward Looking But Methodology to Success Can differ….
- 18. FOOTBALL One Ball Tool Same Objective Success Different Approaches
- 19. What is astartup?
- 20. Usually it goeslike… Brother…. Whoa…. I have this idea that is Kick Ass…. If we build it everyone is gonna want it …. We made it!
- 21. And often seemsto end like ….. GOOGLE, YAHOO, FACEBOOK….. BUT, GUESS WHAT?
- 22. The reality is…… Nothing works Run out of money Nobody wants to buy Someone else did it Don’t have more time to work on this So and so on the team doesn’t do his share of work
- 23. “ ” 94 out of100 die… STARTUPS ARE REALLY HARD AND THERE IS NO SECRET INGREDIENT THAT WILL HELP YOU TO SUCCEED
- 24. A good definitionof startup “A human institution designed to deliver a new product or service under conditions of extreme uncertainty” Eric Ries
- 25. What are someof the Ingredients VISION MISSION
- 26. Vision What isit gonna be? So why we do our thing?
- 27. Vision When Chester Carlsoninvented a way to make copies of paper docs IBM laughed at him Then Xerox created copy machines and today “to Xerox” is a verb
- 28. Characteristics of agood Vision Short Easy to understand Implemented quite fast (< 2-3 yrs) Long lasting (decades)
- 29.
- 30. Mission Wang Laboratories 3Billions in revenue in the 80s Word processing computers Failed Didn’t foresee general purpose computers
- 31. Startups Everything but anexact science
- 32. “Don’t worry aboutfailure you only have to be right once” - Drew Houston Most Successful entrepreneurs failed on average 6 times before getting some traction
- 33. Startup Myths ItCosts nothing to build Get funded with some nice slides and a lot of passion It’s all about the idea Founders are all cool hippie college dropouts
- 34. Myth 1 Start Upsare cheap Lean or not, building something meaningful costs money and at some point savings run out
- 35. Funding Channels Personal, Friends,Family Idea Competitions In Kind Support Incubators/Accelerators Angel Investors Agency Funding Angel/Small Investors Venture Funding Banks/Other Financial Institutions
- 36. Myth 2 “WOW themwith your presentation and you’ll get money” You are already underestimating the number of times you will be rejected and how long it will take you to raise some funds
- 37. Myth 3 “The ideamakes the difference” Ideas are easy – Implementation is hard A great idea with: a great execution a great timing a great team great perseverance Maybe
- 38. Myth 4 “A startupperis a cool hippie college dropout” Profile of the average founder: 40yrs old Married with Children 6-10 yrs work experience Bachelors or higher
- 39. How to makeit? Find your product/market fit before you run out of money THAT’S IT Solve a Problem
- 40. Start Up isnot a linear path Was everything you think you knew about your product and market wrong? What if…
- 41. RJReynolds Burned $450.000.000 todevelop smokeless cigarettes but... ………. Smokers didn’t give a f**k about smoke … at that time
- 42. WebVan Grocery homedelivery Within a 30-min window Time chosen by the customer but.. Didn’t consider that many working customers would like their groceries delivered at home and at night They built the wrong capacity for the wrong time
- 43. WebVan Burned $800.000.000 CNET named it the largest dot-com flop in history
- 44. Motorola Burned $5.000.000.000 Forsatellite- based phone system that nobody wanted
- 45. Critical Point Youdon’t invent product/service You solve problems
- 46. Setup the rightgoals How good/thorough do you know customer’s needs? Does your product/service solve that need? How much are they willing to pay for your solution? How much is this problem a priority to the customer? Does it solve a significant problem?
- 47. Customer Discovery Whocan be the customers? Target Profile Can they afford the product/service? Can they access it? Location Legal Weather
- 48. Go through theprocess You’ll get plenty of doubt: Analyze data It’s all about speed and control
- 49. Customer Segments ThePeople & Organizations targeted by the company For whom are we creating value? Who are our most important customers? Not all customers are created equal
- 50. Value proposition Servicesand products that provide value to customer segments Product Satisfies a new need/creates a need Solves a problem Offers better performance Is more customized Costs less Has a better design KNOW Numbers KNOW Markets WHAT is the Monetization of the Solution Who is the TEAM
- 51. Channels How doescompany reach customers to tell them about value proposition? Through which Channels Customer Segments can/want to be reached? How are Channels integrated? Which ones work best? Which ones are most cost-efficient? How are Channels integrated with customer habits/routines?
- 52. Customer Relationships Typesof relationships established between the company and customer segments What types of relationships does the company have with customers? Direct or relying on others Customer facing Loyalty Schemes
- 53. Revenue Streams Representsthe income of the company for every customer segment For what value are customers willing to pay? For what value do they currently pay? If they do! How are they currently paying? How would they prefer to pay? How much does each stream contribute to overall revenue?
- 54. Key Resources Strategicassets that the company need to maintain its business model What Key Resources does the… Value Propositions require to be delivered? Distribution Channels? Customer Relationships? Revenue Streams? Resources type: Physical, Intellectual, Human, Financial
- 55. Key Activities Strategicactivities to deliver the value proposition, reach customers and nurture relationships What Key Activities does the Value Propositions require? Distribution Channels? Customer Relationships? Revenue streams? Types of Key Activities: Production, Problem Solving, Platform/Network
- 56. Key Partners Definecontractors and partners that are supporters/critics for company’s business model Who are the Key Partners? Who are the key suppliers? Which Key Resources is the company acquiring from partners? Which Key Activities do partners perform?
- 57. Cost Structure Whatare all the costs required for the company in order to have its business model up and running What are the most important costs inherent in the business model? Which Key Resources are most expensive? Which Key Activities are most expensive? Cash Flow is King Cost Rationalization? Why this/that Expense? How does it Contribute?
- 58. Funding - DueDiligence ____________________________________ The process through which investments are decided Detailed, Broad, Deep Has some fixed elements Has some local elements Need expertise to perform It is important and critical to the success of an investor but it should not delay the process Ideas will fail for sure; better chances are 2 in 50
- 59. Team ____________________________________ Not everyonecan become an Entrepreneur but ALMOST everyone can be Enterprising ………..Teams that have GREAT Technologists Engineers Operations Legal Individuals who are Agile and Flexible If someone is not an Entrepreneur but has those qualities, put a GREAT Entrepreneur on their team Know what the team does not know – No Ego!
- 60. Position for Success ____________________________________ KNOW A PITCHING EAR …. Not all money is created (or given) equally Not all investment people have the same philosophy, psychology, interests, knowhow.. Not all cultures/ecosystems are the same A pitching angle Tech, Business Model, Operations, Monetization…. ADJUST IT
- 61. Value Proposition _______________________________________ KNOWNumbers KNOW Markets WHAT is the Problem to be Solved WHAT is the Monetization of the Solution HAVE a TEAM
- 62. Tool Box –Major Points ____________________________________ To the point Business Plan; Executive Summary (short & sweet) Only the “justified & confirmed” Facts; no blah blah!!! Sustainable Competitive Advantage Know your business inside-out Know what you don’t know Avoid Tunnel Vision Syndrome Confirm the viability of your idea Know and Respect your competition Think & Plan 2 steps ahead (market trends) Team with Chemistry & Know-How; Build a balanced team-gene pool Assess & know your cost Sales pipeline
- 63. Tool Box –Use of Funds! ___________________________________ Why do you need the money? How will the money be used? Legitimate reasons Grow Sales Product Development Marketing Recruiting Training Infrastructure
- 64. Tool Box –Transparency ___________________________________ What are the controls which guarantee legitimate use of funds? Established Audit processes Weekly/Monthly reports Knowledgeable/Functional Board of Directors
- 65.
- 66. Ask yourself Whatare the emerging trends I notice? Am I willing to put the time and effort? Am I ready for sleepless nights and hardworking days? Am I willing to Work hard, Learn, Listen, Kill ego? Do I have the support of people I care about?
- 67. What is yourpersonality? Critical to understand personal traits because certain characteristics fit certain jobs Extrovert / Introvert Fighter / Go getter / Quiet Lerner/Listener/Know it all Know your strengths and weaknesses
- 68. Business Idea Needs thatwill be satisfied Problems to be solved Who will buy? Customers? Target? Competitive differentiation
- 69. Team Engineer Developer General Business/Finance Marketing Lawyer Leader (could be one of the above) Interact, Share, Listen, Respect, Embrace, Never Walk Alone
- 70. Have a Network Family Supporters Knowledge Transfer Experience Couriers Market Experts Coaches/Mentors Failure Owners File contact information
- 71. Rationalization Think Logicallyand consider the facts No Feelings or Intuition or Someone told me Be Creative Look at the +’s
- 72. Ideation Identify aGroup or Problem you want to solve How does your group behave? Where does it frequent? Describe the activities of the group What kind of problems/difficulties could they have? What are the possible solutions
- 73. How are Ideasborn? Are they easy? Do they just come to us? Once we have the idea, is it easy to get to the market? Set the right expectations It’s about passion, planning, hard work, commitment, the overall environment, the team, the resources, perseverance
- 74.