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DISCIPLINED
ENTREPRENEURSHIP
BOULDER
COLORADO
Bill Aulet
Overview, Update, Thoughts & Dialogue
July 26, 2017
DISCIPLINED
ENTREPRENEURSHIP
2 Stories
DiPol – Revolutionary membrane technology
for direct methanol fuel cells
Lamborghini Dealership
2
DISCIPLINED
ENTREPRENEURSHIP
DiPol
3
DISCIPLINED
ENTREPRENEURSHIP
Missing?
4
DISCIPLINED
ENTREPRENEURSHIP
Entrepreneurship 101 Quiz
5
What is the singular necessary and
sufficient condition to have a
company?
1.
DISCIPLINED
ENTREPRENEURSHIP
Case 2: Lamborghini Dealership
6
DISCIPLINED
ENTREPRENEURSHIP
What does it take to be a successful
entrepreneur?
7
1. Heart: Mindset
2. Head: Knowledge
3. Hands: Capability
4. Home: Community
DISCIPLINED
ENTREPRENEURSHIP
Importance of Spirit
8
• Willingness and even joy in being
• different …
9
Spirit + Skills
Successful Entrepreneurship
Successful Entrepreneurship
=
Spirit
of a pirate
Skills
of a Navy Seal
10
+
DISCIPLINED
ENTREPRENEURSHIP
How 24 Steps Was Put Together
11
DISCIPLINED
ENTREPRENEURSHIP 12
DISCIPLINED
ENTREPRENEURSHIP 13
DISCIPLINED
ENTREPRENEURSHIP 14
DISCIPLINED
ENTREPRENEURSHIP 15
DISCIPLINED
ENTREPRENEURSHIP 16
DISCIPLINED
ENTREPRENEURSHIP 17
DISCIPLINED
ENTREPRENEURSHIP 18
DISCIPLINED
ENTREPRENEURSHIP 19
Core Material for Course
• Books
• www.disciplinedentrepreneurship.com
• Progress Dashboard
www.detoolbox.com
20
DISCIPLINED
ENTREPRENEURSHIP
21
Free* Online Courses
Note: Bootcamp is not free
DISCIPLINED
ENTREPRENEURSHIP
Overview
22
DISCIPLINED
ENTREPRENEURSHIP
Needs Assessment: Business Essentials* 23
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
Benefits of Approach
• Comprehensive yet Practical
• Sequential/Prescriptive/Integrated
• Proven & Tested – To Stand the Test of Time
• Creates Common Language for Knowledge
Transfer and Accumulation
24
DISCIPLINED
ENTREPRENEURSHIP
DISCIPLINED
ENTREPRENEURSHIP
Thoughts – What Have I Learned
Since the Last Time I was in Boulder?
• PMR (Primary Market Research)
DISCIPLINED
ENTREPRENEURSHIP
PMR
27
DISCIPLINED
ENTREPRENEURSHIP
Thoughts – What Have I Learned
Since the Last Time I was in Boulder?
• PMR (Primary Market Research)
• Getting First Customers
DISCIPLINED
ENTREPRENEURSHIP
Fundamental & Important Concept
Not in Original Book
Windows of Opportunity (WoO)
• A time when your target
end user, economic buyer,
champion, or influencer
will be particularly open to
considering your offering
• Examples:
– Holiday Season
– End of Fiscal Year or
Beginning; Budgeting Cycle
– Life Transitions
– Change in Leadership
– Crisis
Triggers
• Within the WoO, a specific
action you take to create
an urgency/strong
incentive for the target
customer to act
• Examples:
– Discount
– Limited supply
– Time bounded
– Community
– Avoid disaster
30
Examples …
Windows of Opportunity (WoO)
1. Expedia – you are looking at
a flight
2. IBM – end of fiscal year at a
utility
3. Students – beginning of the
school year
4. Enterprise SW – competitor
is acquired by Oracle
5. Hubspot – Visiting website
6. Security Company – after a
high visibility breach
7. Politicians – Bad Obama
sound bite
Trigger
1. “2 seats remaining at this
price”
2. “I need to schedule my
people for December”
3. Back to schools sales or give
aways
4. Time bound Tradein Program
5. Free Website Grader
6. Free audit of customer’s
status
7. Immediate letter to ‘faithful’
soliciting donations
31
DISCIPLINED
ENTREPRENEURSHIP 32
DISCIPLINED
ENTREPRENEURSHIP
Thoughts – What Have I Learned
Since the Last Time I was in Boulder?
• PMR (Primary Market Research)
• Getting First Customers
• Value and Discipline of a Sales Funnel
34
3rd Worksheet for Step #13 – 1st Draft Sales Funnel
DISCIPLINED
ENTREPRENEURSHIP
.
.
.
.
.
.
.
2nd Draft Sales Funnel with Actions for Short Term
Lead Gen: _____________________________________________________________
______________________________________________________________________
Watering Holes: ________________________________________________________
Who: _________________________________________________________________
Find Out About Options – Initial Dialogue: ___________________________________
WoO/Triggers & Confirms General Value Prop: _______________________________
______________________________________________________________________
Who: _________________________________________________________________
Analyze Options I – Confirms Value Prop for Them: ____________________________
______________________________________________________________________
Confirms Budget: _______________________________________________________
Who: _________________________________________________________________
Analyze Options II – Qualify & Proposal: _____________________________________
______________________________________________________________________
Verbal Close & Objection Handling: ________________________________________
Who: _________________________________________________________________
Physically Acquire Product I – Secure Full Commitment, e.g., Purchase Order: ______
______________________________________________________________________
Pay for Product: ________________________________________________________
Who: _________________________________________________________________
Buy More: _____________________________________________________________
Tell Others: ____________________________________________________________
______________________________________________________________________
Who: _________________________________________________________________
Physically Acquire the Product II – Ship/Install: _______________________________
Customer Support - Use, Get Value, Determine Value: __________________________
______________________________________________________________________
Who: _________________________________________________________________
#1: Identification
Output: Leads
#2: Consideration
Output: Suspects
#3: Engagement
Output: Prospects
#4: Purchase Intent
Output: Qualified Prospects
#5: Purchase
Output: Customers
#7: Advocacy
Output: Evangelists
#6: Loyalty
Output: Satisfied Customers
DISCIPLINED
ENTREPRENEURSHIP
.
.
.
.
.
.
.
2nd Draft Sales Funnel with Actions for Medium Term
Lead Gen: _____________________________________________________________
______________________________________________________________________
Watering Holes: ________________________________________________________
Who: _________________________________________________________________
Find Out About Options – Initial Dialogue: ___________________________________
WoO/Triggers & Confirms General Value Prop: _______________________________
______________________________________________________________________
Who: _________________________________________________________________
Analyze Options I – Confirms Value Prop for Them: ____________________________
______________________________________________________________________
Confirms Budget: _______________________________________________________
Who: _________________________________________________________________
Analyze Options II – Qualify & Proposal: _____________________________________
______________________________________________________________________
Verbal Close & Objection Handling: ________________________________________
Who: _________________________________________________________________
Physically Acquire Product I – Secure Full Commitment, e.g., Purchase Order: ______
______________________________________________________________________
Pay for Product: ________________________________________________________
Who: _________________________________________________________________
Buy More: _____________________________________________________________
Tell Others: ____________________________________________________________
______________________________________________________________________
Who: _________________________________________________________________
Physically Acquire the Product II – Ship/Install: _______________________________
Customer Support - Use, Get Value, Determine Value: __________________________
______________________________________________________________________
Who: _________________________________________________________________
#1: Identification
Output: Leads
#2: Consideration
Output: Suspects
#3: Engagement
Output: Prospects
#4: Purchase Intent
Output: Qualified Prospects
#5: Purchase
Output: Customers
#7: Advocacy
Output: Evangelists
#6: Loyalty
Output: Satisfied Customers
DISCIPLINED
ENTREPRENEURSHIP
.
.
.
.
.
.
.
2nd Draft Sales Funnel with Actions for Long Term
Lead Gen: _____________________________________________________________
______________________________________________________________________
Watering Holes: ________________________________________________________
Who: _________________________________________________________________
Find Out About Options – Initial Dialogue: ___________________________________
WoO/Triggers & Confirms General Value Prop: _______________________________
______________________________________________________________________
Who: _________________________________________________________________
Analyze Options I – Confirms Value Prop for Them: ____________________________
______________________________________________________________________
Confirms Budget: _______________________________________________________
Who: _________________________________________________________________
Analyze Options II – Qualify & Proposal: _____________________________________
______________________________________________________________________
Verbal Close & Objection Handling: ________________________________________
Who: _________________________________________________________________
Physically Acquire Product I – Secure Full Commitment, e.g., Purchase Order: ______
______________________________________________________________________
Pay for Product: ________________________________________________________
Who: _________________________________________________________________
Buy More: _____________________________________________________________
Tell Others: ____________________________________________________________
______________________________________________________________________
Who: _________________________________________________________________
Physically Acquire the Product II – Ship/Install: _______________________________
Customer Support - Use, Get Value, Determine Value: __________________________
______________________________________________________________________
Who: _________________________________________________________________
#1: Identification
Output: Leads
#2: Consideration
Output: Suspects
#3: Engagement
Output: Prospects
#4: Purchase Intent
Output: Qualified Prospects
#5: Purchase
Output: Customers
#7: Advocacy
Output: Evangelists
#6: Loyalty
Output: Satisfied Customers
DISCIPLINED
ENTREPRENEURSHIP
Thoughts – What Have I Learned
Since the Last Time I was in Boulder?
• PMR (Primary Market Research)
• Getting First Customers
• Value and Discipline of a Sales Funnel
• Framing the Entrepreneurship
DISCIPLINED
ENTREPRENEURSHIP
The Truth
• Relevant elements of a craft:
 Accessible
 Builders
 Unique Products
 Learnable
 First Principles Exist But Don’t Assure Success
 Apprenticeship
DISCIPLINED
ENTREPRENEURSHIP
Thoughts – What Have I Learned
Since the Last Time I was in Boulder?
• PMR (Primary Market Research)
• Getting First Customers
• Value and Discipline of a Sales Funnel
• Framing the Entrepreneurship
• Inclusive Entrepreneurship
DISCIPLINED
ENTREPRENEURSHIP
41
Free* Online Courses
Note: Bootcamp is not free
DISCIPLINED
ENTREPRENEURSHIP 42
DISCIPLINED
ENTREPRENEURSHIP
End
Questions?
43

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University of Colorado Boulder talk on July 26 2017

  • 2. DISCIPLINED ENTREPRENEURSHIP 2 Stories DiPol – Revolutionary membrane technology for direct methanol fuel cells Lamborghini Dealership 2
  • 5. DISCIPLINED ENTREPRENEURSHIP Entrepreneurship 101 Quiz 5 What is the singular necessary and sufficient condition to have a company? 1.
  • 7. DISCIPLINED ENTREPRENEURSHIP What does it take to be a successful entrepreneur? 7 1. Heart: Mindset 2. Head: Knowledge 3. Hands: Capability 4. Home: Community
  • 8. DISCIPLINED ENTREPRENEURSHIP Importance of Spirit 8 • Willingness and even joy in being • different …
  • 9. 9 Spirit + Skills Successful Entrepreneurship
  • 10. Successful Entrepreneurship = Spirit of a pirate Skills of a Navy Seal 10 +
  • 20. Core Material for Course • Books • www.disciplinedentrepreneurship.com • Progress Dashboard www.detoolbox.com 20
  • 23. DISCIPLINED ENTREPRENEURSHIP Needs Assessment: Business Essentials* 23 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
  • 24. DISCIPLINED ENTREPRENEURSHIP Benefits of Approach • Comprehensive yet Practical • Sequential/Prescriptive/Integrated • Proven & Tested – To Stand the Test of Time • Creates Common Language for Knowledge Transfer and Accumulation 24
  • 26. DISCIPLINED ENTREPRENEURSHIP Thoughts – What Have I Learned Since the Last Time I was in Boulder? • PMR (Primary Market Research)
  • 28. DISCIPLINED ENTREPRENEURSHIP Thoughts – What Have I Learned Since the Last Time I was in Boulder? • PMR (Primary Market Research) • Getting First Customers
  • 30. Fundamental & Important Concept Not in Original Book Windows of Opportunity (WoO) • A time when your target end user, economic buyer, champion, or influencer will be particularly open to considering your offering • Examples: – Holiday Season – End of Fiscal Year or Beginning; Budgeting Cycle – Life Transitions – Change in Leadership – Crisis Triggers • Within the WoO, a specific action you take to create an urgency/strong incentive for the target customer to act • Examples: – Discount – Limited supply – Time bounded – Community – Avoid disaster 30
  • 31. Examples … Windows of Opportunity (WoO) 1. Expedia – you are looking at a flight 2. IBM – end of fiscal year at a utility 3. Students – beginning of the school year 4. Enterprise SW – competitor is acquired by Oracle 5. Hubspot – Visiting website 6. Security Company – after a high visibility breach 7. Politicians – Bad Obama sound bite Trigger 1. “2 seats remaining at this price” 2. “I need to schedule my people for December” 3. Back to schools sales or give aways 4. Time bound Tradein Program 5. Free Website Grader 6. Free audit of customer’s status 7. Immediate letter to ‘faithful’ soliciting donations 31
  • 33. DISCIPLINED ENTREPRENEURSHIP Thoughts – What Have I Learned Since the Last Time I was in Boulder? • PMR (Primary Market Research) • Getting First Customers • Value and Discipline of a Sales Funnel
  • 34. 34 3rd Worksheet for Step #13 – 1st Draft Sales Funnel
  • 35. DISCIPLINED ENTREPRENEURSHIP . . . . . . . 2nd Draft Sales Funnel with Actions for Short Term Lead Gen: _____________________________________________________________ ______________________________________________________________________ Watering Holes: ________________________________________________________ Who: _________________________________________________________________ Find Out About Options – Initial Dialogue: ___________________________________ WoO/Triggers & Confirms General Value Prop: _______________________________ ______________________________________________________________________ Who: _________________________________________________________________ Analyze Options I – Confirms Value Prop for Them: ____________________________ ______________________________________________________________________ Confirms Budget: _______________________________________________________ Who: _________________________________________________________________ Analyze Options II – Qualify & Proposal: _____________________________________ ______________________________________________________________________ Verbal Close & Objection Handling: ________________________________________ Who: _________________________________________________________________ Physically Acquire Product I – Secure Full Commitment, e.g., Purchase Order: ______ ______________________________________________________________________ Pay for Product: ________________________________________________________ Who: _________________________________________________________________ Buy More: _____________________________________________________________ Tell Others: ____________________________________________________________ ______________________________________________________________________ Who: _________________________________________________________________ Physically Acquire the Product II – Ship/Install: _______________________________ Customer Support - Use, Get Value, Determine Value: __________________________ ______________________________________________________________________ Who: _________________________________________________________________ #1: Identification Output: Leads #2: Consideration Output: Suspects #3: Engagement Output: Prospects #4: Purchase Intent Output: Qualified Prospects #5: Purchase Output: Customers #7: Advocacy Output: Evangelists #6: Loyalty Output: Satisfied Customers
  • 36. DISCIPLINED ENTREPRENEURSHIP . . . . . . . 2nd Draft Sales Funnel with Actions for Medium Term Lead Gen: _____________________________________________________________ ______________________________________________________________________ Watering Holes: ________________________________________________________ Who: _________________________________________________________________ Find Out About Options – Initial Dialogue: ___________________________________ WoO/Triggers & Confirms General Value Prop: _______________________________ ______________________________________________________________________ Who: _________________________________________________________________ Analyze Options I – Confirms Value Prop for Them: ____________________________ ______________________________________________________________________ Confirms Budget: _______________________________________________________ Who: _________________________________________________________________ Analyze Options II – Qualify & Proposal: _____________________________________ ______________________________________________________________________ Verbal Close & Objection Handling: ________________________________________ Who: _________________________________________________________________ Physically Acquire Product I – Secure Full Commitment, e.g., Purchase Order: ______ ______________________________________________________________________ Pay for Product: ________________________________________________________ Who: _________________________________________________________________ Buy More: _____________________________________________________________ Tell Others: ____________________________________________________________ ______________________________________________________________________ Who: _________________________________________________________________ Physically Acquire the Product II – Ship/Install: _______________________________ Customer Support - Use, Get Value, Determine Value: __________________________ ______________________________________________________________________ Who: _________________________________________________________________ #1: Identification Output: Leads #2: Consideration Output: Suspects #3: Engagement Output: Prospects #4: Purchase Intent Output: Qualified Prospects #5: Purchase Output: Customers #7: Advocacy Output: Evangelists #6: Loyalty Output: Satisfied Customers
  • 37. DISCIPLINED ENTREPRENEURSHIP . . . . . . . 2nd Draft Sales Funnel with Actions for Long Term Lead Gen: _____________________________________________________________ ______________________________________________________________________ Watering Holes: ________________________________________________________ Who: _________________________________________________________________ Find Out About Options – Initial Dialogue: ___________________________________ WoO/Triggers & Confirms General Value Prop: _______________________________ ______________________________________________________________________ Who: _________________________________________________________________ Analyze Options I – Confirms Value Prop for Them: ____________________________ ______________________________________________________________________ Confirms Budget: _______________________________________________________ Who: _________________________________________________________________ Analyze Options II – Qualify & Proposal: _____________________________________ ______________________________________________________________________ Verbal Close & Objection Handling: ________________________________________ Who: _________________________________________________________________ Physically Acquire Product I – Secure Full Commitment, e.g., Purchase Order: ______ ______________________________________________________________________ Pay for Product: ________________________________________________________ Who: _________________________________________________________________ Buy More: _____________________________________________________________ Tell Others: ____________________________________________________________ ______________________________________________________________________ Who: _________________________________________________________________ Physically Acquire the Product II – Ship/Install: _______________________________ Customer Support - Use, Get Value, Determine Value: __________________________ ______________________________________________________________________ Who: _________________________________________________________________ #1: Identification Output: Leads #2: Consideration Output: Suspects #3: Engagement Output: Prospects #4: Purchase Intent Output: Qualified Prospects #5: Purchase Output: Customers #7: Advocacy Output: Evangelists #6: Loyalty Output: Satisfied Customers
  • 38. DISCIPLINED ENTREPRENEURSHIP Thoughts – What Have I Learned Since the Last Time I was in Boulder? • PMR (Primary Market Research) • Getting First Customers • Value and Discipline of a Sales Funnel • Framing the Entrepreneurship
  • 39. DISCIPLINED ENTREPRENEURSHIP The Truth • Relevant elements of a craft:  Accessible  Builders  Unique Products  Learnable  First Principles Exist But Don’t Assure Success  Apprenticeship
  • 40. DISCIPLINED ENTREPRENEURSHIP Thoughts – What Have I Learned Since the Last Time I was in Boulder? • PMR (Primary Market Research) • Getting First Customers • Value and Discipline of a Sales Funnel • Framing the Entrepreneurship • Inclusive Entrepreneurship