MGT 386 – What have we learned?

Concepts of entrepreneurship Who is an entrepreneur? What is an opportunity? What are the attributes of entrepreneurial opportunities? How do entrepreneurs recognize and pursue opportunities? The process model of entrepreneurship

A framework for evaluating opportunities: The Timmons Model for Entrepreneurial Success Bygrave & Zacharakis

Adding the environment… Bygrave & Zacharakis

Analytical frameworks for entrepreneurship Lean startup Business model canvas Value proposition canvas Attributes of an MVP Customer development Approaches to successful crowdfunding campaigns

Lean startup concepts

3 components of the lean method Business model design Customer development Agile engineering https://www.youtube.com/watch?v=sOkmAbZNTik&list=PLkplm4nc4fY9SXanjrWQuRCi0-aw6sh5e

There are no facts inside your building – get outside!

Why not a business plan? Business plans are full of untested assumptions and rarely survive first contact with customers Nobody, aside from venture capitalists and the former Soviet Union, requires five-year plans to forecast a series of unknowns. Startups are not smaller versions of large companies. Successful startups go quickly from failure to failure while adapting, testing new iterations, and improving ideas with continual feedback from customers

The business model canvas

Minimum viable product "version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort." Goal of an MVP is to test fundamental business hypotheses (or leap-of-faith assumptions) and to jump start learning process as quickly as possible.

Value proposition Customer segment

Module 2: Getting out of the building Customer development Module 2: Getting out of the building

Founder versus salesperson in customer development Job: Discovery The founder is the first person to get out of the building – this is your idea! Founders lead the customer development team and use information to iterate and pivot in real time Job: Execution

Run an insanely successful campaign Craig Armstrong, Ph.D. https://www.kickstarter.com/projects/1778393222/alabama-garage-surf-and-punk-compilation?ref=home_location

Tools you learned how to use