Session - 01/24 (3/9/2024)
Topic: Entrepreneurship and startups1.
Key Concepts:
o Startups Govt Rebates2.
o Western thought & oriental thought3.
o Ikigai4.
o Effectuation5.
o Business Idea (Technology)6.
Table Content:
o Column 1: Budding comedians, Trainers7.
o Column 2: platform, usage, streaming8.
o Column 3: platform charges, Sponsorship9.
o Column 4: Investors, commun, Rights of Those, videos & which
can10.
Session - 01/24 (9/9/2024)
Topic: Customer & the problem11.
Key Questions:
o Who is the target consumer?12.
o What kind of problem? Why is it a problem? 13.
o Who is facing the problem?14.
o Who will buy your product or service?15.
o When will your customers buy your product or service? 16.
o What are customers currently doing about it? 17.
o How much will your customers pay for your product or service? 18.
o How much you'll need to charge?19.
Innovation Adoption Model: Initially, every organization will be
"dumb & loyal" and are expected to "blindly believe" 20.
Other Pointers: Licenses/permits, skills needed, hours needed to be
posted, what else could affect business (e.g., seasons),
problems/constraints in converting a problem into an opportunity
(technological, legal, social)21.
Session - 01/24 (16/9/2024)
Task: 2-3 pages of Business Idea22.
Concept: An opportunity is a future state that is "both desirable &
achievable"23.
Opportunity Analysis Framework:
o Feasibility: Is it doable?24.
o Market Value: Is it worth doing it?25.
o Personal: Can I do it?26.
Opportunity Analysis Perspectives:
o Market/Customer's27.
o Industry28.
o Founder perspective29.
o Competing aspects30.
o Go to Market31.
Market Analysis (Micro-level):
o Successful ventures serve customers and their needs, resolving
their pain32.
o It's about target customers, not just customers 33.
o Providing differentiated benefits that are compelling 34.
o Is there a target market segment that exists?35.
o Are the benefits believable, and is the product different and
superior?36.
o How large is the segment and how fast is it growing? (better,
faster, cheaper) 37.
o Will entry into this segment provide entry into others? 38.
o Investors want to know: "who will be your 1st 10 customers" and
"who will be your largest customer in 5 years"? 39.
Market Analysis (Macro-level):
o Is the market large enough for different competitors without
them getting in each other's way?40.
o What are the predictions for short-term growth? (Recent growth
is the best predictor) 41.
o What are the predictors for long-term growth? (Economic,
social/cultural, demographic, technological) 42.
o Investors want to know if the opportunity has the potential to be
big, in other words, to "scale"43.
Session - 01/24 (18/09/2024)
Micro-level: Sustainable advantage44.
Key Concepts:
o Blue Ocean Strategy45.
o Keys to sustaining competitive advantage:
Proprietary elements (patents, trade secrets)46.
Superior organizational processes, capabilities, or
resources that other firms are not likely to imitate 47.
o Business model is economically viable: Company won't run
out of cash quickly48.
Depends on revenue49.
Customer acquisition & retention cost50.
Customer margin is adequate to cover necessary fixed
costs51.
Operating cash cycle characteristics are favorable 52.
Frameworks:
o Micro Industry Test53.
o Opportunity Analysis Framework54.
o Identifying & Exploiting opportunities55.
Session - 01/24 (Date not specified)
Next Task: Presentation in the next class on Opportunity Analysis 56.
Assessment 1: Examination of the market, competition analysis &
strategy57.
Key Questions: How are competitors likely to react when you enter?
58
.
Other Considerations: Fixed cost high, Finance & HR requirements,
culture of the organization59.
Startups: Break-even takes time60. As a startup, you won't have a
legacy and can build a culture from the start 61.
Opportunity Analysis Process: Personal analysis, criteria, questions
for analysis, and information availability (Yes/No/Don't know) 62.
Session - 01/24 (20/09/2024)
Buyer Experience Cycle (Six Stages): Purchase, Delivery, Use,
Supplements, Maintenance, Disposal63.
Utility Levers: Productivity, Simplicity, Convenience, Risk reduction,
Fun & Image, Environmental friendliness646464.
Buyer Utility Map: Helps identify pain points that block buyer
utility65. Also shows the utility space the industry currently focuses
on66.
ERRC Grid (New Value Curve):
o Eliminate: Which factors that the industry has long competed
on should be eliminated?67.
o Reduce: Which factors should be reduced well below industry's
standard?68.
o Raise: Which factors should be raised well above industry's
standard?69.
o Create: Which factors should be created that the industry has
never offered?70.
Next Presentation: On Monday, about Opportunity Analysis, Market,
and Industry71.
Session - 01/24 (30 Sep, 2024)
Business Model Tools: Opportunity Canvas, Lean Canvas, Business
Model Canvas72.
Opportunity Canvas:
o Left side: Users/customers, business challenges, problems,
solution ideas73.
o Right side: How will users use your solution?, user metrics,
adoption strategy, business benefit metrics74.
o Bottom: Solution today, budget75.
Lean Canvas: Mentions unfair advantage, competitive advantage,
sustainable advantage, and Unique Value Proposition (UVP) 76.
Entrepreneurial DNA:
o Builder DNA: Scalable & sustainable, "pied piper" (attract
investors, talent, capacity), controlling, measures success,
focuses on infrastructure and relationships, weakness is not
specified77.
o Opportunist DNA: Makes cash as soon as they can, business as
a vehicle (Honda, Ferrari), incentive driven, optimistic, multiple
streams of income, weakness is juggling up & down 78.
o Specialist DNA: Expert in a single industry for a lifetime, very
methodical, can lead to a business plateau, weakness is demand
generation79.
o Innovator DNA: "Mad scientist", "preste", focuses on
impact/mission, limitless, weakness is business operations, they
tend to fail80.
