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SUMMARY ORGANIZING FOR ENTREPRENEURSHIP

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Summary of 39 pages for the course Organizing for Entrepreneurship at KU Leuven (16/20)

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  • 5 april 2023
  • 39
  • 2022/2023
  • Samenvatting
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Door: LeonoreVH • 10 maanden geleden

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Organizing for entrepreneurship
Chapter 1: Course Kick-Off

Entrepreneurs as heroes?
 There is a mythmaking industry of successful entrepreneurs
o Assumption: success = (great idea & a brilliant, exceptional mind)
o We only hear about the success stories
 The reality: most start-ups fail within few years from founding
o Even high-potential start-ups
 Alternative explanations for why start-ups fail: building a product nobody wants

Starting point for entrepreneurial ventures: the
business opportunity
 Where do business opportunities come from?
1. Market pull => start from market
2. Technology push => start from tech, then look at market

Different business opportunities, different profiles
 Companies go bankrupt because of cash shortage
o CASH = KING
 “the” investor doesn’t exist, there are many
o Crowd funding
o BA&VC => VC firm is preferred when talking
about millions
 Tech push companies: VC firms who demand:
o Equity/% of shares
 Retain as much % of the company
 How do VC-companies make
money? Exit scenario’s: IPO/Trade
sales
o Board of director seats
 To monitor and control investments
 Provide strategic advice
 Market Pull companies
o Also VC investment for
 1) broadening the portfolio
 2) rapid market expansion
 Consulting businesses
o Lower risk
o Little growth potential: why? You sell advice, knowledge, your time
o When you want to grow, you must hire people => there are always more investments when
you want to grow




1

, o Through working with the clients you see what problems are emerging => jump to market pull
company

What is a business model & why is it so important?
 A business model = the architecture of the firm’s value creation, delivery and capturing mechanisms
o Value creation = problem - solution fit (value proposition)
o Value capture = bundle of resources, activities, and processes that you have to bring to place
o Value delivery = how you plan to make money
=> building blocks BM
 E.g.: Evernote
o Value creation = notes on hand whenever, wherever
o Value capture = any type of device
o Value delivery = freemium
=> BM has to answer these questions
 BM is the business in a nutshell explained in <50 words
 BM often work great in theory, but fail in the real life, why?
o ASSUMPTIONS: E.g.: Genappeal
 Assumptions Genappeal
 Who is the customer? Singles
 What is the market size? 45 mio
 BM? Offers DNA marketing software
 Problems:
 “the” single doesn’t exist => market segmentation
 They don’t engage in the market, look at competition
o ENVIRONMENTAL CHANGE: E.g.: Automatic conversion of online content
 KLM: able to raise 5 mio from VC firms to scale up the
business to operate in the Benelux + expand to the US
 Replicate BM to other areas => shock from Apple:
iPhone apps => large web agencies want apps => this
company didn’t have any customers => change BM
from high end to low end customers
 They change their BM in 15 months => company failed
because ran out of money + VC’s invested in BM1 so pulled their investments




2

,Chapter 2: the lean start-up method

Case study: BOO.com
 Background:
o Founded in ‘99
o Ended in ’00 because of bankruptcy
o Investment: 185 million => liquidation
 Question 1: Attraction to investors, why is BOO.com online strategy different from more conventional
retail web shops?
o Founders have experience in entrepreneurship (online bookstore)
o They sold the online bookstore: realization of exit => VC companies only get money when
company is sold/stock market
o Full retail price: 5,5% margin
o Shopping experience was fundamentally different => big advantage against competitors
o They promised to be profitable in < 2 years
 Question 2: Problems Boo.com
o Push back launch date: technical problems
o Worldwide launch date => 18 countries
 ≠ tax systems
 ≠ languages
 ≠ currencies
o Budget control?
o Lack of managing oversight
o High speed internet access needed (only 11% has this)
 No MAC
 Question 3: What could Boo.com have done differently?
o Different approach is needed
o Minimal viable product (= strip down to the bare minimum) => limited features/functionalities
 Present to clients => collect feedback => improve
=> LEAN START-UP METHOD (LSM): ITERATIVE PROCESS
E.g.: - Netscape navigator 3.0 (slides)
- Prototyping journey of Myo (slides) => wristband to communicate with any
Device

From prototyping to the LSM
 LSM: 3 key principles
o On day 1 => series of hypotheses/assumptions
o MVP to test these hypotheses => what
learning do you seek?
o Approach based on BML-cycles
  stealth mode of entrepreneurs



3

,  State your hypotheses & seek evidence
o HOW? Providing evidence: any info that can confirm/reject your hypotheses
 Analogs/antilogs: evidence
of something that has
worked/failed elsewhere,
transposed to another
context
 Interviews
 Ask open-ended questions
 Separate problem & solution interviews
 Interview 1 person, based on personas
 LISTEN and try not to SELL
 Entrepreneurs prefer surveys => PROBLEM
 Ask wrong questions
 Address the wrong audience
 Set up experiments
 Test “Minimum viable product” with “early adopters”: a prototype that
contains the minimum features of the real value proposition
 Plan your experiments and track what you learn: Test ≠ versions of a
product with customers
o HOW? The use of prototyping techniques
 Paper and pencil
 Rough sketch of concept
 Fastest and cheapest
 What type of factors would ppl like to see?
 Mock-up
 Scaled prototype, 3D illustration
 Cheap material
 3D printing
 Ask feedback to ppl

=> in case of failure you PIVOT: you correct course based on feedback received

Lean start-up approach: from technology to solution
 In the beginning you sell a vision (early market), you sell tech gadgets => you have to engage with the
early adopters
 Build, measure, learn
 In the beginning market adoption goes extremely slow, after
a while it takes off, and then levels off
 In many markets there is a chasm: a gap between the early
market and the mainstream market. A lot of new product
and services get stuck here from going from an early to
mainstream market. In the beginning you are selling a
vision, in an early market you are selling this vision basically


4

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