Samenvatting
SUMMARY ORGANIZING FOR ENTREPRENEURSHIP
- Vak
- Instelling
Summary of 39 pages for the course Organizing for Entrepreneurship at KU Leuven (16/20)
[Meer zien]Voorbeeld 4 van de 39 pagina's
Voorbeeld 4 van de 39 pagina's
In winkelwagen
In winkelwagen
gesponsord bericht van onze partner
1 beoordeling
Door: LeonoreVH • 10 maanden geleden
Verkoper
Volgenliseandersen
Ontvangen beoordelingen
Voorbeeld van de inhoud
Organizing for entrepreneurshipChapter 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
Voordelen van het kopen van samenvattingen bij Stuvia op een rij:
Verzekerd van kwaliteit door reviews
Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!
Snel en makkelijk kopen
Je betaalt supersnel en eenmalig met iDeal, creditcard of Stuvia-tegoed voor de samenvatting. Zonder lidmaatschap.
Focus op de essentie
Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!
Veelgestelde vragen
Wat krijg ik als ik dit document koop?
Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.
Tevredenheidsgarantie: hoe werkt dat?
Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.
Van wie koop ik deze samenvatting?
Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper liseandersen. Stuvia faciliteert de betaling aan de verkoper.
Zit ik meteen vast aan een abonnement?
Nee, je koopt alleen deze samenvatting voor €6,49. Je zit daarna nergens aan vast.
Is Stuvia te vertrouwen?
4,6 sterren op Google & Trustpilot (+1000 reviews)
Afgelopen 30 dagen zijn er 80796 samenvattingen verkocht
Opgericht in 2010, al 14 jaar dé plek om samenvattingen te kopen