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Summary Articles Entrepreneurial Marketing
- Vak
- (USEMEM)
- Instelling
- Universiteit Utrecht (UU)
Summary of all (except two) the articles for the endterm of Entrepreneurial Marketing.
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Week 1Strategies for Entrepreneurial Success - Andrew E. Burke
1. Solve the Last 10% (Not the First 90%) of the Consumer’s Problem:
Successful entrepreneurs focus on providing a complete solution to the
consumer's problem, rather than being the most innovative or
revolutionary. They target the last remaining part of the problem that has
not been solved, which has a significant commercial impact.
2. Reform Rather Than Revolutionize: Instead of launching completely new
technological trajectories, successful entrepreneurs often reform existing
technologies or business models to make them perform better. They make
modest innovation contributions and build on existing innovation
platforms provided by other firms.
3. 'Work the Money Hard': Successful entrepreneurs adopt a cost-effective
culture and maximize the value created by their financial resources. They
only deploy money if it generates net value added and minimize costs
while maximizing revenues.
4. De-Risk Before Taking Risk: Successful entrepreneurs minimize risk to
acceptable levels by using methods from corporate finance theory. They
limit the downside risk by minimizing the amount of finance required to
assess the supply capability and market gap for their product. They hedge
and spread risk to ensure the venture's success.
5. Agility – Be Able to Change Strategy When the Unanticipated Happens:
Successful entrepreneurs are agile and able to change their strategy when
things don't go as expected or when new opportunities emerge. They
learn from other ventures and adapt their strategies based on market
feedback and customer reactions.
These strategies have been found to be core to entrepreneurial
performance and have been employed by successful entrepreneurs in
recent decades.
Reinventing Your Business Model - Mark W. Johnson, Clayton M. Christensen, and
Henning Kagermann
The three steps to reinventing a business model are:
1. Start by thinking about the opportunity to satisfy a real customer who needs a job done.
Focus on understanding the customer's problem and designing an offering that solves that
problem.
2. Construct a blueprint that outlines how your company will fulfill the customer's needs at a
profit. This blueprint should include the customer value proposition, profit formula, key
resources, and key processes.
,3. Compare the new business model to your existing model to determine if you can
implement it within your organization or if you need to create a separate unit. Assess how
much you would need to change your existing model to capture the opportunity and decide if
you can leverage your current model or if a new one is required.
Business model innovation is important for companies for several reasons:
1. Competitive Advantage: A well-designed and innovative business model can provide a
significant competitive advantage over rivals. It allows companies to differentiate themselves
in the market and offer unique value propositions to customers.
2. Adaptability: Business models need to evolve and adapt to changing market conditions,
customer preferences, and technological advancements. By continuously innovating their
business models, companies can stay ahead of the curve and remain relevant in a rapidly
changing business environment.
3. Growth and Expansion: Business model innovation can unlock new growth opportunities
and enable companies to enter new markets or target new customer segments. It allows
companies to explore untapped potential and expand their reach beyond their traditional
boundaries.
4. Revenue Generation: A well-designed business model can generate new revenue streams
and increase profitability. By identifying innovative ways to create and capture value,
companies can maximize their revenue potential and improve their financial performance.
5. Resilience and Sustainability: Business model innovation can help companies navigate
disruptions and challenges. By diversifying their revenue sources and finding new ways to
deliver value, companies can build resilience and ensure long-term sustainability.
Overall, business model innovation is crucial for companies to stay competitive, drive
growth, and adapt to the ever-changing business landscape. It enables companies to create
unique value propositions, generate revenue, and build a sustainable business for the future.
Why the Lean Start-Up Changes Everything - Steve Blank
The lean start-up methodology is a way of launching and managing a new venture that favors
experimentation, customer feedback, and iterative design over traditional planning and
development. It involves creating a minimum viable product (MVP) and testing it with
customers to gather feedback and make improvements. The goal is to quickly learn what
works and what doesn't, and to make adjustments to the business model as needed. The lean
start-up methodology is based on the idea that start-ups are not smaller versions of large
companies and that they need to search for a repeatable and scalable business model.
The lean start-up approach differs from traditional business planning in several ways:
1. Hypothesis-driven: Instead of creating a detailed business plan based on assumptions, the
lean start-up approach begins with a series of untested hypotheses. These hypotheses are then
tested through experimentation and customer feedback.
, 2. Customer-focused: The lean start-up approach emphasizes the importance of gathering
feedback from customers early and often. This feedback is used to iterate and improve the
product or service.
3. Agile development: Unlike traditional product development cycles that can take months or
even years, the lean start-up approach uses agile development, which involves building the
product iteratively and incrementally. This allows for faster learning and adaptation.
4. Failure as a learning opportunity: The lean start-up approach embraces failure as a natural
part of the process. Start-ups are encouraged to fail fast and learn from their failures, rather
than investing significant time and resources into a product or service that may not meet
customer needs.
Overall, the lean start-up approach is more flexible, adaptable, and customer-centric
compared to traditional business planning methods.
The potential benefits of the lean start-up approach for new ventures and large companies are
as follows:
For new ventures:
1. Reduced risk: The lean start-up approach encourages experimentation and learning, which
helps to mitigate the risks associated with launching a new venture. By testing hypotheses
and gathering customer feedback early on, start-ups can make informed decisions and avoid
wasting time and resources on ideas that may not work.
2. Faster time to market: The lean start-up approach emphasizes rapid iteration and
development of minimum viable products. This allows new ventures to get their products or
services to market more quickly, enabling them to gain a competitive advantage and capture
market share.
3. Customer-centricity: By continuously gathering feedback from customers, start-ups can
better understand their needs and preferences. This customer-centric approach increases the
likelihood of creating products or services that truly meet customer demands, leading to
higher customer satisfaction and loyalty.
For large companies:
1. Innovation and agility: The lean start-up approach helps large companies foster a culture of
innovation and agility. By adopting lean practices, large companies can become more
responsive to market changes, adapt their business models, and launch new products or
services more quickly.
2. Cost savings: The lean start-up approach encourages efficient resource allocation and
eliminates waste by focusing on what customers truly value. This can result in cost savings
for large companies, as they can avoid investing in unnecessary features or initiatives.
3. Entrepreneurial mindset: Embracing the lean start-up approach can help large companies
cultivate an entrepreneurial mindset among their employees. This can lead to increased
creativity, risk-taking, and a willingness to challenge the status quo, ultimately driving
innovation and growth within the organization.
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