ENTREPRENEURSHIP
KATHERINE COTA-UYAR
UNI JOHN PAPPAJOHN ENTREPRENEURIAL CENTER
UNI INTELLECTUAL PROPERTY & TECHNOLOGY TRANSFER OFFICE
WHO IS AN ENTREPRENEUR?
• WHO BECOMES AND ENTREPRENEUR AND WHY?
• SMALL BUSINESS OWNER IS A BETTER TERM
• IT’S NOT ABOUT THE IDEA; IT’S ABOUT THE EXECUTION
• DON’T NEED A GREAT IDEA OR A NEW IDEA
• DO NEED TO UNDERSTAND WHAT YOU ARE SELLING AND TO WHOM
• IF YOU ARE NOT SELLING, IT’S JUST A REALLY EXPENSIVE HOBBY
WHERE DOES AN ENTREPRENEUR START?
• MARKET PAIN
• MARKETING ENABLES DISCOVERY OF AND SATISFACTION OF CUSTOMER NEEDS AND WANTS
• BUILD A SUCCESSFUL BUSINESS AROUND A SOURCE OF MARKET PAIN (PROBLEM) AND FIND A
UNIQUE WAY TO CURE IT (SOLUTION)
• BUSINESSES MUST CREATE AND DELIVER CUSTOMER BENEFITS OR VALUE
• A START-UP MUST INCENTIVIZE A CUSTOMER TO WANT TO CHANGE
• NICHE OPPORTUNITY – TOO SMALL FOR LARGE COMPANIES TO PURSUE
• RED OCEAN OR BLUE OCEAN
CUSTOMER DISCOVERY
• VOC – VOICE OF THE CUSTOMER/CONSUMER
• CUSTOMER WANTS AND NEEDS
• ASSESS SATISFACTION
• OBTAIN FEEDBACK
• SOLICIT INPUT REGARDING NATURE, SCOPE, VENTURE, PRODUCTS/SERVICE
• VALUE PROPOSITION
• RECOGNIZE CUSTOMER’S PROBLEM, CREATE A SOLUTION THAT ADDRESSES THE PROBLEM, AND
COMMUNICATE ITS VALUE TO THE CUSTOMER
THE SOLUTION
• SUSTAINABLE COMPETITIVE ADVANTAGE
• A UNIQUE STRENGTH RELATIVE TO YOUR COMPETITORS
• MINIMAL VIABLE PRODUCT
• BUILD THE SOLUTION (MVP) WITH THE SMALLEST POSSIBLE FEATURE SET (USING AGILE METHODS
INCREMENTALLY AND ITERATIVELY) DRIVEN BY CUSTOMER DEMAND
• POWER OF THE PIVOT
• IF THE MVP IS NOT WHAT CUSTOMERS WANTED, PIVOT (CHANGE) BASED ON CUSTOMER INPUT
• MANY PIVOTS MAY BE REQUIRED
GATHERING CUSTOMER OPINIONS
• CUSTOMERS PERCEPTIONS WILL INFLUENCE EVERYTHING ABOUT YOUR PRODUCT & COMPANY
• CUSTOMER SEGMENTATION
• GEOGRAPHIC
• DEMOGRAPHIC
• PSYCHOGRAPHIC
• BEHAVIORAL
• TAM, SAM, AND TARGET MARKET
• TOTAL ADDRESSABLE MARKET, SERVED AVAILABLE MARKET, TARGET MARKET
TAM, SAM, & TARGET MARKET
• TAM – 1 BILLION SMARTPHONE USERS WORLDWIDE FOR NEW MOBILE APP
• SAM – MOBILE APP ONLY IN ENGLISH AND ONLY FOR IPHONE
• TARGET MARKET – APPLE STORE SHOPPERS WHO NEED/WANT A CLOTHING COLOR
COORDINATING APP
MARKET RESEARCH
• PRIMARY
• IN-DEPTH INTERVIEWS (IDIS), FOCUS GROUPS, OBSERVATION, ETHNOGRAPHIC METHODS, SURVEYS,
EXPERIMENTS
• SECONDARY
• SOMEONE ELSE’S PRIMARY RESEARCH THAT YOU USE
• IBISWORLD
• MINTEL
• WEBSITES
CUSTOMER TYPES
• END USERS
• INFLUENCERS – PIONEERS, STYLE LEADERS
• RECOMMENDERS – BRAND LOYALISTS, RESEARCH GROUPS, RECOMMENDATION FROM OTHER
• ECONOMIC BUYERS – CONTROL TO APPROVE A PURCHASE
• DECISION MAKERS – ULTIMATE PURCHASE AUTHORITY
• SABOTEURS – LURK ANYWHERE AND HAVE VETO POWER
BRANDING & POSITIONING
• POSITIONING
• THE PLACE YOUR PRODUCT WILL OCCUPY IN THE HEARTS AND MINDS OF CUSTOMERS IN RELATION
TO COMPETITORS.
• BRAND
• NAME, SIGN, SYMBOL, DESIGN, OR COMBINATION THAT IDENTIFIES AND DIFFERENTIATES PRODUCTS
OF ONE COMPANY OVER THOSE OF THE COMPETITION
• A POWERFUL ASSET THAT NEEDS TO BE CAREFULLY DEVELOPED AND MANAGED
• BRAND EQUITY DEVELOPS OVER TIME – WHERE YOUR PRODUCT RESIDES IN CONSUMER HEARTS
AND MINDS
PRICING STRATEGIES
• COST-BASED
• VALUE-BASED
• PENETRATION PRICING – LOW INITIAL PRICE
• SKIMMING – HIGH INITIAL PRICE
• RETAILERS RULE OF THUMB
• SIGNALING
• LOSS LEADER
CHANNELS
• DIRECT
• SELL DIRECTLY TO YOUR TARGET MARKET
• INDIRECT
• ONE OR MORE INTERMEDIARIES BETWEEN YOU AND YOUR CUSTOMER
• MULTICHANNEL
• TWO OR MORE DIFFERENT METHODS
• EXAMPLE, INDEPENDENT SALES REPS, WEBSITE, AND RETAIL STORES AT THE SAME TIME
PROMOTION
• ADVERTISING
• PUBLIC RELATIONS (LARGEST PART IS PUBLICITY)
• SALES PROMOTION (SHORT-TERM INDUCEMENT)
• PERSONAL SELLING (OFTEN FACE-TO-FACE)
• DIRECT MARKETING
RESOURCES TO HELP
• JOHN PAPPAJOHN ENTREPRENEURIAL CENTER
• IOWA BUSINESS PLAN COMPETITION, STUDENT BUSINESS PLAN COMPETITION, STUDENT BUSINESS
INCUBATOR
• CENTER FOR BUSINESS GROWTH & INNOVATION
• SMALL BUSINESS DEVELOPMENT CENTER, BUSINESS CONCIERGE, DREAM BIG GROW HERE,
ENTREFEST, IASOURCELINK, INNOVATION INCUBATOR, ADVANCE IOWA
• STRATEGIC MARKETING SERVICES
• MARKET INTELLIGENCE
• IOWA WASTE REDUCTION CENTER
• AIR PROGRAMS, WASTE EXCHANGE, PAINTER PROGRAMS
CONTACT US
JOHN PAPPAJOHN ENTREPRENEURIAL CENTER
UNIVERSITY OF NORTHERN IOWA, BCS 128
CEDAR FALLS, IA 50613
319-273-JPEC (5732)
JPEC@UNI.EDU