MGT 386 – What have we learned?
Concepts of entrepreneurship
• Who is an entrepreneur?
• What is an opportunity?
• What are the attributes of entrepreneurial
opportunities?
• How do entrepreneurs recognize and pursue
opportunities?
• The process model of entrepreneurship
A framework for evaluating opportunities:
The Timmons Model for Entrepreneurial
Success
Uncertainty
Opportunity
Entrepreneur
Fits & Gaps
Business plan
Uncertainty
Uncertainty
Resources
Bygrave & Zacharakis
Adding the environment…
A model of the entrepreneurial process
PERSONAL
PERSONAL
SOCIOLOGICAL
PERSONAL
ORGANIZATIONAL
Achievement
Locus of Control
Ambiguity Tolerance
Risk Taking
Networks
Entrepreneur
Job Dissatisfaction
Job Loss
Teams
Parents
Leader
Education
Age
Gender
Family
Commitment
Team
Strategy
Structure
Culture
Products
Role Models
Vision
Risk Taking
Personal Values
Education
Experience
Opportunity recognition
INNOVATION
Manager
Advisors
Commitment
Resources
TRIGGERING EVENT
IMPLEMENTATION
GROWTH
ENVIRONMENT
ENVIRONMENT
ENVIRONMENT
Opportunities
Role Models
Creativity
Economy
Competition
Competitors
Customers
Suppliers
Investors
Bankers
Lawyers
Resources
Government policy
Resources
Incubator
Government policy
Economy
Based on Carol Moore's Model (Moore 1986)
Bygrave & Zacharakis
Analytical frameworks for
entrepreneurship
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•
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Lean startup
Business model canvas
Value proposition canvas
Attributes of an MVP
Customer development
Approaches to successful crowdfunding
campaigns
Lean startup concepts
3 components of the lean method
• Business model design
• Customer development
• Agile engineering
https://www.youtube.com/watch?v=sOkmAbZNTik&list=PLkplm4nc4fY9SXanjrWQuRCi0-
There are no facts inside your
building – get outside!
Why not a business plan?
• Business plans are full of untested assumptions
and rarely survive first contact with customers
• Nobody, aside from venture capitalists and the
former Soviet Union, requires five-year plans
to forecast a series of unknowns.
• Startups are not smaller versions of large
companies. Successful startups go quickly
from failure to failure while adapting, testing
new iterations, and improving ideas with
continual feedback from customers
The business model canvas
Minimum viable product
• "version of a new product which allows a
team to collect the maximum amount of
validated learning about customers with the
least effort."
• Goal of an MVP is to test fundamental
business hypotheses (or leap-of-faith
assumptions) and to jump start learning
process as quickly as possible.
Value proposition
Customer segment
Customer
development
Module 2: Getting out of the building
Founder versus salesperson in
customer development
Founder
Salesperson
• Job: Discovery
• Job: Execution
• The founder is the first
person to get out of the
building – this is your idea!
• Founders lead the customer
development team and use
information to iterate and
pivot in real time
Run an insanely
Craig Armstrong, Ph.D.
successful campaign
https://www.kickstarter.com/projects/1778393222/alabama-garage-surf-and-punk-compilatio
Tools you learned how to use