Ebn 2015 BIC essential Training BWA 1609 pdf

Pr Bruno Wattenbergh« Keynote BWA » 16 septembre 2015
EBN@
Brussels

«
BIC
Essen/al
Training
»

4
hours
to
spend
together
?

1.  What
are
your

expecta/ons
?

2.  Who
Am
I
?

3.  Rules
of
the
game
?

4.  What
has
changed
?

5.  What
tools
do
you
use
?

6.  Business
Model

deﬁni/on
?

7.  Business
Model
Canvas

8.  Value
Proposi/on

Canvas

9.  Ideal
Mindset
?

10.  The
science
of
test
!

11.  How
to
pitch
a
Business

project
?

12.  Conclusions
?

1.
WHAT
DO
YOU
NEED
/
EXPECT
TODAY
?

BIC
Essen/al
–
16th
September
2015

Who
are
you
?

This
session
will

be
a
success
…

if
…
?

2.
WHO
AM
I
?

BIC
Essen/al
–
16th
September
2015

100%

20%

30%

30%

20%

Manage

Create

Share

Learn

Watch

EUB
-‐
BBA

ICHEC
-‐
DSMA

ULB
-‐
MLS

Tias
-‐
MBI

MIT
-‐
CS&I

HBS
-‐
AMP

Pr Bruno M. WATTENBERGH
bruno.wattenbergh@ulb.ac.be
Skype : wattbru
Assistant : Dominique Esther
des@impulse.brussels
Tel assistant : 02/800.00.55
Startup.be

2.
RULES
OF
THE
GAME
TODAY
?

BIC
Essen/al
–
16th
September
2015

Rules
of
the

game
today
?

ü  Slides
tonight
on
slideshare
(@wabenbergh)

ü  Each
of
you
has
a
business
project
(in
mind)

ü  As
many
interac/ons
with
me
as
possible

ü  Debates
with
others
à
disagree
J

ü  Ques/on
can
be
asked
any/me
J

ü  Cold
call
or
open
call
L

ü  Some
collec/ve
exercises
J

ü  No
wrong
answers
!
J

ü  Eng
–
NL
-‐
FR

ü  Have
fun
J

Follow-‐up
?

•  Strategyzer’s
advisers
&
trainers
all
over
Europe

(world)

•  hbps://strategyzer.com/training/trainers

3.
WHAT
HAS
CHANGED
?

BIC
Essen/al
–
16th
September
2015

Why
are
we
here
today
?

•  What
has
changed
those
20
last

years
impac/ng
the
economy
and

our
lives
?

•  Discuss
&
List
with
your
neighbor
5

key
changes
impac/ng
the
way
we

create
business
today
…

Exercise
1

Collec/ve

Discussion

5’

10
Flabeners
?

1.  Fall
of
the
Berlin
Wall
:

New
Age
of
Crea/vity

2.  New
age
of
connec/vity

3.  Workﬂow
Solware
:

teleworking,
…

4.  Networks
:
power
of

communi/es

5.  Outsourcing
(India)

6.  Oﬀ-‐shoring
(China)

7.  Supply-‐chaining
:
Wal

Mart,
…

8.  In-‐Sourcing
(UPS)

9.  In-‐forming
:
Google,
…

10.  Interoperability
&

communica/on
standards

(XML,
…)

Triple
Convergence
mul/ply

the
effects
of
the
flabeners
…

Convergence II
The
second

convergence
is
with
the

Business
Model.
With

the
flat
world

businesses
needed
to

take
a
more
horizontal

approach
and

management
model

instead
of
the
usual

verUcal
approach.

Convergence I Convergence III
The
third
and
most

important
convergence

in
geopoliUcs
is
that

more
and
more

countries
were
now

open
to
the
global
free

market
(China,
BRICs

and
other
emerging

countries)

The
first
convergence
is

that
all
the
flaZeners

become

complementary.
This
is

when
a
document
could

be
scanned,
emailed,

reprinted,
etc.

All

flaZeners
reinforced

one
another

21 3

Consequences
of
those
rapid
changes
?

Ø  Lower
barriers
to
entry
(internet
+
IT)

Ø  Less
(las/ng)
compe//ve
advantages

Ø  Lifecycle
of
strategic
decision

Ø  New
ventures
=
less
capital
intensive

Ø  More
interac/ons
with
partners

Ø 
Complexity

•  The
world
is
changing
…
and
those
changes
have
never
been

so
fast
and
radical
…

•  Technologies
are
changing
the
rules
of
the
game
…

•  But
the
way
we
use
technology,
services,
products
is
also

changing
the
rules
of
the
game
…

•  On
the
same
<me
barriers
to
entry
have
been
lowered
…

•  Finally
customers
are
over-‐informed
and
their
loyalty
has

evolved
…
(polariza<on)
…

•  The
end
of
las<ng
compe<<ve
advantage
…

•  We
can
NOT
create
/
assess
companies
like
in
the
past
!

5.
WHAT
KIND
OF
TOOL
DO
YOU
USE
?

BIC
Essen/al
–
16th
September
2015

What
do
you
use
?

•  Discuss
and
list
with
your
neighbor

5
common
tools
…
used
by

entrepreneurs
to
create
their

business
…
or
/
and
used
by
you
to

coach
a
business
project

Exercise
2

Collec/ve

Discussion

5’

Business
plan
is
certainly
the
most

common
tool
used
to
launch
a
company
or

a
project
?

Business
Plan
?

•  Discuss
with
your
neighbor
and
list

the
pro’s
&
con’s
of
the
Business
Plan

as
a
tool
to
create
new
companies

•  Do
you
think
there
are
some

limita/ons
to
the
use
of
the
business

plan
when
coaching
startups
?

Exercise
3

Collec/ve

Discussion

5’

OK
Let’s
debate
together

about
the
BP
…
J

What
are
the

purposes
of
the
BP

?

27

Purposes
of
a
Business
Plan
?
(1)

To
tell
to
some
key-‐people
…the
story
of
your

business
!

The
story
?

– Demonstrate
there
is
an
opportunity
worth
exploi/ng

– Explain
how
the
opportunity
will
be
captured

– Explain
who
will
capture
this
opportunity

Purposes
of
a
Business
Plan
?
(2)

To
help
entrepreneurs
gain
a
deeper
understanding
of
the

business
model
!

Understanding
process
?

–  Avoid
entrepreneurs
to
pursue
never
proﬁtable
ideas
!

–  To
raise
cri/cal
ques/ons
about
the
feasibility
of
the
venture
:
answers

will
help
the
entrepreneur
to
shape
his
original
vision
into
a
beber

opportunity
!

–  Save
/me
&
money
!
29

Purposes
of
a
Business
Plan
?
(3)

To
allow
the
entrepreneur
to
ar<culate
the
business
opportunity

to
various
stakeholders
in
the
most
eﬀec<ve
manner
!

A
convic/on
model
?

–  Provide
background
informa/on
to
communicate
the
measured
upside

poten/al
of
the
venture
to
investors;

–  Provides
the
valida/on
needed
to
convince
poten/al
employees
to

leave
their
current
jobs
for
the
uncertain
future
of
your
new
venture;

–  Help
secure
a
strategic
partner,
key
customer
or
supplier.

Purposes
of
a
Business
Plan
?
(4)

Other
key
purposes
:

–  Prove
the
quality
of
the
business
opportunity
...

–  Explain
the
business
strategy
…
(how)

–  Define
realis/c
and
measurable
targets
…
+
the
main
milestones
…

–  Create
a
benchmark
for
the
management
team
in
charge
of

implemen/ng
the
plan
…

–  Iden/fy
the
financial
needs
…
à
financing
strategy

–  …

What
is
then
the
meta
–
purpose
of
the
BP
?

What
is
then
the
meta
–
purpose
of
the
BP
?

Decrease
the
risk
!

ü  From
the
idea
to
the
opportunity

à
feasibility
(T+B)
!

ü 
Shape
the
opportunity
according

to
the
exis/ng
resources
and
a

well
iden/ﬁed
market
interest
à

align

+

Communica3on

(story
telling)

+

Execu3on
tool

(Path
&
Metrics)

Let’s
debate
about
the
BP
…
J

What
are
the
main
weaknesses
of
the

startup
Business
Plan
?

à  Killing
crea<vity
à
LeO
brain

à  Content
=
intellectual
fantasy

à  Cogni<ve
dissonances

à  Not
ideal
to
start
…
great
to

communicate
&
execute

What
about
the
Business
Plan
then
?

•  Steve
Blank
:
“No
business
plan
survives
the
ﬁrst

contact
with
customers
!”

•  BPs
are
olen
Intellectual
fantasies
(or
worse)
!

•  Why
spend
weeks
and
months
on
business
plans
in

the
beginning
of
the
process

?
Waste
of
/me
and

energy.

•  Don’t
burn
the
BP
:
The
BP
is
a
tool
to
execute
&

communicate

When
is
it
Ume
to
use
the
Business
Plan
?

•  Good
for
a
second
step
:

–  when
Business
models
have
been
searched,
analyzed,

tested,
shaped,
designed,
…

–  when
the
business
is
designed
and
proved
and
you
give

place
to
ac/on
…

•  BP
is
a
too
rigid
and
too
basic
tool
to
search
and

design

[Source: Damien Newman, Central]
search execution
design testing


“Take
away”?

•  …
?

•  …
?

•  …
?

•  …
?

•  …
?

•  …
?

Take
Away
4


“Take
away”
?

•  The
Business
Plan
is
not
anymore
the
right

methodology
to
craO
a
business
opportunity
..

•  The
BP
is
too
rigid,
but
most
of
the
<me
it
is

mandatory
to
aUract
ﬁnance
an
a
good
execu<on

tool
…

•  Finally
the
meta-‐objec<ve
of
the
BP
is
to
decrease

the
risk(s)
of
the
new
venture
(technical
&

commercial)
…
as
a
real
business
opportunity
is
a

tested
and
evaluated
idea
(risk
&
proﬁtability)

Take
Away
4

6.
BUSINESS
MODEL
DEFINITION

BIC
Essen/al
–
16th
September
2015

What’s
A
Company
?

A
business
organiza3on
which
sells
a
product

or
service
in
exchange
for
revenue
and
with

the
expecta3on
of
proﬁt
…

42

How
are
Companies
organized
?

Companies
are
organized
around
“Business
Models”
…

What
does
this
mean
?

•  Discuss
with
your
neighbor
what
is

this
no/on
of
“Business
model”
…

– What
it
is
?

– What
it
is
not
?

– Where
does
this
term
comes
from
?

– Was
it
used
100
years
ago
?

Exercise
4

Collec/ve

Discussion

5’

A
business
model
describes
the
complex
mechanic

&
all
the
parts
of
the
company
necessary

to
create
value
&
make
money

(valid
also
for
non-‐proﬁt
organiza<ons
…
any
kind
of

ins<tu<on
in
fact
and
eventually
…
yourself
)

45

•  Def
…
“Business
Model”

– A
business
model
describes
the
ra<onale
of
how

an
organiza<on
creates,
delivers
and
captures

value.

Economic
model
à
how

you
capture
the
value

created
and
delivered
…

many
innova/ons
:
Google,

Ebay,
Skype,
Facebook,
…

The
basis
of
the
BM
is

the
crea/on
of
poten/al

revenue,
or
more

concretely
the
«
Value

Crea/on
»
à
concept

of
“Value
Proposi/on”

Less
evident
à
many

innova/on
in
the
channels

to
deliver
the
value
:

Internet,
partnerships,
…

Numerous
opportuniUes
of

choice,
paZern,
…
So
many

diﬀerent
combinaUons
&

opUons
!

Partnerships

47

Innova/ve
Business
Model
…
?

1950
…
DC
introduce
locally
in
NY
a
new
culture
of
payment
with

200
restaurant
(partnership)
!

49

7.
BUSINESS
MODEL
CANVAS

BIC
Essen/al
–
16th
September
2015

Ok
…
So
…
?

•  Business
Model
mabers
…

•  You
can
innovate
with
the
Business
Model
…

•  We
need
to
“play”
with
the
Business
Model
…

How
to
do
it
easily
and
quickly
?

May
be
we
can
use
a
modern
tool
to

create
modern
companies
facing
modern

challenges
…

…
and
try
to
talk
the
same
language
?

Business
Model
Canevas
of
Dr
Osterwalder

•  Phd
à
2001

•  Management
book
of
the
decade
?

•  Websites
&
Blogs

•  Revolu/on
à
Mind
mapping
of
the
Business
Model

Processing

•  Propose
a
common
culture
and
tools
to
innovate

through
the
BM

•  Useful
to
understand
the
exis/ng
BM
and
to
challenge

them

•  Useful
to
explore
new
paberns
and
conﬁgura/ons

•  Adapted
to
the
changing
environment
!

59

“You
can’t
write
about

business
model
innova<on
…

without
an
innova<ve
business

model”

Dr
Alex
Osterwalder

WHAT?

The
bundle
of
products
&

services
that
create
value

66

WHAT?
WHO?

The
diﬀerent
groups
of
people
or

organiza/ons
your
enterprise
aims
to
reach

and
serve,
+
the
tac/c
to
reach

&
to
develop
rela/onships
with
them

67

WHAT?
WHO?
HOW
?

The
conﬁgura/on
of
your

resources,
competences,

ac/vi/es
and
partnerships
to

create
&
deliver
the
value

68

WHAT
?
WHO
?
HOW
?

-‐
€?
+
€?

The
cash
your
company

generates
from
each

Customer
Segment

All
costs
incurred
to
operate

your
company

69

So
let’s
dig
into
the
Business
Model
Canvas

•  Please
take
your
BM
Canvas

•  Use
one
BIC
as
integra/ve
case

•  Try
to
ﬁll
each
of
the
block
with
post-‐its

•  Look
for
the
big
picture
@
this
stage
(avoid

too
many
details)

•  Use
your
experience
but
think
about
the
ideal

BIC
!

building
blocks "
9" 71

Customer Segment(s)"

For whom have you chosen to create value ?
Who is your typical customer ?
What is he looking for ?
Define one or more segments or individual
exhibiting behaviors / needs / problems
individuals you choose to solve …
Why ? Why ? Why ?
Use “persona” methodology ?

?

images by JAM"
Yes
but
…

Customer
or
User
?

78

images by JAM"
Yes
but
…

Customer
or
User
?

Pla^orm
business
?

Franchise
Business
?

Customer
+
User
?

79

Value Proposition(s)"
What bundle of values do you bring to the customer you have selected ? What
needs / desires / jobs you chose to address ? What problem do you help to
resolve? Be careful : “the Words of the customer” ! Tangible / intangible ! Issue of
setting combinations of values for each matched segment.

images by JAM"
The
words
of
the
customer
/
user

Not
"dry
product"

Product
increased

Solu<on
rather
than
product

quan<ﬁca<on

Adapted
to
the
"problem

customer”

Bundle
of
values
…

What bundle of values do you bring to the customer you have selected ? What
needs / desires / jobs you chose to address ? What problem do you help to
resolve? Be careful : “the Words of the customer” ! Tangible / intangible ! Issue
of setting combinations of values for each matched segment.

images by JAM"
The
words
of
the
customer
/
user

Not
"dry
product"

product
increased

Solu<on
rather
than
product

quan<ﬁca<on

Adapted
to
the
"problem

customer"

What values do we bring to the customer selected ? What needs / desires we
chose to respond ? What problem do we help resolve? Words of the customer!
Issue of setting combinations of values for each matched segment.

images by JAM"
Users
&
Customers
?

images by JAM"
Magic
Duo
?

images by JAM"
Itera/ons

Magic
Duo
?

Searching
the
perfect
match
!

Channels "
images by JAM"

Channels "
images by JAM"
Which channels our customers prefer ? Which are the most effective and
efficient ? How do we integrate the habits of customers ? → Define how the
company communicates and engages with its customers.

Distribution Channels "
images by JAM"
B2C
?

B2B

?

B2B2C
?

Distribution Channels "
images by JAM"
B2C
or
B2B
or
B2B2C
?

How
does
the
customer
know

that
your
oﬀer
exists,
how
can

he
evaluate
/
test
it,
how
can

he
purchase,
how
is
delivered,

what
is
the
aOer
sale
rela<on
?

Distribution Channels"
images by JAM"
Magic
Trio
?

Do
you
have
a
“Magic
Trio”

&

Can
you
pitch
it
in
1
minute
?

&

Is
your
M3
tested
or
testable
?

Customer Relationship"
images by JAM"
What kind of relationship each of your segments want ? How can you create
and capture value developi,g elations with your customers ? At what costs ?
How articulates those relations with other blocks of the model ?
→ Set the type of relationship with the customers segments.

Customer Relationship"
images by JAM"
What kind of relationship each of our segments want ? What is their costs ? How
articulates those relations with other blocks of the model ?
→ Set the type of relationship with the customers segments.
Purely
transac<onal
?

Sale
"dry"?

Customer
knowledge
?

Maintenance
of
customer

rela<ons
?

Privacy
?
Trust
?

Sense
of
belonging
?

Revenue Streams"
images by JAM"
What do they currently pay for what kind of offers and how ? What is the
from each source of income relative to total income ?
→ Assess the cash the company generates from each segment.

99

Value
Side
of

the
Canvas

Key Resources"
images by JAM"
Do we have the capacities ? What key resources are needed to achieve the
value proposition ? What channels, customer relationship, revenue streams ?
→ Define the most important assets required to make the model work.
Capaci<es
:

Resource
?

Competence
?

List
&
Assess

Key Activities"
images by JAM"
What key activities are necessary for the realization of the value proposition ?
What channels, customer relationship, revenue streams ?
→ Describe the most important for the model to work actions.
List
the

key-‐ac<vi<es

Value
Chain

DIY
?
Or
Not
?

Key Partners"
images by JAM"
Who are our key partners and suppliers ? What resources and activities are
supported or created by them? → Describe its network of partners and
suppliers to ensure that the model works.

Cost Structure "
images by JAM"
What are the most significative costs ? Those linked to the key activities and the
key resources ? → Describe the most important costs of this specific model.

How
is
your
BM
?

« Sources of the new venture ? »"
Specific
resources,
some
specific
competences,

a
license
(IP),
a
specific
know-‐how,
…

A
specific
Value
Proposi/on
…
a
well-‐defined
offer
:

you
have

a
solu/on
looking
for
a
problem
to
solve,

or
a
customer
to
sa/sfy.

A
well-‐defined
segment
of
customer
having
a

problem
you
intend
to
sa/sfy

A
low-‐cost
model
where
more
customer
can

access
a
product
or
a
service

Innova/on
par
les

ressources
:

partenariats
et

infrastructures

Oﬀre
:

nouvelle
proposi/on
de
valeur

ayant
un
impact
sur
les
autres

blocs

Clients
:
basé
sur
les
besoins
des

consommateurs
(encore
pas/peu

sa/sfaits)

Finances
:
Low
cost,
pricing
dynamique,

structure
de
coût
innovante,
yield

management,
…

OK
…
debrief
!

•  How
was
the
exercise
?

•  What
have
you
learned
?

•  How
were
the
interac/ons
with
the
others
?

•  Do
you
see
yourself
using
this
with
your

customer
?

8.
VALUE
PROPOSITION
CANVAS

BIC
Essen/al
–
16th
September
2015

The Business Model Canvas
Revenue Streams
Channels
Customer SegmentsValue PropositionsKey ActivitiesKey Partners
Key Resources
Cost Structure
Customer Relationships
Designed by: Date: Version:Designed for:
designed by: Business Model Foundry AG
The makers of Business Model Generation and Strategyzer
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit:
http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA. strategyzer.com
strategyzer.com
Gain Creators
Pain Relievers Pains
Gains
Products
& Services
Customer
Job(s)
The Value Proposition Canvas
Value Proposition Customer Segment
strategyzer.comThe makers of Business Model Generation and Strategyzer
Copyright Business Model Foundry AG
3
tools
for
U
to
use
…

The Business Model Canvas
Revenue Streams
Channels
Customer SegmentsValue PropositionsKey ActivitiesKey Partners
Key Resources
Cost Structure
Customer Relationships
Designed by: Date: Version:Designed for:
designed by: Business Model Foundry AG
The makers of Business Model Generation and Strategyzer
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit:
http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA. strategyzer.com

strategyzer.com
Gain Creators
Pain Relievers Pains
Gains
Products
& Services
Customer
Job(s)
The Value Proposition Canvas
Value Proposition Customer Segment
strategyzer.comThe makers of Business Model Generation and Strategyzer
Copyright Business Model Foundry AG

this is one of your
customer segments

this is what you’re
offering your
customers

put yourself into
your customer’s
shoes

Value
proposi/on
language

•  Customer
Focus
!

–  Value
proposi/on
à
customer
segment
:
which
value
are

you
oﬀering
to
which
customer
?

–  Value
proposi/on
without
customer
segment
is
just
a

product
!
You
need
to
know
the
target
customer
to

evaluate
the
value
!

–  Put
yourself
in
your
customer’s
shoes
!
à
forget
who
you

are
!

–  Then
adopt
design
prospec/ve
à
Philippe
Starck
video

we can
understand
her better by
describing
three things

1.

2.

3.

So
what
to
do
?

Ask
yourself
ﬁrst
:

What
do
the
customer
try
to
get
done
as
a
job
…

Job
to
be
done
concept
to
have
a
customer

prospec<ve.

Clayton
Christensen
–
Harvard
:
“We
hire

products
to
do
things
for
us”
à
Job
prospec/ve

à
why
people
hire
milkshake
!

Customer
Canvas
?

•  Let’s
work
on
the
Customer

Canvas
?

•  Describe
the
jobs
your
customers

are
trying
to
do

Exercise
5

Collec/ve

Workshop

20’

9.
IDEAL
MINDSET

BIC
Essen/al
–
16th
September
2015

The
ideal
entrepreneur
mindset
?

• 
Architect

•  Researcher
in
a
lab

10.
THE
SCIENCE
OF
TEST

BIC
Essen/al
–
16th
September
2015

Science
of
test
?

•  The
mindset
of
the
researcher
in
a
lab
:

– Make
serious
cri/cal
hypotheses

– Design
test
to
inﬁrm
/
conﬁrm
the
hypotheses

– Learn
from
the
test

– Decision
to
go
ahead
OR
pivot

– Repeat
to
decrease
the
risk

11.
HOW
TO
PITCH
A
BUSINESS
PROJECT
?

BIC
Essen/al
–
16th
September
2015

hbp://www.slideshare.net/Wabbru/cours-‐
de-‐pitch-‐2015-‐pdf

12.
CONCLUSIONS
?

BIC
Essen/al
–
16th
September
2015

Set
of
Advises
1

ü  Don’t
overvalue
your
idea
!

ü  Understand
the
opportunity
principle
!

ü  Make
hypotheses
and
write
them
in
a

speciﬁc
colors
!

ü  Design
tests
to
validate
your
hypotheses
!

ü  Understand
the
pivot
principle
!

Set
of
Advises
2

ü  Understand
the
interest
&
limita/ons
of
the

Business
Plan
!

ü  Use
modern
tools
as
:
Customer
Canvas,

Empathy
Map,
Business
Model
Canvas,

Customer
journey
&
touch
point,
…

ü  Go
out
of
the
building,
talk
to
customers,
…

Des
ou/ls
?

L’empathy

map
!

Des
ou/ls
?
Value
Proposi/on
Canvas
!

Set
of
Advises
3

ü  Learn
to
describe
the
customer
segment

ü  Understand
the
Customer
Pain
principle

ü  Quan/fy
the
Customer
Pain

ü  Understand
the
mechanism
of
the
Value

Proposi/on
(tangible
/
intangible)
…

ü  Quan/fy
the
Value
Proposi/on

Set
of
Advises
4

ü  Learn
as
soon
as
possible
to
pitch
your

project
…

ü  Pitch
once
a
week
…

ü  Pitch
every
morning
in
your
bath
room
…
J

ü  Collect
feed-‐back
…
ask
the
right
ques/ons

ü  Learn
from
your
pitch

Set
of
Advises
5

ü  Don’t
wait
the
final
Business
Model
to
assess

the
finance
side
of
the
product
…

ü  Learn
how
to
make
a
P&L
on
the
back
of
an

envelope
…

ü  Understand
the
financial
dynamic
(costs
&

revenues)
of
each
Business
Model

ü  Determine
CoCA
&
Elas/city
demand
/
price

Set
of
Advises
6

ü  Dare
to
study
compe//on
…
but
also

subs/tutes
!

ü  Don’t
ever
tell
that
you
don’t
have
any

compe//on
or
that
the
compe//on
is
not

relevant
…

ü  Understand
the
compe//on
&
subs/tutes
…

Set
of
Advises
7

ü  Imagine,
design,
conduct
2
types
of
tests
to

validate
your
hypotheses
:

ü  Proof
of
Concept
:
I
can
deliver
!

ü  Proof
of
Business
:
it
sells
!

ü  Be
an
anthropologist,
a
psychologist,
a

sociologist,
…
to
learn
from
those
tests

Set
of
Advises
8

ü  Don’t
say
your
hypotheses
are
conserva/ve

…
and
so
your
ﬁnancial
forecasts
…

ü  Explain
your
forecast
…
describe
the

hypotheses
and
the
tests
done
…

ü  Use
some
sensi/vity
analysis
…

ü  Test
1
or
2
alterna/ve
conﬁgura/ons
…
(xls)

Set
of
Advises
9

ü  Plan
some
clear
milestones
…
with
clear

objec/ves
to
achieve
…

ü  Determine
ﬁnancing
needs
for
each
stage
…

ü  Search
for
the
right
mix
of
ﬁnancing
:
FFFs,

BA,
grants,
…
@
the
right
/me
!

ü  Know
exactly
what
you
need
&
when
!


don’t
forget
…
!

ü  The
deﬁni/on
of
Enterprise
…
?

ü  The
deﬁni/on
of
startup
(Steve
Blanck)
?

And
…
don’t
forget
the
ﬁrst
rule
!

ü  Fail
fast
…

ü  Fail
rough
…

ü  Fail
cheap
…

And
never
do
twice
the
same
mistake
!

EFFECTUAL
ENTREPRENEURSHIP
?

BIC
Essen/al
–
16th
September
2015

Courtesy
of
Pr
Olivier
WITMEUR

Solvay
Brussels
School
of
Economics
&
Management

Solvay
Entrepreneurs

Introducing
“Eﬀectua<on”
:

The
logic
of
expert
entrepreneurs

The
word
eﬀectual
(entrepreneurial
approach)
is
the
inverse
of

causal
(managerial
approach).

In
general,
in
MBA
programs
across
the
world,
students
are
taught

causal
or
predic<ve
reasoning
in
every
func<onal
area
of
business.

Saras
Sarasvathy

India

Causa/on
vs.
Effectua/on

Causa/on
Effectua/on
(Cre-‐Ac/on)

•  Planned
approach

•  Top-‐Down

•  Managerial
logic

•  PredicUon
based:
To
the
extent
we
can
predict
the

future,
we
can
control
it.

à
For
predictable
situaUons

•  Emergent
approach

•  Bobom-‐up

•  Entrepreneurial
logic

•  Control
based:
To
the
extent
we
can
control
the
future,

we
don’t
need
to
predict
it.

à
For
uncertain
situaUons

Effects
are

predicted

Need
to

manage

the
causes

Causes
are

given

Need
to

manage

the
effects

Eﬀectua/on
principle
#1
:
Bird
in
Hand
!

Start
with
who
you
are,
what
you
know
and
whom
you
know

…
Not
with
pre-‐set/given
goals
(based
on
predic/on)

•  Typical
entrepreneurial
resources:

–  Exper/ze,
skills…

–  Social
capital

–  Psychological
capital:
hope,
op/mism,
self
eﬃcacy
and
resilience

Effectua/on
principle
#2
:
Affordable
loss

Invest
what
you
can
afford
to
lose
(extreme
case
=
0€)

…
Not
expected
(risk
adjusted)
return

Eﬀectua/on
principle
#3
:
Crazy
Quilt

Build
a
network
of
self-‐selected
stakeholders

…
Not
compe//ve
analysis
and
transac/onal
rela/onships
with
ﬁrst-‐best
partners.

Co-‐Crea/on

Customers

Suppliers

Channels

Financial
partners

Employees

Sponsors

…

Commibed

stakeholders

network

Crazy
quilt,
not
puzzle.

Eﬀectua/on
principle
#4
:
Lemonade
principle

Embrace
and
leverage
surprises
(they
can
present
new

opportuniUes)

…
Not
avoid
them

About
Nils
Berqvist

•  Swedish
environmental
engineer

•  Worked
8
years
in
the
mining
industry
in

Kiruna
(in
Northern
Sweden)

•  Passion
for
wildlife
and
sports

Ice
Hotel
J

Eﬀectua/on
principle
#5
:
Pilot-‐in-‐the-‐plane

Give
up
the
predicUon
logic
!

The
future
comes
from
what
people
do
:
let’s
invent
the

world
!

…
No
inevitable
trends

à
Control
vs
Plan

The
Dynamics
of
the
Entrepreneurial
Network

Who
I
am
?

What
I
can
do
?

Whom
I
know
?

My
aﬀordable

loss
?

Who
may
be

involved?

Addi/onal

resources

Itera/ve
opportunity

co-‐construcUon

New
Goals

The
venture
grows

step
by
step.

Dead
end

My
Goals
?

Mul/ple
techniques
help
to
deal
with
these
cycles
:
Design
Thinking,

Lean
Start-‐up,
Business
Model
Genera/on,
Staged
Financing,
…

To
be
conUnued.


20
COMMON
LIES
OF
ENTREPRENEURS
?

STARTit@KBC
–
15th
September
2015

Lie
n°1:

“My
idea
is
just
fantasUc.”

•  Yes,
so
what?

•  An
idea
has
no
or
almost
no
value
…

•  Everyone
has
ideas
all
the
/me
…

•  A
valuable
idea
is
an
idea
that
is
tested,
validated,
put
into
ﬁgures,

put
into
chronological
perspec/ve,
operable
with
a
good
chance
of

success…
then
we
can
speak
of
an
“entrepreneurial
opportunity”.

•  Un/l
you
have
gone
through
the
process
of
transforming
the

entrepreneurial
idea
into
an
entrepreneurial
opportunity
…
this

idea
cannot
be
fantas/c…
or
in
any
case
no
one
can
shout
it
from

the
roolops!

Lie
n°2
:

“I
can’t
talk
about
my
idea
in
case
someone
steals
it.”

•  No
problem
…
keep
it
to
yourself
J!

•  Once
again,
an
idea
has
no
value
un/l
it
is
“worked
&
shared/compared”
(see

previous
lie).

•  If,
simply
by
men/oning
it,
someone
may
copy
it
and
make
money
from
it,
then

anyone
will
be
able
to
copy
the
idea
...
tomorrow
or
the
day
aler
tomorrow!

•  It
also
suggests
that
the
aspiring
entrepreneur
is
in
love
with
his
idea
and
will

therefore
ﬁnd
it
diﬃcult
to
accept
posi/ve
or
nega/ve
cri/cism.

•  A
lot
of
people
will
then
spend
years
with
their
idea
without
ever
transforming
it
into

a
company
or
product.

•  Asking
for
an
NDA
from
a
coach/investor,
how
do
you
expect
them
to
manage
their

ac/vi/es:
they
see
dozens
of
projects
a
week
and
have
without
a
doubt
seen
5
ideas

like
yours
over
the
past
few
months?

Lie
n°3
:

“I
have
the
best
product
on
the
market.”

•  The
“best
product"
is
an
expression
that
means
NOTHING!

•  The
best
product
for
what
/
who?
Which
customer
segment?

•  With
what
characteris/cs:
performance,
security,
access,
service,
user

experience,
personalised,
...?

•  At
what
price?
With
which
business
model?

•  With
what
related
services:
access,
aler-‐sales
service,
related
service,
…?

•  There
are
hundreds
of
customer
segments
with
diﬀerent
needs
...
someone

who
says
"I
have
the
best
product
on
the
market"
has
probably
not
made

strategic
choices
and/or
does
not
know
the
market
(entrepreneur’s

homework
not
done?)!

Lie
n°4
:

“I
don’t
have
any
compeUtors:
no
one
does
what
I
do!”

•  More
olen
than
not,
these
words
reﬂect
once
again
a
love
of
the
product

that
prevents
them
from
seeing
the
compe//on.

•  99
/mes
out
of
a
100
it
means
that
the
entrepreneur
has
not
made
its

analysis
and
market
segmenta/on
homeworks.

•  Bad
news,
compe/tors
are
not
the
only
problem,
there
are
also
alterna/ves

that
consume
the
budget
of
consumers
who
are
poten/al
customers!

•  If
they
are
right,
then
it
is
probably
in
a
niche
market
where
they
are
on

their
own
or
almost,
and
the
demand
is
probably
low!

•  Finally,
if
this
is
true,
it
will
prevent
their
investors
(coach)
from
analysing

and
understanding
the
appeal
of
a
market
(size,
growth,
etc.),
the

posi/oning
of
the
compe//on,
from
analysing
the
accounts
of
compe/tors.

Lie
n°5:

“I’ve
conducted
a
market
study:
it
confirms
that
my

company
will
be
a
success.”

•  What
market
research?
95
/mes
out
of
a
100,
a
costly
and

uninteres/ng
theore/cal
–
macro
–
study
conducted
exclusively
on

the
internet
and
without
any
direct
confronta/on
with
the
customer!

•  In
the
best
case,
a
quan/ta/ve
study
(ques/onnaire
on
the
Internet),

olen
unsuitable
for
a
startup
with
ques/ons
asked
without
prior

iden/fica/on
of
the
assump/ons
to
deny
/
confirm.

•  An
abempt
to
seduce
and
reassure
...
not
to
challenge
tes/ng
the

key
assump/ons
of
the
business
plan
→
danger!

•  Becoming
an
entrepreneur
is
not
a
theore/cal
disserta/on
…
it’s
a

contact
sport
à
talk
to
customer
ASAP
!

Lie
n°6:

“This/my
market
is
huge:
I
just
need
to
take
1%
of
the

market
share
to
hit
the
jackpot
!”

•  If
the
market
is
so
large
and
growing:

-‐
It
is
automa/cally
coveted
by
powerful
and
effec/ve
exis/ng
players!

-‐
It
abracts
a
large
number
of
entrants!

-‐
It
is
probably
too
late
for
a
"small
player"
on
a
shoestring

→
look
rather
for
a
sub-‐segment
that
matches
your
skills
and
resources!

•  If
you
say
this,
you
probably
have
not
done
your
homework
by
iden/fying

smaller
markets
with
specific
needs
that
you
are
able
to
sa/sfy:
a
niche
that

is
small
enough
so
that
you
do
not
have
too
much
compe//on
and
large

enough
to
be
profitable,
and
if
possible
a
niche
with
growth
poten/al
for

you
to
grow
along
with
the
niche
(Example
of
New
Tree).

Lie
n°7:

“My
turnover
forecasts
are
conservaUve
but
very

promising.”

•  It's
a
trap
element
of
business
plan:
too
low,
these
sales
will
not
abract

enough
investors
and
bankers,
too
high
it
will
immediately
be
discounted
by

financiers.
So
"objec/fy"
&
"test"!

•  Why
"conserva/ve"?
Just
tell
me
how
you
will
generate
sales,
what
are
your

assump/ons
and
how
you
tested
/
validated
them?

•  Too
olen
we
are
faced
with
a
"process
of
spontaneous
genera/on
of

turnover"
whose
final
amount
is
dictated
by
the
Excel
spreadsheet
of
the

financial
plan!

•  But
where
is
the
sales
genera/on
process?
What
is
it?
Can
you
describe
it?

How
was
it
drawn
up?

•  Was
a
test
performed?
If
not,
why?

Lie
n°8
:

“I’m
protected
because
I’ve
ﬁled
patents/licences”

•  Yeah,
so?
Patents
are
generally
not
yet
validated
and
anyway,
you
don’t

really
have
the
money
behind
you
to
sue
those
who
could
possibly
copy

them!

•  If
you
insist
too
much
on
patents,
it
becomes
suspicious:
is
that
the
only

value
of
the
company?

•  The
value
of
a
startup
is
not
so
much
in
the
patents
but
in
the
capacity
of
a

structure
and
a
project
to
create
value
with
and
around
these
patents.

•  Rather
explain
how
these
patents
would
prevent
compe/tors
from
selling

to
your
customers

Lie
n°9:

“Major
compeUtors
are
too
slow
or
I
have
a
first
mover

advantage”.

•  The
"first
mover
advantage"
is
rarely
tested
in
the
real
world:

-‐
Take
a
look
at
the
"cross
the
chasm"
and
"S
curve"
concepts!

•  Rarely
a
radical
innova/on
emerges
from
a
market
leader
...
especially
because
of

the
risks
(you
are
the
one
who
takes
those!)
...
But
it
is
olen
a
major
company

that
takes
over
the
project
when
it
becomes
juicy
and
it
has
been
validated!

•  If
your
project
is
not
innova/ve
...
and
you
are
the
first
on
this
concept,
ask

yourself
ques/ons
honestly
to
understand
why
other
companies
have
not

ventured
into
this
area!

•  Also
ask
yourself
about
the
possible
reac/ons
of
compe/tors
...

•  Do
not
forget
the
customer!
...

…
!

Lie
n°10:

“My
financial
plan
is
pessimisUc”

•  Oh,
and
why
is
that?

•  No
need
to
be
pessimis/c!

•  What
the
coach
or
investor
is
looking
for
is:

-‐
A
detailed
plan
explaining
to
them
in
detail
the
dynamics
of

the
costs
and
revenues

-‐
The
descrip/on
of
basic
assump/ons,
how
they
were
fixed

-‐
Plan
B
if
they
are
not
achieved

-‐
Tests
to
confirm
the
basic
assump/ons
(a
test
is
beber

than
a
business
plan
to
assess
the
risk
of
an
entrepreneurial

project).

Lie
n°11:

“Analysts
say
that
my
market
will
take
oﬀ
seriously
in
10

years’
Ume.”

•  These
projec/ons
rarely
turn
out
to
be
true!

•  This
/me
horizon
is
of
no
interest
to
any
of
your

stakeholders

•  Financiers
(investors,
business
angels,
banks)
will
focus

not
so
much
on
the
size
of
the
market,
but
on
the
share

of
it
that
you
are
able
to
go
capture.

•  Rather
explain
your
strategy
to
gain
market
shares
and

quan/fy
the
cost
of
acquiring
them.

Lie
n°12
:

“Our
sales
strategy
is
based
on
the
use
of
Facebook
and
the

Internet”

•  As
if
there
was
a
way
of
selling
using
Facebook
&
Internet
...!

•  Of
course,
there
are
E-‐Commerce
ac/vi/es,
but
for
others,
Facebook

&
Internet
do
not
magically
solve
all
the
business
issues
...

•  Reading
this
in
a
business
plan
is
to
think
immediately
that
the

aspiring
entrepreneur
has
not
sought
or
found
their
distribu/on

channel.

•  This
does
not
mean
that
Facebook
&
Internet
should
not
be
used
to

back
up
the
sales
policy
or
to
foster
a
useful
interac/on
with
the

consumer
...

Lie
n°13:

“There
are
plenty
of
customers
interested
in
my
product/
service
and
who
are
just
waiUng
for
me
to
launch
it”

•  What
does
interested
actually
mean?

•  Have
you
ever
sold
or
tried
to
sell?

•  Do
you
have
lebers
of
intent?

•  Have
you
ever
talked
price?

•  Are
these
interested
people:

-‐
Customers
(paying)
→
B2C

-‐
Users

-‐
Distributors
→
BEB

•  Which
marke/ng
tests
have
demonstrated
the
"Proof
of
Business“?

Lie
n°14:

“I
prefer
doing
it
myself
rather
than
entrusUng
it
to
someone

else”

•  Why
doing
it
alone
is
suspicious:

-‐
In
a
test
phase
why
do
it
yourself
and
suffer
the

constraints
of
learning
curves
and
fixed
costs?

-‐
During
start-‐up,
what
are
the
reasons
for
doing
things

yourself
as
the
risks
and
stakes
are
so
high?

Have
you
tried
to
build
partnerships?

-‐
If
so,
why
did
they
fail
to
get
off
the
ground?

-‐
If
not,
are
you
a
loner
who
wants
to
do
everything

alone?

Lie
n°15:

“I
prefer
starUng
out
on
my
own”

•  The
"loners"
never
create
nice
big
entrepreneurial
adventures!

•  Why
do
you
prefer
to
start
out
on
your
own?
Is
this
deliberate?
...

•  Have
you
tried
to
build
alliances?

•  Do
you
talk
about
your
project?

•  If
so,
what
conclusions
do
you
draw
on
your
leadership
on
the
risks

associated
with
your
project,
your
ability
to
iden/fy
problems
early

enough
and
ﬁnd
solu/ons?

•  What
are
the
impacts
on
you
and
your
project
from
this
go
it
alone

strategy?

Lie
n°16:

“Our
first
customer
will
be
profitable”

•  It
is
almost
impossible
for
your
first
customer
to
be
profitable
...
and
it
is
not
even

necessary!
...

•  If
you
say
/
think
that
this
first
customer
is
profitable,
you
probably
have
no
idea
of

the
cost
of
acquiring
your
first
customers!
...

•  Your
first
customer
is
rather
a
test
valida/ng
a
range
of
parameters
and
assump/ons

of
your
business
plan:
/me
and
process
of
the
sales
cycle,
customer
feedback,
use
of

the
product
/service,
price
sensi/vity,
perceived
value,
delivery
of
value,
payment

term
...

•  You
must
study
your
first
customer
through
the
eyes
of
an
anthropologist,
a

sociologist,
a
psychologist:
act
of
purchase,
use,
comment,
...
and
adapt
your
offer!

You
said

“lies
by
omission”?

1.  The
forma/on
of
turnover?

2.  The
customer
acquisi/on
cost?

3.  The
dura/on
of
the
sales
cycle?

4.  The
person
who
will
sign
the
contract
(B2B)
?

5.  The
capacity
to
produce
–
deliver?

6.  The
quan/ﬁca/on
of
the
value
proposi/on?

Lie
by
omission
n°1:

“The
formaUon
of
the
turnover”

•  Sales
policy:

–  vaguely
described
in
the
Business
Plan
...!

–  lible
detail
in
the
Financial
Plan
...:
a
box
in
an
Excel
spreadsheet
...

olen
without
a
formula
….!

•  Absence
or
low
sales,
adver/sing
and
marke/ng
costs
in
the
Financial

Plan
...!

•  Linear
growth
in
turnover
in
the
Financial
Plan
without
threshold
effects

and
no
increase
in
fixed
or
variable
costs,
and
this
as
from
the
first
day!

•  Process
of
spontaneous
genera/on
of
revenue!

Lie
by
omission
n°2:

“The
customer
acquisiUon
cost”

•  Already
described
above
...
and
in
the
"Lie
by
Omission
No.
1"
...

•  Process
of
spontaneous
customer
genera/on
...
without
necessarily
a

strategy,
marke/ng,
adver/sing
and
sales
force
costs
...

•  Determina/on
of
turnover
as
for
"borrowing"
to
balance
the
income

statement!

•  While
the
determina/on
of
the
acquisi/on
price
can
prompt
the
aspiring

entrepreneur
to
profoundly
change
its
strategy:
all
strategic
op/ons
are
not

"assumable"
ﬁnancially.
Aler
a
correct
es/mate
of
the
cost
of
acquiring
the

customer,
an
entrepreneur
may
decide
to
move
from
a
B2C
to
a
B2B

strategy.

Lie
by
omission
n°3:

“The
duraUon
of
the
sales
cycle”

•  Just
as
aspiring
entrepreneurs
are
reluctant
to
talk
to
poten/al

customers,
they
are
even
more
reluctant
to
test
their
business

process
and
simulate
sales.

•  Results:

-‐
They
olen
begin
by
selling
to
the
wrong
partner
(B2B
or
B2C)
...

-‐
They
discover
configura/on
problems
of
their
offer
during
selling
...:

superfluous
elements,
lack
of
certain
elements
related
service
...

-‐
They
underes/mate
the
length
of
the
decision-‐making
process
...!

•  This
type
of
error
has
a
significant
impact
on
the
financing
needs
of

the
company.

Lie
by
omission
n°4:

“The
person
who
will
sign
the
contract”

•  In
B2B
and
even
in
B2C,
the
end
user,
even
if
he
pays
and
may
be

called
a
consumer,
is
not
necessarily
the
customer
(the
person
who

signs
the
order):

-‐
Example
of
Pepsi-‐Cola

-‐
Example
of
Cur/us.

-‐
Example
of
Spoƒire.

•  Whoever
signs
the
contract
must
be
the
one
who
has
the
power
of

decision
and
the
one
with
the
biggest
problem
(or
unmet
need).

•  The
economic
feasibility
test
makes
it
possible
to
conﬁrm
the
iden/ty

of
the
so-‐called
DMU
(Decision
Unit
Maker).

Lie
by
omission
n°5:

“The
capacity
to
produce
and
deliver”

•  A
business
plan
is
not
guaranteed
to
produce
or
deliver
the
product
...

•  More
so
...
if
you
do
everything
yourself
...

•  Making
prototypes,
pre-‐produc/on
lines,
makes
it
possible
to
test
the

technical
feasibility
"Proof
of
Concept"
...

•  ...
but
also
to
have
a
product
to
compare
with
poten/al
customers
to

make
"Proof
of
Business!“

•  Based
on
the
results,
if
they
are
not
conclusive
for
example,
the

op/on
to
outsource
or
conclude
strategic
partnerships
can
be
a

con/ngency
strategy.

Lie
by
omission
n°6:

“QuanUfying
the
value
proposiUon”

•  Saying
"I
am
the
best
in
this
market,"
but
being
unable
to
prove
it.

•  If
we
iden/fy
a
specific
market,
with
a
corresponding
offer,
if
we
look

for
compe/tors
and
alterna/ves,
it
is
possible
to
iden/fy
a
set
of

criteria/values
for
each
of
the
offers
on
the
market.
By
weigh/ng
each

of
these
criteria
it
is
possible
to
compare
offers
...
(graph)
...

...
And
possibly
quan/fy
the
actual
value
for
the
customer!

•  Advantage:
it
facilitates
the
posi/oning
and
sale
of
the
product
→

concept
of
return
on
investment!

hbp://media.100firsthits.com/2013/11/
Startup-‐Mistakes-‐Infographics.png

Why
startups
fail,
according
to
their
founders

by

Erin
Griffith

@eringriffith

SEPTEMBER
25,

2014,
3:00
PM
EST

hbp://for.tn/1vfKwW3

The
top
reason?

They
make
products
no
one
wants.

The
modern
Startup
rule
?

•  Fail
fast

•  Fait
cheap

•  Fail
rough

And
never
do
twice
the
same
mistakes
:
learn
!

Ebn 2015 BIC essential Training BWA 1609 pdf

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Ebn 2015 BIC essential Training BWA 1609 pdf