Entrepreneurship Session nº3 Slides

1. Entrepreneurship
Everyone can be an entrepreneur
3rd Session
Lisbon, September 25th, 2019

2. “Freedom is what we’re all
looking for, and value is the
way to achieve it.”
2

3. “Value is created when a person
makes something useful and
shares it with the world.”
3

4. Outline
1.Why should you
care about
entrepreneurship?
2.Everyone can be
an entrepreneur
3.Why startups fail
4.Finding a great
business idea
5.Designing the
first version of the
business model
6.Mitigating the
risks
7.Little bets and
the different types
of experiments
8.Interviewing is
not an option
9.Low and high
fidelity prototyping
10.Where is the
money?
11.Entrepreneurial
selling
12. Next Steps
4

5. To Do
(Individual)
• Go to http://bit.ly/entrepreneurshipscan and
answer all questions. Create a PDF with the
results of the e-Scan Survey;
• Do the Why Businesses Fail research and create
a PDF with what you consider, based on the
research, to be the Top 10 Reasons for Failure;
• Upload both documents to Moodle before 23:59
of September 24th;
• Read everything that is in bold on the Readings
slide;
• Prepare to answer a 5 to 10 questions quiz, in the
beginning of the next class, about the required
readings and videos.
5

6. My Results
6

7. http://autopsy.io
9

8. https://www.failory.com/
10

9. Previous Session Readings
• How to Create a Million-Dollar Business This
Weekend, by Tim Ferriss
• For the next session you should also study the
“The 10 Myths of Entrepreneurship” and “Chris
Guillebeau with 4 Minute Masters“ videos,
available on the course website.
11

10. Quiz
• Go to Session 3 on Moodle;
• Click on Quiz nº2 when the teacher tells you;
• You have 5 minutes to answer the 10 multiple
choice questions;
• Please take in consideration that the correct
answer to some questions requires that you
select more than one choice;
• You will get 10 points if you answer all questions
correctly.
12

11. 5 Minutes
13

12. Any Questions?
14

13. Entrepreneurship Myths
1. Entrepreneurs are
special
2. You need clear goals
3. Ideas happen in the
shower
4. It requires a lot of
money
5. Someone can steal
my idea
6. It’s about who gets
what
7. We need a Business
Plan
8. We need to be lucky
9. Entrepreneurs are
born
10.Entrepreneurs are
prophets
15

14. But this is NOT a myth…
16
48%
Survival rate of new businesses after two years according to INE

15. How to Reduce Risk?
17

16. Traditional Approach
18

17. Business Plan
19

18. “No Business Plan survives
the first contact with a
customer”
Steve Blank
20

19. Steve Blank
21

20. Customer Development
22

21. The Road Map
23

22. Why follow a Roadmap?
Source: http://leanstack.com/lessons-learned-in-2010/

23. FastStart
25
BUSINESS MODEL DESIGN

24. 26
19 de Julho
23 de Julho
KNOWING YOUR CUSTOMER
CREATING VALUE

25. 27
26 de Julho
30 de Julho
BUILDING RELATIONSHIPS
GENERATING REVENUE

26. 28
2 de Agosto
6 de Agosto
PRODUCING VALUE
PLANNING FINANCES

27. 29
9 de Agosto
6 de Setembro*
CRIAR EMPRESAPITCHING
PREPARING FOR
EXECUTION

28. Experiments
30
(Foto de Laboratório de Química)

29. Tools
31

30. Exercises
32

31. What prevents people from being an
entrepreneur?
Go to www.menti.com
and use the code
562485
34

32. What prevents people from being an
entrepreneur?
• Write a short text
describing one reason
that prevents people
from being an
entrepreneur and then
press the “Submit”
button;
• Enter as many reasons
as you can remember,
by repeating the action
above.
• Code 562485
35

33. Results
37

34. Top 5 Reasons
38

35. A less risky way…
39

36. Side Hustle Definition
• “A side hustle is simply anything you
do to earn money outside of a
traditional job.”
40
Source: www.sidehustlenation.com

37. Business Idea
41

38. People
• Who are your customers?
• Are they companies or final consumers?
• Who are they? What are their roles?
• How did they get where they are?
• How is their typical day? Where do they spend
their time?
42

39. Problem
• What are the 3 main problems they face?
• Is it frustrating, expensive or time consuming?
• What would they change now?
• How are they currently solving their problem?
43

40. Solution
• What is your solution to the problem?
• What value do you offer your client?
• What are the key value attributes of your offer?
44

41. Business Idea Canvas
(Individual Exercise)
45
10 Minutes

42. Business Idea Canvas
Instructions
• Choose a customer segment (B2C or B2B);
• Think about a few problems or needs that
people in this customer segment have (and are
not yet completely satisfied);
• Write down what you consider to be the biggest
of these problems;
• Describe an innovative solution for the biggest
problem.
46

43. 10 Minutes
47

44. Creating the Team
Visionary
Hacker
Hustler
Designer
http://steveblank.com/2011/12/13/the-startup-team/ 48

45. Requirements
• Three or four persons per team
• Complementarily
• Different faculties and nationalities
• Gender variety
49

46. Personality
50Link: https://www.16personalities.com/

47. Example
51

48. Variety
• No teams with all members of the same gender,
same nationality and same school;
• Best if team members have diferent
personalities.
52

49. Team Form
Name of the Team Member Personality Gender Nationality School
1
2
3
4
53
*To be assigned by the professor
Team Nº ____*

50. To Do
(Individual)
• Do the “Different Methods to Find Ideas”
research and create a PDF with what you
consider, based on the research, to be the
Top 5 Ways to Find Business Ideas;
• Upload this document to Moodle before
23:59 of September 23rd;
• Read everything that is in bold on the
Readings slide;
• Prepare to answer a 5 to 10 questions quiz,
in the beginning of the next class, about the
required readings and videos.
54

51. About Your Research
You will get more points:
• If you send a list of methods for finding ideas
that includes the research source for each
reason;
• If the results of your research include more than
two research sources;
• If your document is easy to read, without typos
and complete.
55

52. To Do
(Team)
• Create the team and fill the Team Form;
• Upload the Team Form with information
about your team to Moodle before 23:59
of September 23rd;
56

53. Required Readings
• Idea Generation, Founder Centric
• How to Come Up With a Business Idea in 4 Steps
• 8 Ways to Come Up With a Business Idea
57

54. Optional Readings
• Seven lessons I learned from the failure of my
first startup, Dinnr
• Lessons Learned from Bill Gross' 35 IPOs/Exits
and 40 Failures
• Adventure.com: what we got right & why
we failed
• The Top 20 Reasons Why Startups Fail”, CB
Insights
58

55. Thanks
59