What is an entrepreneur ?

What is an entrepreneur ?The entrepreneurial dimension

• entrepreneurs own and manage one's own business enterprise; value creation (incl free-lancers and non-profit)

• assuming entrepreneurial risk • engagement in innovative practices• developing new and innovative products;

forms of organization; new markets; new production methods; new sources of supplies and materials

Cultural Business Modeling

Dany Jacobs:• Creative people are

entrepreneurial, but do not see themselves as such

• Creative succes / economical succes

• Often not clear where money is made

Business categories• Artisan – Designer driven purely by aesthetic

motivation• Solo – Individual designer focused on growth• Creative Partnership – Two creative people• Designer and Business Partner – One creative

and one business partner• Designer and Licensing Partner – Designer

under royalty contract• Designer and Manufacturer – Designer in

contractual agreement with manufacturer• Partnership with Investor – Designer in

partnership with a formal investor

• NESTA 2008

Customers / audiences

SOURCES OF NEW AUDIENCES: • one-time attendees • multiple/repeat attendees • subscribers/members • group attendees • future attendees

• Define ‘New’

Situation analyses1. THE ENVIRONMENTAL ANALYSIS, where you

examine issues effecting the economy and society, and look at demographic trends.

2. THE COMPETITIVE ANALYSIS, where you see the competition through your customers’ eyes, and objectively assess their strengths and weaknesses.

3. THE S.W.O.T. ANALYSIS, where you impartially assess your organization’s strengths and weaknesses, and the external opportunities and threats facing the organization, again, through your customers’ eyes.

Mission statementA good mission statement should answer three questions for

your organization:1. What are we here to do? (Statement of Purpose)2. Where is the organization heading? (Statement of Ambition)3. What values do we hold dear? (Statement of Values)

COMMON PROBLEMS:• Vague and obtuse• Too philosophical or abstract• Too broad or narrow• Too category - focused (describes dance, theater or music,

etc.)• Not unique or distinctive• Insider-focused

SOURCES OF NEW PRODUCTS1. Acquisitions2. Joint ventures3. Existing product expansion4. Line extensions5. New to the company or world6. New markets or channels (new targets or places)7. LicensingNEW PRODUCT DEVELOPMENT 1. Strategic role determination2. Customer needs/wants3. Idea generation4. Concept development & screening5. Customer feedback and priority6. Development and final testing7. Roll out to customers

Place: The Urban Dimension• Territorial approach: zoning• Diversified cultural environments (Jacobs)

• Social integration/identification (‘belonging’) and distinction (Bourdieu/Florida)

• Integrated approach:– Physical: bricks and mortar– Social– Infrastructure: networking

• Conceptualisation /re-evaluation

PriceRAISE PRICES TO:INDICATE SELECTIVITY;INCREASE PERCEIVED VALUE;OFFSET COST OF ADD-ONS; AND ATTRACT OLDER, AFFLUENT AUDIENCE

LOWER PRICES TO:ATTRACT LIGHT USERS;INCREASE ACCESS;INTRODUCE A NEW PRODUCT;CATER TO STUDENTS, SENIORS, LOW-INCOME SEGMENTS;ATTRACT FAMILIES WITH CHILDREN; REWARD LOYAL CUSTOMERS.(INCLUDES DISCOUNTS, DEALS, REBATES AND SUBSCRIPTION RATES)

Powerful & Persuasive Messages

3 Key Drivers:1. An intimate understanding of the target.2. A product that is positioned to takeadvantage of a customer’s need or want.

3. A communications strategy that answers the question: “How do we sell this thing?”

KYC: Know Your CustomerMarket segmentation:

“You may please all of the people some of the time, you may even please some of the people all of the time, but you can’t please all of the people all of the time.”