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Today’s session
• Recap and review
• Understand what you need to do to be successful in stage two of the competition
• Introduce the concept of Customer Development
• Begin to apply it to your idea/vision
Academic excellence for business and the professions
“Doing not learning to do,
is the essence of entrepreneurship”
Guy Kawasaki
Academic excellence for business and the professions
What’s the problem?
How big is the problem?
Whose problem is it?
How is it currently solved?
1 2
3 4
Startup design brief
Judging criteria
• Is there a clearly de"ned problem? • Is there a clearly articulated & di#erentiated solution? • Is the market clearly de"ned, addressable and
scalable? • Is there a viable and sustainable business model? • Is the plan backed-up by concrete evidence?
Academic excellence for business and the professions
I have a super duper techy innovation!!!
I have an idea!!!
I have a passion!!!
See: Bill Aulet, www.disciplinedentrepreneurship.com
Academic excellence for business and the professions
concept Dev testing launch customer
I’m sorry, but why do I need this
again?
Academic excellence for business and the professions
Established companies
Execute against an established
business model
Startups
Need to search for a scalable & pro"table
business model
Academic excellence for business and the professions Customer discovery
Customer validation
Problem – solution "t
Problem – market "t
Academic excellence for business and the professions
Customer discovery
Customer validation
Problem – solution "t
Problem – market "t
Yay, this is awesome!
Exercise 1
• 15-mins, working individually or in teams
• Take the business hypothesis worksheet and complete as many sections as possible
• Make sure your answers are as concise and speci"c
as possible
• Don’t over-think the exercise!!!
Exercise 2
• 15-mins, working in groups of 2 or 3
• What assumptions have we made that, if proven wrong, would cause the business to fail?
• Take the second worksheet and list as many of these assumptions as possible
• Make your assumptions as concise and speci"c as
possible
Assumptions
• We believe that people care about pillow temperature • We believe that people care about sleep quality when
purchasing a pillow • We believe we can sell online to customers • We believe our customers will be young urban professionals • We believe that our very "rst customers will be new graduates
who need to out"t their apartments • We believe that we can sell our pillows at a high enough price to
cover our costs • We believe that we can raise enough capital to cover
investments in manufacturing
Exercise 2
• 15-mins, working in groups of 2 or 3
• What assumptions have we made that, if proven wrong, would cause the business to fail?
• Take the second worksheet and list as many of these assumptions as possible
• Make your assumptions as concise and speci"c as
possible
Homework
• Before next week’s session
• Review your list and mark the assumptions that would have a large impact on your business and feel highly uncertain
• Prioritise your top-3 assumptions
• Download Talking to Humans PDF and read pages 1-27 (www.talkingtohumans.com)
Key points • We’re not just looking for hypothetical business ideas or plans –
we want to see action, traction and evidence
• Every new business idea is an article of faith precariously perched on a big stack of assumptions
• You need to challenge these assumptions right from the start – not sail blissfully towards an epic fail at the end
• This means that you need to understand what assumptions you’re making
• And then rank them in order of priority.