Entrepreneurship Education Experience - Bob Caspe (Aula 1)
Transcript of Entrepreneurship Education Experience - Bob Caspe (Aula 1)
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STARTUP PHILOSOPHY
CEMEC BRAZIL
Bob Caspe
The International Entrepreneurship Center
Entrepreneurial Action
1
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This Course
Today is about Strategy and Philosophy. My goal is to erase everything that you think you know and start over.
Tomorrow is about Tactics. We will look at specific Marketing strategies and how and why they work.
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Two Simple Rules for a Startup
Choose a Worthwhile ProjectYou Tend to Pick Stupid Projects to Work onYou Cloud Your Thinking with PassionYou Waste Your Most Precious Resource
Avoid Going Out of BusinessYou Focus only on the Long TermYou Forget about Today’s BillsYou Are Far Too Rigid to Simply Make
Money
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My Observations
Most startups are too internally focused Most Medium sized Companies lack
Adequate marketing & strategy Time is not an Innovator’s friend Randomness is a Critical Part of Business
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I Know You It’s Different Here In Brazil You Believe That You Need to Know A
Customer “As A Friend” Before You Can Make A SaleResult of a weaker legal system
Your Product Development is world class Your Marketing Departments Stink (or don’t
exist) Your Sales Department is Under Performing Your Innovation Doesn’t Give You the Return
That it Should
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Latin America
Extraordinary Growth over the Last 10 Years
Stabilizing Politically and Legally Missing Pool of Experienced Middle
Managers Opening to International Competition You are Looking Outside for Growth
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Today’s Lecture
Create a Framework for Understanding how Business WorksWhy some growWhy others fail
What are Unique Rules and Challenges for Startups
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Where does the Study of Business Fit in? Education
ArtsHistorySciences
○ Physics○ Chemistry○ Biology○ Business Share a common Model
EducationArtsHistorySciencesBusiness
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Operational Frameworks
PhysicsNewtonian PhysicsEinstein’s Theories of RelativityQuantum Mechanics
BiologyEvolution through Reproduction & Genetics
BusinessEvolution of Ideas & Business Models
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Evolutionary Models
BiosphereSpecies
○ Plants…
○ AnimalsMammalsReptiles…
NoosphereIdeas
○ Music○ Art○ Literature○ Business
OnlineRetail…
○ Governments
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My Model for “Business”
Change is Through Evolutionary Development that Builds Upon Prior States with Adaptations that are in partly Forced by the Environment
Changes are Driven by TechnologyInnovation Arrives in Bursts which are
“Inventor Independent” The Speed of Evolutionary Change is
Increasing for Several Reasons
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Many Beliefs
You Need to Invent Something You Need to Write a Business Plan
before you Act You Need to Study other Businesses You Need to Raise Venture Capital You Need to Develop a Sales and
Marketing Process for Distribution of your Inventions
are wrong
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Course Contents
A Philosophy of Small BusinessRiskProbabilitySurvivalMetrics
A Guide to Marketing• Category• Value• OEM• Transaction
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Bob Caspe
BS in Electrical Engineering in 1969 Founded 4 High Tech Companies Currently a Consultant and Teacher
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What we offer at the IEC
MentorshipMarketing StrategyMarketingSales
Education Space and a Community Market Acceleration into the US, Latin
America and EuropeIMAP
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Summer Entrepreneurship Program
June 2014Boston Massachusetts
Boston College
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What was the most significant Change to Society in the Last 500 Years?
Advances in Communications
Printing Press – Telephone – wireless – loudspeaker –cell phone – Internet
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What is the Largest Challenge for the Entrepreneurial Startup?
How are you going to Sell your product or service?
Marketing is the process of Buying Customers!
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Definition of “Marketing”
Marketing is the process of communicating to eligible customers a transaction along with adequate value so as to convince the customer to buy.
Gross Sales
COGS
Gross Margin
Marketing & Sales
G&A
EBITDA
15%
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Bottom Up Marketing Costs
Direct mail
Phone
Customer Visit
Transaction Marketing and
Sales Cost
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Marketing Investment Drives Revenue
Campaign
Marketing & Sales Investment
Contributed Margin
COGS
Fixed Costs
Net Profit
Transaction
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If you spend enough money, you can sell anything!But can you make money doing it?
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Most Startup Failures
Sale Price- Cost of Goods Sold
= Gross Margin- Customer Acquisition Cost
= Net Transaction Margin
If the Net Transaction Margin is Negative, then you’re on your way to failure
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What is the CAC?
It’s Made DifficultEarly Startups use the CEO to do sales and
this is not sustainable over the long termIn the beginning the sales process is being
learned so the cost is higher But, proving that the CAC can be low
enough to be profitable is key
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Relative Importance of the Cost of Marketing and Sales (size of ball)
Selling Cost as a Percentage of Unit Price
Num
ber
of C
usto
mer
s
Jet Plane
IPOD
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Which is Hardest?
Invent Build Website Sell
Degree of difficulty
Which one is best to start with and why?
But, which one do you typically start with?
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Why Sell First?
Create Concept Design Product Build Product Create Website Sell DIE – Oops
no more money
Create Concept Sell Modify Concept Sell Design Product Build Product Ship Product Create Website Buy Boat
Typical Student Business Concept
Bob’s Business Concept
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SELL FIRST
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But Bob…
What happens if they buy it?Will I go to Jail?
When Should I Make a Prototype?
When Should I write my business plan?
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Kickstarter but…
Kickstarter’s model is to sell first. There is no sale of equity, only a future product. And, all you need is a photoshop picture and a story.
But… we will talk about consumer markets later.
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Conclusions Selling is the hardest part of business. Sell first, and only continue on if your sales
are successful. Calculate your CAC Early in the Process Limit your passion and investment in your
business idea until sales are verified. Make sure that you can sell for less than the
available margin offered by a transaction.
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Evolution of Business & Technology
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Entropy – Measurement of Disorder
Rudolf Clausius -
1882
2nd Law of Thermodynamics Entropy of a
Closed System Increases Over Time
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Edwin Schrodinger
Negentropy
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Entropy versus Life
Disorder Order
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Evolution – The Accumulation of Order
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Central to Evolution
Diversity in the PopulationRandom mixing and changes through
mutation Heredity – the passing on of traits Environmental Pressures Causing
Selection
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Life
Evolution defines the process by which Life increases its own organization
Extinctions of species (or companies) is a byproduct of instability in the environment and Competition
Humans have extended our Genome with language and drawings into external data
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The Genome Encodes Life
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Humans Extended our Genome
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Alternative Frameworks
Humans have an extended genome which includes our ideas, and that genome evolves by the same rules of evolution, only faster.
The Noosphere evolves mindlessly, inventions are destined to happen, only waiting for underlying inventions. Its behavior is identical to evolution of the biosphere (Driven by the fundamentals of Physics).
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Noosphere
Teilhard de Chardin defined the noosphere as “a living tissue of consciousness”
The collective consciousness of the human species
SPECIES IDEAS
BIOSPHERE NOOSPHERE
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Examples of Selection in America In the Biosphere
North American Animals dominate South American Animals when the Isthmus of Panama forms 3M years ago
Humans push the Buffalo to extinction 200 years ago
In the NoosphereWestern European Culture Dominates
American Indian Culture – 200 years ago
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Either Way, they are the same
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Darwin Also Observed
Adaptive Radiation - Rapid Bursts of Innovation that Waited Until Underlying Innovations Were Available for Use
Pockets of Concentrated VarietyRainforestsCoral Reefs
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Concentrations of Diversity
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The “Invention” of the eye He Studied the Eye as an example that
would prove his concept of evolution. Was it “Mindful, or Mindless” creation?
Cambrian Explosion (540 million years ago)Common Ancestry of Visual Pigments50-100 Different types of “eyes” evolved
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Our Inventions including our companies are part of our own evolution.
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Noosphere - Adaptive Radiation
1611 – Sunspots Observed in 4 Countries
First Battery – Dean Von Kleist & Cuneus Leyden 1745 & 1746
Ogburn & Thomas (1920s) – 148 instances of Independent Innovations within the same decade
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Invention
Stuart Kauffman, biologist described this as: The Adjacent Possible
Defines both the limits and potential that is “hovering on the edge of the present.”
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Powered Flight
Gustave Whitehead 1901, EU
Write Brothers 1903, US
Clement Adler 1890, FR
Santos Dumont ?, BR
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Noosphere Concentrations of Invention
Larger Cities have patent submission rates in excess of linear predictions
Consider the impact of the Internet on “virtual City Size!”
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Environmental Instability
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Technology
RA
TE
OF
CH
AN
GE
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Invention Pyramid
Inverted
Number of Inventions per time period is expanding
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What This All Means
Most, if not all, inventions and innovations of businesses are based upon technology.
Each Innovation “waits” for Underlying Innovations first.
With the Universality and Speed of the Internet, each Innovation is Likely to be Occurring Elsewhere Simultaneously.
Replacing Innovations are also Following Closely Behind.
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The Evolution of Businesses Abundance of Business Models within
any one Business Category Heredity of Business Ideas Selection through Competitive Pressure
and Destabilization through Technological Advancement
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Conclusion
The Methodologies that We Choose to Use to Compete in Business Must be Consistent With the Working Model Assumptions of How Businesses Grow and Die.
In the Biosphere the Direction of Evolution is Driven by the Laws of Physics
In Business, Money Drives the Direction
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Therefore
Time is NO LONGER your Friend You Must Exploit Your Innovation As
Quickly As Possible and you MUST SEEK:International Distribution QuicklyPartnerships That Can Shorten Your Path
to:○ Capital○ Brand Equity○ Distribution
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Examine the Status Quo
Shift to Mobile Technologies from desktops and laptops
Everyone & Everything is Connected Knowledge is devalued Power is Shifting to the Masses
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Mobile Phone Growth
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Smart Phone Growth
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Business Adaptation TimeA
VA
ILA
BLE
YE
AR
S1
100
1900 2010
1876
~1899
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Spending on TV and print in US has dropped by 40% in 3 years
Revenues Doubled and Net Income Increased 400%
The Results
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Corporate Extinction
Of the top 25 industrial Companies in the US in 1900 only two remain there today.
Of the top 25 on the Fortune 500 in 1961 only 6 remain there today.
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CEO’s Have Not Kept Pace
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Hosni Mubarak didn’t use facebook
Facebook has over 1 billion Users – the third largest “country” in the world
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Executives Have Lost Ground
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Logo Design
1990Design Agency
Scitex Workstation$5,000
2000In-House
Macintosh PC$500
2010Cloud
99Designs.com$50
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Business Models are Changing
The Virtual CompanyNo EmployeesNo FacilityNo OverheadReduced Capital NeedsNew types of capital and/or royalty
structures
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Off-Shore Sourcing
Manufacturing Engineering Accounting Law
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Conclusions
Technology will leave no business model untouched and may drive many to extinction.
New virtual models are growing. Change leads to entrepreneurial
opportunity. Time is NOT your friend.
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Let’s take a break