What Opportunity is Best For Your Business?
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Transcript of What Opportunity is Best For Your Business?
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What Opportunity is Best For Your Business?
Dr Peter KellySchool of Science, Aalto University
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What Can We Learn From Wile E Coyote ?
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Analytical Thinkers PLAN
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Analytical Thinkers Fire Up Excel
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What do we teach?
IDEA
IDEA
€$£¥
€$£¥
EXIT
EXIT
PLAN
PLAN
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Traditional Roadmap• Search for new high potential opportunity• Light bulb goes on• Write business plan• Raise money• Hire great team• Build product/offering• Orchestrate big launch• Achieve steady or hockey stick growth• Trade sale or IPO• Retire on beach
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Does Traditional Roadmap Work?
– 98% of all new US businesses do not raise funding from angels or venture capitalists
– 70% of new businesses start with less than $20.000 in founding capital
– 1 in 6 of INC 500 fastest growing companies started on less than $1.000 (including Dell Computer 1984)
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Does Traditional Roadmap Work?
• Only 6 of 1.000 business plans get venture funding• Of those 60% go bankrupt• Fewer than 2% of ventures reach an IPO
• Yet what do we teach? And how?
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Search and Select Strategy
• Market already exists in some form• Undertake detailed analysis to identify
opportunities• Assess market potential on basis of
segmentation and past demand• Assemble resources to exploit the opportunity
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How Could You Predict?
• Budget airlines (Southwest 1971)• Microlending (Grameen Bank 1976)• Online book sales (Amazon 1995)• Internet search (Google 1998)• Social networking (Facebook 2004)
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Intuitive Thinkers Ask Profound Questions
Buy Food
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What Does Your Gut Tell You?
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And here?
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Or Here?
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IDEA = ANYTHING + YOU
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What is yourmotivation orpassion?
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• I want to start a business• I want to be CEO• This is a “hot” sector• Investors like this space• I want to be rich• I am unemployed• My boss says I should
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I want to investmy time doing this because ...
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OPPORTUNITY = IDEA + ACTION
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Opportunities Can Be Made
• Incomplete information• Market that defies definition• Consumers are not aware of their needs or
wants• Confusing and conflicting signals abound
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What Can We Do With Our Means?
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What Are My Means?
• Who I am?• Traits, abilities and attributes of entrepreneur/team
• What I know?• Education, experience and expertise
• Who I know?• Social networks
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Risk Little, Fail Cheap
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Affordable Loss
• Risking little implies thinking creatively about how to bring cost of discovery down while …
• Determining your walkaway cost in terms of time and money
• Time seems to be more expendable than money• Depends on which type of money (earned income
versus found money)
• Returns are not solely monetary in nature
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VIABLE VENTURE = OPPORTUNITY + COMMITMENT
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Co-Create Solutions With Partners
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Co-Created Solution
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Co-Creation: Securing Partners
• Stakeholders bring new means to table• Stakeholders invest what they can afford to
lose• Open minded approach to the opportunity• Buy-in as opposed to selling
• Look for partners with a “win-win” (reciprocation)• Who deliver on their promises• Who you like dealing with
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The Element of Surprise
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Who Could Have Guessed?
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Could Be Transformed Into
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Which Opens Up New Possibilities
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Effectual EntrepreneurshipHolds Great Promise
• Why do we spend our time (means)• What do we spend our time doing (affordable
loss)• Who do we work with (co-creation)• Open to and seeking out new perspectives
(surprise)
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Some Insightful Reads
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