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Foundations of Entrepreneurial Leadership

Class 3 – Concept Development. Foundations of Entrepreneurial Leadership. Concept Development. MGT 190/290 Prof Frey: Frey@gwu.edu. Class 3 – Concept Development. AGENDA:. 1. Lightning round: Finish Mind Mapping pitches 2. Quiz – System based learning model

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Foundations of Entrepreneurial Leadership

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  1. Class 3 – Concept Development Foundations of Entrepreneurial Leadership Concept Development MGT 190/290 Prof Frey: Frey@gwu.edu

  2. Class 3 – Concept Development AGENDA: 1. Lightning round: Finish Mind Mapping pitches 2. Quiz – System based learning model 3. Business models vs great ideas 4. Venture structure - overview 5. Concept development – Exercise PROVE IT!

  3. Class 3 – Concept Development Lightning Round Elevator Pitch • Description & target audience • Need met through product / service • Competitive advantage Find your inner car salesman people. Work it.

  4. Class 3 – Concept Development AGENDA: 1. Lightning round: Finish Mind Mapping pitches 2. Quiz – System based learning model 3. Business models vs great ideas 4. Venture structure - overview 5. Concept development – Exercise PROVE IT!

  5. Quiz: System-Based Learning • Objective: Use knowledge in the room to reinforce previous class topics text reading • Skill Development • Thinking on your feet • Accessing and organizing resources • Managing limited time • Creativity • Public speaking

  6. Quiz: System-Based Learning • As a system you will facilitate a review of the readings/class content to date • Small groups (4s) • Review your topic area: Five minutes • Each group engages the class in a brief discussion or exercise on their topic (3 minutes)

  7. Quiz: Here are the Topics Entrepreneurship definition and examples Characteristics of Entrepreneurs Personal leadership & tie to the organization Benefits, drawbacks of entrepreneurship Creativity & sources of ideas Mentors and networks How to evaluate ideas Ways to think entrepreneurially

  8. Class 3 – Concept Development AGENDA: 1. Lightning round: Finish Mind Mapping pitches 2. Quiz – System based learning model 3. Business models vs great ideas 4. Venture structure - overview 5. Concept development – Exercise PROVE IT!

  9. FEASIBILITY PLAN #1: CONCEPT!!! Class 3 – Concept Development • Idea in a few sentences • Value • Who is it for? • What else already exists that is similar ? • Why is your “it” different?

  10. Huh?The concept step-by-step Class 3 – Concept Development • Idea in a few sentences • What is it? (product, service, activity?) • Value (see next slide) • Value Proposition: Why it matters • Value Model: How value is measured • Who is it for? • What else already exists that is similar? • Why is your “it” different?

  11. Class 3 Value Proposition: The Story • Why it matters! • MUST be Compelling • “Pain in the Market Place” • Problem it solves: The NEED • What is the purpose of creating “it”?

  12. Class 3 Value Proposition: The Story As discussed in Session 2 Ideas can come from anywhere and everywhere. Even surprising places (job angst, unexpected circumstances) Baby Boom Clip http://www.youtube.com/watch?v=ANLotpaHzVQ

  13. Class 3 Value Proposition: The Story Can that experience, idea, or spark lead to a product or service that can be packaged and sold? The Bass O Matic 76 http://www.youtube.com/watch?v=nxwbDC1YeuY Good text takeaway: USP - Universal Selling Proposition. It works.

  14. Class 3 Value Proposition: Run Through Run through: Baby Boom’s Baby Food Product Start with: Idea in a few sentences. Then focus on…. • Value Proposition • Who is it for? • What else already exists that is similar? • Why is your “it” different?

  15. Class 3 Value Model: Measurable Gain • Value Model – measurable value created • THINK: How does your idea create value? • For-profit and Not-for-profit ventures: • How does it make money? • Fee for service • Retail exchange • License fee • Grants, donations, membership fees • Remember: Not-for profit ventures still must create enough money (revenue) to sustain themselves!

  16. Class 3 Value Model: Measurable Gain • How do other types of ventures create value? 1. Input of resources results in useful output 2. Value of output exceeds value of input • Example Concept: www.BenefitsCheckUp.org • 200 x 1 ROI – what does this mean? • Example Concept: Stock Photography Business • ROI during (photos for fee. Why do we like this model?) • ROI AFTER (exit strategy) • AFTERMARKET (book, speaking) Beate’s Case

  17. Class 3 – Concept Development AGENDA: 1. Lightning round: Finish Mind Mapping pitches 2. Quiz – System based learning model 3. Business models vs great ideas 4. Venture structure - overview 5. Concept development – Exercise PROVE IT!

  18. Class 3 Venture Options: Pros & Cons Entrepreneurial Traditional Start up Purchase existing Franchise Licensed user/vendor E-bay Biz Direct Sales E-commerce Home-based Incubator park Intra-preneurial Project Org or business unit Special Initiative SAP Implementation Employee Fund Drive Non-Profits Free-standing Institutions Division of larger entity Branch of umbrella group

  19. Class 3 Venture Structure: Legal Forms For Profit Sole Proprietorship Partnership LLC S-Corporation C-Corporation Not for Profit 501 C (3) 501 C (4) – (27) Most decisions are made based on 1. Ease, 2. Liability, 3. Taxes See text and online handout for more

  20. Class 3 – Concept Development AGENDA: 1. Lightning round: Finish Mind Mapping pitches 2. Quiz – System based learning model 3. Business models vs great ideas 4. Venture structure - overview 5. Concept development – Exercise PROVE IT!

  21. Class 3 Feasibility Plan: Concept • Concept is first formal content section • Compelling! Concise! Complete! • Section Content • State the concept • Present the value proposition • Explain the value (business) model • Brief description of form and legal structure • Other relevant details that will be further explored in later plan sections

  22. Class 3 Prove It (Investor) • Class acts as investor • Scenario: • You have the money to invest, but you have to give something else up in order to do it. • What information would convince you this is the right place to spend your hard earned cash??? • Ask any questions you consider important • Don’t worry that it is early in the process, this is the entrepreneurial leader learning need to find to support the concept.

  23. Anatomy of a Feasibility Plan Executive Summary Concept Value Proposition Value Model Industry/Context Market General Specific Competition Direct/indirect Strategic Differentiation Financial Information Startup Costs Pro Forma Income Statements Balance Sheet Sources of Funding Management Team Operations Milestones Harvest Strategy You are here

  24. Class 3 – Concept Development AGENDA: 1. Lightning round: Finish Mind Mapping pitches 2. Quiz – System based learning model 3. Business models vs great ideas 4. Venture structure - overview 5. Concept development – Exercise PROVE IT!

  25. For Next Session 1. Venture Concept Plan draft • DUE: 1 PAGE BY WEDS 9AM-in BOX @ 315 FUNGER 2. Skill Building – Doing Research • READ: About research (docs online) • BLOG: About research skills/experience before next class 3. Reading - Essentials 8 & 9 4. Mentor selection – pre step Approval for “off grid” mentors Have someone in mind? DUE: Email Prof Frey Friday if you want to select your OWN Mentor 5. Provide online feedback: Peer forum Catch up - Grad students need to: • Approve your book and • Need outline (printed – one page – see blog)

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