What opportunity is best for your business
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What Opportunity is Best For Your Business?. Dr Peter Kelly School of Science, Aalto University. What Can We Learn From Wile E Coyote ?. Analytical Thinkers PLAN. Analytical Thinkers Fire Up Excel. What do we teach?. I D E A. P L A N. € $ £ ¥. E X I T. Traditional Roadmap.

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What Opportunity is Best For Your Business?

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What Opportunity is Best For Your Business?

Dr Peter Kelly

School of Science, Aalto University


What Can We Learn From Wile E Coyote ?


Analytical Thinkers PLAN


Analytical Thinkers Fire Up Excel


What do we teach?

I

D

E

A

P

L

A

N

$

£

¥

E

XIT


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


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)


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?


  • 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


    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)


    Intuitive Thinkers Ask Profound Questions

    Buy Food


    What Does Your Gut Tell You?


    And here?


    Or Here?


    IDEA = ANYTHING + YOU


    What is your

    motivation or

    passion?


    • 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


    I want to invest

    my time doing

    this because ...


    OPPORTUNITY = IDEA + ACTION


    Opportunities Can Be Made

    • Incomplete information

    • Market that defies definition

    • Consumers are not aware of their needs or wants

    • Confusing and conflicting signals abound


    What Can We Do With Our Means?


    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


  • Risk Little, Fail Cheap


    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


  • VIABLE VENTURE = OPPORTUNITY + COMMITMENT


    Co-Create Solutions With Partners


    Co-Created Solution


    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


    The Element of Surprise


    Who Could Have Guessed?


    Could Be Transformed Into


    Which Opens Up New Possibilities


    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)


    Some Insightful Reads


    [email protected]+358 41 503 4508


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