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

What Opportunity is Best For Your Business?

Dr Peter Kelly

School of Science, Aalto University


What opportunity is best for your business

What Can We Learn From Wile E Coyote ?


What opportunity is best for your business

Analytical Thinkers PLAN


Analytical thinkers fire up excel

Analytical Thinkers Fire Up Excel


What opportunity is best for your business

What do we teach?

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$

£

¥

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XIT


Traditional roadmap

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

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 work1

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

    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

    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

    Intuitive Thinkers Ask Profound Questions

    Buy Food


    What does your gut tell you

    What Does Your Gut Tell You?


    And here

    And here?


    Or here

    Or Here?


    What opportunity is best for your business

    IDEA = ANYTHING + YOU


    What opportunity is best for your business

    What is your

    motivation or

    passion?


    What opportunity is best for your business

    • 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


    What opportunity is best for your business

    I want to invest

    my time doing

    this because ...


    What opportunity is best for your business

    OPPORTUNITY = IDEA + ACTION


    Opportunities can be made

    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 Can We Do With Our Means?


    What are my 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

    Risk Little, Fail Cheap


    Affordable loss

    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


  • What opportunity is best for your business

    VIABLE VENTURE = OPPORTUNITY + COMMITMENT


    Co create solutions with partners

    Co-Create Solutions With Partners


    Co created solution

    Co-Created Solution


    Co creation securing partners

    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

    The Element of Surprise


    Who could have guessed

    Who Could Have Guessed?


    Could be transformed into

    Could Be Transformed Into


    Which opens up new possibilities

    Which Opens Up New Possibilities


    Effectual entrepreneurship holds great promise

    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

    Some Insightful Reads


    Peter kelly@aalto fi 358 41 503 4508

    [email protected]+358 41 503 4508


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