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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

What Opportunity is Best For Your Business?

Dr Peter Kelly

School of Science, Aalto University

slide5
What do we teach?

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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)
slide16
What is your

motivation or

passion?

slide17
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
slide18
I want to invest

my time doing

this because ...

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 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
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
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
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)
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