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Lesson 2

ENTREPRENEURSHIP SEMINAR. Lesson 2. The entrepreneurial firm Prof. Vittorio de Pedys. Why we need entrepreneurs: an idiot proof of approach. 2. New p roducts enter the market at higher speed. Roger Best, Market-Based Management, 2 nd ed.

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Lesson 2

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  1. ENTREPRENEURSHIP SEMINAR Lesson 2 The entrepreneurial firm Prof. Vittorio de Pedys

  2. Why we need entrepreneurs: an idiot proof of approach 2

  3. New products enter the market at higher speed Roger Best, Market-Based Management, 2nd ed. … beginning of life cycle lasts less; start ups have less time to exploit their advantage

  4. Technology Adoption Life-Cycle – buying motives Pragmatists:Stay with the herd! ConservativesHold on! VisionariesGet ahead of the herd! Skeptics No Way!! Techies: Try it!! THE CHASM Early Adopters Late Majority Early Majority Innovators Laggards

  5. Early Adopters Early Majority Late Majority Innovators Laggards Buy-in Pressure Technology Personal Vision Business Pragmatics Competition from E.M. Only Viable Option Reference Group other Visionaries other Pragmatists Competitor Pragmatists not an issue None Low High Market/Med. Market/Low. Market/Low. Price Point Strong Contender Market Leader Leadership Required Potential Monopoly/ Commodity No Innovative Vision Safe/Easy Leading Effective/High return Safe/Easy Leading Effective/High return Only choice Messages New! Apprentice-ship Training Partnership Some Consultancy Few Services Content None High Level Consultancy Lots of Services THE CHASM

  6. Some firm’s slow growth is written in their dna D. Birch, A Haggerty e W. Parsons1 classify firms in: elephant: big firms that do not grow mice: small firms that produce income for their promoters and their families gazelle: firms with high growth rate • Annual sales bigger than 1 mio€ • Roughly 10 employees • Sales growth in last 3 year • Sales doubled in last 3 years • Cumulated profit positive in last 4 years • “organic” growth ( internal) 1 Birch, David, Haggerty, Andrew and Parsons, William (1995), “Who’s Creating Jobs?“ Boston: Cognetics 6

  7. Management team is the key ingredient in successful start ups The entrepreneur must learn to do different things in different stages of its growth : be creative direct good managers delegate good managers coordinate managers that direct other managers Cooperate with his group of managers COOPERATION COORDINATION DELEGATION LEADERSHIP CREATIVITY Rielaborazioni STEP di: N.C. Churchill, V.L.Lewis – The five stages of small business growth – Harvard Business Review May-June1983 7

  8. I settori a più alta intensità di innovazione secondo Eurostat Eurostat ha individuato una suddivisione delle attività industriali e dei servizi che fa emergere più chiaramente i Settori a più alta intensità di innovazione, sia per il livello di competitività interno al settore che per l’elevato tasso tecnologico intrinseco. FABBRICAZIONE DI PRODOTTI FARMACEUTICI E DI PRODOTTI CHIMICI E BOTANICI PER USI MEDICINALI FABBRICAZIONE DI MACCHINE PER UFFICIO, DI ELABORATORI E SISTEMI INFORMATICI HIGH TECHNOLOGY INDUSTRIAL SECTORS FABBRICAZIONE DI PRODOTTI FARMACEUTICI E DI PRODOTTI CHIMICI E BOTANICI PER USI MEDICINALI FABBRICAZIONE DI APPARECCHI PER LE COMUNICAZIONI FABBRICAZIONE DI APPARECCHI MEDICALI, DI APPARECCHI DI PRECISIONE HIGH TECHNOLOGY KNOWLEDGE INTENSIVE SERVICES POSTE E TELECOMUNICAZIONI INFORMATICA E ATTIVITÀ CONNESSE RICERCA E SVILUPPO 8 29/11/2014

  9. Capitale, tecnologia e management team sono i fondamenti per la creazione d’impresa Capitale: le risorse finanziarie presenti vanno rese accessibili in ogni fase dello sviluppo Fondi pubblici: Nazionali (Sviluppo Italia: titolo II) Regionali (Docup: misura D3) Fondi privati (Business Angel, Venture Capital): Italiani e Stranieri Tecnologia: le idee vanno individuate e valorizzate, di solito esistono in abbondanza nelle Università e nelle imprese Presso le Università: sfruttando economicamente i brevetti esistenti, incrementando la brevettazione, spingendo la ricerca verso il mercato Presso le imprese esistenti che operano nei settori a crescita intensiva: promuovendo gli spin-off aziendali Management team: le capacità imprenditoriali sono la risorsa chiave che deve essere assicurata Incrementando le competenze manageriali di chi vuole fare impresa Diffondendo la cultura e il rischio imprenditoriale presso professori, ricercatori, studenti e dipendenti delle imprese 9 29/11/2014

  10. Capital is added in stages in the differents phases of the firms’ creation 3F theoretically should exit ... External financing IPO Internal financing Venture Capital Business Angels Bank lending Founder Family Seed Start-up Early Stage Sustained growth 10

  11. Ancora 3F negli aumenti di capitale Nel 50% dei casi in cui subentrano Manager Finanziatori o Partner Finanziari nell’aumento di capitale delle SUI benchmark, i soci promotori non hanno più il 51% delle quote. Chi è entrato? benchmark resto del campione 31% 24% Senza 3F all’inizio Domanda a Risposta Multipla: le percentuali sono calcolate sul totale dei rispondenti, 17 benchmark e 65 resto del campione. 11 29/11/2014

  12. Innovation…

  13. RESOURCES VALUE PROPOSITION People, technology, products, facilities, equipment, brands, cash that are required to deliver this value proposition to the targeted customers. Process automatically followed become Culture. PROCESSES PROFIT FORMULA To define the form of your initiative you must understand and design the Business Model Product or service that helps customers to do more effectively, conveniently and affordably a job they’ve been trying to do Ways of working together to address recurrent tasks in a consistent way: training , development, manufacturing, budgeting, planning, etc. Assets and cost structure, margins, scale, and velocity required to cover them 14

  14. The Third Dimension of the Disruptive Innovation Model Sustaining Strategy Bring a better product into an established market Performance Low-End Disruption Adress overserved customers With a lower-cost business model Different Measure of Performance Time New-Market Disruption Compete against nonconsumption Time Nonconsumers Or Nonconsuming Occasions 15

  15. The Role of Business Model Innovation in the Process of Disruption Performance Sustaining innovations Different Measure of Performance Time • 3. New Value Network • Customers • Distribution • Suppliers 1. Simplifying Technology Non-consumers or Non-consuming occasions 2. Business Model Innovation Time 16

  16. Business models built around job to be done 17

  17. Four areas support the good quality of an initiative Innovation Consumers Innovationis the capacity to do somethinguseful for consumers in a different way. Do in a different way doesnot (only) mean do in a technologic way. Consumers must have a need to be satisfied in a different way(feel the pain). Consumers must be available (distribution network) and theyhave the possibility to spend. Current and future competitors fix the structure of the sector. Know How, Demand, Life Cycle and competitors fix the interest of a sector. The currentdynamicsbetween Consumers and Competitors and in 5 and 10 yearsdetermine the development of the market. The growth rate of the market and the breaking points of the sectorrepresententrepreneurialopportunities. Market Competitors 18

  18. Business Model Template JOB (VALUE PROPOSITION) RESOURCES PROFIT FORMULA PROCESSES 19

  19. R&R Business Model JOB (VALUE PROPOSITION) RESOURCES • Spend time together • Involve themselves in a game where skills and luck are important • Give as a present something the allows the above mentioned • … • Reiss industry experience, credibility and contacts • Sales force plug and play • TV guide brand and ad allowance • … PROFIT FORMULA PROCESSES • Very low fixed capital invested and fixed costs (design fee) • 34% Contribution margin. Price: 12.5$, variable cost 8.225 (Manufacturing/Assembly 3.1, TV Guide Royalty 10%, Designer 5%, Ad Allowance 5%, Heller Factor 1%, Sales Commission 20%) • BE reached with the first sales to department stores • … • Manage a network of skilled and independent sale rep • Involve and manage the manufacturer (Swiss Colony) and the factor (Heller) • Dealing at the same time with two different resellers • Capability to act quickly • … 20

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