Entrepreneurship WS2024-2025 Past Paper - PDF

Introduction to Entrepreneurship WS 2024/2025 Dr. Dinah Murad 1   Plan for the Semester Date Topic 15/10/24 Introduction and Business Ideas 29/10/24 Business Models and Value Propositio...

Introduction to Entrepreneurship WS 2024/2025 Dr. Dinah Murad 1   Plan for the Semester Date Topic 15/10/24 Introduction and Business Ideas 29/10/24 Business Models and Value Proposition 12/11/24 Customer: Market Research and Validation 26/11/24 Business Planning and Strategy 10/12/24 Financial Planning and Fundraising 7/1/25 Operations and Execution 21/1/25 Innovation, Risk Management, and Scaling 30/1/2025 Exam (60 minutes, multiple choice) 12:00-13:00 med2market – scientific marketing consulting 2 26/11/24 Business Planning & Strategy ¤ Recap ¤ Strategy ¤ Business Planning ¤ Your task for next time ¤ Key Learnings 3 26/11/24 Business Planning & Strategy ¤ Recap ¤ Strategy ¤ Business Planning ¤ Your task for next time ¤ Key Learnings 4 What do you remember? ¤ Why is a customer centered approach essential? ¤customer journey ¤persona ¤touch points ¤Every touch point and moment of truth depends on your customer’s behaviour ¤ Persona - Fictional user representation, target audience, needs, behavior. ¤ Customer Journey - Customer experience stages, interactions, decision- making, journey. 5 Your ideas… Liliana Cordes: Freestyle Libre 6 Your ideas… Liliana 7 Your ideas… Munkhzul Otgonmunkh: Red Bull 8 Your ideas… Munkhzul Otgonmunkh: Red Bull 9  touch points / customer journey relevant for the exam! Your ideas… Munkhzul Otgonmunkh: Red Bull touch points within the customer journey 1. instagram 2. POS (point of sale) 3. special offer 4. check-out and unpacking the product 5. what is written on the can of the product 6. community building --> marketing action plan 10 Your ideas… Jessica, Carla person in the picture doesn't represent a stereotype, cartoons almost always represent cartoons 11 Your ideas… Jessica, Carla WOM --> tupper party: audience is mixed and there is a person owning tupper products high level of trust through WOM: buying cars 12 26/11/24 Business Planning & Strategy ¤ Recap ¤ Strategy ¤ Business Planning ¤ Your task for next time ¤ Key Learnings 13  What’s next after You know: Problem Persona The customer Segment addressable market Insights Solution Customer You need a strategy what to claim Journey and a plan what not to claim what to avoid Value Touch proposition Points Touch Points Channels Value proposition 14  Key Activities at the beginning ¤ Product Development, Product Research: Prototyping, MVP, Product Design ¤ Production, Supply Chains: Site, Transport, Workers, Suppliers How to prioritise? ¤ Distribution, Channels: Where can you find your customer? Webshop? App Store, Distribution in Shops,… ¤ Set-Up of Organisation: Where to go? Offices, labs?, Hiring people, legal entity,… ¤ Marketing, Sales: Market Research, Marketing Strategy, Customer Relationships, Communication, Events, PITCHES ¤ Funding: PITCHES, Contact to Investors, financial planning 15 Orientation for your priorities What is creating value from a customer perspective? 16  Introduction to Strategy and Business Planning ¤ Planning is the process of defining goals, milestones, and resources to implement a business idea. Vision ¤ Vision, Mission, and Operations (Activities) Your Mission Activities Activities Activities Activities Activities Bryson, J. M. (2018). Strategic Planning for Public and Nonprofit Organizations 17 The strategy ¤ Strategy is the long-term plan to achieve goals and create a competitive advantage interview with Simon Sinek: difference between goal and vision is the finish line: the goal is there to set several milestones, but with the vision you don't know how or when you'll get to the finish line ¤ in the canvas business model, you’ll find the elements in value proposition and Customer segments (back to basics!) START WITH WHY! title is wrong Financials in Canvas Business Model  not only actions and plan https://accelerate.uofuhealth.utah.edu/improvement/how-a-goal- pyramid-can-help-translate-strategy-into-action Mintzberg, H. (1994). The Rise and Fall of Strategic Planning. A strategy pyramid: Vision → Goals → Tactics https://accelerate.uofuhealth.utah.edu/improvement/how-a-goal- pyramid-can-help-translate-strategy-into-action Mintzberg, H. (1994). The Rise and Fall of Strategic Planning. To be defined in the strategy ¤ Competitive Analysis and Positioning (can be done with e. g. Porter’s Five Forces) Example: Airbnb vs. traditional hotels ¤ threat of new entrants ¤ rivalry among competitors ¤ Market Positioning (use Value Proposition Canvas) Example: Coca Cola vs. Pepsi christmas theme, family only a few changes in the logo in the last years ¤ Coca Cola: Universal symbol of happiness; traditional, many changes in the logo; constantly following pop trends premium advertisements with celebrities e.g. Michael Jackson ¤ Pepsi: Focused on youth culture and pop trends; innovative, affordable Porter, M. E. (1980). Competitive Strategy Ries, A., & Trout, J. (2001). Positioning: The Battle for Your Mind To be defined in the strategy, continued ¤ Goal Setting and Objectives and Key results (OKRs) ¤ Define ambitious goals and measurable outcomes. (Aligns Key Activities with measurable objectives) Example: Google Chrome (2008) ¤ Objective: Become the most-used browser. ¤ Key Results: Achieve 20 million users in Year 1. Launch Chrome on multiple platforms Doerr, J. (2018). Measure What Matters  To be defined in the strategy, continued ¤ Long-term vision ¤ Define where the company wants to be in 10 years importance for short-term visions: the investors are interested in the strategy; exit strategy: when will I make money and how much? Example: Amazon ¤ „To be Earth’s most customer-centric company“ Tesla Example ¤ start with roadster - very narrow customer segment: only for very early adapters and Elon Fans ¤ IPO, Model S, and Model X (2010–2015) - broader segment, main stream Example: Tesla’s long term strategy to dominate the electric vehicle market A strategy pyramid: Vision → Goals → Tactics https://accelerate.uofuhealth.utah.edu/improvement/how-a-goal- pyramid-can-help-translate-strategy-into-action Mintzberg, H. (1994). The Rise and Fall of Strategic Planning. Goals should be SMART https:// uhaaccelerate.blob.core.windows.net/ accelerate/attachments/ clz2ymlt203e60io80z668de6-uofuhealth- smart-goal-template.pdf 26/11/24 Business Planning & Strategy ¤ Recap ¤ Strategy ¤ Business Planning ¤ Your task for next time ¤ Key Learnings 30 Business Planning - Overview Milesstones Roadmaps Key Partners Activities GOAL Financials Resource Team Marketing Sales Planning 32  Milestone Planning & Roadmaps ¤ Planning is the process of defining goals, milestones, and resources to implement a business idea. ¤ Milestones are key events or deliverables that mark progress (e.g., MVP launch, funding rounds). Example: Spotify’s Early Milestones: ¤ 2008: Launched a beta version with streaming functionality. ¤ 2011: Introduced subscription-based premium services. Free roadmap templates for download: https://go.canny.io/roadmap-templates 33 Roadmap Spotify Roadmaps for Startups ¤ Roadmaps outline timelines for Key Activities (Canvas) and ensure structured execution Basic Example: launching a new digital product: Research → Development → Testing → Launch Planning: Define goals and target audience, Create a product roadmap. Development: Building Core features, set up the technology stack Testing: conduct quality assurance (QA), gather feedback from beta-users Launch: deploy the product, announce via marketing campaigns PMI (2021). Project Management Body of Knowledge 36 A typical startup-roadmap Financials in Canvas Business Model Financial Planning ¤ Funding of basic infrastructure, investments ¤ Cash Flow Management: Managing cash flow ensures the availability of funds for operational costs. ¤ Cost Structure and Break-Even Analysis: Break-even point is the point where revenues cover costs Financials will be our topic next time Horngren, C. T. (2015). Cost Accounting: A Managerial Emphasis. 39 Marketing and Sales Activities ¤ Advertisement ¤ Market Research, Insight Generation, Panel Research ¤ Being in the right channels ¤ Growth Planning ¤ Connecting with Influencers ¤ Work on Traction  Ways to Traction Viral Marketing Targeting Blogs and Influencer PR Business Development Unconventional PR Sales (the old fashioned way) SEM Affiliate Programs Online-Adds Platforms Offline-Adds Trade Shows SEO Conferences and other offline events Content-Marketing Speaking Engagements Newsletter Marketing Communities Engineering as Marketing In business, traction refers to the measurable progress or proof that a product, service, or business model is gaining acceptance and generating interest from its target market. It often includes metrics like sales, user growth, or customer engagement, showing that the business is moving in the right direction. Continious work on Market Fit Magic triangle. Source: The magic triangle Gassmann et al (2017), p. 7. Resources and Team Planning ¤ Building a Team ¤ Key question: What skills are essential for the startup to deliver its Value Proposition? ¤ in Canvas: Key Resources. It’s not about the title - it’s about function and experience 43 Key to Team Building in a Startup https://fastercapital.com/topics/key-to-team-building-in-a-startup.html https://fastercapital.com/topics/identifying-key-roles-and-responsibilities.html Chief or Leader? https://www.youtube.com/shorts/_FHg3Gz6yWs 26/11/24 Planning & Strategy ¤ Recap ¤ Planning ¤ Strategy ¤ Your task for next time ¤ Key Learnings 47 Your task for 10/12/2024 send as pdf file for virtual examples put in dates and times ¤ Create a GOAL Pyramid for your product/project/business idea as in slide 31 ¤ Create a strategy table as in slide 32 ¤ Download the format here: https://accelerate.uofuhealth.utah.edu/ improvement/how-a-goal-pyramid-can-help-translate-strategy-into-action and use this for the task ¤ You can work in teams with up to 3 people ¤ Provide me your work until Friday 6h, December 48 12/11/24 Planning & Strategy ¤ Recap ¤ Planning ¤ Strategy ¤ Your task for next time ¤ Key Learnings 49  Take Home Messages ¤ Customer-Centric Value: Every activity must create value from the customer’s perspective. ¤ Strategy as a Long-Term Plan: Defines goals and competitive advantages based on value propositions and customer segments. ¤ Roadmaps for Structure: Timelines for research, development, testing, and launch ensure efficient execution ¤ Vision Provides Direction: Long-term goals, such as Amazon’s customer-centric approach, help align strategies ¤ Milestone and Roadmap Planning: Define clear milestones such as product launches or funding rounds. These markers help track progress and ensure structured execution ¤ Building the Right Team: Focus on function and experience over titles. Teams need diverse skills to deliver on the value proposition effectively ¤ Market Positioning: Differentiating from competitors through unique value propositions is essential ¤ OKRs Drive Focus: Measurable objectives and key results ensure progress and alignment ¤ Adaptation and Continuous Validation: Business strategies and models should evolve based on regular feedback questions for the exam from the market and customers to avoid obsolescence ¤ SMART Goal Setting: Goals should be Specific, Measurable, Achievable, Relevant, and Time-bound to ensure clarity and feasibility 50 Next time - 10.12.2024 ¤ Financial Planning & Fundraising 51