Frankfurt School Entrepreneurship Class 1A - Introduction PDF

ENTREPRENEURSHIP CLASS 1A - INTRODUCTION DR. GAJA AMIGONI 1 HOW TO REACH ME Dr. Gaja Amigoni [email protected] 2 COURSE MECHANICS Main teaching objective – Learning through action and practice! H...

ENTREPRENEURSHIP CLASS 1A - INTRODUCTION DR. GAJA AMIGONI 1 HOW TO REACH ME Dr. Gaja Amigoni [email protected] 2 COURSE MECHANICS Main teaching objective – Learning through action and practice! Heavy emphasis on action, on doing, on working with the technology, on being entrepreneurial Heavy emphasis on discussion and group work 3 WHAT WE WILL NOT DO: This class is about how to be entrepreneurial, it is about dealing with uncertainty in many situations, it is not about: – Detailed steps of how to start a company – How to evaluate entrepreneurial firms – Legal issues of founding a firm – Detailed knowledge about how to get venture capital – Financial planning – Writing a business plan 4 COURSE STRUCTURE 1. Idea Generation 2. Idea Viability 3. Idea Feasibility 4. Strategy, Best Practice and Failure 5 GRADING Group Projects 75 points Exam 45 points 6 GROUP PROJECT: Create and validate your business idea around a (new) product or service. Detailed information on Canvas. 7 GROUP DISCUSSION “Draw” an Entrepreneur :-) Maybe someone you know… What kind of person becomes an Entrepreneur? 8 ENTREPRENEURIAL TRAITS? High Visionary Appetite for Risk Passionate Decisive Self- Foresee Confident the Future Determined Very Egoistical Creative Over- Controlling 9 PSYCHOLOGICAL TRAITS Traits (or dispositions) are habitual patterns of behavior, thought, and emotion. They are stable over time They differ across individuals – e.g. some people are shy whereas others are not 10 SECOND APPROACH: SOLVING A PROBLEM Brief Explanation & Example Sometimes identifying These problems can be opportunities simply pinpointed through observing involves noticing a problem trends and through more simple and finding a way to means, such as intuition, solve it. serendipity, or chance. For example, Symantec Corp. Some business ideas are clearly created Norton antivirus initiated to solve a problem. software to guard computers against viruses. 24 THIRD APPROACH: GAPS IN THE MARKETPLACE Gaps in the Marketplace – A gap in the marketplace is often created when a product or service is needed by a specific group of people but doesn’t represent a large enough market to be of interest to mainstream retailers or manufacturers. This is the reason that small clothing boutiques and specialty shops exist. Specialisation vs. cost leadership 25 THANK YOU FOR THE ATTENTION 26 CLASS 02 – BUSINESS IDEA GENERATION VIA HUMAN CENTERED DESIGN ENTREPRENEURSHIP Dr. Gaja Amigoni 1 DESIGN THINKING DEFINITION “Design thinking is a human-centered approach to innovation that draws from the designer's toolkit to integrate the needs of people, the possibilities of technology, and the requirements for business success.” - Tim Brown 2 3 PILLARS OF DESIGN THINKING Process Tool Set Culture 3 THE DESIGN THINKING PROCESS HPI Academy 4 … IN REALITY! 5 CHANGE OF PERSPECTIVE User-centric Team Culture Flexible process Spaces 6 BEGINNER’S MINDSET driven by curiosity focused on the human accepting complexity showing and visualizing experiment and iterate culture of learning 7 DESIGN THINKING APPLICATION AREAS Products Services Experiences Strategy Processes Workshops Company Culture Personal development 8 EXAMPLE Doug Dietz (GE Medical) 9  „You have to start with the customer experience and work backwards to the technology – not the other way around.“ Steve Jobs, Apple 10 INNOVATION: 11 12 TEAM RULES: 13 EXAMPLE: How do we get women from the baby-boomer generation to open a new bank account with us? 14 KEEP THE CHANGE! 700.000 new customers in the first year alone 8 Million new customers since launch 99 % of people stay loyal to the service >1 Billion in total savings 15 IDEO EXAMPLE: 16  Doing DESIGN THINKING 17 FIRST PROJECT: 18 BECOME AN EXPERT: 19 “If I had an hour to solve a problem and my life depended on the solution, I would spend the first 55 minutes determining the proper question to ask, for once I know the proper question, I could solve the problem in less than five minutes. “ - Albert Einstein 20 WHAT DO YOU SEE? 21 CLUSTER: What is connected to the topic? Who are users? What kind of problems / challenges do they have? What kind of desires / wishes do they have? 22 OBSERVE: 23 USERS: Majority Non-users Heavy- users © Steffi Kieffer 24 Look at what lies behind the first image or impression: 25 IN REALITY: 26 EMPATHISING: 27 GOOD QUESTIONS, BAD QUESTIONS 28 Do you like XYZ? 29  Ask open questions: Do you like XY? How do you think about XY? 30 Could you imagine using XYZ? 31  Stay in the present or past: Could you imagine using XY? Tell me from your last interaction with XY 32 What do you usually do when XYZ? 33  Avoid “usually / normally” – be specific: What do you usually do when XYZ? What was your best / worst experience with XY? 34 LISTEN AND REACT TO THE ANSWER! 35 “Sometimes we go away over the weekend” 36 “Sometimes we go away over the weekend” 37 “Usually we plan the vacation together” 38 “Usually we plan the vacation together” 39 The Art of Interviews: Discover the unknown unknowns! 40 INTERVIEWS - TIPPS: Smile ;-) Bear an open mind Ask open ended quesVons SVck to the past or present Shut up and listen (count unVl 5 in your head) Dig deeper to get to the underlying moVvaVon (5-whys) Try and uncover posiVve, negaVve and surprising feelings Ice-Breaker quesGons What do you associate with...? What does … mean to you? 41 “There are no facts inside your building, so get outside.” - Steve Blank 42 POINT OF VIEW: 43 SYNTHESIS METHODS: Who: Empathy Who: Persona Why: 2x2 Matrix How: Customer Map Journey …! …? How: Flow Chart How much: Where: Map Therefore: Vision Statement & Chart How might we Question 44 EMPATHY MAP: 45 INTERVIEW DOWNLOAD: Name + Name + Name + Name + Who Description Description Description Description What Fact / Fact / Fact / Fact / Citation Citation Citation Citation Fact / Fact / Fact / Fact / Citation Citation Citation Citation Fact / Fact / Fact / Fact / Citation Citation Citation Citation Fact / Fact / Fact / Fact / Citation Citation Citation Citation Fact / Fact / Fact / Fact / Citation Citation Citation Citation 46 ANALYSING DATA: Title Title Title 47 FINDING INSIGHTS: Title Title Insight Insight TitleInsight 48 IDENTIFYING PROBLEMS: Titel Titel Insight Insight Titel Insight 49 POINT OF VIEW: user + need + insight = Point of View = Stepping stone for Ideation! 50 PERSONA: Building empathy with the user! Focus on the User Empathy for User Group Inspiration for the Team Communication with Decision Maker 51 PERSONA TEMPLATE 52 HOW MIGHT WE…? Rephrase the field of opportunities you have collected as questions by adding “How might we” at the beginning. Make sure your HMW questions are broad enough and allow for a variety of solutions. Our goal is to find opportunities for design. How  solution oriented might  optimistic we  collaborative 53 IDEATE: 54 IDEATION PROCESS: Iteration Phase 1 Phase 2 Go for Idea quantity Consolidati on 55 BRAINSTORM: 56 CLUSTER, EVALUATE & DECIDE 57 PICK AN IDEA: 58 “I begin with an idea and then it becomes something else.” - Pablo Picasso 59 PROTOTYPE: 60  “Fail early to succeed sooner” - David Kelly, Founder IDEO, d.school Stanford 61 WHY PROTOTYPING Build to Learn Customer Feedback Usability Testing Team Alignment 62 JUST BUILD… Risk Deliver Develop Design Define Time to market 63 BUILD TO LEARN: Risk Measure Build Learn Time to market 64 PAPER PROTOTYPE: 65 EXPERIENCE PROTOTYPE: 66 CUSTOMER JOURNEY: 67 SCANNED PAPER 68 ROLE PLAY: 69 ROLE PLAY: 70 TEST: 71  “Everyone has a plan until they get punched in the face.” - Mike Tyson 72 TESTING: Understand Create Qualitative Quantitative problem solution validation verification 73 THANK YOU! 74 CLASS 03 – BUSINESS MODELS AND BLUE OCEANS ENTREPRENEURSHIP Dr. Gaja Amigoni 1 INTRAPRENEUR VS ENTREPRENEUR 2 KELLTON.com, 2015 WHAT IS A BUSINESS MODEL? 3 WHAT IS A BUSINESS MODEL? Apple just puts one device on the market, which is updated once a year Nokia does not understand what is happening 4 BUSINESS MODEL GENERATION (ALEXANDER OSTERWALDER & YVES PIGNEUR, 2010) ▪ Alexander Osterwalder develops the “Business Model Canvas” while writing his PhD at the University of Lausanne (2004) ▪ Framework to describe and design business models ▪ Dissertation is not only appraised in academia, but also highly discussed in organizations and start-up‘s ▪ Alexander turns coach und entrepreneur and publishes all his findings and insights in the book “Business Model Generation“ in 2010. 5 BUSINESS MODEL CANVAS: APPROACH FOR BUSINESS MODEL DEVELOPMENT 6 BM BUILDING BLOCKS 7 BM BUILDING BLOCKS 8 BM CANVAS TEMPLATE 9 DESIGNING BUSINESS MODELS Critical Success Factors Co-create with different org areas & different experts Take time to explore multiple BM ideas Ability to see beyond status quo Key Threats watering down or suppressing bold ideas Falling in love with ideas too quickly Short term focus 10 IMPLEMENTING AND MANAGING BUSINESS MODELS Critical Success Factors Sponsorship and actively managing roadblocks Ability and willingness to rapidly adapt the business model Align ‘old’ and ‘new’ business models Long-term perspective Governance and proactiveness Key Threats Fading momentum Becoming victim of own success Flailing to continuously assess and adapt business model 11 TO INNOVATE YOUR BUSINESS MODEL, THERE ARE DIFFERENT APPROACHES change existing create new / problem solving connecting several ideas to a new one 24 EXERCISE 29 BUSINESS MODEL INNOVATION OPPORTUNITY CAN BE FOUND EVERYWHERE! „There is not a single business model (or combination)... There are really a lot of opportunities and a lot of options and we have to discover all of them.“ Tim O‘Reilly, CEO O‘Reilly 33 BUSINESS MODEL INNOVATION Finance-driven 34 BUSINESS MODEL INNOVATION Ressource-driven 35 BUSINESS MODEL INNOVATION Offer-driven 36 BUSINESS MODEL INNOVATION Customer-driven 37 BUSINESS MODELS IN CONTEXT 38 BUSINESS MODELS IN CONTEXT Industry Forces Key-Trends Market-Trends Technology Supplier Legal Changes in Competition Framework Demand New Player Rahmen Alternatives Cultural Framework -> Competition -> Trend Analyse -> Market Analyse Analysis + Macroeconomic Forces 39 OTHER APPROACHES Lean Canvas Culture Canvas (Maurya) (Munoz) Happy Startup Canvas I Happy Startup Canvas II (The Happy Startup School) (The Happy Startup School) 40 LEAN CANVAS: MODIFICATIONS BY ASH MAURYA … 41 LEAN CANVAS THE HOW TO 42 EXAMPLE HTTPS://WWW.YOUTUBE.COM/WATCH?V=2NW9LG-FENY 43 EXERCIZE IN GROUPS 44 THANK YOU! 45 ENTREPRENEURSHIP LEAN STARTUP & SCRUM DR. GAJA AMIGONI 1 MIRO LINKS 2 MIRO LINKS Group 1 - https://miro.com/app/board/uXjVLaSF1Bg=/ Group 2 - https://miro.com/app/board/uXjVLaSF1IU=/ Group 3 - https://miro.com/app/board/uXjVLaSF1JY=/ Group 4 - https://miro.com/app/board/uXjVLaSF1K0=/ Group 5 - https://miro.com/app/board/uXjVLaSF1Uc=/ 3 VALUE PROPOSITION CANVAS - explained during class 03 - 4 VALUE PROPOSITION Who are our customers and how will we appeal to them? What is “Value”? Good questions: What is the problem I am solving? Why would someone want to have this problem solved? What is the underlying motivator for this problem? 5 VALUE PROPOSITION: RESONATING WITH THE CUSTOMER Requires a deep understanding of the customers’ goals and needs. – Observe – Interview – Etc.. You can resolve your customers’ needs in ways they do not expect. 6 VALUE PROPOSITIONS: RESONATING WITH THE CUSTOMER 7 VALUE PROPOSITION CANVAS 8 BOOK: Value Proposition Design: How to Create Products and Services Customers Want (Strategyzer), 30 Oct. 2014 Authors: Osterwalde Pigneur Bernada Smith Papadakos 9 LEAN START-UP 10 START-UP FAILURES Bad execution? Or bad idea? If we build something nobody wants it does not matter if we accomplish it – on time – on budget – with high quality – with beautiful design Achieving Failure - successfully executing a bad plan… 11 LEAN START-UP Constant interaction with the customer Goal: Revenue from first day Assume customer and test product features that are unknown Interact with the real world! Start with one idea  learn  change to another 12 FREQUENT TESTING OF ASSUMPTIONS Be aware of the assumptions Assumption behind your idea! Learn Create Hypothesis Data Test, experiment Measure 13 FREQUENT TESTING OF ASSUMPTIONS Assumption Learn Create Hypothesis Data Test, experiment Measure 14 THE MINIMUM VIABLE PRODUCT “The goal of a start-up is to figure out the right thing to build – the thing costumers want and will pay for – as quickly as possible” Erick Ries “Unfortunately many startup business plans look like they are planning to fly a rocket ship instead of driving a car.“ 15 MVP (MINIMUM VIABLE PRODUCT) “‘Make something people want.’ That’s the fundamental problem. If you die, it’s probably because you didn’t make something people wanted.” Paul Graham, Investor, Co-Founder of Y-Combinator How do you know whether anyone wants your product? 16 HOW DO YOU KNOW? Surveys? – Costumers often can not tell us what they want especially if they have no experience with the kind of product we are trying to sell. But they can revile their preferences trough their actions! 17 4 QUESTIONS THAT NEED TO BE ANSWERED FIRST 1. Do costumers recognise they have the problem we are trying to solve? (What exactly is their problem?) 2. If there was a solution, would they buy it? 3. Would they buy it from us? 4. Can we build a solution for that problem? Many start-ups assume 1 to 3 and only focus on 4. 18 MPV: TEST VALUE PROPOSITION Ideas are based on observing customers (assumptions about their needs) Use data from customer feedback to test Build a Minimum Viable your Assumption Learn Create Product based on these assumptions! Hypothesis assumptions Change your ideas and start Data Test, again. experiment Test the MPV with customers, does it do Measure what you think it does, does it provide value? 19 MVP (MINIMUM VIABLE PRODUCT) “First testable product” Development technique New product is introduced in the market with basic features (satisfying basic customer needs). Enough to get the attention of the consumers. Learn from custom’s feedback on demand for product and how it can get better. ->Most basic version of the product. 20 MVP (MINIMUM VIABLE PRODUCT) (1) Think about all elements your product could have – each feature. (2) Strip down to the things that are most essential for people to buy the product. “What could we make at a minimum to get our product functioning to prove people would want to buy it” 21 MVP (MINIMUM VIABLE PRODUCT) We use this to learn what attributes costumers care about. This is infinitely better than mere speculation or whiteboard strategizing because it provides a solid empirical foundation! 22 WHAT IS YOUR SKATEBOARD? Focus on key features. Use the means you have at hand! Early adopters will accept errors. Early adopters can imagine, can fill the gap on missing features. Test customer response – But be critical: Do not chase too much what customers think they want, do not add too many features! 23 WIZARD OF OZ MVP: Costumers believe they are interacting with the actual product, but behind the scenes human beings are doing the work. https://www.mvpexamples.com/how-zappos-prototyped-its-whole- business-model/ 24 TEST MVP WITH CROWDFUNDING Crowdfunding: The process of raising funding for a new venture from a large audience (the “crowd”) typically through the Internet. https://www.kickstarter.com/ 25 THE FAKE LANDING PAGE MVP You create a single webpage that pitches the benefits of a new product/service and has a call to action (support us, mail us if you want to join/help etc…). You then drive traffic to the page and see what users do. 26 MVP (MINIMUM VIABLE PRODUCT) Forget about the perfect idea Just start something. Anything. “Done is better than perfect” 27 Decision Making as Success Factor 1 DECISION MAKING 1 - FRAME What? Who? When? Decision rule? Decision making can be split in 2 - EXPLORE 5 - A N A LY Z E Review Learn 5 STEPS Collect the DATA Think Consult 3 - DECIDE 4 - IMPLEMENT Apply the decision Communicate rule Act 2 FRAME – WHEN: VUCA – SHAPE THE FUTURE DESPITE UNCERTAINTY Think from the end to identify a reasonable due date for your decision: 1 - FRAME - What data / input do you need at least? - Is there anybody else waiting for the decision? - … Define WHEN the decision needs to be taken by (accept uncertainty to be inherent in any timely decision, but not to decide is not an option) And be always aware: you can‘t make no decision NO DECISION IS A DECISION AS WELL 3 FRAME – WHO: EMPOWERMENT (1) 1 - FRAME Clarify WHO will be the decision leader (check and ensure empowerment) Take decisions to the lowest possible level! 4 FRAME – WHO: EMPOWERMENT (3) 1 - FRAME Delegation / Control 7. Empower You will decide on your own, and will inform me when needed 6. Inquire I will ask after you have decided 1. Clarity – on the objective and 5. RecommendI will make recommendations, but you will decide why it is important; 4. Agree We will come to a decision together 2. Control – delegation & 3. Consult I will ask for your opinion and then make my decision decision making; 2. Justify I decide but I justify my decision to you 3. Competence – we need to 1. Inform I (the leader) decide and inform you ensure that the people doing the work are technically competent. Competence Clarity 5 FRAME: COMMON DECISION RULES 1 - FRAME Decision Participatory decisions are best for Leader expertise-diverse teams and Decides complex decisions. Arbitrary They result in higher quality after outcomes and are more sustainable. “flip a coin” Discussion Decision Ask: does anybody Is it good enough to go? Leader Decides Is it safe enough to try? Consent have VALID objections WITHOUT Discussion ONE person says „yes“ no one OBJECTS Majority Vote Consense MAJORITY says „yes“ EVERYONE says „yes“ 6 DECIDE: CONSENT MODERATION 3 - DECIDE Have the decision leader define the guidelines and rules for taking the decision Facilitate the decision along the defined guidelines and rules in a structured and consequent manor without exception 7 DECIDE: GRADIENT OF AGREEMENT wholehearted support with more discussion don’t like but serious endorsement reservations needed will support disagreement Adapted from Sam Kaner: Participatory Decision Making training; Ref: Facilitator’s Guide to Participatory Decision Making 8 CLASS 07 – OKR’S, CULTURE & TRAITS ENTREPRENEURSHIP Dr. Gaja Amigoni 1 OKR 2 OBJECTIVES AND KEY RESULTS (OKR) WHAT ARE OKR’S? Objectives and key results help establish high-level, measurable goals for an organization by setting ambitious goals and outcomes that can be tracked. Objectives and Key Results are now used by some of the world’s most innovative companies, entrepreneurs and is being adopted by corporates all over the world. OKR’s are both a goal-setting tool and a management framework that efficiently synchronizes everyone in an organization to strategically move towards its short and long term goals. 3 OBJECTIVES AND KEY RESULTS (OKR) WHAT ARE OKR’S? many organizations have or are attempting to shift to using OKRs as opposed to command-and-control / Taylorism style of management Taylorism: prescriptive, authoritative, hierarchal, and top-down method of operating OKRs are inherently "agile" - based on iteration, experimentation, incremental delivery, measurements, cross-functional and persistent teams, and product instrumentation help you focus on outcomes and adapt a modern product management mindset 4 OBJECTIVES AND KEY RESULTS (OKR) WHAT ARE YOU MEASURING? OKRs are about measuring the top two items: impact and outcome Helps to move away from traditional measures and considers ways to measure and then reward empowered teams and team of teams 5 OBJECTIVES AND KEY RESULTS (OKR) SETTING GOALS We will (Objective) as measured by (this set of Key Results). A proper goal has to describe both what you will achieve and how you are going to measure its achievement. Without measurement it is only a desire. An objective is a clearly defined goal. Objectives set a clear direction for teams at all levels of the organization. (WHAT?) It should be qualitative, ambitious, actionable and time-bound. Key results are specific measures used to track the achievement of that goal. They effectively measure the progress towards an Objective. (HOW?) It should be quantitative (measurable) and achievable. Ideally, under each objective, you should have three to five key results. 6 OBJECTIVES AND KEY RESULTS (OKR) SETTING GOALS 7 OBJECTIVES AND KEY RESULTS (OKR) SETTING GOALS 8 OBJECTIVES AND KEY RESULTS (OKR) GOOD OR BAD EXAMPLE 9 OBJECTIVES AND KEY RESULTS (OKR) GOOD OR BAD EXAMPLE 10 OBJECTIVES AND KEY RESULTS (OKR) GOOD OR BAD EXAMPLE 11 OBJECTIVES AND KEY RESULTS (OKR) GOOD OR BAD EXAMPLE 12 OBJECTIVES AND KEY RESULTS (OKR) SETTING GOALS 13 OBJECTIVES AND KEY RESULTS (OKR) REVIEWING OKR 14 OBJECTIVES AND KEY RESULTS (OKR) BENEFITS OF OKR’S? 1. They help you shift from output to outcome behavior, essential for shifting from project → product 2. They help you "think customer", that is, obtain customer empathy 3. They invite, almost force you, to conduct continuous discovery 4. They nudge you toward organizational agility: learn fast, use evidence, value learning, continually course correct 5. OKRs are a focus-forcing tool Read Cagen, 2015, Roadmaps to OKRs 15 OBJECTIVES AND KEY RESULTS (OKR) SUGGESTED READING 16 FAILURE 17 WHAT IS FAILURE ? A business failure is generally conceived as the termination of a commercial organization which has missed its goals and failed to achieve investors’ expectations. 18 EFFECTS OF FAILURE PROS CONS Intensifies cognitive process Financially costly Emotionally painful Learning results in improvements Can decrease inclination for Motivation to start another venture risk-taking 19 Failure is Normal Bill Gates: Sometimes we get taken by surprise. For example, when the Internet came along, we had it as a fifth or sixth priority. 20 Failure causes negative emotions Pain Humiliation Shame Guilt Self-blame Anger 21 FAILURE AND GRIEF Failure causes grief, because it questions competence, relatedness, and autonomy For coping with grief there are two approaches: ‒ Grief orientation ‒ Restoration orientation 22 FAILURE AND GRIEF Grief orientation: ‒ Think about the events leading to the failure ‒ Build a rationale why this happened Restoration orientation: ‒ Distraction from failure = not thinking about it ‒ Proactivity for second level stressors Best results - Oscillating between grief orientation and restoration orientation 23 FAILURE For innovators and entrepreneurs, failure is especially difficult because it is hard to separate personal failure from professional failure given how closely associated and how tied are the identity of the business/project and their own identity. 24 WHY DO STARTUPS FAIL? 25 EXERCISE: Business model User/customer Organization Product Environment Cantamessa, Marco & Gatteschi, Valentina & Perboli, Guido & Rosano, Mariangela. (2018). Startups’ Roads to Failure. Sustainability. 10. 2346. 10.3390/su10072346. 26 27 BUSINESS BARRIERS What do you think are the biggest barriers businesses face? 28 FEAR AS A BARRIER Fear is much understandable, but nevertheless can prevent or slow the development of new ideas Fear of change Risk – am I risking my established business? Convention – we’ve always done it this way Self-doubt – if it’s that good, surely somebody else would have made it by now? Fear of failure 29 FEAR OF FAILURE “By the time you are 9 years old, you have already learned, first of all, that people who get stuff wrong are lazy, irresponsible dimwits, and, second of all, that the way to succeed in life is to never make any mistakes. We learn these really bad lessons really well. And a lot of us…deal with them by just becoming perfect little A students …perfectionists…overachievers.” – Kathryn Schulz Kathryn Schulz, On being wrong TED Talk, March 2011 30 FEAR OF FAILURE The question then becomes, what makes some people act when other don’t, even if their fear of failure is almost the same? The answer lies in how we manage failure and our ability and willingness to learn from it What steps would you take to get over the loss or failure of a project or a business? 31 THE DARWINIAN PROCESS OF FAILURE “Outsiders think of Silicon Valley as a success, but it is, in truth, a graveyard. Failure is Silicon Valley’s greatest strength. Every failed product or enterprise is a lesson stored in the collective memory. We don’t stigmatize failure; we admire it. Venture Capitalists like to see a little failure in the résumés of entrepreneurs.” Mike Malone, Author 32 FAILURE IS PART OF THE PROCESS Read Failure Case Study, 2020, J Chan 33 REDEFINE FAILURE Michael Jordan: “I’ve missed more than 9000 shots in my career. I’ve lost almost 300 games. 26 times, I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life.” 34 REDEFINE FAILURE Thomas Edison: “I actually never failed. Inventing the light bulb just happened to be a 2,000 step process.” Read J. Gothelf, 2021, Fire Phone 35 ITERATE Assumption Learn Create Hypothesis Data Test, experiment Measure 36 ITERATE: ACT MORE Try sooner (rather than wait for a “perfect” idea) Try more times (because of lower costs) Fail sooner, enabling the earlier start of the next attempt 37 WHAT CAN YOU LOSE? Friedrich Nietzsche (1844 – 1900) Seth Godin “That which does not kill me, makes me stronger” 38 WHAT CAN YOU LOSE? Limit your losses: ACCEPTABLE LOSS – Time – Money – Reputation – Opportunity cost “Acceptable loss is like walking into a casino with $50 in cash and no credit cards. Knowing how much you can lose, and trusting yourself not to exceed that amount, frees you to have more fun.” 39 Creating Organizational Culture 40 Creating Organizational Culture Organization culture A pattern of ideas, opinions and attitudes that majority of people in the company understands, respects, acknowledges, adopts and relates to them. 41 Organizational Culture DEFINITION Barney (1991) identifies Corporate Culture as a firm resource, which is a potential source of sustainable competitive advantage and therefore of great strategic importance. He argues that in order to provide a source of sustainable competitive advantage, a firm´s culture needs to be (1) valuable, (2) rare, and (3) imperfectly imitable. 42 Creating Organizational Culture Culture is the "playing field" for all innovation projects and activities. The organization must nurture the seeds of ideas and solutions to grow a culture that provides the climate for innovation to occur. The culture for Innovation requires: ‒ trust and respect ‒ the willingness to take risks ‒ the freedom to make choices ‒ a continuous scanning for new trends ‒ a commitment to systematically look for new ways to do things ‒ an equitable sharing of risks and rewards 43 Creating Organizational Culture 44 Creating Organizational CULTURE THE ICEBERG MODEL Culture as a pattern of assumptions used to solve internal and external problems Visible Observable aspects of an organization’s culture Invisible “Hidden” structures of the corporate culture, outsiders can’t fully understand Make up a bigger portion - more important Determine which elements reach the surface (Edward T. Hall) 45 Creating Organizational Culture “A firm needs to be able to successfully modify its culture, i.e., it must have the necessary culture management skills”. 46 Creating a Learning Organization Learning organization – an organization skilled at creating, acquiring and transferring knowledge and at modifying its behavior to reflect new knowledge and insights Organizational learning is a critical component of competitiveness in a dynamic environment 47 Creating a Learning Organization Learning organizations are skilled at 4 main activities: Transferring knowledge quickly and efficiently throughout the organization Solving problems systematically Experimenting with new approaches Learning from their own experiences and past history as well as from the experiences of others 48 Entrepreneurial Traits 49 ENTREPRENEURIAL TRAITS FIXED VS GROWTH MINDSET “Mindset is entity from belief that we have, the criteria are expectations, attitudes, habits, decisions, and opinions that we spend in looking at ourselves, others or life... In short, mindset is your faith. Your belief.” 50 ENTREPRENEURIAL TRAITS FIXED VS GROWTH MINDSET Carol Dweck, 2006,, Mindset: The New Psychology of Success. 51 ENTREPRENEURIAL TRAITS 4 REASONS ENTREPRENEURS NEED A GROWTH MINDSET 1. It Allows You to Move into New Fields 2. It Fosters Resilience 3. It Enables You to Iterate on Your Product 4. It Keeps You Humble 52 ENTREPRENEURIAL TRAITS DEVELOPING AN E. MINDSET Develop a knowledge and skills base Active learning mode: exploring problems and opportunities as vehicles for creative problem solving Work on your team-working skills Participate in and use official programs, events, bootcamps … 53 MOTIVATION WHO ARE YOU? WHY DO YOU DO WHAT DO YOU WANT THIS? TO ACHIEVE? 54 WHAT MAKES AN ENTREPRENEUR? Knowing and understanding opportunity. Resourceful. Creative. Visionary. Independent thinking. Hard working. Optimism. Innovator. Risk taker. A Leader. Always searching for new opportunity. Chasing opportunity with high discipline. Only taking the best opportunity. Focus on executions. Energy focus on running a business. Source: McGraith & McMillan 55 THANK YOU! 56 ENTREPRENEURSHIP CLASS 1B - TOPICS OVERVIEW DR. GAJA AMIGONI 1 VUCA 2 WHAT DOES AGILE MEAN? AGILE MINDSET Agile Agile Core Agile Values Principles Methods 1. Individuals and Interactions Customer Centricity Scrum Over Processes and Tools 2. Working Solutions Over Kanban Comprehensive Collaboration Design Thinking Documentation Business Model Canvas 3. Customer Collaboration Over Lean Start-up Contract Negotiation Iteration 4. Responding to Change Over Holocracy Following a Plan … 3  Desirability Successful Solution Design Thinking Business Lean Model Startup Generation Viability Feasibility 4  Desirability Successful Solution Design Thinking Business Lean Model Startup Generation Viability Feasibility 5 DESIGN THINKING FOR IDEA GENERATION Problem Space Solution Space The Design Thinking Process steps with iterative loops, as presented by the HassoPlattner Institute of Design (Hasso-Plattner Institute, 2018). 6  Desirability Successful Solution Design Thinking Business Lean Model Startup Generation Viability Feasibility 7 BUSINESS MODEL CANVAS 8  Desirability Successful Solution Design Thinking Business Model Lean Generatio Startup n Viability Feasibility 9 LEAN START-UP 10 THANK YOU! 11